Full text of Commercial and Financial Chronicle : May 29, 1926 : Railway and Industrial Compendium, Vol. 122, No. 3179

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RAILWAYS INDUSTRIAL
COMPENDIUM
A SECTION OF THE

(Commercials{Financial (Chronicle
Copyrighted in 1926, according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congress, Washington, D. 0.

NEW YORK, MAY 29 1925.

VOL. 122.

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PUBLIC UTILITY COMPENDIUM
Issued on May 1 1926.

THE TRANSPORTATION ACT OF 1920.

The railroads of the United States are now operated
under the Transportation Act of 1920. On March 1 1920
these railroads, which had on Jan. 1 1918, as a war measure,
been taken over for operation as one system by the United
States Railroad Administration, were, in so far as still
under its control (the short lines having previously been
surrendered), restored to their owners. Federal control
was terminated pursuant to a proclamation issued on Dec. 24
1919 by the President of the United States and subject to
the terms of the Transportation Act of 1920, approved by
the President on Feb. 28 1920. The complete text of the
Act was printed in the “Chronicle” of Feb. 21 1920, pages
715 to 732, with an amendment in V. 110, p. 2250.
On Sept. 1 1920 the Government guaranty of income which
had been granted to assenting roads for the six months
following the end of Federal control expired by limitation.
Od March 1 1922, two further provisions of the Transpor­
tation Act expired by1 limitation, namely: (1) The provision
of Section 15 (a) making it incumbent on the Inter-State
Commerce Commission when adjusting freight and passenger
rates during the two years beginning March 1 1920, to aim at
establishing such rates for the railroads of the country as a




NO. 3179.

whole or in districts as should afford “as a fair return” on
the tentative valuation which was fixed by the Commission
in July 1920, at $18,900,000,000 (against a book value of
$20,040,572,611), a sum equal to 5J^% per annum and in
addition at the discretion of the Commission an additional
)/2 of 1 % to make provision for improvements, betterments or
equipment; (2) The provision in Section 210 (a) permitting
the carriers to apply for loans from the Federal Revolving
Fund, within two years from the termination of Federal
control.
Rate of Return Allowed by Commission.

On May 24 1922 the Inter-State Commerce Commission,
as required by the Aot, made known its decision as to what
would be a new reasonable rate of return on the investment
of the roads, for use when fixing rates for passenger and
freight transportation. The decision of the Commission was
reached in considering the question of rate reductions, and
the full text of the Commission’s report and opinion in that
case, in which a horizontal cut of 10% in freight rates was
made, was given in the “Chronicle” of May 27 1922, pages
2317 to 2329; the conclusions as to the rate of return will be
found on page 2327. The Commission ruled: “That on and
after March 1 1922 a fair return on the aggregate value of the
railway property of the carriers defined in Section 15a of
the Inter-State Commerce Act, determined as therein pro­
vided, will be 5.75% of such aggregate property value as a
uniform percentage for all rate groups or territories desig­
nated by this Commission.” The Commission in July 1920,
as already stated, fixed the tentative values of the properties
at $18,900,000,000.
Following a decision handed down March 17 1923 by the
Federal Court at New Orleans upholding the constitutionality
of the provision in the Transportation Aot generally known
as the “recapture” clause, which was regarded as a test
case (see V. 116, p. 1723), the Inter-State Commerce Com­
mission on Mar. 23 1923 issued an order requiring all rail­
roads to report by May 1 1923 as to their earnings during
the year 1922 and to pay over to the Government under the
Transportation Act one-half of the amount by which such
earnings exceeded a 6% return on the value of the invest­
ment (V. 116, p. 1243). On Jan. 7 1924 (V. 118, p. 163) the
United States Supreme Court also upheld the constitution­
ality of the “recapture” clause. The proceedings attacking
the constitutionality of this clause were brought by the Dayton-Goose Creek Ry. of Texas, but when the action reached
the U. S. Supreme Court, nineteen trunk lines had become
parties to the brief filed in behalf of the road. (See V. 117,
pages 2176-2179.;
The Inter-State Commerce Commission on April 4 1924
issued an order requiring all railroads whose net railway oper­
ating income exceeds 6% of the value of the property for
the calendar year 1923 to file with the Commission, before
May 1 1924, a report in the matter. This requirement is
now a regular one each year. The Commission also an­
nounced that pursuant to a ruling of the Comptroller-General
of the United States, interest on amounts of excess railway
operating income payable to the United States under the
Transportation Act will be required at the rate of 6%,
beginning four months after the termination of the period
for which the excess income is computed. The railroads,
however, claim much higher valuations than those fixed by
the Inter-State Commerce Commission, and in most of the
cases where income has been large enough to lay the basis
for an apparent claim to excess payments the right of the
Government to the money is in dispute. The annual report
of the Inter-State Commerce Commission, issued in Dec.
1925, in referring to this matter, said:

RAILWAY AND INDUSTRIAL COMPENDIUM

4

It should be borne in mind that the excess income reported has not
been computed upon values fixed by us. For that reason the number of
carriers finally determined to have earned excess income, as well as the
amount of such excess income, may differ from the results shown by the
carriers’ reports.
During the year (from Nov. 1 1924 to Oct. 31 1925, inclusive), 33 carriers
paid to us the total sum of $732,448 34 on account of one-half of their excess
income as preliminarily computed for the various recapture periods. This
sum, added to the $4,955,197 27 paid prior to Nov. 1 1924, makes the total
of such payments $5,687,645 61. As the bulk of these payments has been
made under formal protests and reservations, the general railroad contingent
fund, composed principally of such payments, has not been available for
the purposes contemplated by the statute.

Changes in Wages and in Transportation Rates.

The Transportation Act of 1920 was designed to enable the
railroads as a whole to meet their financial problems caused
by the war and Federal operation, and to assist them in their
future financing by giving them a reasonable, though ex­
tremely moderate, return on their investment. Operating
costs had enormously increased under Federal control and
big advances in transportation rates were necessary to place
the roads on a solvent footing. Furthermore, on July 20
1920 the U. S. Railroad Labor Board awarded wage increases
aggregating over $625,000,000 a year. Accordingly, on
July 31 1920 the Inter-State Commerce Commission author­
ized advances in rates calculated to add $1,500,000,000 to
the yearly revenues of the roads. The immediate effect was
most disappointing, owing to a precipitate decline in railroad
traffic (V. 113, p. 1732 to 1734). The railroads were there­
fore obliged as one of their first steps to curtail their expenses
drastically and to seek a reduction in the wages of their
employees. Subsequent wage decisions made by the Board,
until the latter part of 1922, resulted in decreases in rates of
pay. Comparative statistics show the following results for
Class I railroads (those with annual operating revenues above
$1,000,000), exclusive of switching and terminal companies
(see also nine-year statement, appearing on another page of
this compendium, containing property investment, revenues,
expenses, fixed charges, dividends, train, traffic and wage
statistics in more detailed form). The following fig l res have
been compiled from the records of the Inter-State Commerce
Commission:
Return
A’d
Gross
Average
Operating
on Prop.
Operating
Calendar Yearly
Total
Value.
Revenue.
Income.
Year. Wage.
Labor Cost.
1916 -- — $892 $1,468,576,394 $3,596,865,766 $1,040,084,517 6 16%
934.068,770
5.26%
1,739,482,142
4,014,142.747
-.1,004
1917 -638.568.603 3.51%
4.880.953.480
2,613,813,351
1918 -- -.1,419
5,144.795.154
454,984,953 2.46%
2,843,128,432
1919 — 1,486
17.226,902 0.09%
3,681,801,193
6.178,438.459
1920 — -.1,820
600.937.356 3.07%
2,765.218,079
5.516.798.242
1921 -- -.1,666
5,559.092.708
760.187.305 3 83%
2,640,817,005
1922 -- -.1,623
3,004,071,882
961,955,457 4.66%
6,289.580.027
1923 -.1,617
973.870 978 4 54%
5,921.490.100
2,826,025.230
1924 .. --1,614
1,121,248,047
5.10%
2,860,353,098
6,123,103,179
1925 .. -.1,638
These figures show the return on the investment in road and equipment
without any reference to materials and supplies on hand or to working cap­
ital.

In April 1921 the Railroad Labor Board ordered the
abolition on July 1 1921 of some of the provisions of the
“National Agreements” which the railroad managers claimed
had cost the railroads of the United States $300,000,000 per
annum, but laid down 16 cardinal principles that must be
maintained (V. 112, p. 1580, 1581; V. 113, p. 34, 805, 893,
915, 916, 1326, 1429, 1644, 1731, 1732).
Subsequently, in 1921-22, the national agreements were
revised by the Labor Board, removing some of their most
burdensome features in the case of railroad labor other than
trainmen’s brotherhoods. See below.
In May and June 1921 the Labor Board announced its
decision that the exigencies of the situation demanded a sub­
stantial decrease in railroad expenses, and for that reason
railroad wages on the larger roads should be reduced on the
average 12%. A strike against this decrease and to forestall
any further changes in wages and working conditions was
ordered by the four trainmen’s brotherhoods and the switch­
men’s union; but on Oct. 27 1921, on the eve of its becoming
effective, was declared off, as below stated.
In Nov. 1921, after many reductions in freight rates had
been made (since Aug. 1920), the railway executives, in order
to be able to further decrease these rates as demanded by the
public, posted notices of a proposed additional wage cut of
about 10% with the intent of wiping out the remainder of the
wage advance of 1920. The railroads agreed to pass on all
benefit from this further wage cut to the public, and in antici­
pation of same put in effect on Jan. 7 1922 an experimental
reduction of 10% on agricultural products for all parts of the
country, this reduction to stand during the six months in
which the plan to reduce wages would come before the Labor
Board. See also V. 113, p. 2153 , 2470 , 2876. It was not
until May 1922 that the Labor Board announced its de­




[Vol. 122.

cision as to further wage reductions, and it then promul­
gated decreases in the pay of the shop craft employees,
maintenance of way men, freight car men. signal men, clerks,
&c., effective July 1 1922, which it was computed would
effect a saving to the carriers of $135,000,000 per year.
This led to a prolonged strike, as noted further on in the arti­
cle on Railroad Wages. V. 114, p. 2432, 2541, 2784. The
maintenance of way men, who did not join in the strike, had
a portion of the decrease remitted to them on a rehearing,
the remission amounting to 2 cents an hour. In 1923 and
1924 wage increases of one kind or another again became
common, not as a result of orders of the Railroad Labor
Board (with few exceptions), but as a result of the action of
many different roads.
\
An increase in freight rates, amounting to 5%, is now
being sought by the Western railroads. Hearings on the
application were opened before the Inter-State Commerce
Commission on Sept. 8 1925 (V. 121, p. 36, 292, 802). Briefs
in support of the urgency for 5% increase in freight rates,
were filed with the Commission in March 1926 (V. 122,
p. 1715). A supplemental brief was filed on April 24 1926
in which it is recited that “a 5% increase in freight revenues
spread over the entire Western district will be so thin as
to be scarcely noticed, yet this slight measure of relief may
mean the salvation of many Western railroads.” This brief
was filed in answer to arguments opposing the increase sought
(V. 122, p. 2449). Oral arguments in support of the increase
are now being heard by the I.-S. C. Commission and a
decision is expected to be handed down in the near future.
Watson Parker Act Abolishing Labor Board.

On May 20 1926, President Coolidge signed the WatsonParker railroad labor bill, which was passed by the House
on March 1 and by the Senate on May 11 last. This new
act abolishes Railroad Labor Board, as established under the
Transportation Act of 1920, and provides for the creation
of boards of adjustment, a board of mediation to be appointed
by the President, methods of submitting railroad labor dis­
putes to arbitration, and when occasion demands, for the
appointment of an emergency board by the President (see
V. 122, p. 2749, 2905). The text of the Watson-Parker bill
will be found in to-day’s issue (May 29) of the “Commercial
& Financial Chronicle.”
T he bill was agreed upon last year by most of the railway
executives and heads of the four brotherhoods. The bill
provides in brief as follows:
1. That the railroads and employees shall establish adjustment boards to
arrange disputes.
2. That the President shall appoint, with the consent of the Senate, a
board of mediation of five persons, none of whom has a pecuniary interest on
either side, to intervene when the adjustment boards fail.
3. That boards of arbitration shall be created when both parties consent
to arbitration..
4. That when the above methods fail the Board of Mediation shall notify
the President, who may appoint an emergency board to investigate any
report to him within thirty days. For thirty days after the report has been
made there shall be no change in the conditions of the dispute except by
agreement of the two parties concerned.

A comparison of the labor provisions of the Transportation
Act with those of the Watson-Parker billzwas given in the
“Chronicle” of March 6 1926, page 1259. (See also V. 122,
p. 2749 and 2905.)
Government Holdings of Equipment Trusts.

Late in 1921 and early in 1922 the Federal Government
sold a large amount of its holdings of equipment trusts (see
below j, and used the proceeds to settle its accounts with
the railroads.
The sale of these equipment trusts and the improved
financial outlook '.ater in 1921 led the Federal Administration
to withdraw their support of the so-called Funding Bill,
which, as an amendment to the Transportation Act of 1920,
would have permitted the settlement of the large amounts
due by the Government to the railroads on account of
compensation, guaranty, &c., and the funding of $500,000,000 of indebtedness due by them to the Government for
expenditures made during Federal control on additions and
improvement account. Compare V. 113, p. 2371, 2043,
2042, 1730, 1115, 910 to 914, 805, 696, 488, 487, 149.
Valuation of Properties by Commerce Commission.

For tentative valuations of 150 roads filed in 1921, see
V. 113. p. 1008, 1011, 1539. Further tentative valuations
have teen noted in subsequent issues of the “Chronicle” in
our “General Investment News” department. See also V.
115, p. 1798. To date the I.-S. C. Commission has set final
valuations on 279 carriers, as in the table below. A petition
presented by the National Conference on Valuation of Ameri­
can Railroads, of which the late Senator La Follette was the

May, 1926.]

RAILWAY AND INDUSTRIAL COMPENDIUM

head, to have the proceedings of the I.-S. C. Commission in
the physical valuation of the railroads of the country recom­
mitted to the Bureau of Valuation, was denied by the Com­
mission on Dee. 3 1923 (V. 117, p. 2617). The Conference
sought to have the Commission establish the original cost of
property investment and labor in railroads, as well as other
data. All the existing valuation work of the Commission
was attacked as unsound. The Commission held that its
procedure in ascertaining information with respect to aids
gifts, grants or donations, was in substantial compliance with
the Valuation Act, and that analysis of method of arriving
at final value was not required by the law.
Oral argument will be heard by the Inter-State Commerce
Commission on June 23 1926 on ways and means by which
the data collected by the Commission in its appraisal of
railroad property may be brought up to date.
Complete List of Carriers on Which the T.-S. C. Commission
Has Placed a Pinal Valuation.
As of
Wholly Owned Used but Owned but
(Date).
Name of Carrier—
and Used. Not Owned. Not Used.
Aberdeen & RockfishRR $510,000
_____
June 30 1917
Abilene & Southern Ry.
June 30 1918
830,577
Akron Union Passenger
June 30 1916
Depot Co___________
401,713
$4,050
86.860
June 30 1917
Alabama Central RR..
801
Alabama Central Ry__
June 30 1915
78,095
Alabama Northern Ry.
June 30 1914
88.000
Albany Pass. Term. Co.
June 30 1915
158,901
Alcolu RR____________
June 30 1917
258,000
June 30 1916
Amador Central RR__
361,456
June 30 1919
Angelina & N. Riv. RR,
281,349
Angola Transfer Co___
June 30 1917
160,000
Ann Arbor RR_______ 11.046,455
80,822
$30,785 June 30 1915
Menom. & St. P. Ry. _______
50,000 June 30 1915
Anthony & Northern Ry
1.40Q
June 30 1919
960,300
June 30 1915
Arizona Southern RR..
332,288
Artesian Belt RR..........
430.000
June 30 1917
Asheville & Craggy Mtn.
June 30 1916
Ry------------------------65.950
46.500
Asheville Southern Ry.
46.500 June 30 1916
Ashland Coal & Iron Ry 1.445.148
288
2,300 June 30 1916
Atl. Blrm. & Atl. RR.. 20.404.960 2.840.297
82.400 June 30 1914
Alabama Term’l RR.
1.400.000 June 30 1914
Georgia Terminal Co.
2.000.000 June 30 1914
June 30 1918
Atlantic Northern Ry_
257,000
Atl. Wayc. & No. RR_.
June 30 1918
88,500
Augusta Belt Ry_____
June 30 1916
95,000
Augusta Southern RR.
June 30 1916
919.976
2.214
Augusta Union Sta. Co.
235.649
June 30 1916
32.925
June 30 1915
Balt. & Spar. Pt. RR__
281,500
Bangor & Aroostook RR 21,030.000 3,850.084
June 30 1916
Van Buren Bridge Co
77.500
_____
June 30 1916
Barnegat RR________
86,282
_____
June 30 1916
Bay Point & Clayton RR
136,000
2,000
June 30 1916
Beaver, Meade & Engle­
June 30 1918
wood RR__________
75,000
_____
Beaver Valley RR____
110,152
-------June 30 1916
June 30 1918
Bevier & Southern RR.
217,550
_____
June 30 1916
Bingham & Garfield Ry. 5,827,183
_____
Birm. & Northw. Ry..
722,847
_____
June 30 1917
June 30 1916
Blaney Southern Ry
56.000
_____
June 30 1916
Blue Ridge Ry............... 1,816,000
397.000
Blytheville Burdette &
Miss. River Ry_____
115.154
_______
June 30 1916
Bonlee A Western RR_.
73,004
_____
June 30 1916
Boston A Maine RR... 101.712^971132.476,845
June 30 1914
Boston Terminal Co__ 20,770,500
_____
June 30 1915
Bowdon Ry__________
83,620
26,763
June 30 1915
Bridgeton A Saco River
____ June 30 1916
RR—.........................
360.563
...........
Bristol RR__________
108.600
_____
____
June 30 1917
Butler County RR___
907.490
2.906
____ June 30 1916
Cache Valley RR_____
60,256
_____
_____ June 30 1917
Caddo & Choctaw RR..
237,499
_____
_____ June 30 1916
Cadiz RR........................
120.500
...........
____
June 30 1917
Cairo Truman A So. RR.
134,292
42.504
........... June 30 191 f
Can.Pac.Ry.(U.S.lines)
750,000 6,319.079
9,500 June 30 1916
Cape Girardeau Nor.Ry
1,257,716
_____
......... June 30 1914
Carolina RR_________
163.820
6.400
____ June 30 1914
Caro. & Yadkin Riv. Ry
766,538
_____
_____ June 30 1915
Carrollton & Worthville
RR..................
100.000
...........
June 30 1917
Cazenovia South’n RR.
57,000
_____
June 30 1917
Central Indiana Ry___
1,904,560
595
June 30 1917
Central New Eng. Ry.. 13,812.880 8,250.139
June 30 1916
Central RR. of Oregen.
106,882
7,568
June 30 1916
Central Ry. (Ark.).__
201.885
39
June 30 1916
Chattahootchee Val.Ry.
585,137
_____
June 30 1917
Chattanooga Station C* 1,100,000
_____
June 30 1916
Chesapeake Beach Ry.
765,000
88,750
June 30 1916
Chesapeake West. Ry..
343,837
425.000
June 30 1916
Chic. T. H. & S. E. Ry. 20,150.000
1,223
June 30 1916
Chic. & Wab. Val. RR.
463.220
...........
June 30 1915
Cimarron & N. W. Ry..
226,810
_____
June 30 1916
Cine. Flem. & S. E. RR.
151,397
7.100
June 30 1917
Clarendon & Pittsf. RR.
490,000
212
June 30 1917
Colorado-Kansas Ry__
360.328
5.450
June 30 1916
Craig Mt.Lum.Co.’s Ry
126,017
June 30 1917
Crittenden RR_______
176,680
June 30 1916
Cumberland RR______
386.203
18.000
June 30 1917
Cumberland Valley RR. 13,031,300 2,548,042
1,241 June 30 1916
Cumberland Valley &
Martinsburg RR..
_____
1,875,000 June 30 1916
So. Pa. Ry. & Min. Co
_____
660,000 June 30 1916
Danville & Western Ry. 1,913,000
54.093
-------- June 30 1916
Death Valley RR___ 360,546
-------- June 30 1915




Wholly Owned Used but
Owned but
As of
Name of Carrier—
and Used. Not Owned. Not Used.
(Date).
Deering Southw. Ry__
........... June 30 1917
453.000
Del. & Northern RR__ 1.417,210
........... June 30 1916
Delray Connecting RR. 1,278,000
_____
June 30 1918
65,310
Delray Terminal RR__
_____
June 30 1918
157.264
Delta Southern Ry.__
.............
June 30 1915
675.307
39
De Queen & East. RR..
_____
June 30 1918
532,120
Doniphan, Kens. &
........... June 30 1917•
Searcy Ry_________
12,140
39,770
Dover & Sduthb’d RR.
........... June 30 1914
170.000
Due West Ry. Co____
28.500
_____
June 30 1916
8.500
Durham A So Caro RR.
........... June 30 1917
460.796
........... June 30 1916
Durham Un. Sta. Co.58,615
111.044
430 June 30 1914
Elgin Joliet A East. R R. 15.000.000 19.660.000
Elkin A Alleghany RR.
........... June 30 1915
335.046
34
........... June 30 1916
Elwood And. & Lapelle
179
108.910
........... June 30 1915
291
Evansv A Tndianap RR. 2.250.000
Fairchild & N.-E. Ry..
_____
June 30 1916
884,746
_____
Dec. 31 1922
Federal Valley RR____
392,240
_____
June 30 1916
Fellsmere RR________
110.000
_____
June 30 1916
Fernwood & Gulf RR__
579,632
_____ June 30 1917
Fla Ala & Gulf RR____
127,625
_____
June 30 1916
Florida East Coast Ry. 46.200.000
764.196
Atl & E Coast Ter Co. _______
1.300.000 June 30 1916
_____
June 30 1916
Fordyce & Princet. RR.
174.071
Ft. Street Un. Depot Co 1.919.102
304.234
286.677 June 30 1915
Ft. Worth Un. Pass. St.
........... June 30 1916
Co________________
300.000
Fourche River V. &
7.460
...........
June 30 1916
250.000
Ind. Ter. Ry______
_____
June 30 1916
Franklin & Pittsyl. RR.
76,000
328,308
........... June 30 1915
Gainesville Mldl'd Ry . 1.174.665
_____
June 30 1916
Gainesv. & Northw. RR
517,248
_____
June 30 1918
Galesb. & Gr. East. RR.
105,070
_____
June 30 1916
42
Garden City West. Ry.
192,057
_____ June 30 1919
Garyville Northern RR.
256,220
_____
June 30 1915
Georgia Sou. & Fla. Ry. 9.451,992
_____
June 30 1917
Gideon & No. Island RR
108,600
22,306
_____ June 30 1914
Goldsboro Un.Sta’n Co.
147.895
11 ______
June 30 1916
521,500
Grafton & Upton RR__
........... June 30 1915
152.977
Greene County RR___
_____
June 30 1919
291,840
Grove. Luf. & Nor. Ry.
1,452
_____
June 30 1916
Gulf & Ship Island RR. 9,034,850
_____
June 30 1915
495.148
Gulf Term Co (Ala).__
______
June 30 1917
Gulf Texas & West. Ry. 1.668.000
_____
June 30 1915
Hamp.& Br.RR.4 L.Co
188,200
_____
June 30 1918
104,000
Hannibal Connect. RR.
_____
June 30 1916
35,182
Hanover Ry_________
........... June 30 1917
13,816
Hartford Eastern Ry—
_____
June 30 1916
122,860
Hartwell Ry_________
Hillsboro & Northeast.
........... June 30 1917
103.895
Ry------------------------_____
June 30 1916
Hoosae Tun', A Wil RR.
641,864
25,940
_____
June 30 1916
Indiana Northern Ry
29,310
_____
June 30 1916
33,020
Interstate RR________
1,802,200
_____
June 30 1917
Iowa Transfer Ry_____
63,000
_____
June 30 1917
Jackson & Eastern Ry..
140,000
_____
June
30 1918
Jefferson & N. W. Ry..
330,660
..i... June 30 1917
Joliet Union Depot Co. .
391,270
_____
June 30 1916
36,657
Jonesboro L.C.A E RR. 1,117,328
_____
June 30 1914
a Kan City Sou System.--------- 49.016.268Keeseville,
Ausable
Chasm
&
Lake
_____
June 30 1916
Champlain RR_____
113,619
_____
June 30 1916
Kenawha G.J. & E. RR.
651,500
_____
June 30 1916
Kennebec Central RR..
70,700
Kentwood, Greensburg
........... June 30 1916
4,411
& South Western RR.
134,423
_____
June 30 1914
50.043
Kinston-Caro. RR. AL.
110,798
_____
June 30 1916
10.650
Knox Sevierville A E Ry
400.000
Lake Champlain &
_____
June 30 1916
Moriah RR________
700,000
_____ ’ June 30 1918
4,038
L’Anguille River Ry__
12,500
_____
June 30 1916
Laurel Fork Ry______
366,396
_____
June 30 1917
Laurinburg & Sou. RR.
217,600
Lexington Union Station
........... June 30 1917
776,498
Co________________
_____
June 30 1916
47,000
Lith. & Arab. Mtn. Ry.
35,000 June 30 1916
Little River RR______
191,961
_____
June 30 1916
47
249.662
Linville River Ry_____
_____
June 30 1919
Louisiana A Pacific Ry.
370.400
60,000
June 30 1917
Louisiana Ry. & Nav.Co 10,796,479
_____ June 30 1915
Louisv. A Wadley RR..
145.421
_____
June 30 1918
Macomb Ind. & L. Ry..
215,490
_____
June 30 1917
Magma Arizona RR__
319,560
...........
June
30 1917
Mammoth Cave RR__
85,000
........... June 30 1916
Mmch A Oneida Ry..
121.415
192
_____ June 30 1917
Manila & Southw. Ry._
45,000
_____
June 30 1917
42,500
Manistee & Repton RR.
75,000
Manistique A Lake Su­

perior RR_________
Marinette, Tomahawk &
Western RR_______
Marion & Eastern RR..
Marion & Rye Val. Ry.
Marion & Southern RR.

668.000

283,720
80,000
317,177
11,500
Mary’d Del A Va. Ry. 2,266.312
Mascot & Western RR.
133,717
Massillon Belt Ry____
19,123
Memphis Un. Sta. Co.. 2,259.000
Milstead RR_________
31,706
Mineral
Point
&
Northern Ry_______
556,927
Minn. Red L. A M. Ry.
567,090
Mississippi Eastern RR.
227,206
Miss. Riv. A B. T. Ry_. 3,551,550
Monson RR_________
77,113
Montreal & Atlantic Ry.
872
Moshassuck Val. RR..
160.404
Moscow C. A S. A. Ry.
76.456
Mt. Hood RR________
507.032
Mt. Jewett Klnzua A
Ritterville RR_____
87,850

21

30,290
390,000
793

218

1,009.000

_____

June 30 1915

160,000
_____
_____
_____
...........
_____
_____
_____
_____

June 30
June 30
June 30
June 30
June 30
June 30
June 30
June 30
June 30

1917
1916
1916
1918
1915
1917
1916
1916
1916

........... June 30 1917
........... 5 June 30 1918
_____
June 30 1915
-------- June 30 1914
_____
June 30 1916
_____
June 30 1916
_____
June 30 1916
_____
June 30 1918
_____
June 30 1916
...........

June 30 1917

6

RAILWAY AND INDUSTRIAL COMPENDIUM

[Vol. 122.

Wholly Owned Used but Owned but
As of
As of
Wholly Ownedj&Used but Owned but
Name of Carrier—
{Date).
Name of Carrier—
and Used- Not Owned. Net Used.
{Date).
and Used. Not Owned. Not Used.
Woodstock
Ry
_______
489,213
_____
_____
June
30 1917
Mountain Central Ry_
June 30 1917
58,005
Muncie Belt Ry______
103,142
....... ......................... June 30 1917
62.654
1,373
........... June 30 1915 Yreka RR....................
Muse. Burl. & Sou. Ry.
June 30 1918
866.495
a The U. S. Supreme Court on Oct. 19 1925 refused to review the case of
Narragansett Pier RR..
310.000 June 30 1916 the Kansas City Southern et al. against the I.-S. O. Commission involving
Natchez,
Col.
&
the question of the valuation of the road. The carrier sought to have the
Mobile RR________
June 30 1916 Supreme Court review a decision of the Court of Appeals of the District of
389,436
86,100
Nevada Copper Belt RR
721.112
June 30 1917 Columbia affirming the decision of the Superior Court of the District of
3,000
Nevada Northern Ry.. 3.404.900
June 30 1917 Columbia in which court the railroad endeavored to compel the I.-S. C.
Nevada Transp. Co___
35,762
June 30 1917 Commission to increase its valuation (V. 121, p. 2035).
New Mexico Cent. Ry_. 1,365,024
June 30 1916
b The United States District Court for the Southern District of California
New Mex Midland Ry.
June 30 1916
140.265
N. O. Natalb. & N. Ry.
June 30 1916 on Dec. 7 1925 handed down a decision annulling the nrders of the Commis­
368,769
sion fixing the valuations of this road (now known as the Los Angeles &
New Park & Fawn Grove
RR....... ........................
June 30 1916 Salt LakeRR.), and enjoining the Commission from in any wise enforcing
106.020
N Y Phil & Norfolk RR. 11,200.000
June 30 1915 them (see V. 121, p. 2871).
Norfolk Southern Ry.. 21,622.000 2.804.465
6,500 June 30 1914
T. P. Artaud of the Valuation Bureau of the Inter-State
Norfolk Terminal Ry..
995.000
June 30 1914
Northwestern Coal Ry.
77,500
June 30 1915 Commerce Commission on Dec. 18 1925 delivered an address
Norwood & St. Law. RR
533,078
June 30 1917 before the Engineers Club of Hampton Roads on the subject
895
Ohio & Kentucky Ry__
632,000
June 30 1917 of the Federal Valuation of Railroads, its Origin, Scope and
Okla. Kan. & Mo. Ry..
299,720
June 30 1919
Oneida & Western RR_
625,000
June 30 1918 Utility, which was reproduced in full in the “Chronicle” of
Oregon Pac. & E. Ry._
321,117
June 30 1917 Dec. 26 1925, page 3083.
Ouachita & N. W. RR..
354,944
June 30 1916
Parle A Mt Pleaaant RR
813.771
June 30 1918
Proposed Plans of Consolidation.
Pecos Valley So. Ry___
373,409
263
June 30 1917
The Transportation Act of 1920 contemplates the ultimate
Phila. & Beach Hav. RR
250,000
June 30 1916
Pickens RR___________
126,426
June 30 1916 consolidation of all the railroads of the United States into
Pigeon River RR_____
335,000
June 30 1916 a limited number of competing systems, and under one of
Pine Bluff & Nor. Ry_.
32,516
June 30 1916 the provisions of the Act the Inter-State Commerce Com­
Pot. Fred. & Pied. RR.
561,234
June 30 1916
Prescott & Northw. RR.
350,120
32
June 30 1916 mission is directed to prepare a plan to that end. The
Puget Sd. & Cascade Ry
427,903
June 30 1917 provision is not compulsory as far as the roads are concerned.
Quincy Western Ry___
61,727
June 30 1915
Randolph & Cumb. Ry.
95,581
June 30 1918 In the process of carrying out the requirement, the Com­
Raquette Lake Ry____
355,427
June 30 1917 merce Commission directed Prof. William Z. Ripley of
Raritan River RR____
1,215,416
June 30 1916 Harvard University to prepare a plan of consolidation, and
148
Ray & Gila Val. RR___
627,593
Juno 30 1915
Rhode Island Co_____
_____
310,000
June 30 1916 with that as a basis, the Commission prepared a tentative
Rio Grande & E. P. Ry.
608,875
June 30 1917 plan which was put forward in September 1921 “in order
Roanoke River RR___
160,000
June 30 1918 to elicit a full record upon which the plan to be ultimately
Rock Port, Langdon &
Northern Ry______
53,901
June 30 1918 adopted can rest.” The plan was outlined in V. 113, p.
Rome & Northern RR. .
265,925
June 30 1915 1429 to 1431, 1950 to 1952. A table showing the grouping
Rose. Snyder & Pac. Ry
538,000
June 30 1916 of roads in the plans of consolidation under consideration
Rosslyn Connecting RR.
230,000
34,245
June 30 1915
St. Francois County RR
190,190
June 30 1914 by the I.-S. C. Commission was given in V. 119, p. 628
St. John & Ophir RR__
123,951
June 30 1915 and 629. Hearings were held on the different systems
St. Johns Riv. Ter. Co. 1,880,360
Juhe 30 1915 proposed, principally the Northern Pacific-Burlington,
Salt L. & Los Ang. RR.
315,391
38,512
June 30 1916
San Joaq. & East. RR__ 1,148.000
.June 30 1916 the Great Northern-St. Paul, the Union Pacific-North­
bSan P L A & S L RR. 45,160.000
40,000
June 30 1914 western, Ihe Frisco-Katy-Cot.ton Belt, the Baltimore
Sandersville RR______
46,673
June 30 1916 & Ohio-Reading, the New England-Great Lakes, the Pennsyl­
Sandy River & Rangely
Lakes RR_________
1,359,427
June 30 1916 vania and the New York Central Systems, but a final de­
Santa Fe R. & East.RR.
201,227
June 30 1916 termination has not yet been made. The hearings ter­
Sardis & Delta RR____
116,000
June 30 1916
Sault Ste. Marie Br. Co.
500,750
June 30 1916 minated Dec. 4 1923. Oral arguments on the proposed
Savan. & Northw. RR. 1,814,271
3,000
June 30 1915 consolidations were concluded Jan. 12 1924. (See also
Sewell Valley RR_____
423,365
232,000
June 30 1916 V. 120, p. 540.)
Sharpsville RR____ _
364,194
15,304
June 30 1916
On March 2 last the I.-S. C. Commission handed down its
Shelby County Ry____
135,253
June 30 1918
Shelby Northw. Ry___
195,000
June 30 1918 decision denying, by a 7 to 1 vote, the application of the Van
Shrev. Hous. & Gulf RR
92,578
June 30 1918 Sweringen interests for authority to unify under control of
Sligo & Eastern Ry____
230,500
June 30 1917
Smoky Mtn. Ry______
125,187
June 30 1915 the New York Chicago & St. Louis Ry. (the proposed new
Southern U1.& Mo.Br.Co 3,182,660
June 30 1915 company) the present New York Chicago & St. Louis RR.,
Southern Ry Co in Miss 4,470,534
194.511
June 30 1915 the Erie RR., the Pere Marquette Ry., the Chesapeake &
South Georgia Ry____
657,800
June 30 1917
South Manchester RR..
171,188
June 30 1916 Ohio Ry. and the Hocking Valley Ry. The rejection by the
Sou. San Fran. Belt Ry.
69.49S
June 30 1916 Commission was based chiefly on the proposed. financial
Spokane & Br, Col. Ry.
722,423
June 30 1915
Stan. Mer. & Phila. Ry.
571,789
June 30 1916 structure which denied voting control to the preferred stock­
Stewartstown RR____
156,040
June'30 1916 holders and placed control in the hands of a “powerful few.”
Sugar Land Ry. (Tex.)_
467,500
5,714
June 30 1916 The full text of the Commissions findings was given in V.
Sylvania Central Ry__
150,882
June 30 1915
Tabor & Northern Ry. _
120,000
June 30 1918 122, p. 1249-1255.
Talbotton RR________
78,957
Juhe 30 1915
Early in 1925 the Chicago Rock Island & Pacific Ry. pur­
Tallulah Falls Ry____
1,795,000
132
June 30 1916 chased the stock holdings of Edwin Gould in the St. Louis
Tampa & Jacksonv. Ry.
500,000
June 30 1915
Tenn. & No. Caro. Ry_.
431,322
June 30 1916 Southwestern Ry. This acquisition, supplementing holdings
Texas Midland RR___ 3,080,000
June 30 1914 purchased in the open market, together with the shares owned
Texas Okla. & East.RR.
511,050
June 30 1918 by interests friendly to the Rock Island, gave the latter con­
Texas Short Line Ry__
196,836
June 30 1918
Thornton & Alex. Ry__
241,411
June 30 1916 trol of the St. Louis Southwestern Ry. On May 4 1925 the
Tremont & Gulf Ry___
1,222,430
June 30 1916 Rock Island applied to the I.-S. C. Commission for authority
Trinity Val. & No. Ry..
102,240
June 30 1919
Trin. Val. South. RR..
41,325
June 30 1917 to acquire control of the St. Louis Southwestern Ry. C. V.
Tuckerton RR________
503,946
June 30 1916 Burnside, Assistant Director, Bureau of Finance, of the Com­
Tug River & Ky. RR__
381,630
Jun? 30 1916 mission, in a report in August 1925 (V. 121, p. 800), recom­
Union Depot Co. of Col.
O---------------------------- 1,575,000
June 30 1916 mended that the application be denied. The objections of
Union Freight RR.........
429.833
June 30 1915 Mr. Burnside were based on the fact that the Commission’s
Union Pt.& Wh. Pl. RR
104.000
June 30 1916 tentative plan for the consolidation of the railroads of the
Verde Tunnel & Sm.RR.
577,101
June 30 1917
Va. Blue Ridge Ry___
300,000
June 30 1917 country into 19 systems provided for the merger of the St.
Virginia Southern RR..
127,551
June 30 1916 Louis Southwestern with the St. Louis-San Francisco system.
Wadley Southern Ry__
895,091
135 June 30 1915 The Rock Island under the Commission’s plan would be a
Ware Shoals RR______
618
76,000
June 30 1916
War. & Ouachita Val.Ry
245,360
June 30 1918 part of the Southern Pacific Co. In October 1925, before
Wash. & Choctaw Ry_.
147,865
June 30 1915 the Commission acted on the report of Mr. Burnside, the
Wash. Ida. & Mont.Ry. 2,481,293
1,542
June 30 1917 Rock Island announced that it had sold its holdings in the
Wash. Pot. & Ches. Ry.
216,656
June 30 1915
Waupaca-Gr. Bay Ry_.
114,201
June 30 1916 St. Louis Southwestern to the Kansas City Southern Ry.
White Oak Ry_______
400,000
June 30 1916 This announcement was further supplemented by a state­
White River RR______
392,223
June 30 1917 ment of Chairman L. F. Loree of the Kansas City Southern,
Wil. Val. & Coast RR..
95,033
June 30 1917
Winston-Salem So’b’dRy. 5,788,067
June 30 1915 which said that “this step was contemplated when the com­
Wiscasset Wat. & F. Ry.
500,168
June 30 1916 pany a few months before acquired an interest in the MissouriWood River Branch RR
115,537
Kansas-Texas RR.” Mr. Loree further stated that “it is
Wrightsville & Tennille
RR........................
1.532,000
1,235
June 30 1915 hoped that the three properties, with certain possible addi­




Mat, 1926.]

7

RAILWAY AND INDUSTRIAL COMPENDIUM

placed a tentative value on all the railroads In the United States of $18,900,000,000 as against a book value of $20,040,572,611.
DISTRIBUTION OF EARNINGS IN EXCESS OF 6%.—Net railway
operating income in any year in excess of 6% of the value of the property
shall be utilized as follows; (a) One-half of such excess shall be placed in
a Reserve Fund maintained by the railroad: (V) the remaining one-half shall
go into a General Railroad Contingent Fund (see aiso page 3 of this publica­
tion) .
REFUNDING OF CARRIERS' INDEBTEDNESS TO THE UNITED
STATES.—The net indebtedness of each carrier to the United States for
additions or betterments may be funded for a period of ten years (or less
at option of company) from the termination of Federal control, with interest
at 6% per annum .subject to the right o ithe carrier to anticipate the pay­
ment of the whole or any part of the indebtedness. Any remaining debt
to U. S. to be evidenced by 6% notes running one year or less.
CONSOLIDATION OF RAILROAD PROPERTIES—STOCK CON'
TROL, &c.—The Inter-State Commerce Commission is directed to pre­
pare and adopt a plan for the consolidation of railroad properties into a
limited number of competing systems, and consolidations are authorized
when in harmony with the plan as adopted and approved by the Comis­
It is submitted as an inevitable conclusion that if a process of wise consoli­ sion. See remarks above and plans as proposed in 1921, V. 113, p. 1429
dation is not soon entered upon and rapidly carried forward, not less than to 1431, and 1950.
60,000 miles of our rail transporation system must be either abandoned or,
The Commission shall also pass on any proposed measures for the control
at the best, will be rendering the most unsatisfactory and inefficient service. of one road by another by consolidation, lease, stock ownership or other­
It has been estimated that with the service now being rendered, from wise. In any consolidation the total amount of outstanding stock and
$300,000,000 to $500,000,000 annually could be saved, all of which could be bonds of the consolidating company shall not exceed the value of the con­
solidated properties as determined by the Commission.
utilized in a reduction of freight and passenger rates.
JOINT USE OF TERMINALS.—The Inter-State Commerce Commis­
Another bill providing for the voluntary unification of all sion
whenever in its opinion there exists an emergnecy may require such
the railroads of the country was made public May 1 1926. joint or common use of termina s, including main-line tracks for a reason­
outside of such terminals, as in its opinion will best meet the
This bill, introduced into the House by Representative able distance
and serve the public interest.
Parker of New York, unlike the Cummins bill, has no emergency
INTER-STATE COMMERCE COMMISSION MAY INITIATE
compulsory features. The Parker bill provides that a period RATES.—In the exercise of its power to prescribe just and reasonable
of 7 years be allowed in which the railroads would be per­ rates, the Commission can initiate as well as modify and establish rates.
CONTROL OVER SECURITY ISSUES.—The Inter-State Commerce
mitted to form voluntary unions subject to the approval of Commission
is given exclusive control over the issuance of all railroad
the Inter-State Commerce Commission. At the end of the securities, except notes maturing in less than two years when the total issues
7 years, the bill says, “it shall be the duty of the Commission of said notes of the railroad amounts to less than 5% of its capitalization.
to report to Congress the extent to which unification has See regulations. V. Ill, p. 1814, 1049, 587.

tions, will constitute a system acceptable to the I.-S. C.
Commission under the Transportation Act.” (V. 121, p.
1904.)
On April 13 1926, the bill of Senator Cummins, introduced
on Dec. 21 1925, providing for the voluntary consolidation of
roads, subject to the approval of the Inter-State Commerce
Commission, was favorably reported to the Senate. This
proposed bill also provides that where a consolidation has
not been voluntarily effected within five years’ the Com­
mission would be authorized to proceed to unify the roads
into a limited number of systems. This bill would also use
the recapture of excess earnings as an inducement to the
carriers to consolidate by forcing a distribution of earnings
over 6 % among carriers earning less than 5 % on an approved
valuation. The committee’s report on the bill said:

taken place in accordance with such act, and in the light of the
conditions then existing, its recommendations as to further
proceedings.’’
The repeal of the law requiring the I.-S. C. Commission
to formulate a plan for the consolidation of the railroads of
the country into a score or more systems was asked of
Congress by the Commission in its 39th annual report
submitted on Dec. 10 1925. At the same time it was sug­
gested that the Transportation Act be so changed as to
expedite the natural grouping of the carriers into a smaller
number of systems, the Commission retaining the power to
approve or disapprove the mergers undertaken. The
majority of the members of the Commission,- according to
the report, believe that “results as good and perhaps better
are likely to be accomplished with less loss of time if the
process of consolidation is permitted to develop under guid­
ance of the Commission” in a normal way. The Com­
mission’s recommendations with respect to consolidation
follow:
That paragraphs (2) to (6) inclusive, of Section 5 of the Inter-State Act
be amended (a) by omitting therefrom the existing requirement that we
adopt and publish a complete plan of consolidation; (b) by making unlawful
any consolidation or acquisition of the control of one carrier by another in
any manner whatsoever, except with our specific approval and authoriza­
tion; (c) by giving us broad powers upon application and after hearings to
approve or disapprove such consolidations, acquisitions of control, mergers,
or unifications in any appropriate manner; (d) by giving us specific authority
to disapprove a consolidation or acquisition upon the groqnd that it does
not include a carrier or all or any part of its property which ought to be
included in the public interest and which it is possible to include upon
reasonable terms; (e) by modifying sub-paragraph (b) of paragraph (6) so
that the value of the properties proposed to be consolidated can be more
expeditiously determined; and (f) by providing that in the hearing and
determination of applications under Section 5, the results of our investiga­
tion in the proceeding of our docket known as No. 12964, Consolidation of
Railroads, may be utilized in so far as deemed by us advisable.

Federal Control—Standard Return.
The proclamation of President Wilson assuming control of the roads was
dated Dec. 26 1917. See V. 105, p. 2509; V. 106, p. 35: V. 108, p. 2081.
CONTRACTS FOR GOVERNMENT CONTROL—RENTAL PAY­
MENTS.—The form of contract which the Government executed, with
slight variations, with the railroads, will be found in V. 107, p. 1157, 956.
The Act of Congress approved March 21 1918 (cited in V. 106, p. 1421)
authorized the President “to agree with and to guarantee' to any carrier
"that during the period of such Federal control it shall receive as just com­
pensation an annual sum (herein called standard return) for each year
. . . not exceeding a sum equivalent as nearly as may be to its average
annual railway operating income for the three years ended June 30 1917.”
In a few cases for special reasons extra compensation was granted. Disputes
however, arose, and when Federal control was terminated Feb. 29 1920 there
still remained a number of roads concerning which the question of compensa­
tion, whether the standard return or a larger sum. was still to be determined.
Out of the aforesaid compensation as supplemented by the company s
non-operating income, including interest and dividends on any bonds or
stock owned, and other outside items each company was required to pay all
Federal (war) taxes. Interest and other fixed charges, and also any dividends
allowed on their capital stock.
A list of the compensation contracts finally executed up to Sept. 15 1920
will be found, with the amounts of the compensation agreed upon, on pages
6, 7 and 252 of the issue of this publication for Nov. 27 1920. Others have
been noted from week to week in later issues of the “Chronicle.”

United States Railroad Administration.
Director-General of Railroads and Agent of the President, Andrew W.
Mellon;Chief Clerk, A. W. Stoll;Comptroller, L. J. Tracy; General Solicitor,
A. A. McLaughlin; Treasurer, R. C. Dunlap. Short Line Section: Sidney
F. Andrews, Chairman; W. G. Goodrich, Secretary. Headquarters.
Hurley-Wright Bldg., 18th and Pennsylvania Ave.. N. W., Washington,
D. O.

Increases and

Decreases in

Railroad

Rates.

During the period of Government control operating costs
had been so enormously increased that the roads fell far
short of meeting their expenses and charges, leaving a
heavy deficit for the Government to make good. With the
return of the roads to private control, therefore, it hence
Outline of Transportation Act.
became necessary to arrange for increasing rates for the
The following outlines the Transportation Act of 1920, transportation of both passengers and freight. The exten­
which was published in full in the “Chronicle” of Feb. 21 sion of the guaranty period for six months after the roads
1920, p. 715 to 732, with an amendment in V. 110, p. 2250: had been turned back to their owners was for the purpose of
RATES MUST BE ADJUSTED SO AS TO YIELD A FAIR RETURN. allowing time in which to make the adjustment. Just as the
—The Commission is from time to time to determine and make public what Inter-State Commerce Commission was ready to announce
percentage of the aggregate property value constitutes a fair return thereon.
Such percentage must be uniform for all rate groups or territories which its decision, there came the decision of the RR. Labor Board,
may be designated by the Commission. In making such determination it on July 20 1920 awarding increases in wages aggregating
shall give due consideration, among other things, to the transportation
needs of the country and the necessity (under honest, efficient and econom­ $625,000,000 or more per year. The roads had asked for
ical management of existing transportation facilities), of enlarging such fa­ increases in rates to yield additional revenue of $1,017,766,cilities in order to provide the people of the United States with adequate 000 per annum. Following the award of the Labor Board
transportation- Prmndea. That during the two years beginning March 1
1920 the Commission shall take as such fair return a sum equal to 5 Vi % of the roads petitioned the Commission for further additions to
such aggregate value, but may, in its discretion, add thereto a sum not ex­ revenue in the amount of the increase. On July 31 1920 the
ceeding >3 of 1 % of such aggregate value to make provision in whole or in Commission having placed a valuation of $18,900,000,000
part for improvements, betterments or equipment, which, according to the
accounting system prescribed by the Commission, are chargeable to capital upon the railroad properties, against a book value of $20,account.
040,572,611, undertook to allow them 6% upon the property
The Commission in a decision handed down in May 1922, as noted on investment, which would mean a total of $1,134,000,000
page 3 (inside of second column) stated "that on and after March 1
1922 a fair return upon the aggregate value of the railway property will be with which to cover the increased cost of wages and supplies
and to pay for improvements, &c. (compare V. 111. p. 653,
W%"
Pending the completion of its valuation of the railway properties in the 549, 459, 347 to 350, 329). The decision of July 1920
United States, the Commission is required to make tentative valuations of i
the several roads as a basis for rate-making. In July 1920 the Commission increased:




8

RAILWAY AND INDUSTRIAL COMPENDIUM

[Vol. 122,

ABBREVIATIONS USED IN THIS COMPENDIUM
EXPLANATORY.—Thia Compendium 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 made, therefore, to the volume and page of the “Chronicle” (as V. 122, p. 000), where fuller
Information may be found. Following each statement also is given a reference to the latest news item in the “Chronicle” respecting the company. As
every such item has appended a reference to the last preceding item, the reader can run back at pleasure.
Dividends.—The dividends ("divs.”) in the text are In general those actually paid during the calendar years named, Irrespective of when earned.
Net Earnings are given after deducting operating expenses and frequently taxes, but not interest or other fixed charges.
Securities.—These are described In table at head of page (except the stock, for lack of space, sometimes only in text below) as follows:
Miles of Road.—Opposite bonds, this means the miles of road covered by the mortgage.
Size or Par Value.—Shows (In dollars unless otherwise marked), the denominations or par value, “100, &c.,” signifying $100 and larger.
Rate Per Cent.—The interest and dividend rate per annum is here shown: g, gold; cur, currency
When Payable.—J&J stands for January and July: F&A, February and August: M&S, March and September; A&O, April and October; M&N.
May and November: J&D, June and December; Q-J, quarterly from January; Q-F, quarterly from February; Q-M, quarterly from March.
bonds. Principal When Due, &c.—This column shows for bonds the date when they mature; for stocks the amount and date of the last dividend paid
or declared.
Other Abbreviations: M for mortgage"; Gen M for “general mortgage”; Con M or consol M for “consolidated mortgage”; Inc M for “income mortgage”;
; for gold; c or cur for "currency”; guar p & i for “guaranteed principal and interest”; cum for "cumulative"; non-cumfor" non-cumulative”; conv.
or “convertible into stock at holder's option"; pref for “preferred”; pref a & d for “preferred as to assets and dividends”; s f for “sinking fund”;
lgr for "land grant”; r “fully registered (no coupons)”; c “coupon”; c* “coupon, but may be registered as to principal”; r* “registered” and “coupon '
tntprpbangnabie: hr “branch": end “endorsed”; red “redeemable”; dr’n or drawn; by lot call, “subject to call”; p m “per mile”: ass’d, “assumed. '
taxes.—The position as regards’ deductions for taxes (deductible at source) is indicated In the table as follows: “z” The bonds so marked contain the
broad tax-exemption clause that the company will pay the interest thereon without deduction for any tax. The Federal Acts approved Oct. 3 1917
and Feb. 24 1919 provide, however, that only one normal 2% income tax shall be deducted at the source and that all further Federal income taxes
shall be met by the recipient of the income. See V. 108, p. 521. xx “Company was paying at last advices so much of the normal income tax as
company Is required to deduct a« withholding agent” (V. 104, p. 699). xxx “Free from U. S. income tax up to 2%, deductible at source.” xxxx "Free
from U. S. Income tax up to 4%, deductible at source.” y “Free from taxes except Federal income tax.” yy “Free from all taxes except Federal
and State income tax.” z “No provision as to exemption from taxes.” zz “Payable with deduction of normal Federal income tax." k “Free from
Pennsylvania State tax.” kk “Free from New York State tax.” v “Free from U. S. taxes, deductible at source." vv “payable without deduction
for taxes, except succession, inheritance and income taxes.” rvv Payable without deduction for Federal. State, &c., taxes deductible at source other
than Federal 2% income tax. wvv Same with the exception also of inheritance taxes, vvvvv Payable without deduction of U. S. (or Governmental)
taxes other than successive inheritance and income taxes.
Mortgage Trustees and Stock Transfer Agents (TRi,Treasurer’s Office) are Indicated thus:
ST. LOUIS—
neW’york city—
SC —Standard Trust & Sav
NEWAR K, N. J.
BOSTONBa —Bankers Trust Co
AB —American Trust Co
Bank
FN —Fidelity Union Tr Co AmSt—American Trust Co
MeSt —Mercantile Trust Co
Ce —Central Union Trust BB —Boston Safe Dep & Tr UC —Union Trust Co
Co
MSt —Mississippi Valley Tt
CB —Commonwealth-AtlanNEW ORLEANS—
CINCINNATI—
Col —IrvBk-Colum Trust Co
tic Nat Bank
HNo—Hibernia Bk & Tr Co SSt —St Louis Union Trust
UC1—Union Trust Co
Em —Empire Trust Co
FB —Federal Nat Bank
WNo—Whitney Central Tr &
Eq —Equitable Trust Co
PHILADELPHIA—
NB —New England Tr Co
Savings Bank
CLEVELAND—
F —Farmers’ Loan & Tr
FP —Fidelity Trust Co
OB —Old Colony Trust Co
Q —Guaranty Trust Co
GP —Girard Trust Co
SB —State Street Trust Co CICI—Cleveland Trust Co
PITTSBURGH
GCI —Guardian Sav Bk & Tr Cl Pi —Colonial Trust Co
GuP—Guaranty Tr & S Dep
Mp —Chatham & PhenixNat UB —United States Tr Co
Bank & Trust Co
CwPi—Commonwealth TrCo MP —Integrity Trust Co
DETROIT—
Ph P—Philadelphia Trust Co
N —New York Trust Co
DPi —Dollar Sav & Tr Co
DD
—
Detroit
Trust
Co
T —Title Guar & Trust Co
FPi —Fidelity Title & Trust PIP —Provident Trust Co
SD —Security Trust Co
Us —United States Trust
PPi —Pittsburgh Trust Co PeP —Penn Co for Insur on
CHICAGO—
UD
—
Union
Trust
Co
Lives & Gr Annuities
Usm—U S Mtge & Trust Co CeC—Central Trust Co of Til
RPi —Real Estate Trust Co
RP —Real Estate T & I Co
ChC— Chicago City Bk & Tr
UPi —Union Trust Co
—
WP —West End Trust Co
BALTIMORE—
CC IContinental & Com- UIINDIANAPOLIS
—
Union
Trust
Co
BBa —Baltimore Trust Co
FoC Jmerciai Tr & Sav Bank
SAN FRANCISCO—
PORTLAND, ME.—
AS —Anglo California TrCo
CoBa—Continental Trust Co FC —First Trust & Sav Bk
LOS ANGELES, CAL.— FPo —Fidelity Trust Co
EBa —Equitable Trust Co
MS —Mercantile Trust Co
HC —Harris Tr & Sav Bank SLo
—
Security
Tr
&
Sav
Bk
US —Wells Fargo Bank &
FBa —Fidelity Trust Co
IC —Illinois Merch Trust
PROVIDENCE—
MBa —Maryland Trust Co
Union Trust Co
IPr —Industrial Trust Co
MC —
do
do
LOUISVILLE—
MeBa—Mercantile Tr & Dep NC —Northern Trust Co
Rpr —Rhode Isl Hosp Tr Co
WILMINGTON. DEL.—
FL —Fidelity & Colum Tr
WW—Wilmington Trust Co
SBa —Safe Dep & Trust Co PC —Peoples Tr & Sav Bank LL —Louisville Trust Co
UPr —Union Trust Co

?

Increases and Decreases in Railroad Rates.
(Continued from Page 7.)
(a) Freight Rales.—40% in the East, 25% in the South, 35% in the
West and 25% in Mountain-Pacific territory. (6) Passenger Rates—20%,
the amount asked by the railroads, or about
of 1 cent additional per
mile, (c) Pullman Rales—A surcharge to the roads of 50% on rates,
(d) Excess Baggage Rales—20% advance. (eYtMilk Tariffs—20% advance.
(/) Coastwise and inland steamship lines and electric railway companies
were permitted to increase their freight rates In proportion to the increases
of the railroads in the same territory. (V. Ill, p. 848.)

latter ran as high as 50%, t was stated, on some commodi­
ties. (V. 116, p. 2089, 1014.)
The Inter-State Commerce Commission, for the second
time in five years, denied on March 13 1926 the application of
Western transcontinental railroads for authority to depart
from, the long-and-short-haul provision of the Inter-State
Commerce Act. The carriers had sought permission to
reduce freight rates on long hauls without applying the cuts
to intermediate movements. The roads’ petition involved
reductions on 47 commodities, moving from origin territory
west of the Indiana State line to Pacific Coast terminals,
the lower rates having been sought to cope with Eastern
manufacturers who can ship through the Panama Canal.
(V. 122, p. 1558.)
Railroads operating through the Southwest and the lower
Mississippi Valley were ordered by the Inter-State Commerce
Commission on March 15 1923 to make a general revision of
commodity freight rate schedules, effective June 30 1923.
(V. 116, p. 1138.)
H. C. Hall, formerly Chairman of the Inter-State Com­
merce Commission, in a letter dated May 28 1924 to Senator
Smith, Chairman of the Senate Committee on Inter-State
Commerce, answering an inquiry made by the latter as to
rate reductions, stated that “it has been estimated that from
July 1 1922 to the end of 1923 the shippers and consumers of
the country have paid nearly $800,000,000 less in charges
for transportation of property than would have accrued if no
reductions had been made below the basis established on
Aug. 26 1920.” “Of this,” said Mr. Hall, “it has been
roughly estimated that more than $175,000,000, or about
22% of the total, represents a decrease in freight charges on
livestock and the products of agriculture.” The following
is taken from Chairman Hall’s letter:

These increases inTrates were expected to add $1,500,000,000 to the yearly revenues of the roads. But, unfortunately, a sudden decline in traffic caused an alarming falling
off in railway operating income, notwithstanding the higher
rates received. (V. 113, p. 2155.) It then became necessary
to reduce both rates and wages.
On Nov. 17 1921 the Railroad Executives, in anticipation
of a wage cut of 10%, announced a 10% reduction in rates
on farm products for all parts of the country, except New
England (and in New England also it was voluntarily
accepted by most of the railroads), the old rates to be
restored at the end of six months in case the expected lowering
of railroad wages had not been accomplished. (V. 113,
p. 2154, 2470, 2786.) This move followed numerous and
important rate reductions on many products since Aug. 26
1920, when the general advance mentioned above was
ordered. The 10% reduction in rates on farm products it
was estimated would save shippers about $55,000,000.
Ini;'May 1922jjthe Inter-State Commerce Commission
ordered a horizontal reduction of 10% in rates, effective
July 1 1922. For full text of decision see “Chronicle” of
May 27 1922, pages}2317 to 2329. In the case of grain,
grain products and hay in Western territory the Commission
had the previous autumn ordered a freight rate reduction
of 16)^%, which went into effect Jan. 1 1922. That
reduction was allowed to stand without change, the 10% Excerpts from Letter of Chairman H. C. Hall of the Inter-State
cut not in any way affecting it.
Commerce Commission to Senator Smith, Chairman of the
On April 17 1923 reductions were permitted in freight
Senate Committee on Inter-State Commerce, Dated
rates to meet Panama Canal competition on certain heavy
May 28 1924.
commodities to Pacific Coast and intermediate points. The
Since July 1 1922 there have been no general reductions over the country
a whole or throughout any of the major rate groups. Many reductions
reductions apply to all Western lines, including those like the as
been made in individual cases, but they have been relatively unim­
Atchison and Southern Pacific, that reach the coast by the have
portant as compared with those made previous to and including the general
Southern route, and the Union Pacific that goes by the reduction of July 1 1922. Readjustments of rates on some 30 commodities
the Southwest, involving both increases and reductions, but not designed
Central route, as well as the Northwestern roads. Some time in
to affect the carriers’ aggregate revenues, became effective Nov. 27 1923
before the Inter-State Commerce Commission had refused to Other commodity rates in that territory are now in the course of similar
permit those lines to charge a higher rate to intermediate than revision.
It has been estimated that from July 1 1922 to the end of 1923 the ship­
to Pacific Coast points. Further reductions by the same pers
and consumers of the country have paid nearly $800,000,000 less Id
[Continued on page 248 >
nes were ordered to become effective June 1 1923. The




Railroad Companies
United States, Cuba, Canada, Mexico and Other Foreign Countries,

Subscribers will confer a favor by giving immediate notice of any error discovered in these tables.
RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Adirondack Ry—See Delaware & Hudson Oo.
Akron & Barb Belt—1st M g s fd call 105- Usmx.c*&r
Akr Can & Voung—1st M SI ,500.000 g call 105 C1C1
Gen & ref mtge g Ser A $4,000,000 red (text)-.xxxc*
do Ser B red (text)_______________________ xxxc*
Northern Ohio Ry 1st mtge (guar p & 1)_______ Ce
Alabama Great Southern—Ordinary stock----------Preferred stock 6% and participating $4,000,000—

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

$764,000
22.99 1902
$1,000
100 1.500.000
18.99 1910
750.000
18.99 1925. 500 &c
800,000
1926 500-1,000
1,000, 2.500,000
152 35 1895
50 7,830,000
50 3,380,350
1,000 1,749.000
1878
£100
£711,500
290 1888
1913 $, £ & fr $4,312,000
99,000
1,000
Govt equip trust due $11,000 annually-------------- G
1920
1.000 2,280.000
Equip trust Series G due $190,000 annually_____
— 1923
Alabama Midland—See Atlantic Coast Line RR.
Alabama Tennessee & Northern RR Corp—
100 2,500,000
Common stock $2,500,000 vtc-------------------------100 1,700.000
Pref stock 6% $1,700,000 cum after Jan 1 1924___
100 &c
950,000
Prior lien M $3,500,000 g call 10214-------- Mp.xxxc*
186 1918
2.116,000
186 1918
Gen (2d) M $2,116,000 g call 105 Co..........................
100 4,200 000
Alabama & Vicksburg—Stock $4,200,000____ —
143
1,000 2,500,000
First Mtge gold bonds Series “A” red (text)--C*__
1924
Albany
Albany
1st M
Albany

& Northern—See Georgia Southw & Gulf.
& Susq—Stock, divs guar by D & H (end)- —
$10,000,000 g gu p & i conv (text) Usmx.c*&r
& Vermont—Stock 3% guar by rental-

Rate
%

4g
6g
6g
5)4 g
5g
See text
See text
5 (6) g
5g
5g
6g
5g

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

J&D June 1 1942
J&J July 1 1930
A&O Apr 1 1945
A&O Apr 1 1945
A&O Oct 1 1945
J&D June 28 '26, 8)4
F&A Aug 16 ’26. 8)4
J&J Dec 1 1927
J&D Dec 1 1927
J&D Dec 1 1943
J&J To Jan 15 1935
A&O Apr ’27-Apr ’3$

6 g J&J July 1
Oct 1
See text Semi-ann Apr 1
5 g M&N May 1

U S Mtge & Tr Co, N Y
Cleveland Trust Co
Cleveland and New York
Cleveland and New York
Cent Un Trust Co, N Y
Checks mailed
do
Farm L & Tr, N Y, & B
Morgan .Grenf & Co ,Lon
Guaranty Trust Co, N Y
Guaranty Trust Co, N Y
J P Morgan & Oo. N Y

Ohat&PhNB&TrOo, NY
1948
1948
Irv Bk-Col Tr Co. N Y
1926 3%
(Natl Park Bank, N Y
1974
1 Can-Corn Tr&SB, N Orl

Del & Hudson Co, N Y
100 3,500.000 See text J&J See text
do
do
3)4 g A&O Apr 1 1946
142 1906 1,000 &c 10,000.000
M&N May 15 1926 1)4 Troy. N Y
100
600.000
3
12

The gen. lien (2d mtge.) 6% gold bonds wereon an income basis up to
AKRON & BARBERTON BELT RR.—Belt line at Barberton, O„ and
Fairlawn to Akron, O.; total, 22.99 m. Stock, $100,000, owned equally Dec. 31 1923 (no interest having been paid), but from Jan. 1 1924 were
by the Cleveland Akron & Cincinnati. Baltimore & Ohio, Erie RR. and entitled to 6% per annum. The holders of the bonds in June 1923 re­
Northern Ohio Ry. Bonds auth., $1,500,000: issued, $1,240,000: $476,000 ceived a communication asking them to consent to the reduction of the
redeemed by sinking fund; $260,000 for future needs. The I.-S. C. Com­ interest rate from 6% to 2% annually. The company made a payment
mission has placed a tentative valuation of $1,228,360 on the total owned at the rate of $20 for each $1,000 bond to all holders of General Mortgage
and $1,225,000 on the total used property of the company as of June 30 1916. bonds who became parties to the agreement and deposited their bonds with
For 1925, gross, $402,948, railway oper. income, $86,251: other income, the Irving Bank-Columbia Trust Co., New York. The plan was declared
operative in Oct. 1923. Compare V. 116, p. 2880: V. 117, p. 1662.
debit, $51,266; interest, rentals, &c., $34,985.—(V. 120, p. 2007.)
Government loan, V. 113, p. 2612.
AKRON CANTON & YOUNGSTOWN RY. (THE)—Miles of track
OFFICERS.—John T Cochrane. Pres,. Mobile: Louis V. Bright V.-P.,
owned: Main line, 18.99 miles; yard track and sidings, 20.81 miles. Stock,
New
York; E. A. Carscens, Sec., and K. R Guthrie. Treas.. Mobile.
all issued, $1,500,000. V. 92, p. 1434: V. 95, p. 678. Initial div. of $4 per
share was paid on Oct. 1 1925: same amount paid Jan. 1 1926. In Jan.
DIRECTORS.—Louis V. Bright and I. H. Lehman, New York; John T.
1920 obtained control of the Northern Ohio RR. under a 999-year lease Cochrane and John T. Cochrane Jr., Mobile; H. A. Smith, Hartford; David
from the Lake Erie & Western RR. See that company below. The gen. Taylor, F. J. Lisman and George O. Van Tuyl Jr., New York.—(V. 117, p.
& ref. mtge. 6% gold bonds. Series A, are callable, all or part, at 105 and 1662.)
interest to and including April 1 1935; thereafter at par plus a premium of
)4 % for each year of unexpired maturity. The Series B bonds are callable
ALABAMA AND VICKSBURG RY. CO. (THE).—Owns Vicksburg to
all or part, at 105 and interest to and including April 1 1935; thereafter at Meridian, Miss., and branch, 141 miles.
par plus a premium of )4% for each year of unexpired maturity. Of the
The I.-S. C. Commission has placed a tentative valuation of $7,691,997
remaining bonds authorized under this mortgage, $1,500,000 are re­ on the total owned and $7,691,734 on the total used properties of the
served for refunding the first mortgage 6s of 1930 and the balance may be company as of June 30 1918.
1
issued up to 90% of the cost of additions or betterments to fixed property,
The I.-S. C. Commission on May 3 1926 authorized the lease of the road
or 65% of cost of additional rolling stock. V. 120, p. 1875; V. 122, p. 605. to the Yazoo & Mississippi Valley RR., under the guarantee of the Illinois
The I.-S. C. Commission has placed a tentative valuation of $1,626,245 on Central. V. 122, p. 2942.
the total owned and $1,626,935 on the total used properties of the company
DIVS.
( ’97-’99. '00. ’01. '02. '03. '04-T4. T5. '16-T8. ’19-’24. '25.
as of June 30 1918. For 1925, gross, $3,194,729; net oper. income $688,397; Cash
_____ %( yr’ly 6
6
6
9 7 yr’ly 5 7 yr’ly 7 yr’ly 8
interest, rentals, &c., $267,936; bal. sur., $420,462. Pres., H. B. Stewart, Stock_____
%l
5
50 ....................lOOin’10.................. .... 100
Akron, O., Sec., P. J. Pahler, Akron, O.—(V. 122, p. 1306.)
The
stockholders
voted
Dec.
10
1924
to increase the capital stock from
ALABAMA FLORIDA & GULF RR.—Operates from Cowarts, Ga . $2,100,000 to $4,200,000, the increase being
distributed
to
stockholders
of
on Atlantic Coast Line RR., south to Greenwood, 32 miles. The I.-S. C.
Jan. 2 1925 as a 100% stock dividend.
Commission has placed a tentative valuation of $195,810 on the total owned record
Paid in 1926 (on new stock): April 1, 3%.,
and used properties of the company as of June 30 1918. Capital stock.
BONDS.—The first mtge. Series “A” gold bonds are redeemable as an
$50,000; par $100. First mtge. 7% s. f. gold bonds, due April 1 1941,
$150,000 V. 113. p. 530. Pres.. W. S. Wilson; Aud., J. B Bivings, entirety on any interest date upon 90 days’ notice at 107)3 and int. on or
prior to May 1 1929, at 105 and int. after May 1 1929 and on or prior to
Dothan. Ala.—(V. 121, p. 2269.)
ALABAMA OREAT SOUTHERN RR. CO. (THE).—Owns Chatta­ May 1 1964, and at )4 of 1% less than 105 and int. for each succeeding
nooga, Tenn., to Meridian, Miss., 292 miles (about 30% double tracked); year.
Of the $2,500,000 Series "A” bonds, $1,936,900 were used to retire a like
leases Belt Ry., Chattanooga, 1.62 m.; trackage. 25 m.; total operated,
amount of 6% Gold notes which were issued to take up maturing bonds in
318 miles.
ORGANIZATION.—Controlled by Southern Ry.. but operated inde­ 1921, and the proceeds from the remaining $563,100 of bonds were used to
pendently. V. 81, p. 1722; V. 82, p. 159. Owns $975,100 stock of S. W. reimburse the treasury for expenditures made prior to May 1 1924 for addi­
tions and betterments.—V. 118, p. 2040.
Construction Co., received for $833,300 Gin. New Orl. & Tex Pac. stock.
LATE DIVS.—
T1-T5. T6 '17. '18. T9. ’20. ’21. ’22. '23 24 '25
REPORT.—For 1925, in V. 122, p. 1914.
Common stock______ 5 y’rly 7
7 3
11 7 6K
77
7K 7
Calendar
Gross
Net after Gross Interest, Dividends Balance,
Preferred stock____ 6 y'rly 7
7 6M 7)4 7 6)4
7 7 7(4 7
Years—
Earninas. Taxes. Income. Rents.&c. Paid.
Surplus.
Paid in 1926: On common, June 28, 3)4% regular and 5% extra. On 1925_________ $3,593,595 $640,053 $843,840 $201,764 $231,000 $411,076
pref., Feb. 15, 3)4%: Aug. 16, 3)4% and 5% extra.
1924.................. 3,601,427 479,303 650,395 189.021 147.000 314,374
BONDS.—The 1st consols ($25,000,000) are Issuable in lettered series. 1923...............
3.464.104466,306 666,528 175,296 147,000 344.232
$5,223,500 reserved to refund 1st 5s and gen. 5s, $8,150,000 for second 1922_________ 3,063,635 224,147 418,603 183,184 147,000
88.418
track, at, say, $30,000 per mile; the remaining $7,313,500 for improve­ 1921_________ 3,397,144 231,931 383,686 197,845 147,000
38,841
ments at not over $500,000 yearly. V. 97, p. 1285 1582, 1820; V. 98, p. 72,
For latest earnings see “Railway Earnings Section” (issued monthly).
1534.
—Larz A. Jones, Pres. & Gen. Mgr.; W. Brewer, Sec.;
Equipment trusts issued to Director-General for rolling stock allocated J. OFFICERS.
E. Cambias, Treas. Office, New Orleans, La.—(V. 122, p. 2942.)
to thi« company. See article on Dage 3
REPORT.—For 1925, in V. 122, p. 2639, snowed:
ALASKA ANTHRACITE RR.—(V. 121, p. 1903.)
Operating Net {after
Total
Interest. Pre'.
Common Balance.
ALASKA GOVERNMENT ROAD.—(V. 117, p. 1991.)
Cal.
Revenue.
Taxes'). Income. Rents. &c. Dividend Div
Surplus.
Years
$
$
$
$
$
»
ALBANY & SUSQUEHANNA RR.—(See Map Delaware .fe Hudson.).
1925 .10,433,271 2,999,281 3,640,581 642,242 236,625 548,100 2213623
ROAD.—Owns Albany to Binghamton. N. Y.. 142 miles.
1924 .10,093,40(1 2,487,078 2,818,680 6o5,424 253,526 587,250 1322480
1923 .10,853,219 2,469,543 2.793.010 762,570 236.625 548,100 1245712
LEASED for term of charter, viz.. 150 years from April 19 1851, to Del. &
1922 . 8.524.804 1.483,909 1.799.379 716,948
... ___________________
...
236.625 548,100 297.706
Hudson Co.; rental was 9% per annum on stock (4)4% J. & J.) (V. 56, 0.
For latest earnings, see “Railway Earnings Section” (issued monthly).
774), but the courts having held that the stock was entitled to the benefit
OFFICERS.—Pres., Fairfax Harrison; Sec., C. E. A. McCarthy; Treas., of refunding effected in 1906, $120,750 additional rental was paid in Jan.
Charles Patton; Compt,, E. H. Kemper. Office, Birmingham, Ala.— yearly, beginning 1910, making 3.45% available for corporate purposes.
(V. 122, p. 2942.)
Jan. 1914 to Jan. 191$. 20 cents was deducted yearly for co.’s Federal
ALABAMA TENNESSEE & NORTHERN RR. CORP.—Owns and Income tax. A special dividend of 30% ($1.050.000) was paid Nov. 16
operates 186 miles main track, extending from Calvert, Ala., at junction 1909 from the proceeds of the judgment for back rentals due by reason ol
with Southern Ry. System, north to Reform, Ala., on Mobile & Ohio refunding. A special dividend of 3.25% was paid Jan. 10 1916 and again
RR. Also terminal tracks and valuable harbor frontage in Mobile, Ala., Jan. 6 1917 and .Tan. 4 1918, but no special payment was declared in Dec.
formerly owned by Mobile Terminal & Ry.
1918. owing to Federal taxation In Jan. 1920 paid 1(4% extra and in
ORGANIZATION.—lncorp. in Alabama Oct. 12 1918 as successor of the Jan. 1921, 1922, 1923, 1924, 1925 and 1926 paid 2% extra. V. 107, p. 2374;
A. T. & N. Railway, foreclosed and reorganized per plan in V. 106, p. 2558; V. 89, p. 1141, 1666; V. 90, p. 913.
V. 107. p. 290. 400, 1286. 1579; V. 108. p. 1720.
BONDS.—The bonds are guar. p. & I. and until Apr. 1 1916 were con­
STOCK VOTING TRUST.—The new common stock is held in a voting
trust, with George O. Van Tuyl Jr., Louis V. Bright, George E. Warren, vertible into D & H stock—$500 stock for $1,000 bonds; $3,556,000 were
so converted ($3,500 000 pledged by D. & H.; V. 105. p. 389). V. 80. p.
James C. Colgate, John T. Cochrane and H. A. Smith as voting trustees.
BONDS.—The only fixed charge for the first five years is the $950,000 1174. 1362. 2343. Guaranty. V. 82, p. 989.
6% prior lien bonds, which were issued for cash per plan.
OFFICERS.—Arthur W. Butler, Pres.; George Welwood Murray. V.-P.;
Of the remainder of the $3,500,000 issue, $1,400,000 is reserved for use C. F. Coaney. Sec. & Treas.; Arthur A. Gammell. Asst. Sec. & Asst. Treas.
under restrictions in extending the line if found desirable, northerly 50 miles Office, 24 Broad St., New Yor.—(V. 121, p. 2870.)
to connection with the St. Louis-San Francisco Ry., and southerly to Mo­
bile, 30 miles, with necessary improvements, and the final $1,150,000 will
ALBANY & VERMONT RR.—Owns road from Albany to Waterford
be restricted to future impts. and extens. and the refunding of equip, obliga­ Jet., N. Y., 12 m. Leased to Rensselaer & Saratoga in I860 and now oper­
tions, new or old.
ated by Del. & Hudson Oo. Annual rental, $20,000.—(V. 106, p. 923.)




10

RAILROAD COMPANIES
{For abbreviations, &c., see notes on page 8j

Algoma C & H Bay—1st M g gu red 105 text Usm.xc*
2d M incomes g $3,240,000 (V 99. p 536,1213)-Usm
Alg Cen Terminals 1st M g gu rd 105__ Usm.xc*
Algoma East Ry—Man & No Sh 1st M g gu rd Usm.c*
Allegheny & Western—Stock $3,500,000 guar-------First M $2,500,000 gold guar p & i (end)__ G.xc*
Allegheny Valley—See Pennsylvania RR
Allentown Terminal—1st M g ext cal 102^6-Ce.xc*
Amador Central—1st M gold (2% s f began 1913) xx
Ann Arbor—First mtge $7,000,000 gold----- Mp.xc*
Impt and ext M $10,000,000 gold-. - .. ._x
Secured gold notes red (text)___________ -kxxxc*
Equip trust ctfs Series A red 105 due semi-an.-xxxc*

Miles Dale
Road Bonds

Par
Value

Amount
Outstanding

£100 $10,080,000
1910
318.800
1914
$£
1912 £100 &c 4,992.713
2,500.000
1911 $. £, &c
$100 3.200,000
63
1,000 2,000,000
63 1898

Rate
%
text
text
text
5g
6
4g

1,000
450,000
6g
3i 1889
500
300,000
12 1908
5g
1,000 7.000,000
4g
292 1895
See text
1911
6g
6
1925 500&1000 1,000,000
672.000
1.000
6«
... 1924
6
75,936
1923
1,000 2,000.000
Apalachicola Northern RR—1st mtge $2,000,000 g- 98.68 1905
fig
Arizona Eastern—
First Refunding M sf_.___
___
-_F.c*&r
187 1910 1,000 &c 9.155.000
5
3,461.000
Ark & Mem Ry, B&T—1st M $7,500,000 g G.yc*&r*
5g
1914
Asheville & Spartanburg—See Southern Ry, Carolin a Div.
179.000
1,000
4g
Atchison & East Bdge—1st M g s f red at par.Ce.x
1898
100 232,409.500 See text
Atch Top & Santa Fe Ry—Stock, com $350,000,000100 124.172.800
5
Stock pref $131,486,600 5% non-cum . ----------560,000
Chicago Santa Fe & California 1st M g -BB.zc*&r
439 1887 1,000 &c
5vg
500 &c rl50634500
General mortgage gold (see text)----- __Ce.xc*&r
8.549 1895
4g
500 &c t5 325.500
Adjust inc M cum since July 1 1900 g--Ce.xc*&r 8.549 1895
4g
500 &c 846,402 500
do do interest stamped payable M & N___ x
8.549 1895
4g
Eastern Okia Div 1st M $10,000,000 g-G.xc*&r
476 1903 1.000 &c 9.603.000
4g
Transcon SL 1st M $30,000,000 g red 110-G.xc*&r* 1,105 1908 1,000 &c 22,545.000
4 g
Rocky Mtn Div 1st M $20,000,000 g red.G.yc*&r*
4g
100 1915 1.000 &c 3,000.000
Bonds convertible till June 1918 red (text) _G.xc*&r*
4g
1905 1,000 &c 6.785,000

•*r”

[Vol. 122.

RAILWAY STOCKS AND BONDS

Also in treas. Dec. 31 ’25 of “r” $1,92 8.000;

of “s”

J & D June11960
See text
do
Sept 1 1964
do
& N Aug 1962
Bk of Mont, Lon & N Y
& S Mar 1 1961
& J Jan 2 1926 3% A Iselin & Co, New York
do
ao
& O Oct 1 1998
Office, 437 Chestnut, Ph
J & J July 1 1929
Union Tr Co. San Fran
M & N Nov 21938
Chat&PhNB&TrCo, NY
Q—J July 1 1995
Empire Trust Co, N Y
M & N Mayl 1941
M & S Mar 15 1930
J & J July ’26-Jan ’34 New York Trust Co. NY
A & O 20 To Oct 20 1927
See text
M & N Sept 5 1930
So Pac Co 165 Bway N Y
M & N Mayl 1950
M & S Mar 1 1964

M
M
J
A

Central Un Tr Co, N Y
& J July 1 1928
Q—M June 1 1926 IX Checks mailed from N Y
do
do
F & A Feb 1 1926 2X
5 Nassau Street, N Y
J & J Jan 1 1937
do
do
A & O Oct 1 1995
do
do
Nov. July 1 1995
do
do
M & N July 1 1995
do
do
M & S Mar 1 1928
do
do
J & J July 1 1958
do
do
J & J Jan 1 1965
do
do
J & D Junel 1955

J

$296,0 00; of “t” $86,000.

ALGOMA CENTRAL & HUDSON BAY RY —Owns from Saul. Ste
Marie, Ont. and Michipicoten Harbor to a connection with the Can. North
ern Ry.. 272 miles; branch to Helen Mine. 12 m.; extension to Hearst on
Grand Trunk Pacific Ry., 50 m.; total, 334 miles. Cash subsidy, 36,400
per mile. Land grant, 2,137,144 acres. V. 103 p. 2076; V. 99. p. 1671,
V. 101, p. 772. Lake Superior Corp, guarantees, see that company undei
“Industrials.”
Owns stock and leases for 999 years Algoma Central Terminals, Ltd.
with bonds secured on terminal properties and on S900.000 1st M. 5%
bonds and $99,300 stock of Algoma Eastern Terminals Ltd. V. 95, P
11540 V. 96, p 651, 1020, 1491; V. 99, p. 268, 536; V. 100. p. 702; V. 104.
p. 1700; V. 105, p 71.
PLAN.—In 1916 a reorganization plan was put into effect (V 102. p. 885
1058. 2076: V 103. p. 843: V. 104. p. 1700. 2341: V 105. p 908).
Under this nlan a committee including C B B Smith Bingham and
J. C. Dalton, for the Railway bonds, and Sir Alexander Roger and Andrew
Williamson for the Terminals bonds, vote the common stock of both cos.
The interest on the Railway 1st M. from June I 1914. and Interest and
sinking fund on the Terminals bonds to be paid only if and to the extern
that the joint net earnings available for the purpose permit (except as Indi
cated below), but the Interest to be cumulative up to 5%. with right tc
6% per annum, if earned. In the following priority (a) Terminals bonds for
current and all prior years 3% p. a., said payment, however, to be a fixed
obligation for each year after Aug. 1 1921. (5) Both Issues pari passu
as though one issue, 2%. (c) Railway bonds. 3%. (d) Any arrears up tc
5% on either issue, (e) Terminals sinking fund. (/) Railway bonds. 1%
and Terminals bonds. 14 of 1 %. While the guaranty of the Lake Superior
Corporation remains, the committee alone can enforce It. V. 105. p 1998
Holders of the 6% bonds of Algoma Central Terminals received in April
1917, 3% for the year to Aug 1915; April 30 1918 Interest at 3% per ann.
for period from Aug. 1 19)5 to June 30 1917- Nov 1 1918 5% for year 1917
1918' Nov 1 19)9. 4*55 for vear «o June 1919- Mav 1 1922 1
for six
months from Aug. 1 1921; Nov. 1 1922, 1J4%; May 1923, 1J^%; Nov. 1
1923, 1X%; May 1 1924, 1^%; Nov. 1 1924. lj^%; May 1 1925, 1%%;
Nov. 1 1925, 1>£%. Railway 5s Nov. 1 1918 received 2%; Nov. 1 1919
received 1%. V. 107, p. 1669; V. 109, p. 1792.
8tock, common. $5,000,000. all owned try Lake Superior Corp.; pref.. 5%
non-cum., $5,000,006, including $3,000,000 new pref., represented by
▼. t. c. The pref. shares have a par value of $40 each. V. 105, p. 71
First mtge. bonds, see V. 91 p. 93. 1159. 1327. 1573
REPORT.—The operations of the railway company and Algoma Centra1
Terminals for the fiscal year ended June 30 1925 resulted in a net loss,
before bond interest, of $120,636, as against net earnings, before bond in­
terest, of $207,288 for the fiscal year ended June 30 1924. V. 122, p. 92.
Pres., K. Home Smith; Sec,, Alex. Taylor, Toronto Treas., J. M. Alton;
Comp., E. B. Barber, Sault Ste. Marie, Ont.—(V. 122, p. 92.)
ALGOMA EASTERN RY. CO. (THE).—Owns from Sudbury, Ont., to
Little Current (Manitoulin Island) through nickel and copper districts,
86 m., completed Jan. 1 1913; branches, 3 m. Land grant 682,692 acres in
Ontario and cash subsidies from Province and Dominion of Canada. V. 92,
p. 265; V. 95, p. 748. Sale of land, V. 117, p. 1014. Leases for 999 years
Algoma Eastern Terminals, Ltd., rental covering interest and sinking fund
on $900,000 1st M. 5% bonds. See Algoma Central Terminals, Ltu.,
mortgage under Algoma Central & Hudson Bay Ry. above.
Common stock, $2,000,000, all issued, and pref. 5% non-cum., $1,000,000, all issued. All pref. and $1,000,000 common owned by Lake Superior
Corporation. Bonds (Man. & No. Shore Ry.) auth., $3,000,000, issuable
at $30,000 per mile (issued, $2,500,000), guar., prin. & int., by Lake Supe­
rior Corp They are subject to call as a whole at par or may be drawn at
105. V. 92, p. 105, 396, 462, 527, 1032: V. 93. p. 227. 406; V . 94, p. 1382;
V. 116, p. 1048.
REPORT.—For year ended June 30 1925, in V. 121, p. 1096, showed:
Net earnings, $205,488; interest and rentals, $195,038; reserved for income
tax, $887; net income, $9,562. Pres., G. A. Montgomery, S. S. Marie,
Ont.; Sec., Alex. Taylor, Toronto; Treas., J. M. Alton, S. S. Marie.
—(V. 121, p. 1097.)
ALLEGHENY & WESTERN RY.—(See Map Buff. Roch. & Pitts.)—
Punxsutawney to Butler. Pa., 60 m. and br. 3 m. An extension of Buff.
Roch. & Pittsb.. to which leased in perpetuity for guar, of bonds, taxes and
6% on stock. Uses B. & O from Butler to New Castle and Pittsburgh under a
trackage arrangement, making in all 144 m. V. 70, p. 849.—(V.120,p.3182.)
ALLENTOWN RR.—Topton to Kutztown, Pa., 4.39 m. Stock, $1,268,884 (par $50), incl. $1,071,400 owned by Reading Co. No bonds.

ALLENTOWN TERMINAL RR.—Owns 3.27 miles of railroad In Allen­
town, Pa., connecting the East Penn. (Phila. & Reading) with the Cent, of
N. J. Leased for 999 years to Phila. & Read, and Cent, of N. J. (by assign­
ment from Lehigh Coal & Navigation Co.) at int. on bonds and 5% on
$450,000 stock (par $50) taxes and corporate expenses.
Bonds were extended from July 1 1919 to July 1 1929, the interest rate
being raised from 4% to 6%: the mortgage security remains unimpaired but
the guaranty of P. & R. Ry. and Lehigh Coal & Nav. Co. was canceled.
Callable at 102)^ and Int.—(V. 50, p. 422; V. 108, p. 2628.)
ALTON & EASTERN RR.—This road on April 1 1925 took over the
operation of about 41 miles of track formerly operated by the Chicago Peoria
& St. Louis RR., which it had recently bought at auction for $1,350,000.
The newly acquired tracks run from Grafton, Ill., to East St. Louis and
are known as the “Bluff Line.”
The property, including tracks, roundhouses and other buildings, was
bought by James Duncan of Alton, Pres, of the Litchfield & Madison RR.,
who represented a syndicate formed to buy the properties. See also
AMADOR CENTRAL RR.—Ione to Martell, Cal., 12 m. Stock, $400,000, par $100. Mtge., see V. 88. p. 156. Year ending Dec 31 1925, gross,
$59,128; net oper. inc., def., $5,952: other inc., $657; def. after int.,
rentals, &c., $25,133. Divs. 1911-12, 6 2-3%, $25,000 from accumulated
surplus, 1918 and 1919, 1% each yr. Pres., Meta J. Erickson, San Fran­
cisco.—(V. 88, p. 156.)
AMERICAN NIAGARA RR.—(V. 117, p. 1883.)
ANN ARBOR RR. CO. (THE).—Owns from Toledo, O., to Frankfort,
on Lake Michigan, 294 miles; operates car ferries between Frankfort, Mich.,
Kewaunee and Manitowoc, Wis., and Menominee and Manistique. Mich.




When .Last Dividend Places Where Interest and
Dividends Are Payable
Payable and Maturity

Owns capital stock of Manistique & Lake Superior, Manistique, Mich.,
'.o Evelvn. 42 miles (with branch, 13 miles). V. 92, p. 1108; V. 107, p.
1344. 2156: V. 106, p. 2194, 2410.
The I.-S. C. Commission on Nov. 2 1925 approved the acquisition by
the Wabash Ry. Co. of control of the company by purchase of its capital
stock. (66.9393% acquired as of Dec. 31 1925.) V. 121, p. 2398; V. 122,
p. 605.
The final valuation as of June 30 1915 has been fixed at $11,127,277 by
the l.-S. C. Commission.
STOCK.—Common, $3,250,000; prof., $4,000,000; 5% non-cum., par
$100.
BONDS.—On Dec. 31 1925 $3,595,000 impt. & extension mtge. 6% gold
bonds had been issued, of which $80,000 were in treasury and the balance
pledged as collateral for notes.
The 6% secured gold notes of 1925 are red. all or part on 30 days’ notice
at 102Vi and int.iduring first year and at >4 of 1 % less during each suc­
ceeding year to maturity. Secured by pledge of $2,000,000 of impt. &
ext. mtge. 6% gold bonds due May 1 1941. V. 120, p. 1322.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 1764; V. 120, p. 1086.
Equip, trusts Series A, V. 118, p. 430, 1266.
There were also outstanding on April 30 1926 $91,000 equip, trust 6%
ctfs. Series B, due 1927, and $800,000 Ann Arbor Boat Co. 1st mtge. float­
ing equipment serial 6% bonds due 1934.
Government loan, V. Ill, p. 1369; V. 112, p. 256, 371.
REPORT.—For 1925, in V. 122, p. 2182, showed:
1922.
Calendar Years—
1925.
1924.
1923.
Total oper. revenues___ $5,867,692
$5,532,186 $5,602,575 $5,053,161
933,770
Net oper. revenue_____
1,428.909
1,241,307
1,059,575
261,050
Taxes, &c........... ..............
267,617
289,997
253,683
Operating income___ $1,161,291
Other income__________
109,244

$951,309
115.088

$805,892
117,533

$672,720
166,344

Gross income_______ $1,270,535
Hire of equipment, &c_
$213,657
Interest on funded debt491,894
Int. on unfunded debt-67,317
Miscollaneous_________
37,988

$1,066,397
$300,612
380.229
33,609
15,089

$923,425
$444,394
358.436
28.448
12,137

$839,063
$385,734
351,421
39,192
16,537

$792,884
Total deductions____
$810,856
$729,540
$843,416
$46,179
Net income___________ $459,679
$336,857
$80,008
For latest earnings, see "Railway Earnings Section” (issued monthly).
OFFICERS.—Chairman, William H. Williams; Pres., J. E. Taussig;
V.-P., Sec. & Treas., J. C. Otteson; V.-P. & Gen. Mgr., E. F. Blomeyer;
Auditor, J. F. Cress. Office, 120 Broadway, New York.—(V. 122, p. 2182.)
ANTHONY & NORTHERN RR.—Reorganized in 1919 as the Wichita
Northwestern RR., which see
APALACHICOLA NORTHERN RR.—River Junction to Port St. Joe,
95.62 miles; Franklin Junction to Apalachicola, 3.06 miles; total main line
owned, 98.68 miles. Main line leased from Atlantic Coast Line, 0.44 miles
and side tracks owned, 9.02 miles. V. 87, p. 935. Capital stock, $1,000,000.
The I.-S. C. Commission has placed a tentative valuation of $1,515,800
on the owned and used properties of the company, as of June 30 1917.
Bonds, $2,000,000 (ill. State Tr. Co., E. St. Louis, trustee), all held by
committee, A. T. Perkins, St. Louis, Chairman: S. N. Kirby, T. S. Moffit,
W. C. Fordyce and Wm. E. Bates, which collects interest only as earned.
March 1913 and subsequent coupons were not paid at maturity; in Dec.
1917. $37,600; and in Dec. 1918, $17,400, was paid on past-due coupons;
then none until Dec. 1921, when $14,800 was paid; Feb. 1923 paid $94,700;
March 1924 paid $86,525; Feb. 1925 paid $35,570.
For calendar year 1925, gross, $254,621; net, $35,654; other income,
$10,051; int., rentals, &c., $120,230; bal., def , $96,124. A. T. Perkins,
Chairman and Pres., St. Louis; B. W. Eells, V.-P. & Gen. Mgr.; R. J.
Lockwood, V.-P., St. Louis; R. R. Tompkins, Sec. & Treas., St. Louis;
H. A. Drake, Asst. Sec. & Asst. Treas., Port St. Joe, Fla.—(V. 122, p. 2942.)
ARIZONA EASTERN RR. CO.—Owns Maricopa to Hassayampa, Ariz.,
74 miles; Bowie to Miami, Ariz., 136 m.; Cochise to Gleeson. 35 m.; Tempe
to Mesa, 8 m.; other, 36 m.; leases Phoenix, Ariz., to-Winkelman. 92 m.;
other. 1 m.; total 383 miles. Stock auth., $40,000,000. of which $9,000,000
outstanding Dec. 31 1924, $8,999,400 owned by Southern Pacific Go.
which in Oct. 1924 was authorized to lease the road.—(V. 122, p. 477.)
ARKANSAS & LOUISIANA MISSOURI RY.—Incorporated lu Loulslana in Aug. 1920 as successor to Arkansas & Louisiana Midland RR. Com­
pare V. Ill, p. 790. 895, 1369; V. 112, p. 1143; V. 113, p. 69, 291; V. 121,
p. 1223.
ARKANSAS & MEMPHIS RAILWAY. BRIDGE & TERMINAL CO.
—Owns double-track bridge (with wagon-way) across the Mississippi River
at Memphis, Tenn.; opened for traffic July 15 1916 V. 103, p. 321.
Stock outstanding $2,520,000 owned one-third each by the St. Louis
Southwestern Ry., Chicago Rock Island & Pacific Ry. and Missouri
Pacific RR.. which use the road under a 50-year operating agreement.
These roads jointly and severally guarantee the 1st M. bonds, prin. and int.,
by endorsement. Of the $7,500,000 1st M. bonds, $2,250,000 are in the
company’s treasury subject to the indenture of Dec. 21 1917, $3,461.000 are
outstanding; $289,000 have been retired through sinking fund and $1,500,000
are unissued. All or any part of outstanding bonds redeemable at 105 and
int. on any int. date prior to March 1 1929; at 104 and int. on March 1 1929,
or any int. date thereafter prior to March 1 1939; and at 103 and int. on
March 1 1939, or any int. date thereafter. Annual sinking fund of 1 % of
principal amount of 1st mtge. bonds outstanding is to be applied to purchase
of bonds at not exceeding 100 and int., or if not obtainable at that price, to
redemption of bonds at redemption prices as above. V. 119, p. 1508.
Pres., W. S. Martin: Sec. & Treas., Carl Nyquist.—(V. 120. p. 826.)
ATCHISON & EASTERN BRIDGE-—Owns railroad and wagon bridge
at Atchison, Kan., connecting with the union station. Used by the Atch.
Top. & Santa Fe. the Chic. R. I. & P.. the Mo. Pac. and the Chic Burl. &
Quincy. Stock, $700,000; par, $100 per share. Pres., W. F.Guthrie;
Treas.. H. P. Eells. Jr.: Sec.. W.P. Kelly. Cleveland. O.—(V. 67,.p. 578.)
ATCHISON TOPEKA & SANTA FE RY. CO. (THE).—On Jan. 1 1926
comprised 12,068 miles of railroad (11,845 m. owned, including an un­
broken line from Chicago, Ill., via Kansas City, Mo., and Albuquerque,
N. M., to the Pacific Ocean; also to Galveston, Tex., and the Gulf of
Mexico. For operating purposes the 12,068 miles were divided as follows

May, 1926.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8J

Miles Date
Road Bonds

Atchison Topeka & Santa Fe Ry [Con.y
Bonds convertible till June 1918 red (text)G.xc*&r*
1909
__ 1910
Bonds convertible till June 1923 red (text)G.xc*&r*
Hutchins & So 1st M g red 105 since 1908 .OB.zc*
141 1898
San Fr & San Jo Val 1st M g call 110 aft 1915. Ba.zc
375 1896
Santa Fe Pres & Phoenix 1st M g_________ Ba-zc*
195 1892
Prescott & Eastern 1st M guar___________ Ce.zc*
26 1898
Cal-Ar L lst& ref M $50,000,000 g red 110-G.xc*&r*
757 1912
1907
Athens Terminal Co—1st M gold redeem 105 N .xc*
Atl Birin & Ati—Atl & B 1st M red 110____ OB.xc*
337 1904
First & ref M $15,000,000 g call (text).Eq.yyc*&r*
637 1915
Income M 5% n-c $5,200,000 call par & lnt.Col.yc*
637 1915
263 ___
Atlanta & Charlotte Air Line—Stock (see text)----1st M $20,000,000 ($5,500,000 ser A 4M)Ce.yc*&r*
263 1914
Atlanta Knoxville & Northern Ry—See Louisville & Nashv ille
82 1908
Atl & St And Bay—1st M $500,000 g red par------- c*
82 1914
Second mtge ($500,000 authorized)_______________
Atlanta Term’l—1st M $2,500,000 ser A g.G.xxxc*&r 4.10 1919
93 ___
Atlanta & West Point—Stock $2,464,400 auth------Atlantic City—IstM g gu call 105 May’24 GuP.xxxc*
81 1889
1900
Atlantic City purchase money real estate mtge.GP.x
Sea Coast prior lien mortgage gold______________ x
68 1898
1901
1st cons mtge $4,500,000 gold guar_________ GP.x All
1924
Purchase Money (Camden Terminal) mtge.PeP. xc*
___
Atlantic Coast Line Co (Conn)—Stock (see text)..
Certif of indebt inc non-cum $5,000,000--SBa.zr
1897
___
Atlantic Coast Line RR—Stock common (text)----___
Class “A” com stock tax exempt (Rich & Pet ctfs)._
___
Preferred stock 5% (V 75, p 1252)----------------------Coll tr M gold secured by L & N stk red 105.xc*&r*
1902
General unified mortgage_______________ Us.c*&r* 4.423 1914
do
do
series B_________ Us.c*&r* 4,423 1914
1909
Conv debs $23,562,500 red 105 aft May ’16.SBa.xr
1920
Secured gold notes redeemable text________ c*&r*
1902
Certificates of indebtedness (new)______________z
1920
Equip trust No 4, due $395,300 annually_________
do
No 4-A, due $30,000 annually---------------1920
do
Series D, due $300,000 yearly_____ SRa • __ 1921
do Series E, due $339,000 annually________ SBa
1926
..
------------------------------3,762,333 ~6s ’in treas ury an d $10,
A further
$17,162,684
4Ms and $33,

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest an
Dividends Are Payable
and Maturity

$1,000&c $1,190,000
4 g J & D Junel 1955
1,000 &c
526.000
4 g J & D Junel 1960
1,000
192,000
5 g J & J Jan 1 1928
1,000 5.838,000
5 g A & O Oct 1 1940
1,000 4,940,000
5 g M & 8 Septi 1942
1,000
224.000
5 g A & O Apr 1 1928
$ & £ 18,537,191
4M g M & S Mar 1 1962
1,000
200,000
5 g J & J July 1 1937
1,000 4,090,000
5 g J & J Jan 1 1934
1,000 See text
M & N Nov 1 1945
text
1,000 4,543,907 See text M & S Nov 1 1930
100 1,700,000
M & S Mar 1926 4M%
9
1,000 &c 20,000,000 4M & 5 J & J July 1 1944
1,000
425,000
6 g A & O Oct 1 1938
425,000
J & J Junel 1940
6
1,000 1,200,000
6 g F & A Aug I 1939
100 2,463,600 See text J & D July 1,1926 4%
1,000 2,200,000
5M g M & N Mayl 1929
1,000
75.000
4M A & O Apr 1 1930
350,000
5 g A & O Apr 1 1948
1.000 1.851.000
4 g J A J July 1 1951
1,000 3,200,000
5 g J & D June 1 1954
50 8,820,000 See text Q—M See text
100 &c 5,000,000
5 cur J & D Irredeemable
100 67.586,200 See text J & J Ju’y 10 ’26 5%
100 1.000,000 See text J & J July 10'26 5%
100
196,700
M & N May 10 126 2M
5
1,000 &c 35,000,000
4 g M & N Oct 1 1952
1,000 &c t22.770.000
4M J & D June 1 1964
100,000
4
J & D June 1 1964
1,000 &c 4,444,830
M & N Nov 1 1939
4
500 &c 6,000,000
7g M&N 15 May 15 1930
100 &c
135.100
M & N Irredeemable
4
3,557,700
J & J To Jan 15 1935
6
J & J To Jan 15 1935
270 000
6
1.000 3,nno.ono
fiM g F Sv A To Feb 1 1936
1,000 5,085.000
4M g F & A To Feb 1 1941
000,0004 Ms pledged Dec. 31 1925.

Atchison Topeka & S. F__ ___ 9,241 IPanhandle & Santa Fe_______ 918
Gulf Colorado & Santa Fe ____ 1,9091
Also controls jointly with Southern Pacific Co. the Northwestern Pacific
RR.—which see, 515 miles: Sunset Ry.. 50 miles V 109 p 1987.
The shareholders voted Oct. 25 1917 to acquire several subsidiaries
V. 105. p. 908- V. 106, p. 2343. See V. 106, p. 2130.
In April 1915 the St. Louis Rocky Mt. & Pacific Ry.. extending from Des
Moines. N. M.. west to Raton, with branches. 106 miles, was purchased for
$3,000,000 Rocky Mtn. DIv. 1st M. 50-yr. 4s. See V. 97. p. 363. 442
V. 95. p. 543. 1771: V. 97. p. 666; V. 100. p. 1169 1591.
The Oklahoma Central RR., Lehigh, Okla., to Chickasha, 133 miles, was
leased for 5 years from Aug. 1 1914, the lease being renewed for a further
period commencing Aug. 1 1924 and ending July 31 1934, and thereafter
from year to year, subject to termination by either party on 90 days’ notice.
V. 119, p. 1951. An option to purchase the $1,500,000 stock and $1,500,000
income bonds for $800,000 was exercised in 1917, about 86% of the $1,200,000 1st mtge. 5% bonds due Aug. 1 1934 being also acquired. V. 106, p.
2130. V. 98, p. 1944; V. 99, p. 406: V. 101, p. 845.
The Buffalo (Okla.) Northwestern RR., 52.59 miles of road, extending
from a point of connection with its main line at Waynoka, Okla., to Buffalo,
was leased May 26 1920. The stockholders in May 1921 also approved
the leases of the Osage County & Santa Fe and the Barton County &
Santa Fe. In Oct. 1921 received authority to lease the California Southern
RR. V. 113, p. 1771. In April 1923 was authorized to lease the Rio
Grande, El Paso & Santa Fe RR. V. 116, p. 1759.
Valuation.—The I.-S. C. Commission on Sept. 8 1925 placed a tentative
valuation of $391,162,318 on the total owned, and $476,120,978 on the total
used properties of the system as of June 30 1916.
The Gulf Colorado & Santa Fe Ry., operating 1,908 miles, and the
Panhandle & Santa Fe Ry., 918 miles, were not included in the above
figures. - In addition to the company proper, the report includes the Cali­
fornia Arizona & Santa Fe Ry., the Dodge City & Cimmaron Valley Ry.,
the Garden City Gulf & Northern RR., the Laton & Western RR., the
Minkler Southern Ry., the Oklahoma Central RR., the Oil Fields & Santa
Fe Ry., the Rock Mountain & Santa Fe Ry., the Verde Valley Ry. and the
Western Arizona Ry. V. 121, p. 1345.
ORGANIZATION.—Organized Dec. 12 1895 under laws of Kansas, as
successor of Atch. Top. & S. Fe RR. Co., foreclosed. V 60. P- 658
STOCK.—The preferred stock has preference as to assets and non-oumulative dividends not exceeding 5% per ann.
The company in 1924 was given permission to increase the authorized
capital stock by $100,000,000 to a total of $481,486,000.
DIVIDENDS
’00. ’01. ’02-’05. ’06. '07. ’08. ’09. ’10-’24. ’25Common (%)____________ 0 3M 4 yrly. 4M 6
5 514 6 yrly. 7
Preferred (%)___________ 4 5 5 yrly. 5
5
5 5 5 yrly.
5
Paid on commin in 1926: Mar. 1, 1%%: June 1, 1J£%.
BONDS.—The gen wort. (Abstract V. 62, p 731-739, see also V. 68,
p. 974: V 86, p. 1098) gives a lien, either by direct mortgage or by collateral
trust, on 8,549.73 m. of the system, with equip., terminals, &c.
The unissued gen. M. 4s have been reserved as follows: To retire under­
lying bonds, $2,004,960: for impts., &c., $1,852,102; acquisitions of other
lines, $6,731,554: no longer available. $2,339,383
Adjust. [Income) Mtge. Abstract. V. 62, p. 739. Int. payable only if
earned up to 4% in each year, cumulative. Present, issue limited to $51,728,000. but when the $30,000,000 gen. 4s auth. for improvements as above
have been issued, $20,000,000 additional adjustment 4s may be Issued for
the same purpose at not exceeding $2,000,000 in any one year, but only by
a majority vote of the adjustment bondholders. Interest—In Nov. 1897
paid 3%; since, full 4% yearly.
Eastern Oklahoma division 4s of 1903, V. 76. p. 434; V. 79. p. 1331:
V. 84, p. 1549: V. 85. p. 598: V. 86. p. 980, 1041.
The “Trans-Continental Short Line" first gold 4s of 1908 are limited tc
*30,000,000 auth. issue. The *17,000,000 sold In Aug 1908 cov ered 693
miles then in operation; the remaining *13,000,000 can be Issued at $25,000
per mile V 100. p 2008..Compare issue June 26 1915 V 87. p. 479, 878
The 4s of 1905 (*49.711.000 auth. issue) were convertible Into com. stojfc
at par till June 1 1918. V. 79. p. 2695; V. 80. p 649; V 81. p. 1174
V. 82, p. 391,867. The 4s of 1909 were convertible Into com. stock at par to
June 1 1918. V. 88, p. 1435,1559. The 4s of 1910 were conv. into com stock
at par to June l 1923. V. 90, p. 913, 1043, 1612: V 92, p. 393, 593, 1700:
V 116, p. 2635.
The several issues of convertibles must be secured by any future mtge.
covering the I ines owned at time the convertible issue was made, and are
callable at 110.
The California-Arizona Lines 1st and Ref mtge of 1912 ($50,000.000auth.
issue) of which $18,537,191 4 Ms are outstanding covers 749 miles of
road. Including the line from Needles to Mojave, 242 miles, which was
acquired from the Southern Pacific Co., on which there are outstanding
$4,127,500 Sou. Pao. bonds due Nov. 1 1937 The latter also cover over
1,000 miles of Sou. Pao. Co., which has agreed to indemnify the Cal. Ariz
& Santa Fe Ry against any claim on account thereof
Of the remaining Cal.-Ariz. bonds, $26,295,808 are is-uable for not
exceeding the actual cash expenditures for betterments, improvements and
additions on and after Jan. 1 1912 and $5,167,000 are reserved to refund the
underlying bonds, *4,940,000 Santa Fe Prescott <8c Phoenix 5s, *224,000
Prescott & Eastern 5s and *3,000 on the line from Goffs to Ivanpah, Cal..
45 miles. V 94 o 649 696.786: V.95, d. 543
Of the Rocky Mtn. Div. 1st 4s of 1915 ($20,000,000 auth. issue), $3,000,000, redeemable at 105. were issued to purchase the St. Louis Rocky
Mtn. & Pac. Co., Des Moines to Raton, N. M., &c., 91 miles. The re­
mainder may be issued for extensions. V. 100. p. 1593; V. 102, p. 250.
REPORT.—For 1925, in V. 122, p. 2231, showed:
1925.
1924.
1923.
Operating Revenues—
$
$
$
Freight..................................................... 174,868,231 168,101,036 166,332,196
Passenger_________________________ 44,ll6,l82
Mail, express and miscellaneous____ 17,958,116
Hire of equipment—credit balance_ Dr1,328,693
Joint facility rent income___________
716,673
Total revenue-................................... 236,330,509 236,640,568 241,063,376




11

RAILWAY STOCKS AND BONDS

Operating Expenses—
Maintenance of way and structures..
Maintenance of equipment_________
Traffic_________________
Transportation—rail line___________
Miscellaneous operations___________
General expenses__________________
Transportation for investment—Cr_.

Uncollectible railway revenues.

1925.
34,205,079
46,893,904
6,740,213
72,800,601
184,790
5,518,571
821,431

5 Nassau Street, N Y
do
do
do
do
do
do
do
do
do
do
do
do
New York Trust Co, N Y
July ’21 int in default
Equitable Trust Co, N Y
No int since March 1920
U S Mtge & Tr Co. N Y
Central Un Tr Co, N Y
Cits & So Bank, Atlanta
do
do
Guaranty Trust Co, N Y
Atlanta Ga
Reading Terminal, Phils
do
do
do
do
do
do
do
do
Baltimore
Treas Office, Wilm, N O
do
do
do
do
J P Morgan & Co, N Y
United States Tr Co • NY
do
do
Treas office.Wilm'n, NO
J P Morgan & Co, N Y
Treas Office, Wilm, N O
Guaranty Trust Co, N Y
do
do
J P Morgan A; Co. N V
J P Morgan & Co, N Y

1923.
33.621.546
57,605.367
4.216,341
73,590.674
77,472
136.350
5,036,334
5,212.236
1,071,467
1,587,321

1924.
36.713,084
52,780,856
4,460,560
72,599.043

.163,541,728 170.314,808 173.076,268
, 72,788,781 66,325,760 67,987.108
17,565,042 17,730,961 20,316.491
112.187
66.085
71,564
1,245,435
1,485,482
1,196,156

Net railway operating income____ 53,666,693 47,283,279
Non-Operating Income—
Income from lease of road__________
201,052
187,961
Miscellaneous rent income__________. Dr52,887
417,476
159,472
Miscell, non-oper. physical property.
172,952
1,559,033
Dividend income__________________ 3,461,980
3.202.802
Income from funded securities_____
934,270
1,022,795
Inc. from unfund, securities & accts..
916,820
52
Inc. from sink. & otner reserve funds.
831
104,280
Miscellaneous income credits_______
74,105

46,362,271

59,375,815

53,937,149

53,866,541

11,067
171,170
61,827
11,246.718
123,664
1,603.434
6.208,640
16,268,665

10.917
173,969
53,896
11,247,995
186.605
111,959
6,208,640
14,525,594

13.073
166.403
54.480
11,323,743
115,992
105,047
6.208.685
13,909,245

18,994
29,042

18,437
26,776

17.896
26,897

Gross income___________________
Deductions—
Rent for leased roads______________
Miscellaneous rents________________
Miscellaneous tax accruals_________
Interest on funded debt____________
Interest on unfunded debt__________
Miscellaneous income debits_______
Preferred dividends________________
Common dividends________________
Appropriation for fuel reserve fund..
Calif.-Arizona Lines bonds sink, fund
S. F. & S. J. V. Ry. Co. bonds sk. fd_

189,809
440.126
141,703
2.507.733
2,631,532
1,449,137
45
144,183

Balance, surplus.................. ............ 23,632,593 21,372.359 21,925,078
For latest earnings, see “Railway Earnings Section’- (issued monthly).
OFFICERS.—W. B. Storey, Pres.; E. J. Engel, A. G. Wells and Edw.
Chambers, V.-P.; L. C. Deming, Compt.; E. D. Copeland, Sec. & Treas.;
C. K. Cooper. Asst. Treas.: J. W. MacLachlan, Asst. Sec.; O. W. Jones,
.Asst. Sec. & Asst. Treas.; J. E. Baxter, Gen. Aud.
DIRECTORS —Charles Steele. Edward J. Berwind, Henry S. Pritchett.
Myron C. Taylor, Myer Hurley, Ogden L. Mills, W. C. Potter, New York;
S. T. Bledsoe, E. J. Engel, W. B. Storey, Chicago; Andrew C. Jobes,
Merriam, Kan.; Howell Jones, Topeka: W. E. Brown, Wichita, Kan.;
Arthur T. Hadley, New Haven; J. E. Otis, Chicago. Offices, 5 Nassau
St., New York, and 80 East Jackson Boulevard, Chicago.—(V.121, p.2488.)
ATHENS TERMINAL UO.—Owns freight terminals and approaches In
Athens, Ga Stock. $25 900, equally owned by Seaboard Air Line and
Gainesville Midland, whicn agree to pay operating expenses and interest
charges in proportion to tonnage used. Bonds ($250,000 auth issue), see
table above. Pres., E. R. Hodgson, Athens, Ga.; Sec. & Treas., Gordon
C. Carson, Savannah, Ga.
ATLANTA BIRMINGHAM & ATLANTIC RY. CO.—Owns Bruns­
wick. Ga., to Birmingham Ala., 455 m.; Sessoms to Waycross, Ga.,26 m
Fitzgerald to Thomasville. Ga., 80 m.; Atlanta to Manchester, 78 m.
total. 637 m. See V. 103. p. 405. Proposed extension from WaycroM.
Ga . to Jacksonville. Fla.. 75 miles
V. 104. p. 2116Pres. B. L. Bugg was appointed receiver on Feb. 25 1921. V. 112, p. 931.
In July 1921 Albert G Foster, Madison. Ga.. was appointed special master
in receivership. Tentative valuation, V. 113, p. 1052. Foreclosure sui
filed. V. 114, p. 1177.
Reorganization Plan (V. 122, p. 1164).
A plan of reorganization, dated Feb. 23 1926, has been prepared and
adopted by the committee representing the income bonds and the committee
representing the 1st mtge. 5% gold coupon bonds of Atlantic & Birmingham
Ry. The plan is based upon and promulgated pursuant to an agreement
dated Feb. 23 1926 between the committees and Atlantic Coast Line RR.
The Atlantic Coast Line is to assume the obligations of the receivership
now existing prior to the outstanding bonds and to guaranty dividends at
the rate of 5% on an issue of pref. stock of the new company, said dividends
commencing one year from the date of acquisition, which stock is to be
issued in exchange for the outstanding bonds at the rate of $60 face value
of stock for each $100 in bonds.
All of the common stock of the new company, which will be known as the
Atlanta Birmingham & Coast Ry., is to be held by the Atlantic Coast Line.
Capitalization of New Company.
(1) Pref. Stock'[Authorized, $5,200,000, par $100).—Pref. as to divs.
over com. stock; entitled and limited to 5% cumulative divs., payable semi­
annually accruing from one year after date on which possession of properties
shall be vested in the new company: pref. stock entitled and limited in the
event of any liquidation, dissolution or winding up, voluntary or involuntary
to $100 and divs. per share before any assets shall be distributed to the com.
stock; red. as a whole only, at 103 and divs. on any div. date after Jan. 1 1935
upon 3 months’ notice: non-voting except in case of continuing default in the
payments of two semi-annual divs., in which case it is to have exclusive
voting power so long as any default continues.
Dividends at the above rate and the redemption of the pref. stock
guaranteed by the Altantic Coast Line RR.
(2) Common Stock—Authorized, 150,000 Shares, no Par Value.—To have
sole voting power except as above provided with respect to the voting
power of the pref. stock.

n




BAILWAY STOCKS AND BONDS

[Vol. 122.

May, 1926.]

13

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations. &c., see notes on page 8]

Miles Date
Road Bonds

Par
Value

Atlantic Coast Line RR (Concluded)—
Bonds to Be Refunded by General Unified Bonds—
First cons (1st M on 1,087 miles) closed.. F.xc*&r* 3,941
North East (S O) cons M gold Flor to Charleston.xc
102
696
Atlan C L of S C gen 1st M (1st on 594 m) g.SBa.zc*
Petersburg mortgage Class A gold . .......... —z
69
do do
Class B g (Petersburg to Weldon)----- z
69
Richmond & Petersburg consol mtge gold. -Ce.xc*
27
479
Wilm & Weldon gen M ($938,000 are 4s) g SBa.zc*
Wilmington & Newbern 1st M gold assum - SBa.z
91
Nor & Car 1st M gold (P Pt Va to Tar, N O) -Ce.zc*
110
110
Second mortgage gold_________________ SBa.zc*
Sav Fla & W 1st M g ($2,444,000 are 5s)..Mp.xc*&r
543
Charleston & Savannah gen mtge gold----- SBa.zc*
111
Bruns & W 1st M (Bruns to Albany) g gu._Mp.zc
167
Alabama Midland 1st M g (Bainb to Montg). _ Mp.xc
174
Florida Southern first mtge gold---------------- AB.zc*
244

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

4 g M&S July 1 1952
1902 $1,000&c x50.863.000
6 g J&J Jan 1 1933
657.000
1.000
1883
1,000 5,047,000
4 g J&J July 1 1948
1898
868.000
5 g J&J July 1 1926
1.000
1881
800.000
1.000
6 g A&O Oct 1 1926
1881
300,000
1.000
4)4 g A&O Apr 1 1940
1890
1,000 4,000,000 4 g & 5 g J&J July 1 1935
1885
4 g F&A Aug 1 1947
106,000
1,000
1897
5g A&O Apr 1 1939
1,000 1,314.000
1889
400,000
1.000
5 g J&J Jan 1 1946
1896
1,000 6,600.000 5 g & 6 g A&O Apr 1 1934
1884
1,000 1.500.000
7 g J&J Jan 1 1936
1886
600 &c 1.407.000
4 g J&J Jan 1 1938
1888
1.000 2,800.000
5 g M&N Nov 1 1928
1888
1.000 2,417,000
4 g J&J Jan 1 1945
1895
x Further $388,000 In treasury Dec. 31 1925 and $75. 000 p (edged

Treatment of Bends.—Each holder of Income bonds and each holder of
1st mtge. bonds and each holder of a certificate of deposit representing any
of the bonds who assents to and becomes a party to the plan shall, upon
completion of the reorganization, be entitled to receive in exchange for his
bonds or certificates of deposit $60 of pref. stock of the new company for
each $100 of bonds (with coupons appertaining thereto).
Reorganization Committee.—Francis R. Hart, George E. Warren, George
E. Roosevelt and Janies H. Perkins.
Committee for Income Bonds.—George E. Warren, Joseph P. Bradshaw,
Edwin P. Maynard, C. F. Ayer, George E. Roosevelt, with Arthur W.
Hutchins, Sec.
Committee for First Mortgage Bonds of Atlantic & Birmingham Ry.—
Francis R. Hart, James H. Perkins, Percy H. Pyne 2d, George Bramwell
Baker, F. J. Lisman, with Walter F. Wyeth, Sec.
Sale Ordered.—Federal Judge Samuel Sibley at Atlanta has appointed
Albert G. Foster, special master, to sell the road June 16 1926 at Atlanta,
Ga. The Court has set the upset price at $2,500,000. V. 122, p. 2646.
ORGANIZATION.—On Jan. 1 1916 succeeded to foreclosed properties
of the A. B. & A. RR. Co., Georgia Terminal Co. and Alabama Terminal
Ry., per plan in V. 101, p. 2143. Valuation, V. 103, p. 1887: V. 117, p. 235
Government lean, V. Ill, p. 492.
STOCK.—$30,000,000 in $100 shares was underwritten at $12 a share
to discharge equipment obligations ($1,266,366), &c. V. 102. p. 344. 885
BONDS.—First and Refunding Bonds. — When issued will be a first
mortgage on 336 miles of main-line track and second mortgage on
301 miles, and upon the terminal properties ln Birmingham and Atlanta
To be Issued only (a) to retire, at or before maturity, Atlantic & Blrming
ham Ry. $4,090,000 1st 5s due 1934. (ft) For future Improvements, ex
tensions and acquisitions under restrictions. Int. rate to be fixed at time of
Issue, not to exceed 6%. V. 103, p. 405. Callable at 110 & int Nov. 1929
to 1925: at 105 & int. 1925 to 1935, and thereafter at 102)4
On Dec. 31 1923, $405,000 First & Ref. Mtge. bonds had been issued.
$420,000 had been pledged and $599,000 were in treasury
Income Bonds.—Entitled to non-cum. Interest (paid semi-annually)
at such rate, not exceeding 5% per annum, as may be declared
(V. 101, p. 2143). The mortgage provides that net Income, as de­
fined by the T.-8. Comm. Commission, ar available for that purpose shall
be so declared by the Board. The board may. however, reserve is
any year from such “net income” not, in excess of 20% thereof
(but not to exceed $100.000 In any year), until the total amount so reserved
exclusive of interest, shall reach $300,000. This “Income Bond Reserve
Fund," carrying Interest at 6%. may be distributed to the Income bond,
at any time and ln any amount, and any balance at the maturity of th»
bonds shall be paid over to the trustee for the benefit of the bondholder.
Total authorized issue, $5,200,000: held by or for company, $256,093
pledged as collateral, $400,OOO; outstanding, $4,543,907. V. 105, p. 68.
The first installment of Interest on tae 15-yr. 6% Income M. bonds at
shef ull rate of 5% per annum, from Nov. 1 1915 to June 30 1916, $33 3iJ
per $1,000 bonds was paid Sept. 1 1916. but only as to 2)4 % from earnings
Mar. 1917 to Mar. 1918 Incl., 2)4% (s.-a.) was paid on the incomes; oe
Jan. 12 1920 Interest was paid at the rate of 5% per ann. on the couponi
due Sept. 1 1918, Mar. 1 1919 and Sept. 1 1919. V. 110, p. 260. Mar. ,
1920 paid 2)4%: none since.
In view of the default on the Atl. & Birm. 1st mtge. bonds, a protectivt
committee was formed for the income bonds in Dec. 1921, with George E
Warren, Chairman, and A. W. Hutchins, Sec.; depositary, Columbia
Trust Co., New York (V. 113, p. 2404), and also for the A. & B. 1st mtge
bonds, with Francis R. Hart, Chairman, and Walter F. Wyeth, Sec., 17
Court St., Boston; depositaries. Old Colonv Trust Co., Boston, and FarmerLoan & Trust Co., New York (V. 113, p. 2718; V. 115, p. 72; V. 118, p.2702.)
Statement by committee in Sept. 1925, V. 121, p. 1673.
As to Atl. & Birm. Ry. $4,090,000 1st M. 5s, see V. 80, p. 710, 115
V. 113, p. 2503.
Equipment trusts ($917,000) issued to Director-General for rolling stock
allocated to this company. See article on page 3 and V. 114, p. 1065
U. S. Govt, long-term notes due $20,000 annually to 1930, $180,000
REPORT.—For year ending Dec. 31 1925, showing;
Calendar
Gross
Net, after
Other
Interest,
Balance
Year—
Earninas.
Taxes
Income
Rents <%c. Sur. or De*.
1925............ -.$5,448,188
$251,207
$92,438 $648,596 def$304,951
1924________ $4,810,482
$263,829 deb$22,795 $485,935 def$244,901
1923________ $4,638,689 def$86,968
$87,514 $397,298 def$396,762
1922________ $4,017,228 df$379,662
$79,850 $393.258def $693,070
For latest earnings, see "Railway Earnings Section” (issued monthly).
DIRECTORS.—Brooks Morgan, B. L. Bugg, J. L. Edwards and
W. E. Paschall, of Atlanta; A. H. Woodward. Birmingham, Ala.;
Galen L. Stone, Boston; Percy R. Pyne and George C. Clark Jr., N. Y.'
City; W. G. Brantley, Washington, D. O.; F. D. M. Strachan, Brunswick,
Ga.; W. C. Vereen, Moultrie, Ga.
Pres., _____
: V.-Pres.. J. L. Edwards; Treas., W. JB. Paschall;
Sec., A. V. B. Gilbert.—(V. 122, p. 2942.)
ATLANTA, BIRMINGHAM & COAST RY.- -See Atlanta Birmingham
& Atlantic Ry. above and V. 122, p. 2186.
ATLANTA & CHARLOTTE AIR LINE RY.—Owns Charlotte, N. C..
to Armour, Ga., 263 miles.
In 1914 It was agreed to modify the operating contract made with the
Richmond & Danville RR., under which the dividend to be paid will be
9% yearly without regard to earnings, Instead of a maximum of 7%, de­
pendent upon gross earnings, the Southern Ry. to have an option to pur­
chase the stock on any dividend date at $250 per share in cash. V. 98, p.
1458. 1765, 1918; V. 98. p. 1991; V. 99, p. 195, 536, 608; V. 106, p. 2758
(So. Ry.). The final $4,000,000 1st M. 5s was sold in 1917 on account of
double-tracking, &c. V. 104, p. 1044. V. 102. p. 1058, 1162; V. 101.
p. 286, 368; V. 103, p. 577. 664.
Pres. Geo. F. Canfield, N. Y.—(V. 104, p. 1044, 1898; V. 105, p. 388.)




United States Tr Oo, NY
United States Tr Oo ,N Y
Safe Dep & Tr Co, Balt
Ist&MerNatBk Rlch.Va
do
do
Brown Brothers, N Y
First Nat Bk, N V,&BaIt
Safe Dep & Tr Co. Balt
Central Union Trust ,N V
Safe Dep & Tr Co, Balt
United States Tr Co.N Y
do
do
do
do
Chat&PhNB&TrCo, NY
United States Tr Co, N Y

ATLANTA & ST. ANDREWS BAY RY.—Owns Dothan. Ala., to
Panama City, Fla., on Gulf of Mexico, 82 miles. Stock auth., $1,000,000; outstanding, $300,000; par, $100. Citizens & Southern Bank of At­
lanta. trustee of first mtge. V. 98, p. 391, 1460: V. 88, p. 685; V. 83, p. 270.
The I.-S. O. Commission has placed a tentative valuation of $1,026,150
on the total owned and $1,059,650 on the total used properties of the
company, as of June 30 1917. For year ending Dec. 31 1924, gross, $273,
253; net, after taxes, $50,137; othr income, $5,049; interest and rentals,
$81,889; bal., def., $26,703. Pres., Minor C. Keith; Sec., H. H. Hanson,
both of New York.—(V. 122, p. 2942.)
ATLANTA TERMINAL CO.—Owns union passenger station opened
May 14 1905. with approaches, used by Southern Ry., Central of Georgia
Ry., Atlanta & West Point RR., Atlanta Birmingham & Atlantic Ry. and
Seaboard Air Line Ry. Stock, $150,000, owned in equal proportions by
the first three companies named. The stock receives 4% p. a., payable
Mar. 1 of each year, charges and expenses being paid by the five using
companies on car basis. The $1,200,000 Series “A 6% bonds are guaranteen p. & 1. by the three companies owning the stock They were Issued to
retire the $1,500,000 1st mtge. 4s, due July 1 1953. Secured on entire
terminal property. V. 109, p. 577, 1271. President, R. B. Pegram.—
(V. 121, p. 69.)
ATLANTA AND WEST POINT RR. CO.—Atlanta, Ga.. to West
Point, Ga., 93.19 miles. The Georgia Railroad & Banking Co. owned
$936,100 stock, but sold same in 1910-11 to the lessees at $135 per share
with option of repurchase at same price.
In Mar. 1920 announced that the Georgia RR., the Atlanta & West Point
and the Western Ry. of Ala. would in future be operated in close organiza■ion independently. The three properties will be directed as to operation
(tom Atlanta, Ga.
DIVIDENDS.—From July 1 1884 to July 1901, inclusive, 6% yearly.
J. & J.; Oct. 1 1899, 25% extra: 1902 to Dec. 1923, 6% yearly: June 30 and
Dec. 31 1924 paid 3)4%: June 30 and Dec. 31 1925 paid 4%; on Feb. 1
1926'paid 20% extra; July 1 1926 paid 4%.
Year ended Dec. 31 1925, gross, $3,184,981; ry. oper. income. $600,660;
other income, $233,478; deductions, $293,894; dividends, $197,088; bal.,
sur., $343,158.—V. 122, p. 2942. For latest earnings, see “Railway
Earnings” Section (issued monthly). Pres., C. A. Wickersham. Office,
Atlanta, Ga.—(V. 122, p. 2488.)
ATLANTIC CITY RR.—Camden to Atlantic City, 57.90 miles; branches
Winslow Junction to Cape May, N. J., 55.61 miles; Williamstown, 22.68
miles; Gloucester. 10.86 miles; Ocean City, 14.22 mlles:total. 161.27 miles.
V. 72, p. 1278. The I.-S. C. Commission has placed a tentative valuation
of $7,801,500 on the owned and used property of the company, as of
June 30 1917.
STOCK.—Common, $2,625,000; pref., $1,000,000 (par $50). Reading
Oo. owns over 99% of stock, and guarantees consol. 4s, prin. & int. Form
at guaranty, V. 75, p. 1398. Of the latter, $2,649,000 are reserved to retire
prior lien bonds. V. 73, p. 81. There are $22,800 Sea Coast “A” 5s;
$1,200 “B” 5s.
The 1st 5s due May 1 1919 were extended at 5)4% interest until May 1
029 (subject to call at 105 on and after May 1 1924), and unconditionally
guaranteed, principal and interest, by the Reading Co V 108. p 1721
For 1925, gross, $5,043,448: net oper. income, S.630 559 o'her income.
*97.061; interest, rentals,I &c., $832,852; bal., def., $135,232.
For latest earnings see “Railway Earnings Section” (issued monthly).
(V. 122, p. 1164.)
ATLANTIC COAST LINE CO. (THE).—Organized May 29 1899
in Connecticut and owned June 30 1925 $19,930,827 common stock and
a large amount of bonds of Atlantic Coast Line RR.; also stocks and bonds
of other comnanies.
STOCK. &c.—Reduced In 1914 to $8,820,000. V. 98, p. 234. 609.
As to the certificates of indebtedness, see editorial Oct. 1897, Supploent. d 3: V. 65. p 564: V. 71, p. 1310. In 1898 $5,000,000 stock was
latrlbuted as a 100% dividend (V. 67, p. 954), and in 1900 $10,000,000 4%
ertideates of Indebtedness (including $2,500,000 of Atlantic Coast Line
til Oo ' as a 100% dividend
fV 7f p. 607: V. 73. p. 493 >
CASH DIVI-/ ’04. ’05. ’06. ’07. ’08. ’09. ’10. 'll. 12’ to ’23. ’24. ’25.
DENDS (%)___ 1 8
9 10 10
8
9 10 10 12 yearly 14)4 *21
* Including an extra dividend of 4% paid Jan. 15 1925.
REPORT.—For year ending June 30 1925, in V. 121, p. 2870, showed;
Years Ended June 30— 1925.
1924.
1923.
1922.
Total income_________ $2,078,990 $2,062,418 $1,891,560 $1,787,985
Expenses and taxes____
50,553
62,277
55,834
37,936
Interest______________
267,187
293,189
295,761
301,221
1.058.400
Dividends____________
1,852,200
1,102,500
1,058,400
Surplus______ ______ def$90,950
$604,452
$481,565
$390,428
Pres., H. Walters; Sec., R. D. Cronly; Treas., J. J. Nelligan. Office,
Bridgeport. Conn.—(V. 121, p. 2870.)
ATLANTIC COAST LINE RR. CO.—(See Map.)—Operates from Rich­
mond and Norfolk, Va., to Fort Myers, Moorehaven, Port Tampa and River
Jet., Fla., on the south, and Montgomery, Ala., and Augusta, Ga., on the
west, reaching the ports of Norfolk, Va.; Wilmington, N. O.; Charleston,
S. O.; Savannah anti Brunswick, Ga., and Jacksonville and Port Tampa, Fla.
Lines, Owned, &c., (Con.)- Miles.
Lines Owned and Trackage— Miles
Brunswick, Ga., to Albany___ 169
Richmond, Va., to Port Tampa,
Fla_______________________ 912 Dupont Jet. to Fort Myers, Fla. 3o0
__
Haines City to Immokalee_________ 126
Norfolk, Va., to South Rocky
Mount..'__________________ 115 Sylvan Lake near Sanford to
Contentnea to Wilmington ... 105 St. Petersburg, Fla________ 145
Palatka, Fla., to Brooksville__ 145
Wilmington, N. O., to Pee Dee
Junction__________________
97 Milldale, Fla., to Perry______ 163
Florence, S. O , to Augusta, Ga. 167 Branches, &c________________ 1,828
Sumter to Columbia_________
45 Leased—
Central RR. of So. Carolina—
Yadkin Jet. (Wilmington,N.O.)
40
to Sanford________________ 116 Lanes to Sumter, S. O_____
Waycross. Ga.. to Folkston, Ga. 34 Other lines__________________
12
Jesup. Ga.. to Montgomery .Ala. 3551 Tot. miles oper. Dec. 31 1925.4,924
Also owns one-sixth interest in the Richmond-Washington Oo. Leases,
Jointly with the Louisville & Nashville RR., the Georgia RR., 571 miles.

RA ILW AY STOCK S AN D BO ND S
[V ol . 122.




May, 1926.]

RAILROAD COMPANIES
IFor abbreviations, &c., see notes on page 8]

Atlan & Danv—1st M $4,425,000 g lnt rent--Ba.xc*
Second mortgage $1,525,000 gold int rental-. Eq.xc*
Atlantic & North Carolina—Stock $1,800,000__
First mtge gold bonds___________________________
Atlantic Quebec & West—1st M callable 110___ c*
Second mortgage debentures--------------------------Atlan & West—1st M $1,500,000 g red 105--FBa.c*
Augusta & Savannah—Stock 5% rental Cent of Ga.
Augusta Union Station—First M $250,000 g-SBa.x
Austin & N W—See Houston & Texas Central
Avon Geneseo & Mt Morris RR—Stock (see text)-.
Baltimore Chesap & Atlantic—1st M gold.Mp.zc*
Balt & Cumb Vail Ry—See Western Maryland Ry
B & C V RR Exten—Stock gu ($270,000 carries 7%).
First mortgage interest rental......... .................. MeRa
Balt & Harrisburg Ry—See Western Maryland Ry

Miles Date I Par
Road Bonds ' Value

278 1900
278 1904
1922
1905
1919
1912

1903

Amount
Outstanding

Rate

7o

When
Payab e

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

$1,000 $3,925,000
4g
1,000 1.525.000 „ O
100 1,797,200 See text
325.000
68
£100 2,548,675 Text
Text
5
500 &c
303,000
5g M &
J &
100 1.022,900
5
1,000 &c
4g J &
225,000

July 1 1948
Bankers Trust Co, N Y
July 1 1948
Equitable Trust Co N Y
See text
Check from Co’s Office
July 1 1942
July 1 1935
See text
1949
May 1 1952
Fidelity Trust Co, Balt
July 1926 2^ Savannah, Ga
July 1 1953
Safe Dep & Tr Co, Balt

J &
M &

July 1 1926 154 Erie Railroad, New York
See text
Sept 1 1934

J
J

See text
July 1 1931

17.7
88 1894

100
1,000

225,000
1,250.000

33$
6g

26.5 1881

50
1,000

390,600
226.000

5& 7

In June 1924 the l.-S. C. Commission authorized the company and the
Louisville & Nashville to acquire joint control of the Carolina, Clinchfield
& Ohio Ry. and its subsidiaries by lease. V. 118, p. 3075; V. 119. p. 941.
In ’918 opened a line from Sebring, Fla., to Moore Haven, 59.70 miles.
V. 103, p. 577.
The Tampa Southern RR. Co., an auxiliary company. In 1917 let con­
tracts for a 50-m. line from Tampa, via Orient, to Palmetto, and in April
1919 was operating from Uceta to Palmetto, 35.6 miles. In Jan. 1920 the
line between Palmetto and Bradenton. Fla wa= completed nd pb'cerl in
service. V. 105, p. 2457. To build 40 miles in Florida, V. 121, p. 2398.
ORGANIZATION.—On April 18 1900 absorbed by consolidation (V. 70
p. 840. 893), Wilmington & Weldon RR., Atlantic Coast Line RRs. of S. O.
and Va. and Norf. & Car. RR. On April 10 1902 absorbed the Savannah
Fla. & Western Ry Co. The St .Johns & Lake Eustis Ry Co. was merged
June 12 1902. Florida Southern and Sanford & 8t. Petersburg were merged
April 1903. V. 76JP-918, 971. Jacksonville & South Western was merged
July 28 1904, the Winston & Bone Valley RR. Co. Feb. 18 1909, and the
Conway Coast & Western RR. Co. on July 1 1912. In Oct. 1913 the rail­
road of the Sanford & Everglades RR. Co. was purchased by and conveyed
to this company. In July 1922 acquired control of the Rockingham RR
V. 115, p. 307. The Atlantic Coast Line Co. (of Conn.) June 30 1925
owned $19,930,827 common stock, $17,640,000 having been distributed
March 10 1914 among Its stockholders. See that company above. V. 70,
p. 893; V. 71, p. 1116, 1310; V. 83. p. 560.
In Oct. 1902 acquired $30,600,000 of the $60,000,000 Louisville & Nash
RR. stock and in 1913 an additional $6,120,000. On May 1 1923 the LAN.
paid a stock div of 62>S%, increasing this company's holdings to $59,670,000. On Dec. 31 1925 this $59,670,000 stock was on deposit along with
$306,000 stock of Louisville Property Co., as security for the company’s
$35,000,000 collateral trust 4s of 1902. V. 75, p. 733, 792, 905: V. 79, p. 785.
To acquire entire common stock of Atlanta Birmingham & Atlantic Ry.
under reorganization plan—see that company above.
STOCK.—Atl. Coast Line of Va. class A (Rloh. & Pet. otfs.) tax-exempt
(took was assumed as so much of the oom. stook of the new company.
DIVS. (%)—
{ '09. ’10. ’ll. ’12-’14. ’15. ’16.'17 to'23. '24 ’25.
Com. (Ind.Cl. A)___ 1 5J3 6
6 7 yearly. 5
5 7 yearly. 8
8
Paid in 1926; Jan. 11, 3J^%, and 1% extra; July 10. 3^% and lj^%
extra.
BONDS.—In April 1924 the Unified Mortgage of 1909 was closed and
a new $200,000,000 General Unified Mortgage was made permitting (unlike
the mortgage of 1909) the issuing of bonds in series at various rates of interesi
The old Unified 4s he'd by the RR. Co. and the Atlantic Coast Line Co
($21,330,000 and $3,l'08,000) were exchanged at once for new Series A
4^s, $ for $. V 98. p. 761, 1070, 1154, 1243; V. 100, p 1916. Listing
see V. 103, p. 2237. The Unified Mtge. was cancelled in 1920. V. 110
p. 2386. Of the $83,795,012 general unified bonds Issued to Dec. 31 1925
$22,870,000 were on that date in hands of public ($22.770 000 at 4)^%
and $100,000 at 4%)and $17,162,684 at 454% and $33,762,333 at 6% were
held in the treasury, wLUe $10,000,000 4)^s were pledged as collateral.
V. 106, p. 2235.
Purposes for which the $200,100,000 General Unified Bonds were or are issuable.
Issuable as Series A 4Hs to -efund $30,847,484 Unified 4s_____ $30,847,484
Reserved to retire 4% cert'ficates of indebtedness, pref. stock
and debenture bonds___ _______ •________________________ 4,963,960
Reserved to retire underlying bonds______________________ ._ 84,438,750
Reserved (along with any be ids not Issued to retire certificates
of indebtedness) for future ’onstruction, improvements, &c_. 79,749,806
The 10-year secured notes «>f 1920 are redeemable on and after May 16
1923 at 100 and int. plus a pi unium of 1% for eacn year to maturity. Se­
cured by pledge of $10,000,000 Gen. Unified 4)4s, 1964. V 110, p. 2075
The 4% convertible debentfes are redeemaole at 105 aDd were con­
vertible into common stock at }'135 a share to Jan. 1920. V. 97. p. 1513.
As to the $35,000,000 collateral trust 4s of 1902, see "Organization
above. They are subject to call at 105 in amounts not less than $100,000
The Washington & Vandemere 4>$s ($1,500,000 authorized, of which
$720,000 outstanding) are guar., p. & I., by endorsement. V 84, p. 1246.
As to Winston-Salem South Bound RR. guar. 4s. see that company
Equipment bonds, series D, V. 112, p. 60. Series E, V. 122, p. 1164.
REPORT.—For 1925. in V. 122, p. 2349, showed:
Operating Revenues—
1925.
1924.
1923.
1922.
Freight----------------------- $64,657,121 $57,288,726 $56,580,484 $48,857,558
Passengers.................... 22,042,718 17,755,927 17,995.083 15,871,367
Mail-------------------------- 1,347,208
1,281,724
1,239,674
1,382,956
Express...................
2,835,344
3,026.193
2,658,978
2,581,626
Other transportation__
864,232
780,548
763,584
673,796
Incidental & joint facil. _ 2,251,076
1,652,802
1,644,506
1,456,041
Railway oper. rev----- $93,997,698 $81,785,921 $80,882,310 $70,823,345
Operating Expenses—
Maint. of way & struct.$10,820,231 $10,660,590 $10,191,289 $8,434,956
Maint. of equipment---- 17,544,834 16,833,082 17,349,030 14,297,181
Traffic---------------1,724,863
1,531,249
1,734,842
1.276,123
Transportation------------ 32,310.002 29,063,109 28,814,876 26,018,260
Miscell, operations____
804,997
465,338
424,306
367,961
General---------------------- 1,761,194
1,781,757
1,721,085
1,638,967

Operating expenses...$64,966,121 $60,335,126 $59,868,428 $52,033,448
Net from railway oper__$29,031,576 $21,450,795 $21,013,882 $18,789,897
Tax accruals--------------- 6,600,000
5,625,000
5,425,000
4,275,000
Uncollectibles-------------20,033
59,234
42,457
81,873
Railway oper. income_$22,411,543 $15,766,561 $15,546,425 $14,433,024




15

RAILWAY STOCKS AND BONDS

6

&
&

Non-operating Income—
Hire of equipment_____
Joint facility rent income
338,859
302,935
Dividend income______
4,086,675
3,897,690
Income from unfunded
securities & accounts.
641,915
510,132
Income from fund, secur
537,961
618,542
Miscell. & other Income352,741
373,193
Dividend approp’n. . ydeb .1,371,724 xdeb .685,862

Company’s office, N Y
Nat Bk Commerce, N Y

Cr. 14.415
310,408
3,222,086

Cr .86,250
265.922
3,221,772

625,474
471,355
340,586

638,425
379,475
316,024

Gross income__
.$26,997,970 $20,783,199 $20,530,750 $19,340,892
Deduct—
Rent for leased roads__
$46,276
$45,276
$45,276
$45,276
Hire of equipment____ Dr
Dr.2,187,549 Dr.500,193
Joint facility rents
378,304
390.119
374,639
368.828
Miscellaneous rents___
281,150
226.292
240,520
188.665
Int. on unfunded debt_
24,672
16,362
17,306
16,663
Int. on funded debt___ . 6,031,281
6,031,282
6,042,286
6,042,237
Int. & divs. on equip
trust notes, &c______
472,368
517.386
562,404
607,422
Int. on 10-year notes__
420,000
420,000
420,000
420,000
Miscellaneous____
44.952
46,306
31,245
47,737
.$17,111,418 $12,589,983 $12,797,073 $11,604,074
Inc. appl. to s. f., &c.,fds3
20,363
28,645
25,617
21,877
Income approp. for inv.
‘
440,749
in physical prop.
249,152
250.566
144.124
.$16,650,307 $12,312,186 $12,520,890 $11,438,073
. 71,276,846 63,503,519 55,440,787 48,704,648
Miscellaneous credits__
182,097
377,159
562.709
306,294
.$88,109,250 $76,192,864 $68,524,385 $60,449,015
Pref. dividends (5%)__
9,835
9,835
9,835
9,835
Common divs. (7%)___ . a4,801,034 z4,801,034
4,801.034
4,801,034
Surplus appropriated for
physical property___
27,243
15,682
137,868
95,685
Loss on retired road and
equipment_____
69,702
47,788
16,162
14,931
Miscellaneous debits__
129,704
41,679
55,967
86.744
Bal. credit Dec. 31 —.$83,071,732 $71,276,846 $63,503,519 $55,440,787
x Extra div. of 1% paid from non-oper. income to common stockholders
July 10 1924. y Extra divs. on common stock of 1% July 10 1925 and 1%
Jan. 11 1926. z See also “x.” a See also "y”.
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—Chairman, Henry Walters; Pres , J. R. Kenly; Exec.
V.-Pres., Lyman Delano: V.-P., R. A. Brand; V.-P. & Gen. Counsel,
Geo. B. Elliott; V.-P. & Gen. Mgr., P. R. Albright; V.-P. & Sec., Herbert
I. Borden; V.-P., T. F. Darden; Treas., John T. Reid; Comp., W. D. McCaig.
Directors.—H. Walters, George C. Jenkins, Waldo Newcomer, J. J.
Nelligan, F. B. Adams, H. L. Borden, F. W. Scott, F. K. Borden, Lyman
Delano, George B. Elliott, H. C. McQueen, W. W. Mackall. Office.
71 Broadway, New York.—(V. 122, p. 2324.)
ATLANTIC & DANVILLE RY. CO. (THE).—West Norfolk to Dan­
ville, Va., 205.1 miles; three branches, 22.25 miles; James River Jet.to Clare­
mont (3-ft. gauge), 50.36 miles; total, 277 miles. Leased to Southern Ry
from Sept. 1 1899 to July 1 1949 for taxes, repairs, maintenance and cash
rental sufficient to cover int. charges, with privilege of renewals for terms of
99 years. In addition the Southern Ry. agrees to pay the same rate of divi­
dends on com. stook as paid on its own oom. stock. V.71,p.447: V.79,p.625.
Suit to enforce provisions of lease, V. 95, p. 1606
BONDS.—Of the $4,425,000 4s of 1900, $500,000 oan be Issued only for
Improvements upon request of Southern Ry., Interest charges to be oovereO
by Increased rental.—(V. 89, p. 1410; V. 95, p. 1806.)
ATLANTIC & NORTH CAROLINA RR.—Morehead City to Golds­
boro, N. O., 96 miles. State of North Carolina Aug. 1917 owned $1,266,500
of $1,797,200 stock. V. 96, p. 862 1088. Leased from Sept. 1904 to Jan. 1
1996 to Atlantic & North Carolina Co (the lease being later transferred to
Norfolk Southern RR.) for int. on bonds, taxes, &c.. and divs. at 3% for 20
years, then increasing M % every 10 years till 5% is reached; thereafter 6%.
DIVS.—1893. 1894 1895 1898 1897 1898 1899. 1900-04. Underlease
Per cent. 2202222
Oas above.
The $325,000 1st mtge. 6% bonds due July 1 1922 were paid off and
new 20-year bonds were sold to take place of same. V. 115, p. 2683.
Pres., Ernest M. Green; Sec. & Treas., W. Stamps Howard.—(V. 117.
p.781.)
ATLANTIC QUEBEC & WESTERN RY.—Paspeblac to Gaspe, Que­
bec, 10251 miles; trackage, 1% miles. Stock, $2,000,000 in $100 shares.
The Interest due July 1 l9l7on 1st M. 5% debenture bonds was not paid,
and the bondholders agreed to forego all interest during the war except
In so far as earned. See V. 105, p. 1616. 2007: V. 91. p. 1253. Unpaid
interest. V 109, p. 1985; V. lll,j>. 2422. A 5% Second Mtge. Debenture
amounting to $2,050,000. dated June 30 1919, due Jan. 1940, filed Sept. 30
1919. V. 109, p 1460. Chairman & Pres., Earl of Ranfurly, London.
Eng.—(V. 109, p. 1985; V. Ill, p. 2422.)
ATLANTIC & WESTERN RR.—Sanford to Lillington. N. O., 24 m.
Stock. $303,000; par, $100. Bonds issuable; at $12,000 per mile See
table above. The I.-S. C. Commission has placed a tentative valuation of
$238,720 on the total owned and used properties of the company as of June
30 1917. For year 1925, gross, $88,064; net, $23,309; other income,
$376; deductions, $29,364; bal., def., $6,018. Pres., H. C. Huffer Jr.,
366 Madison Ave., New York; Sec. & Treas., W. R. Sullivan, 33 Pine St.,
New York. General office Sanford, N. O.—(V. 120, p. 3062.)
AUGUSTA & SAVANNAH RR.—Millen to Augusta, Ga., 53 miles. In
1895 re-leased to Cent, of Ga. for 101 years at 5% on stock.—(V. 106.P.709.)

16

RAILROAD COMPANIES
[For abbreviations, <tec., see notes on page 8]

Baltimore & Ohio—Common stock $210,250,000___
Pref stock 4% non-cum authorized $60,000,000___
First M gold red at 105-_______________ Us-xc*Ar
do
red (text)_____________________ Us.c*Ar*
Southw Div 1st M $45,000,000 g red (text) ,F.sc*&r*
PLE & W V Sys ref g red 100 after 1925-Un.xc*Ar
Convertible bonds redeemable (text).
Ce.xc*Ar*
Ref & gen M Ser A g (call. all 105 beg ’25)yG.c*Ar*
do
Ser C (call all 107 % beg 1934)_____ c*Ar*
do
Ser D (call all 105 beg 1936)______ yc*&r*
Toledo-Cincinnati Div Ser A call 102>3 . - Ba-yc*Ar*
Secured gold bonds call 102X (text) Usm.xxxc*Ar*
Morgantown & Kingwood RR 1st mortgage
__
15-year secured notes to U S Government.........
Under lying Toledo A Cincinnati Div. Mtge.—
Cin Ham & Dayton 2d (now 1st) mtge gold - Fxc*
General mortgage $7,800,000 gold_____ _____ xc*
C H & D Ry 1st & Ref M, part guar Ba.xc*&r*
Piqua & Troy 1st M $250,000 gold guar p & i___ x<
Dayton & Michigan (leased) com stock (guar)____
Preferred (8% guaranteed) endorsed__ _________
1st Mgup&l end ext in 1911 red 102}$ beg ’17.c
Bonds Underlying Pitts June A Mid Div M 3l$s—
Cent Ohio $2,500,000 con 1st M (1st loan) g MeBa zc
Bonds Underlying Pittsburgh Lake Erie A West Vir
Clev Lor & Wheel cons M (now 1st) gold . _ Usm.xc*
General mortgage g redeem 105_________ N.xc
('onsref M gold red at 102}$_________ ..Eq.xc
Cleveland Term & Valley 1st M gold guar_Ba.xc*Ar
Oh o & Little Kan Ry 1st M $250,000 red 105 g__ z
Ohio River 1st M g_____________________ FP.xc*
General mtge gold 1st on 39 miles___________xc*
W Va A P 1st M g 5s scaled red at par___ Me.Ba.xc*
Equip bds due $1,000,000 yearly________________
do
due $1,186,700 ann__________________ O
do
due $450.000 yearly____________ OPxc*
do
due $925,000 ann_____________ GPxc*

Miles Date
Road Bonds
1.685
1.685
910
1,629

Text
Text
Text
Text

60
60
All
9

142
143
ginia
187
187
187
78
72
173
208
179

$100 $151945354
100 58.863.181
1898
500 Ac 81.995.100
500 Ac 75,000.000
1924
500 Ac 45.000.000
1899
1,000 42,980.000
1901
500 Ac 63.250,000
1913
60.000,000
1915
1924 500-1000 35.000.000
1926 500-1000 30,000.000
100 Ac 10,985.200
1917
1 .000 35.000.000
1919
500 Ac 1,500,000
1905
2,900.000
1920
1.000 2,000.000
1887
1.000 3,000,000
1892
39,000
$ A £
1909
1.000
7.000
1900
50 2,401.950
1871
50 1.211.250
1871
1,000 2,728.000
1881

1886
4s—
1893
1896
1900
1895
1900
1886
1887
1890
1917
1920
1922
1923

1.000

1,000
1,000
1.000
1,000
1.000
1,000
1.000
1,000

1.009.000

5 000.000
890.000
950.000
3.301.000
22.8.000
2 000.000
2.941.000
3.763.000
1,000,000
10,680,300
1,000 5.400,000
1,000 11,100.000

2,697
Total ref. & gen. M. bonds,-5,084
145 Operated under lease________
3
Operated under trackage rights . 168
Total collateral ownership__ 2,842 Free of lien__________________ 145

Free of lien__________________

5,401

Total Balt. & Ohio RR. Co,_5.294
Owns B. & O. Chic. Term. RR.. $8,000,000 sto«k and $32,000,000 of Its
4% bonds. See below. Also controls S. I. R. T. Ry. Co.
Effective April 28 1918, was ordered by Director-General of Railroads to
use the Penn. RR. passenger station in N. Y. City, and in Sept. 1921 com­
pleted contracts with the Pennsylvania RR. for the permanent use of the
Pennsylvania station as the Eastern terminus for Its passenger trains.
V 113. p 1154, 2184.
HISTORY.—Receivers were appointed in Feb. 1896, but in 1899 reor­
ganized without foreclosure, per plan in V. 66, p. 1235. See also V. 67
p. 688, 1206, 1356; V. 95. p. 681, 1121, 1744; V. 96, p. 134; V. 97, p. 363.
The purchase of the Cin. Ham. & Dayton (now Toledo & Cine. RR.) on
July 19 1917 added 391 miles to road operated (see “Bonds” below; also
V. I»r3,p. 1991; V. 107, p. 1283.) On Feb. 1 1917 also acquired entire capital
stock of Coal & Coke Ry. Purchased the Morgantown & Kingwood
RR. In Feb. 1920.—V 110, p. 969.
The I.-S. C. Commission has authorized the company to acquire control
of the Cincinnati Indianapolis & Western RR. by purchase of its capital
stock. The B. & O., which had applied for authority to obtain control of
not less than 80% of the shares, will pay $24 50 a share for the prf. and
$14 50 for the common stock, or a total of $2,086,500. V. 122, p. 2646.




Amount
Outstanding

Par
Value

AUGUSTA UNION STATION CO.—Owns union passenger station at
Augusta, Ga., used by all roads entering the city, the latter under their
operating contract providing for interest on the bonds and 4% dividends on
stock. Stock, $75,000 (25% paid in), held equally by Southern Ry., Atlan­
tic Coast Line RR. and lessees of Georgia RR. V. 78, p. 2333: V, 79, p. 500.
The I.-S, C. Commission has placed a final valuation of $235,649 on the
total owned and used property and $32,925 on the used but not owned
properties of the company as of June 30 1916.
Pres., Chas. A. Wickersham; Sec., W. H. Vincent.—(V. 121, p. 835.)
AVON GENESEO & MT. MORRIS RR.—Mt. Morris to Avon, N. Y.,
17.7 miles. Leased to Erie RR. Feh. 26 1896 in perpetuity; rental (after
1911). 3}$% on stock. (See V. 63, p. 512; V. 62. p. 318, 589.)
BALTIMORE CHESAPEAKE AND ATLANTIC RY. CO.—Owns
Claiborne to Ocean City, Md.. 87.22 miles: Salisbury, Md., to Fulton,
0.55 miles; total, 87.77; steamer lines owned, 750 miles. The I.-S. C. Com­
mission in Dec. 1924 authorized the company to acquire control of the
Baltimore & Eastern RR. The Pennsylvania and allied companies own
all the $1,000,000 common and 95% of the $1,500,000 5% cumulative pre­
ferred stocks. V. 92, p. 525, 593. Dividends on preferred, 2% March 1
1905; in 1906, March, 3%; Oct., 2%: in 1907, March, 3%: Sept., 2%;
in 1908, Oct., 2%; 1920, Jan., 5%: Sept., 2%; 1911, Jan. 31, 3%; March 31,
2%; Oct. 2, 3%; 1912, July, 2}$%; none since. The interest on the first
mortgage bonds due March 1 1922 and subsequent semi-annual dates was
not paid; Pennsylvania RR. purchased coupons due on those dates. See
V. 116, p. 2128.
For 1925, gross, $1,486,331; net, oper. deficit. $84,814; other income.
$17,823: deductions, $195,472; bal., def., $262,783.
For latest earnings, se6 “Railway Earnings Section" (issued monthly).
Pres., Turnbull Murdoch; V.-P.. A. J. County; Sec.. Lewis Neilson; Treas..
Henry H. Lee.—(V. 120, p. 3062.)
BALTIMORE & CUMBERLAND VALLEY RR. EXTEN.—Waynes­
boro to Shippensburg, Pa., 26.52 miles. Leased to Western Maryland RR.
for 50 years from July 1 1881. with privilege of renewal, for int. on bonds
and dividend on stock, amounting in all to $38,730.—(V. 75, p. 665.)
BALTIMORE & EASTERN RR. (OF MD.).—This company has been
organized in Maryland as successor to the Maryland Delaware & Virginia
Ry., the property of which was sold under foreclosure. The new company
took charge on Feb. 1 1924 and now operates trains, as did the old co.,
between Love Point, Md.. and Greenwood. Del38.17 m. See V. 118,p. 905,
The I.-S. C. Commission in Dec. 1924 authorized the company to issue
$216,500 common stock, par $50; said stock to be sold at par and the pro­
ceeds used in connection with the purchase of certain railroad property and
for other corporate purposes.
The Commission also approved and authorized the acquisition by the
Baltimore Chesapeake & Atlantic Ry. of control of the Baltimore & Eastern
RR. by purchase of its capital stock.—(V. 119, p. 3004.)
BALTIMORE AND OHIO RR. CO.(THE).—(See Map.)—Operatesfrom
Baltimore to Philadelphia and Baltimore to Chicago, Cincinnati and St.
Louis; total mileage leased, owned and operated on Dec. 31 1925, 5,294
miles. Access is had to New York via the Phila. & Reading Ry., Central
RR. of N. J. and the Pennsylvania RR.
The system embraces, subject to mortgages, the following lines:
Direct ownership:
Miles.
Separately operated cos.: Miles.
First mortgage____________ 880
Staten Island Ry. Co______
12
P. L. E. & W. Va. mtge___ 1,335
Staten Island R. T. Rv. Co- 10
Ref. & gen. mtge__________ 73 B. & O. Chic. Term. RR. Co_. 71
2,288
Free of lien________________ __
Trackage rights____________
9
Total direct ownership___ 2,288
Total separately oper. prop. 104
Collateral ownership:
First mortgage ___________ 806
Total B. & O. RR. System_5,398
P. L. E. A W. Va. mtge_ 294
Hamilton Belt Ry. Co_______
2
Southwestern Division mtge. 909
Tol.-Cin. div. 1st lien & ref. M 391
Total B. & O. RR. System
Ref. & gen. mtge_______ 296
(incl. Hamilton B. Ry. Co)5,401

Operated under lease________
3
Operated under trackage rights - 159

[Vol. 122,

RAILWAY STOCKS AND BONDS
Last Dividend
Rate
When
Payable and Maturity
%
Q—M June 1 1926 IX
5
4
Q—M June 1 1926 1%
4 g A A O$ July 1 1948
5 g A A O July 1 1948
5 g J A .1 July 1 1950
4 g M A N Nov 1 1941
4X g MAS Mar 1 1933
5 g J A D Dec 1 1995
J A D Dec 1 1995
6
MAS Mar 1 2000
5
4 g J A J July 1 1959
J A J July 1 1929
6
J A J Jan 1 1935
5
A A O
6
4}$ 8 J A J Jan 1 1937
5 g J A D June 1 1942
J A J July 1 1959
4
4 g MAN Nov 1 1939
3}$ A A O Apr 1 1926 IX
8
Q—.1 Apr 1 1926 2%
4)$ J A J Jan 1 1931

4X g MAS
5g A A O
5g J A D
4}$ g J A J
4 g MAN
5 g MAS
5g J A D
5g A A O
4g A A O
4}$ A A O
J AJ15
6
F A A
5
F A A
5

Sept 1 1930

Places Where Interest and
Dividends Are Payable
Co’s office. 2 Wall St. N Y
do
do
do
do
do
do
do
do
do
do
do
do
do
do "
do
do
do
do
do
do
New York
DavisTr Co, Elkins, WVu
Washington, D C

J P Morgan A Co, N Y
Kubn, Loeb A Co. N Y
_ _ ___ ______ __
Un Sav Bk A Tr Co Cin
Cincinnati. Ohio
do
J P Morgan A Co. N 1

Office 2 Wall St. N Y

do
do
Oct 1 1933
do
do
June 1 1936
do
do
Jan 1 1930
do
do
Nov ] 1995
do
do
Mar 1 1950
Junel 1936
do
do
do
do
Apr 1 1937
Apr 1 1990
do
do
To Apr 1 1927
To Jan 15 1935 Guaranty Trust Co. N Y
To Aug 1 1937 Girard Trust Co, Phila
To Feb 1 1938 New York

READING CO., Ac.—In 1901 $68,565,000 (virtual control) of the $140,000.000 Reading Co. stock, consisting of $12,130,000 1st pref., $28,530,600
2d pref. and $27,905,000 com., was acquired jointly with the New York
Central RR., each co. taking one-half, but in 1904 each sold $3,950,000
of the common. V. 76. P. 101; V. 80, p. 1856.
STOCK.—Pref. stock, see V. 71, p. 1166, 1143; V. 72, p. 1186.
Union Pacific RR. in ’24 owned $3,594,635 common and $1,865,992 pref.
DIVS.—
1901-04. 1905. 1906. 1907-14. 1915-17. 1918-26
Common--------------(%) 4 yrly. 4}$
5}$
6 yrly.
5 yrly.
Text
Preferred_________(%) 4 yrly. 444 yrly.
4 yrly
The pref. dividend has been regularly paid to and including June 1926.
but owing to delay in the signing of the contract for Government operation
the common dividend due Sept. 1 1918 was not paid until Feb. 1 1919, when
oidy 2% was distributed. On Mar. 1 1919 the common again received 2%
then none until Dec. 1 1923, when 1X% quarterly was paid: same amount
paid quarterly to June 1 1926.
BONDS.—First M. 4% Bonds, due July 1 1948; Covers about 1,686 miles
of first track and about 2,684 miles of second, third and fourth tracks and
sidings; also on the properties covered by the B. A O. Term. mtge. of 1894,
all owned by the B. & O. and Baltimore Belt RR.
Total authorized amount of the First Mortgage is limited by the terms
of the Ref. & Gen. Mtge. to $157,000,000, of which there are outstanding
$81,995,100 of 4% bonds and $75,000,060 of 5% bonds (issued in Aug.
1924; V. 119, p. 809). The 5% bonds are not subject to redemption before
Apr. 1 1945. All or any part of the 5% bonds may he repurchased by com­
pany on April 1 1945, or any int. date thereafter, on 3 months’ notice and
upon payment of a premium of X % for each three months from the date of
repurchase to the date of maturity. The prior lien 3}$ % bonds due July 1
1925 were accepted at 100% and int. in payment for the 5% bonds.
Southwestern Division First Mortgage 5s.
These bonds were issued under the Southwest Division Ist mtge. of
Baltimore & Ohio RR., dated Jan. 1 1899, in extension of the 3}$% bonds
for a like amount maturing on July 1 1925 (which were accepted in pay­
ment for new bonds at 100 and interest) and the principal and interest at
the rate of 3 J$ % per annum are secured by the lien thereof. Because of
the provisions of the refunding and general mortgage, the additional interest
on these bonds will not be secured under the Southwestern Division first
mortgage, but the company will agree in a supplemental indenture that in
the event that it should hereafter place any new mortgage upon the property
on which these bonds are a first lien, and on which the ref. & gen. mtge.
bonds are also a lien, the additional 1 }$ % int. which these bonds bear is to be
secured thereon by a lien prior to any bonds issued under such new mtge.
These $45,000,600 bonds are secured through the deposit and pledge with
the trustee of the mortgage of $45,000,000 first mtge. bonds and all the other
funded indebtedness and all the stock of Baltimore & Ohio Southwestern
RR., which owns the properties. The Baltimore & Ohio Southwestern
Division bonds are thus in effect secured by a first lien on 910 miles of first
main track, extending from the western approach of the bridge of Baltimore
& Ohio RR. across the Ohio River at Belpre, Ohio, to and through the city
of Cincinnati and through the States of Ohio, Indiana and Illinois to the
City of East St. Louis, Ill., a distance of 528 miles, together with branches
or divisions connecting with the main line, comprising an additional 154
miles, and 228 miles comprising the Springfield Division extending from
Shawneetown. Ill., to Beardstown, Ill., together with all extensions, lands,
buildings, appurtenances and other property, franchises, Ac., all as de­
scribed in the mortgage. This issue of bonds, constituting a closed mortgage.
Is thus outstanding at the rate of $49,450 per mile of first main track.
The bonds are not subject to redemption before July 1 1945. All or any
part of the bonds may be redeemed on July 1 1945 or any interest date there­
after on not less then three months' previous notice, upon payment of their
principal amount plus a premium of }$ % for each 6 months from the date
of redemption to the date of maturity. V. 120, p. 1743.
Pittsburgh Lake Erie A West Virainia System mtge. refunding 4% gold
bonds (authorized amount $75,000,000) are a lien on 1,629 miles (all tracks,
2,866 miles), forming a direct connection with Pittsburgh, Cleveland.
Fairport, Lorain and Sandusky, subject to underlying bonds outstanding
thereon (see table above). The unissued bonds are reserved to retire
underlying bonds. V. 74, p. 266; V. 79, p. 2793; V. 80, p. 1423; V. 86,
p. 479, 1528; V. 87, p. 36; V. 88, p. 451, 685; V. 105, p. 715.
Convertible 20-year 4}$s $63,250,000, dated March 1 1913, were
convertible into common stock up to Feb. 28 1923 at $110 per
share and redeemable beginning March 1 1923 at 102}$. These 4}$s are
secured by the new blanket mortgage below described pari passu with the
new bonds. See V. 96, p. 134, 200, 651, 715, 1088, 1421; V. 97. p. 727.
Schuylkill River East Side 4s. V. 77. p. 1745; V. 81, p. 727.
Refunding A General Mortgage of 1915 due Dec. 1 1995 (V. 101. p. 1884).
The Initial $60,000,000 5% bonds of this issue was brought out In Dec.
1915. See below;.also V. 101, p. 1884; V. 102, p. 975; V. 103. p. 1989.
On Dec. 31 1925 $10,000,000 Series “A", $24,250,000 Series "B,” and
$7,500,000 Series “C” bonds were pledged as collateral for long-term
debt and $3,360,000 Series “C” bonds were in treasury, insurance and sink­
ing unds. In June 1924 $35,000,000 Series “C” bonds were sold. V.
118, p 2703 In Jan 1926, $30,000,000 Series “D” bonds were sold V.
122, p. 606.
Security.—Secured on practically entire system, 5,084 miles of first track,
5.267 m. of 2d track and sidings, and equipment or interest therein, having in
1924 a net value of over $149,069,544. Also covers the passenger and
freight terminals in Philadelphia, Baltimore, Pittsburgh and Chicago and the
freight terminals on Staten Island, N. Y., in Cincinnati and Washington, as
well as one-half stock interest in the Washington Term. Co. and one-half
ownership of joint yards at Washington. A direct lien upon about 2,289 m.
of first track, and a lien, through deposit of bonds, and in most cases all, and
in no case less than 96% of stock, of the co. owning remaining mileage.
Reservation of Bonds.—The mortgage reserves bonds to retire about 1282,
000.000 prior liens on various parts of the system and the $63,250,000 con
vertible gold bonds [these last being secured by the new mortgage par
passu with the bonds issued thereunder] and provides for the reservation o

May, 1926.]

RAILROAD COMPANIES <
[For abbreviations, &c., see notes on page 81
t alt & Ohio (Concl)—
Equipment bonds Series A due $500,000 yearly GPxc*
do
due $432,000 s-a______________________
do
Series B due $543,000 ann________ __ _.e*
do
Series C due $558,000 annually. _GP.yc*
Morgantown & Kingwood Rfi equip tr notes______
Bethlehem Steel Co Eq “B”_____________________
Seaboard Air Line Eq "8”______________________
Leased Lines and Other Securities—
Hampshire So 1st M gold_______________________
< oal & Coke Ry., see text below
» & O Chic i erm RR—Ch & Gt W 1st M g ass’d-.vk
City of Chicago purchase money mtge assumed___
First mortgage $50,000,000 authorized............ ...... x
altlmore & Potomac—See Phila Balt & Wash.
Bangor and Aroostook RR—Com stock $3,860,000
Pref stock 7% cum red 110 $10,000,000 auth
First mortgage ($16,000 per mile) gold___ Q.xxc*
First mtge Piscataquis Div $1,500,000 g.. Q.xxc*
V Bur Ext 1st M $500,000 g (V 69, p 952)--O.xxc*
Aroostook Northern 1st M $225,000 gold..Q.xxc*
Consol refunding mtge $20,000,000 gold__ OB.xc*
Medford Ext 1st M $1,000,000 g(V84,p692)Us.xxc*
Washburn Ext 1st M g (V 90, p 848, 913) .Ce.c*xx&r
St John Riv Ext 1st M $1,800,000 guar.Ce.xxc*&r
Equipment trust Series G prior lien______________
Equipment trust Series H due $25,000 ann____ xxx
do
Series I due $36,000 annually
____ xxx
Amer Loco Co equip trust $31,500 annually_______
Guaranteed by Bangor & Aroostook
Nor Me Seaport 1st M guar p & i end__ Usm.c*&r
Van Buren B’ge 1st M g gu p&i end red text Usm.c*

n m p Also In treasury; n $2,536,000; m $168,000:

Date
Bonds
1923
1924
1925
1926
1920
1921
1920

Par
Value

Amount
Outstanding

Rate
%

When
Payable

$1,000 $6,500,000
1,000 8,208,000
1,000 7,602,000
1,000 8,370,000
1,734,000
375.000
164,736

5
• 434
4 34
434
6
6
6

J&D
M&N
M&N
F&A
J&J
J&D
J&D

1909

500

1886
1888
1910

1,000

1893
1899
1899
1897
1901
1907
1909
1909
1921
1923
1923
1924

1905
1914

Total railway operating expenses____________ $179,099,597 $172,752,632
Transportation ratio_________________________
35.62%
38.03%
Total operating ratio_________________________
75.40%
77.01%
Net revenue from railway operations___________ $58,447,343 $51,566,163

Total charges to net revenues_______________$15,413,256

$9,548,086
3,933,753

$13,481,839

Net railway operating income________________ $43,034,087 $38,084,324
Other income-------'------------------- ------- ----------6,237,801
5,657,290

Total income from all sources_________________ $49,271,888
Interest--------------------------$26,642,481
All other deductions________________________
1,835,899

To Dec 1 1938
Nov ’26-Nov’35
To May 1 1940
To Feb 1 1941
Jan 1935
Junel 1930
Dec '25-Dec '27

J&J July 1 1934
5.000
5
219,000
5 g J&D Junel 1936
M&N Mayl 1938
650,000
5
32,000,000 B&O RR A&O Apr 1 1960

Girard Trust Co, Phlla

New York
Guaranty Trust Co, N Y
Bankers Tr Co, N Y
Commercial Tr Co, Phila
N Y, Farm L & Tr Co

B & O RR Co, N Y
To City of Chicago
Checks mailed
do
Brown Bros & Co. N Y
do
do
do
do
Guaranty Trust Co, NY
Lee. Higginson & Co, Bos
Brown Bros & Co, N Y
do
do
do
do
First Nat Bk, Bangor, Me
First Nat Bk,Bangor,Me
First Nat Bk,Bangor .Me

Brown Bros & Co, N Y
do
do

000.

Total railway operating revenues____________ $237,546,940 $224,318,795
Maintenance of way and structures_____________ $28,440,416 $26,638,363
Maintenance of equipment___________________
53,206,661 48,659,504
Traffic_____________________________________
4,551,082
4,242,473
Transportation______________________________ 84,621,877 85,313,755
General____________________________________
6,210,388
6,169,512
Miscellaneous___ ______
2,069,173
1,729,025

Taxes--------------------------------------------------------- $10,064,868
Equipment and joint facility rents____________
5,348,388

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

50 3,860.000 See text Q—J Apr 1 1926 134
100 3,480,000
7
Q—J Apr 1 1926 1%
1,000 3,360,000
5 g J&J Jan 1 1943
5 g A&O Jan 1 1943
1,000 1,500,000
1,000
500.000
5 g A&O Jan 1 1943
1,000
225.000
5 g A&O Oct 1 1947
1.000 n6,331,000
4 g J&J July 1 1951
5 g M&N Mayl 1937
1,000
1,000,000
1,000 Pl,618,000
5 g F&A Aug 1 1939
F&A Aug 1 1939
1,000 ml.632,000
5
J&J To Jan 1 1936
100,000
7
1,000
175,000
534 g J&J To Jan 15 1933
1.000
252,000
534 M&N To May 1 1933
94,500
To Dec 23 1928
6
1,000
1,000 4,743,000
5 g A&O Apr 1 1936
171,000
6 g M&S Sept 1 1934
1,000

bonds for construction, improvements, new equipment and the acquisitlr n,
directly or indirectly of properties and securities. The right is reserved to
refund the Prior Lien 334 s into 1st M. 4s of 1898 due 1948. and to extent
the due date of the S W. Div. 3Hs to date not later than July 1 1950.
The authorized Issue is limited to an amount which, together with all ihe
prior debts of the Railroad Co., after deducting therefrom the bonds rt
served under the provisions of the mortgage to retire prior debts at maturltj
shall not exceed 3 times the then outstanding capital stock, with the adds
tional limitation that when the aggregate amount of the bonds outstanding
and the bonds reserved to retire prior debts shall be $600,000,000, no addi­
tional amount of bonds shall thereafter be Issued, except the bonds so rt
served to retire prior debt, without the further consent of the stockholder
of the railroad company. and such additional bonds may be Issued only t<
an amount not exceeding 80% of cost of work done or property acquired
Toledo-Cincinnati Div Bonds.—In July 1917, following foreclosure
sales. 391 miles of the former Cincinnati Hamilton & Dayton Ry Systen
was reorganized per plan in V. 102, p. 1059; V. 105, p, 716, 908, as thi
Toledo & Cincinnati RR. Co., whose outstanding securities ($5,600,001
capital stock, $16,258,560 First & Ref. Mtge. bonds and $20,000,000 Ad
lustment & Improvement, bonds) were then acquired bv the B. * O RR
The bonds are a first collateral lien on 36 miles (Hamilton to Middletown,
Ohio, 13 m.; Tontogany to North Baltimore, Ohio, 19 m.; Hamilton to
West Hamilton, Ohio, 3 m.); second collateral lien on 12 miles (Troy to
Piqua, Ohio, 9 m.; West Dayton to National Soldiers Home, Ohio, 3 m.);
third collateral lien on 205 miles .(Cincinnati to Dayton and Wellston,
Ohio, 187 m.; Deshler to Findlay, Ohio, 18 m.); a fourth collateral lien on
141 miles, Dayton to Toledo, Ohio. Total, 394 miles.
The B&O. RR. having acquired all the securities issued by the Toiedc
& Cincinnati RR.. made a deed of trust covering the same to secure not
exceeding $35,000,000 collateral bonds, which are intended ultimately tr
be made as far as possible a direct lien on this division. Of these new B &
O. bonds, $11,250,600 of 4% and $6,000,000 of 6% were issued forthwith
under the plan. In addition, $2,447,000 Series “C” bonds have been
issued for capital expenditures. The remainder were reserved to retire at
maturity or earlier the bonds undisturbed by the plan as shown in table
above, or for acquisition of underlying stocks, branch lines, branch line
bonds, aid for refunding additions and betterments, or to acquire First &
Ref. Mtge. bonds ®f new company issued therefor. V. 105, p. 2364.
The $35,000,000 6% Secured Bonds dated July 1 1919 have as se‘
curity: $6,065,000 Reading Co First Pref. stock; $14,265 000 Reading ('n
Second Pref. stock; $i0,002,500 Reading Co Common stock; $15,000,000
B. & O. Ref. & Gen. Mtge. 6% bonds, Series “B," $2,000,000, 8erle«
“A” and $7,500,000 Series “C,” due Dec. 1 1995. The trust indenture
provides that the aggregate value of the collateral deposited shall always
be maintained at least equal to 125% of bonds outstanding. V, 108.
p. 2628; V. 109, p. 71.
The trust Indenture provides that the company in each year, beginnkui
July 1 1919. after providing for its fixed charges, will set aside out of net
Income accruing after that date, not less than $3,500,000 p. ann. until a
total of $17,500,000 has been set aside, such sums to be used, from time to
time, solely for capital expenditur » theretofore made, to pay loans Incurred
or maturing funded obligations. Moneys set aside in any year in excess of
$3 500,000 may be credited against moneys required to be set aside lr
subsequent years. Balance of total set aside in 1923. V. 108, p. 2628.
EQUIPMENT BONDS.—Equipment trusts of 1917, V. 104, p. 1386
Equip, trusts of 1922, V. 115, p. 434. Equip, trusts of 1923, V. 116, p. 175.
Equipment trusts. Series A, V. 117, p. 2431. Equip, trusts of 1924, V. 119,
p. 1623. Equipment trusts, Series B, V. 120, p. 2265. Series C, V. 122,
p. 345.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, d. 737; V. 118, p. 549.
REPORT.—For 1925, in V. 122, p. 1327, showed:
1925.
1924.
Revenue from freight transportation_________ $193,558,361 $180,179,357
Revenue from passenger transportation_______ 27,904,665
29,047,718
Rev. from mail, express & other transp. service.. 16,083,914
15,091,720

$43,741,614
$25,141,409
2,280,515

Total deductions______ _________ _________ $28,478,380

$27,421,924

Bal. avail, for divs. and other corp, purposes___ $20,793,508

$16,319,690




17

RAILWAY STOCKS AND BONDS

Dividends declared were: Preferred stock (4 %). .
Common stock (5%)________ _________ ____

1925.
$2.354,527
7,597,270

1924.
$2.354,527
7,597,337

Total dividends__________________________

$9,951,797

$9,951,864

Leaving a surplus of_________________________ $10,841,711
$6,367,826
For latest earnings see “Railway Earnings Section” (issued monthly).
OFFICERS.—Daniel Willard, Pres.; Geo. M. Shriver, F. C. Batchelder
C. W. Galloway, Archibald Fries, V.-Pres.; C. W. Woolford, Sec.; E. M.
Pev^rpux. Treas.
DIRECTORS.— R. Brent Keyser, Robert Garrett, John J. Cornwell
and George M. Shriver, Baltimore: F. H. Rawson, Chicago: Paul M.
Warburg, Delos W. Cooke, John R. Morron, John F. Stevens, Henry
Ruhlender, New York; Joseph E. Widener, Philadelphia; Newton D.
Baker, Cleveland. Offices, Baltimore. Md. and 2 Wall St.. New York.
V.— 122, p. 2646.
BALTIMORE & OHIO CHICAGO TERMINAL RR.—Property con­
sists of passenger and freight terminals in city of Chicago, lines of railway
leading thereto and a belt line around the city; also 760 acres of land in
and adjacent to the city, of which 50 acres are in the centre of the business
district; also includes 7,500 ft. of dock property on Chicago River. Total
track operated, 300 miles, of which 250.56 is owned, 91.46 of the latter
being first track. Total first track including trackage, 80.79 miles.
HISTORY.—Successor to Chicago Terminal Transfer RR., forclosed in
1910. V. 90, p. 166. 108. 235, 625. Stock, $8,000,000, all owned by B. & O.
TENANTS.—Balt. & Ohio, Chicago, Great Western, Chicago Hammond
& Western Ry. (Indiana Harbor Belt), Suburban RR., Chicago, Terre
Haute & Southeastern (Chic., Milw. & St. Paul RR.), (Chicago & West
Towns), Pere Marquette, Wabash Ry. and Minneapolis, St. Paul & Sault
Ste. Marie. V. 77, p. 948, 2158: V. 79, p. 901; V. 96, p. 486. Total mini­
mum rentals from tenants: Joint facility rent income. $1,281,313; income
from lease of road, $502,223; $502,223; total, $1,783,535. V. 79, p. 2084.
BONDS.—Of the 1st M. bonds of 1910, the $32,000,000 outstanding are
owned by B. & O. RR. and pledged under its mtge. V. 90, p. 1295.
EARNINGS.—For 1925, railway oper. rev., $3,609,954: net oper. inc.,
$94,165; other income, $1,859,785; interest, rentals, &c., $1,953,950.
For latest earnings, see “Railway Earnings Section” (issued monthly).
BANGOR AND AROOSTOOK RR. CO.—(Sec Map.)—Stockton
Harbor, Me., to Van Buren, with branches; Dec. 31 1925, 615.52 miles
second track, 30.29 miles; spurs, 34.11 miles; yard tracks and sidings
189.10 miles; owned but not operated, 8.85 miles.
The I.-S. C. Commission has placed a final valuation of $21,030,000 on
the owned and used properties and $3,850,084 on the used but not owned
properties of the company, as of June 30 1916.
ORGANIZATION.—Incorporated under laws of Maine Feb. 13 1891
and under its charter it constructed its railroad from Brownville to Caribou
with branches to Fort Fairfield and Ashland (1891 to 1895), with extension
Caribou to Van Buren (1899). During the same period it acquired the
Bangor & Piscataquis RR., Old Town to Greenville, and Bangor & Katahdin
iron Works Ry., Milo (Derby) to Katahdin Iron Works. It also acquired
by purchase the Patten & Sherman RR., Patten to Sherman, and Aroostook
Northern RR., Caribou to Limestone, both of which railroads had been
organized and constructed independently of this company.
It has since constructed as extension or by separate organization with
later acquisition: Fish River RR., Ashland to Fort Kent (1902); Northern
Maine Seaport RR., South Lagrange to Searsport (1904); Schoodic Stream
RR., to the paper mills at East Millinocket (1906); Medford Extension,
South Lagrange to Packard via Medford (1907); St. John River Extension,
Van Buren to St. Francis (1909-1910); Washburn Extension, Squa Pan to
Stockholm, via Washburn with branch, Mapleton to Presque Isle (19091910), and extension to Van Buren Bridge (1915).
Owns all of the capital stock of Van Buren Bridge Co. which connects its
system with Canadian National Railways by international bridge between
Van Buren, Me., and St. Leonard, Province of New Brunswick, Canada.
It also owns all the capital stock (except two directors’ qualifying shares)
of the Northern Telegraph Co. On Dec. 31 1925 the company and the
Van Buren Bridge Co. owned practically all of the stock of the Bangor
Investment Co.
STOCK.—The stockholders on Nov. 14 1924 approved a change in the
par value of the common stock from $100 to $50, each stockholder receiving
two shares of $50 par value stock for each share of $100 par value, thus
increasing the number of shares from 38,600 to 77,200. Each share of $50
par value entitled to one-half vote. V. 119, p. 2405, 2642.
DIV.—m
f '06. '07-T2. '13. T4. '15. T6.' 17. '18-’22. '23. '24. '25.
Common %----- ( 2 4 yrly. 3 334 3
3
5 4 yrly. 434 534 6
Preferred %___ [------------- First authorized in 1917________ 7 yearly.
Paid on common in 1926: Jan., 134%: April, 134%.
BONDS, &c.—Piscataquis Div. 5s, see V. 67, p. 1159; V. 68, p. 84, 329
Of the Consol. Ref. 4s, $12,500,000 were reserved to pay off outstanding
bonds, including those of controlled roads, oar trusts and pref. stock.and to
acquire such controlled roads; $3,000,000 for improvements over a series
of years and $4,500,000 for extensions at $25 000 per mile, including equip­
ment. V. 73, P- 286, 896; V. 74, p. 93- All the 2d M. bonds were retired
In 1918, leaving the 4s a second lien on main line and a first lieD on several
branches. V. 108, p. 2235. The Northern Maine Seaport bonds ($5,000.000 auth.). V. 81, p. 265; V. 82, p. 392; V. 84. p. 391, 692; form of guar..
V. 81, p. 727. Van Buren Bridge Co bonds are callable at 110 and int
There are besides $171,000 outstanding, $59,000 in sinking fund and $20,000
in company’s treasury. V. 100, p. 311; V. 109, p. 1460.
Tbe St. John River Extension 1st 5s of 1909 ($1,800,000 auth. issue),
guaranteed, prin. & int., were issued at $30,000 per mile. V. 93, p. 939.
Equipment trusts Series “H,” V. 116, p. 175: Series “I.” V. 117, p. 2768.
Series “G,” prior lien equipment trusts are due $8,000 annually for 5 years
and $10,000 annually for 10 years. There have also been issued $84,000
Series "G” deferred lien equipment trusts all pledged as collateral for
notes of like amount.

18




RAILWAY STOCKS AND BONDS

[Vol. 122.

May, 1926.]

19

RAILWAY STOCKS AND BONDS

RATLROAD COMPANIES
IFor abbreviations, &c.. see notes on page 8]

Bath & Hammondsport—First mtge Ext gold____ z
Second mortgage red 105_______________ -__ z
Bay of Ouinte Ry—See Canadian Northern Ry.
Beech Creek—Stock (guar 4% by endorsement)----First mtge gold guar p & 1 (endorsed)..Col.xc&r
Second M for $1.00.000 « guar p & I (end).Un.xc&r
Beech Creek Exten—1st M $4,500,000 g gu p&iG.xc*
Beech Creek consol M $20.000,000 g gu p&l.G.c*&r
Belt Line R.v, Montgomery—1st M gold $300,000 -X
Belt RR & Stock Yds, Ind—Stock auth $3,000,000-Preferred stock cumulative.. ____________ .
1st refunding mtge $1,000,000 gold- .. —...-_xc*
Belt Ry of Chattanooga—1st mtge gold-.MeBa.xc*
Belvidere Delaware—Stock $4,000,000-------- ------1875 $4,000,000(guar by United Co’s sk fd-. ..xr
(guar by United Co’s sk fd___ xc*
Bennettsville & Cheraw—1st M $150,000 g.MeBa
Bessemer & Lake Erie—
Bessemer equipment trust due $110,000 yearly—xx
Meadville eq tr due $55,000 yrly__________ ____ xx
Albion eq tr due $75,000 ann to ’32; $1 OO.OOOin ’33&’34
Euclid equip trust due $250,000 yrly__________ xx
Girard equip trust due $240,000 yrly_______ ______
Osgood equip trust due $90,000 yrly. . . _______
Birmingham Belt—See St Louis-San Francisco.
Birmingham Terminal—1st M $3,000,000 gold gu.x
Bloombsurg & Sullivan RR—1st M ------ —FPx
Second mortgage income non-cum $200,000 . FPx
Boonville Bridge—See Missouri Kan & Texas Ry.
Boonville St L & South Ry—IstM g red 107)4 Eq
Boston & Albany—Stock ($25,000,000 authorized) .
Bonds (not mortgage) guaranteed prin and int..zc
Bonds (not M) $1,000.000 (V 71,p 1218;V 72,p44).z
Impt bds (not mtge) gup&i_____ _____________ z
Impt bonds (not mtge) $1,000,000 guar p & i____ z
do
do
$2,015,000 guar p & i— zc*&r
Bonds (not mtge) $3,627,000 guar p & I___ zc*&r*
Bonds $1,000,000 guar p & i (V 105, P 715)--.c*&r
Equipment trust obligations—See N Y Central RR.

Miles Date
Road Bonds

10 1889
10 1893

Par
Value

$1,000
1,000

Amount
Outstanding

Rate

$100,000
200,000

6g
5

%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

J&D Junel 1929
A&O Apr 1 1943

4
6,000.000
5,000.000
4g
1.000.000
5g
3.500.000
3)4 g
3,964,000
4g
245.000
5g
3,000.000 See text
500.000
6
1,000.000
4g
300,000
5
1.253,000 See text
4
600.000
848.000
3)4
101,000
5g

Q—J Oct 1 1923 1% Grand Cent Term. N Y
J&J July 1 1936
do
do
J&J July 1 1936
do
do
A&O Apr 1 1951
Grand Cent Term, N Y
A&O Apr 1 1955
do
do
& J July 1 1941
Safe Dep & Tr Co, Balt
Q—J Apr 1 1926 2% Co’s office, Indianapolis
do
do
Q—J Apr 1 1926 1)4
M&N Mayl 1939
Nat City Bank, N Y
J&J July 1 1945
Mercantile Tr & D, Balt
yearly See text
Penn RR Oo. Phila
F&A Feb 1 1927
do
do
do and New York
J&J Jan 1 1943
J&J Jan 1 1941
Merc Tr & Dep Oo, Balt

80 1887
80 1903
45 1911

50
1,000
1.000
l.OOO&c
l.OOO&c
1,000
5o
50
1,000
1,000
50
1,000
1,000
1,000

1907
1911
1912
1914
1916
1920

1,000
1,000
1,000
1,000
1,000
1,000

110,000
275.000
650,000
2.000.000
1 680.000
1,080,000

5
5
5
5
5
6

M&S
M&S
J&D
J&J
M&N
F&A

5.9 1907
29 1898
29 1898

1,000
100 &c
100 &c

1,940.000
242.000
199.600

4g
5
5

M&S Mar 1 1957
J&J Jan 1 1928
J&J Jan 1 1928

1,000
250.000
44 1917
100 25.000.000
393
1,000 3.858.000
1902
1,000 1.000.000
1901
1,000 13,500.000
’08-’10
1,000 1,000,000
1912
1,000 2,015,000
1913
1913 1,000 &c 3,627,000
1917 1,000 &c 1,000,000

5g
8M
3)4
3)4
4
4)4
5
5
5

F&A
Q—M
A&O
J&J
M&N
J&J
J&J
A&O
J&D

163
163
163
56
135

1886
1892
1901
1906
1911

1909
49 1895

50 Church St, New York
do
do

Mar 1927
Home Tr Co, Hobok.NJ
Mar 1927-1931
do
do
do
do
June 1927-1934
To July 1933
do
do
Union Tr Co, Pitts. Pa
To Nov 1932
do
do
To Feb 1 1938
Equitable Trust Co, N Y
Fidelity Trust Co, Phila
Reg Bl’msb’gh, wh earn

Aug 1 1951
Trustees’ office, Toledo
See text
Office, Term Sta, Boston
Apr 1 1952
do
do
Jan 1 1951
do
d
do
do
May 1 ’33-34-35
do
do
July 1 1937
July 1 1938
do
do
Oct 1 1963
do
do
do
do
June 1 1942

1921, 9%; 1922, 6%; 1923, 5^%; 1924, 6%. Bond sinking fund. $3,000
yearly. $49,000 bonds held in sinking fund.—V. 92, p. 116
Pres., J. J. Heckart; Gen. Mgr., J. I. McLain.—V. 113, p. 1154.
EARNINGS.—For 1924, gross revenue. $113,867: net oner inc., $33,878;
other inc., $1,300; int., rentals, etc., $26,288; divs., $15,000; def., $6,110.
BESSEMER & LAKE ERIE RR.—Kremis to Osgood (K. O. Junction)
$6,862,488 $6,924,115 $6,769,802 $7,436,969 Pa.,
8.81 miles: leased (Pittsb. Bess. & L. E. RR. Co., 176.40 miles;
Maint. of way & struc„ 1,268,914
1,399,771 Meadville
1,217,016
1,241,658
Conneaut Lake* Linesville RR. Co., 21.61 miles), 198.01 miles;
M aintenance of equip__
1,620,212 total, 206.82
1,586,408
1,432,680
1,410,353
miles; trackage (N. Y. Chic. & St. L. RR., Cascade to Wallace
Traffic_______________
49,452
57,353
51,005
50,125
Pa., 12.20 miles; Baltimore & Ohio RR., Pittsburgh Junction to
Transportation________ 1,888,222
2,179,791 Junction,
1,980,447
2,115.696
Junction, Pa., 0.97 miles), 13.17 miles; total operated Dec. 31
General & miscellaneous
253,367 Standard
292,224
241,413
266,494
1925, 219.99 miles. Second track (owned), 8.05 miles (leased), '34.66
Transp. for invest. (Cr.)
915 miles:
3,199
1,450
2,678
total, 142.71 miles. Branches and spurs (owned), 0.29 miles: Ceased).
miles, total 31 99 miles. Yard tracks and sidings ( owned), 8.62
$1,948,621 $1,825,076 $1,690,027 $1,935,291 31.70
miles:
(leased) 187.00 miles: trackage, 4.86 miles: total. 200 48 naiies. In
Tax accruals & uncollec.
537,695 addition
572,440
531,684
519,946
the Bessemer & Lake Erie RR Oo. leases the following from the
Pltte. Bess. & L. E. RR. Co., and in turn subleases to the Union RR.,
Railway oper. income. $1,376,181 $1,305,130 $1,158,343 $1,397,596 reserving
trackage rights for passenger trains, 8.04 miles from North
Hire of equipment_____ Cr.327,196 Cr .434,398 Cr.507,759 Cr.254,231 Bessemer to
Pittsburgh. Pa., 8.04 miles of second track, and 87.96
Other income_________
61,578 miles of yard East
71,623
Dr .4,348
66,454
tracks and sidings; gauge 4 ft. 8)$ in.; rail, 136 lbs.
The I.-S. C. Commission has placed a tentative valuation of $36,501,288
Gross income_______ $1.775,000 $1,805,983 $1,661,754 $1,713,406
Interest on funded debt. 1,031,651
1,042,719
1,031,335 on the property of the company as of June 30 1916.
1,045.175
Int. on unfunded debt..
821
11,113
6,118
11,346
Stock auth., $500,000. Dividends paid: In 1904, 100%; 1905, 50%; 1906,
Miscellaneous charges. .
11,387
23,238
11.906
3,480 10%: 1909. 200%: 1910, 150%: 1911. 150%: 1912. 200%: 1913. 200%;
Amort, of disc. op. fd. dt
2,216
3,474
1,106
1914. 275%: 1915 and 1916, 150%; 1917, 100%: 1918, 190%: 1919, 150%.
Preferred dividend____
304,500 1920, 200%; 1921, 150%; 1922, 200%; 1923, 200%; 1924, 250%. Con­
243.600
243.600
243.600
Common dividend____
154.400 trolled by U. S. Steel Corp. Guaranty on Marquette & Bessemer Dock &
231,600
221,950
221,950
Navigation bonds, V. 77, p. 1228; V. 76. p. 1358; V. 82, p. 160.
Balance, surplus____
#248,428
#257,200
$129,360
$218,868
For year ending Dec. 31 1924, gross, $14,506,820; net, $2,242,725; other
For latest earnings, see “Railway Earnings Section” (issued monthly).
Income, $1,000,571; interest, rentals, &c., $998,552; income applied to
OFFICERS.—Chairman of Exec. Comm., John Henry Hammond: Pres.. sinking and other reserve funds, Cr.$558,150: dividends, $1,250,000;
Percy R. Todd; V.-Pres., James Brown and Frank C. Wright: Treas., surplus, $1,552,864. For latest earnings see “Railway Earnings Section”
Wingate F. Cram; Gen. Mgr., W. K. Hallett; Gen. Counsel, Henry J. Hart, (issued monthly). President, J. H. Reed.—(V. 119, p. 454.)
Office, Bangor, Me.—V. 122, p. 2324.
BIRMINGHAM & NORTHWESTERN RY.—Jackson, Tenn., north­
BATH & HAMMONDSPORT RR.—Bath, N. Y., to Hammondsport, westerly to Dyersburg, 49 miles. The I.-S. O. Commission in Mar. 1922
N. Y., 10 miles. Control acquired by Erie RR. in 1908 and leased by that authorized the company to issue $400,000 1st Mtge. 6% bonds, due Mar. 1
road in 1922. V. 114, p. 197. Stock, $190,000. 1st Mt. 5s ($100,000) 1927, for the purpose of refunding or retiring an equal amount of 1st Mtge.
due June 1 1919, were extended at 6% to June 1 1929. 2d mtge. 5s were bonds maturing Mar. 1 1922. The new bonds are dated Mar. 1 1922 and
extended to April 1 1943. V. 116, p. 2128.
mature Mar. 1 1927. V. 114, p. 1061.
The I.-S. C. Commission has placed a final valuation of $722,847 on the
BEECH CREEK RR.—(See Maps New York Central Lines.)—ROAD.
Jersey Shore, Pennsylvania, to Mahaffey, 112 m.; branches to Phillipsburg, owned and usedproperty of the company as of June 30, 1917.
Pres., I. B. Tigrett; Vice-Pres., C. W. McNear; Sec., R. F. Spraglns;
to mines, &c., 52 rn.; total, 163 miles. Leased in 1890 to N. Y. Central &
H. R. RR. for 999 years at int. on bonds and 4% on stock. V. 68, p. Treas., J. E. Edenton. Office, Jackson, Tenn.—(V. 121, p. 69.)
872. Carries mostly coal and coke. See guaranty, V. 52, p. 570. The
& SOUTHEASTERN RR.—The I.-S. O. Commission
bonds are endorsed with N. Y. Central’s guaranty of prin. & int. See onBIRMINGHAM
Dec. 23, 1924 issued a certificate authorizing the Birmingham & South­
V. 52, p. 570. Assumed by N. Y. Central on consolidation, Dec. 23 1914, eastern
RR. to acquire and operate the line of railroad of the railway com­
Guarantees interest on $545,000 Clearfield Bituminous Coal 1st 4s. due pany extending
from Union Springs to Eclectic, a distance of 46.89 miles,
Jan. 1 1940.—(V. 106, p. 497 '
all in the State of Alabama. The Commission on Dec. 20 authorized the
BEECH CREEK EXTENSION RR.—(See Maps N. Y. Central Lines.) company to issue $300,000 capital stock in connection with the acquisition.
—Clearfield, Pa., to Keating, 52.14 m.; Curry to Curwensville, 15.77 m.: (For plan of readjustment of Birmingham & Southeastern Ry. see V. 120,
Dimeling to Irvona, 26.76 m.; Mahaffey to Arcadia, 13.67 m.; branches. p. 205. 698, 826.)
27.02 miles; total, 135.36 miles. A low-grade coal line, leased to N. Y
BIRMINGHAM TERMINAL.—Owns passenger terminals at Birm­
Central & H. R. RR. (which owns entire $5,179,000 stock and $3,964,000
Ala. The I.-S. C. Commission has placed a tentative valuation of
consol. 4s) for 999 years from June 1 1905, bonds being guar., p. & i. Of the ingham,
$1,560,800
on the property of the company, as of June 30 1916. Stock all
consols., $3,500,000 is reserved to retire, $ for $, old bonds. V. 80, p. 1174. owned by the
Illinois Central, Southern Ry., Seaboard Air Line, Central of
1479; V. 81, p. 30; form of guaranty, V. 82, p. 1267. Assumed by N. Y
Georgia, St. Louis & San Francisco and Alabama Great Southern, which
Central on consolidation, Dec. 23 1914.—(V. 82, p. 1267.)
lease the property and pay all expenses, charges and 4% dividends on the
BELT LINE RY. OF MONTGOMERY.—Owns real estate and a belt line stoc.. and jointly guarantee the bonds. Of the bonds ($3,008,000 au­
ln Montgomery, Ala., about 2 miles of track on Tallapoosa, Bell, Perry and thorized), $1,060,000 are reserved for additional properties. V. 83, p.
Columbus streets. Atlantic Coast Line RR. pays an annual rental equal to 1227; V. 85, p. 404. Guaranty, V. 90, p. 848.—(V. 122, p. 1306.)
bond interest and difference between taxes, insurance and cost of operation
BLOOMSBURG & SULLIVAN RR.—Owns Bloomsburg to Jamison
and gross earnings from others than the Atlantic Coast Line. Atlantic Olty,
29 miles. Stock is $600,000; par, $50- V. 66. p. 80. 952.
Coast Line RR. owns entire issue of $200,000 stock, par $100. V. 92. 0. —(V. Pa..
122, p. 1758.)
1242; V 93, p. 43 —(V. 93. p. 43.)
BOONVILLE
ST. LOUIS & SOUTHERN RY.—Boonville to VerBELT RAILROAD & STOCK YARDS OF INDIANAPOLIS.—Owns
allies, Mo., 44 miles. Stock auth., $1,000,000; outstanding. $250,000
14 miles of belt road, &c. Leased for 999 years to Ind Union—which see. ,owned
by
Missouri
Pacific RR. Co.); par, $125.*
DIVS.—Com I 13.’14. T5. 16. ’17. ’18. ’19. ’20. ’21 ’22. ’23. ’24. ’25.
Lease.—Operated by Mo. Pac. RR. Oo. under new lease, dated Aug. 1
Cal. yrs., cash! 13 14 18 20 16 18 11 11 8
7 11
10 9
1917, and running until Aug. 1 1955. Consideration, payment of main­
Also stock.__ l_.33 1-3__ .. ._ __ __ 50
_
_
__
_ ___
tenance expenses, taxes and an annual rental of $12,500, being the interest
Paid in 1926: Jan., 2%; April, 2%.
Mortgage trustee, Union Trust Co., Indianapolis. V. 89, p. 40; V. 92, on the new outstanding bonds plus $30 annually to corporate trustee.
Pres., S. E. Rauh, Indianapolis, Ind.—(V. 102, p. 1249; V. 106, p. 394.)
Under financial readjustment in Feb. 1918 the holders of the $500,000
BELT RAILWAY (OF CHATTANOOGA).—Owns 49 miles of belt 1st mtge. bonds of 1911 (coupon of Feb. 1916 unpaid) were offered In
exchange pro rata $250,000 new First Mtge. 5% gold bonds of Boonville
railroad ln Chattanooga, Tenn. V. 67. p. 72.
Leased till July 1 1945 to The Alabama Great Southern RR. Co.; rental Oo. under new mtge., dated Aug. 1 1917, payable Aug. 1 1951: and also
guaranteed to meet interest on $300,000 1st Mtge. 5%bonds and $24,000 $250,000 pref. stock v. t. c. of Missouri Pacific RR. Co., together with a
2d Mtge. 4% bonds, taxes and maintenance. STOCK, $300,000, owned cash adjustment of $50,000, equal to the defaulted interest. Trustees, the
by The Ala. Great So. RR. Co. Bonds are tax-free, due 1945; red. at par. Spitzer Rorlck Trust & Sav. Bank, Toledo, Ohio, and Lewis O. Nelson.
Pres., L. W. Baldwin; Treas., F. M. Hickman; Sec., F. W. Irland, St.
BELVIDERE DELAWARE RR.—Owns from Trenton, N. J., to Ma
Louis, Mo.—(V. 95, p. 968.)
nunka Chuuk, N. J., 67 miles; branches, 13 miles; total operated, 80 miles
Leased to United Companies, and, March 7 1876, transferred to Penn. RR.
BOSTON & ALBANY RR.—Owns Boston, Mass., to Albany, N. Y„
which owns $244,600 of the stock. Net earnings paid as rental.
199 miles; branches, 107 m.; leased lines, 90 m.: total, 393 miles.
Leased in 1900 for 99 years to the New York Central & Hudson River RR.
Dividends.—1897 to 1905, 5% yearly; 1906 to 1911, 10% yearly; 1912.
for guaranteed rental of 8% per annum on the $25,000,000 stock, payable
7%: 1913. 6%; 1914, none; 1915 to 1922, 4% yearly; 1923-1925. 6%.
(Mar. 31, &c.), organization expenses, interest on bonds, taxes,
BONDS.—All of the outstanding bonds are secured by the consolidated quarterly
of maintenance, &c. The B. & A. received for certain property
mortgage of 1875 for $4,000,000; sinking fund, 1% of outstanding bonds if expenses
not
included
In the lease $5,500,000 in N. Y. Central 3 )£ % 100-year deben­
earned. The issues of 1887 and 1903 are guaranteed by the United tures, thus adding
.77% per annum to 8% guaranteed on stock. See lease
New Jersey RR. & Canal Oo. Guaranty, V. 76, p. 918.
in V. 69, p. 282, 1061, 1102, 1246; V. 70, p. 74; V. 71. p. 645 , 963; V. 107.
EARNINGS.—ln 1925, gross income, $559,556; deductions, $107,620; p. 1918. Lease assumed by N. Y. Central RR. Dec. 23 1914.
dividends paid (6%). $75,180: bal., sur., $376,757.—(V. 121. p. 1097.)
BONDS.—The $13,500,000 25-year 4% impt. bonds are guar. prin. and
BENNETTSVILLE & CHERAW RR.—Owns Kollocks. 8. O.. on Sea­ tnt. by New York Central & Hudson River RR. No mortgages can be
board Air Line, via Bennettsville and Brownsville, to Sellers on Atlantic placed on the property without jointly including the bonds in the lien.
Coast Line, 45 miles. In Sept. 1921 was authorized to abandon 10.44 miles V. 86, p. 1099; V. 89, p. 102; V. 91, p. 396. V. 94, p. 277, 1055, 1316, 1625.
of Its lines. V. 113, p. 1154. Stock. $250,000. Dividends in 1912. 6%; The 4% bonds mature $7,000,000 in 1933, $4,500,000 in 1934 and $2,000,1913, 3%; 1914 and 1915, 5%; 1916, 9%; 1917-18 (7); 1919 and 1920 6%; 000 in 1935. V. 96, p. 553, 651, 946, 1365. 1489, 1838; V. 97, p. 1838.
REPORT.—For 1925 in V. 122, p 1909, showed:
1925.
1924.
1923.
Freight revenue_______ $5,867,703 $5,831,831 $5,589,827
Passenger revenue____
694.413
788,445
884,634
Mail, express, &c_____
300,372
303,839
295,341




1922.
$6,252,789
897,557
286,623

20

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8)
Boston & Lowell—Bonds—See Boston & Maine RR b
Boston & Maine—Common stock________ •_____
First Pref Cum stock, all same priority $50,817,900,
“A” (for Fitchburg preferred 5% stock)_______
“B” (for B & L and L & A 8% stock_________
"C” (for Concord & Montreal stock) 7% stock-“D” (for Conn Riv M & L and L & A 10% stock)
"E” (for K&K4>$% stk. See opt, V 107, p 1918)
Old Pref stock non-cum (see text)________________
New 7% prior preference stock—see text
Mortgage gold bonds__________________ OB.c*&r*
New First & Ref M (sec equally all issues of merged
Series C_____________________ -_______________
Series D____________________________________
Series F____________________________________
Series G____________________________________
Series H____________________________________
Series I______ *____________________________
Series J_____ __________ ____________________
Series K____________________________________
Series L____________________________________
Series N____________________________________
Series O____________________________________
Equipment gold notes, due $454,200 annually___ G
Equipment gold cert, due $121,000 annualiy_c*&r
do
do
due $141.000 annually_______
Bonds of Merged Properties Assumed—
Improvement bonds s f not subject to call_________ z
Bi nds for improve rent & ref_________________ zc&r
Bonds gold__________________________ :____ -.zc&rBonds exchanged for Fitchburg stock (V 70, p 175)-z
Bonds 20-year________________________________ z
Bonds cur________________________________ zc&r
Bonds $12,000,000_________________________ zc&r
Porfcsm Gr Falls & Con 1st M assum_____________ z
Worcestsr Nashua & Roch first mortgage equally!
secured ($735,000 due 1930 and $150,000 1935)z(

Miles Date
Road Bonds

Par
Vaiue

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

elow.

$100 $39,505,100
not pr eferred as to as sets—
100 18.860,000 See text
100 7.648.800 See text
100 7.917,100 See text
100 4,327,000 See text
100
65,000 See text
100 3.149.800 See text

1,651
cos---

1923

1,000

3,991,000

6g

1920
1920
1920
1920
1920
1921
1921
1922
1922
1924
1924
1920
1922
1923

10.273,000
15.677,000
3,842,000
1.212,500
5.443,979
609,000
3,049,000
5,000,000
1,030.000
1.106,000
5.894.000
4,087,800
100 &c 1,452,000
1.692.000

6
6
6
6
6
7g
6
6
6

1887
1892
1894
1900
1905
1906
1909
1877
Var.
1894

1,000 1,919,000
.,000 &c 2.500,000
1,000 6,000.000
1,000 5,454,000
1,000
500,000
l.OOO&c 10,000,000
l.OOO&c 11,700,000
500 &c 1,000,000
1,000
885,000
1,000
380,000

July 1 ’20, 2%
J’lyl’20,3.20%
J’lyl’20,2.80%
J’ly l’2O, 4%
J’lyl’20.1.80%
Septi 1920 2%

J

&

M &
J &
A &

J & J
5>$ g F &
6

J Jan 1 1933

Boston

Jan 1 1929
Jan 1 1929
Junel 1930
Jan 1 1929
Nov 1 1930
Jan 1 1931
Oct 1931
Junel 1935
Jan 1 1929
Jan 1 1929
Jan 1 1934
To Jan 15 1935
To Aug 1 1937 Boston
To June 1 1938 First Nat Bank, Boston

F &
4
Feb 1
F &
4
Aug 1
&
Jan 1
414 g
&
Jul 1
3g
&
34$
Feb 2
M &
4
Septi
41$ A & O Apr 1
& D Junel
41$
&
4
Jan 1
& O Oct 1
4

1937
Company’s office, Boston
1942
do
do
do
1944
do
do
do
1950
do
do
1925
do
1926
do
1929
do
do
1937
Second Nat Bk, Boston
1930&’35 Amer Trust Co, Bost n
1934
do
do

amount is not based on the proportionate allotment of said stock among
all stockholders), or (2) to surrender a portion of his old stock.
For the different clashes of stock the election to purchase new stock
or to surrender old stock is ah follows:
(а) Hglders of 1st Pref. Stock, Classes “A” and “E”: Will either purchase
at par $12 par value of prior pref. stock for each share of old stock held,
or surrender 12% of old stock, retaining 88%.
(б) Holders of 1st Pref. Stock, Classes “B” and “C": Will either purchase
at par $12 par value of prior pref. stock for each share of old stock held,
or surrender 8% of old stock, retaining 92%.
(c) Holders of lsJ Pref. Stock, Class “D”: Will either purchase at par
$12 par value of prior pref. stock for each share of old stock held, or sur­
render 64$% of old stock, retaining 934$%.
(d) Holders of Pref. Stock: Will either purchase at par $15 par value of
prior pref. stock for each share of old stock held, or surrender 12%of old
stock, retaining 88%.
(e) Holders of Common Stock: Will either purchase at par $20 par value
of prior pref. stock for each share of old stock held, or surrender 32% of
old stock, retaining 68%.
.
The sale of the new prior preference stock is to be underwritten by a
syndicate formed by Kidder, Peabody & Go., Lee, Higginson & Go. and
Harris, Forbes & Co., Inc.
Extension or Refunding of Bonds.
The present funded debt of the railroad (excl. of bonds of leased road*
amounting to $2,750,000, which fall due from 1941 to 1944, and excl. also
of equip, trust notes) amounts to $124,123,479. Of this amount $48,685,479 are held by the United States of America and $75,438,000 are outstand­
ing in the hands of the general public. Of this last amount $43,522,000 fall
in the years 1925 to 1932 incl., and these are the bonds to be extended
Total track operated ..__ .......-.3,264.78
977.02
4,241.80 due
or
refunded. Their due dates are to be severally extended for a period of 15
Electric Railuays—
they are to bear int. as at present until their present due dates and
Branch li»es_ .. ____ . . _____
42.85
42 85 years;
during the extended period at 5% per annum, and are to be call­
Side tracks . ____________ ...........
2.87
2 87 thereafter
able in whole or in part at 102 and int. on any int. date after Jan. 1 1930, but
not
before
their
present maturities. On the bonds, which are now overdue or
Total___________________ ...........
45.72
45.72
which shall hereafter fall due before their extension or refunding, int. will
be paid at the rate of 5% per annum from their respective maturities.
Grand total tracks operated—
It is intended that in addition the extended or refunded bonds shall, in
Steam and electric roads—
far as may be permitted by State or Federal legislation now or hereafter
Dec. 31 1925............................3,310.50
977.02
4.287.52 so
in force, be made convertible at par at the option of the holders thereof
into
shares of the 7% prior pref. stock at any time on or after Jan. 1 1930,
a Includes trackage rights, 21.29 miles. 6 Incl. trackage rights. .99 mile
and before Jan. 1 1940, or If any of the bonds are called for redemption
The Boston & Maine Transportation Co. was organized in June 1925 between said dates, then before the date fixed for redemption which shall
for the purpose of operating motor coach routes. Compare V. 120, p. 3308: be not less than 60 days after the date of the call, subject to the limitation,
V. 121, p. 762, 2151.
however, that if in any calendar year from 1930 to 1933 incl. $7,500,000 of
On Aug. 29 1916 the Boston & Maine RR. was placed in temporary said bonds shall have been so converted, then no further bonds shall be so
receivership on account of inability to pay its maturing obligation of nearly converted during the same calendar year except such as have been or shall
$20,000,000. Pres. James H. Hustis was appointed temporary receiver be thereafter called for redemption during that year, and subject to the
and continued in this position until reorganization and consolidation of further limitation that said conversion privilege shall terminate after 90
the system on Dec. 1 1919. The reorganization plan (V. 107, p. 1918, days if the prior pref. stock as a whole shall be called for redemption.
2375. 2475), which became effective Jan 1 1919, provided for the con­
Stock Readjustment.
solidation of the Boston & Maine RR. with its seven directly leased lines
and the assumption by the consolidated company of all sub-leases and other
The rights of the various classes of stock are to be readjusted as follows:
obligations.
The preferential rates of dividend upon the 1st pref. stock, classes “A,”
The final valuation of the Boston & Maine RR. as of June 30 1914 was “B,”“C,”“D” and“E,” and upon the pref. stock are to remain unchanged.
found by the I.-S. C. Commission to be $234,189,816 for all properties The holders of 1st pref. stock are to surrender the divs. already accumulated
owned or used. The value of properties owned and used was found to be and unpaid on (his stock, and also divs. accruing thereon after July 1 1925,
$101,712,971, and of properties used but not owned, $132,476,845.
and on or before July 1 1927, except so far as said last named divs. may be
The Commission found that the investment in road and equipment, declared and paid on or before July 1 1927 and said holders shall remain
including land, was $90,653,840 on the valuation date. The cost of entitled to cumulative divs. after July 1 1927. The 1st pref. stock shall be
reproduction new of total properties used was found to be $223,317,897
given priority in liquidation over the pref. and the common stock, not only
and the cost, less depreciation, $170,629,869.
for all divs. accruing after July 1 1927 and unpaid, but also for the par value
of
the shares, but shall receive nothing further in liquidation. The 1st pref.
Reorganization Plan (as Amended), Dated Sept. 1 1925.
stock shall also be entitled to further limited payments after the common
Principal Features Contemplated by the Plan.
stock has received divs. of 6% in any year, as explained in the follow-’
The plan contemplates the creation of a new 7% prior preference stock ing paragraph:
having priority over all existing stock and the sale of $13,000,000 of this
If in any calendar year the-holders of the common stock shall have re­
new stock to provide funds for additions and improvements; the surrender ceived divs. equal in all to 6%, then out of any further divs. declared and
of certain percentages of their present holdings by existing stockholders payable on the common stock in the same calendar year one-half in amount
who elect not to purchase their allotments of this new stock; the extension shall be distributed among the then holders of the 1st pref. stock upon which
to later dates of maturity of $43,522,000 of bonds maturing in the years the accumulated divs. are surrendered, such distribution to be in proportion
1925 to 1932, inclusive, or the refunding of said bonds under the terms of to the annual rates of the preferential divs. to which said holders respectively
the railroad’s existing mortgage dated Dec. 1 1919, with an agreement on are entitled, but in respect to each share of said 1st pref. stock this provision
the part of the railroad to convert these extended or refunded bonds into shall cease to apply or be operative when the aggregate of the amounts so
the new 7% prior preference stock; and the readjustment of the rights of distributed from time to time upon said share is equal to one-half of the acthe holders of the various classes of stock now outstanding.
distributed from time to time upon said share is equal to one-half of the
amount of the accumulated divs. on said share which have been surrendered
New 7% Prior Preference Stock (.par $100).
herein provided.
Shall have voting powers and it shall have priority over the present 1st as The
accumulated divs. upon the 1st pref. stock which are to be surren­
pref., pref. and common stock as to divs., which shall be cumulative, and dered shall
be kept alive and subject to the disposition of the committee,
also in liquidation at par and accumulated divs. It shall be callable as a which may deal
with or utilize said divs. in such manner as seems to it best
whole but not in part on any div. payment date after Jan. 1 1930 at the calculated to carry
out the plan and accomplish the results contemplated.
price of $110 per share and accumulated divs. but in case of any such call V. 121, p. 1223.
made on or before Jan. 1 1940 a period of at least 90 days shall intervene
CAPITAu
STOCK.
—The Boston RR. Holding Co. held $21,918,900
between the first publication of the call and the date fixed for redemption,
and during said period any bonds which are convertible may be converted common and $654,300 preferred stock, and this was ordered by the Court to
into prior preference stock without regard to the limitation upon the amount be sold by Oct. 1 1923. V. 108, p. 2122. The Court, on June 4 1923,
of bonds convertible in any calendar year, and the stock to be called and re­ modified the decree of Oct. 17 1914, the modification restoring to the
deemed shall include all shares issued in exchange for bonds so converted, New Haven its investment in the B. & M. V. 116, p. 2635. Voting trust
but in this event the conversion privilege on all bonds not so converted agreement, V. 116, p. 1176, 2515. Suit by Stockholders’ Protective
Association, V. 119, p. 692.
within the period of 90 days shall terminate at the end of the period.
$13,000,000 of this stock is to be sold at the present time to provide funds
BONDS.—In exchange for the $19,879,000 advanced by the Government
for improvements and additions to the property of the railroad and shall be the company issued $17,606,000 5% bonds payable July 1 1920 and $2,273.paid for In semi-ann. installments, the first of which shall be 10% of the pur­ 000 6% bonds payable Jan. 1 1929. The 5% bonds due July 1 1920 were
chase price and the others of which shall each be 15% of the purchase price. refunded by a like amount of 6% bonds payable Jan. 1 1929, purchased
In order to comply with statutory provisions this stock must be first by the Director General of Railroads.
offered to stockholders proportionately at par, and the balance not taken
The new 1st & ref. mtge. secures all of the consolidated company’sbonds
by stockholders under this offering must then be offered for sale at public equally with the bonds given to the Government, and will cover all the
auction at not less than par.
property owned or hereafter acquired, subject only to the following diviThe plan involves, however, the election by each stockholder either lional mortgage bonds: Portsmouth Great Falls & Conway RR., due
(1) to purchase at par a certain amount of prior preference stock (which June 1 1937, $1,000,000; Worcester Nashua & Rochester RR., $1,265,000

In June 1916 all bonds issued since the lease to the N. Y. O. & H. R. RR.
Co. bad been guaranteed (prin. & int.) by the lessee. In Aug. 1917 sold
$1,000,000 soar. 25-year 5s for additions, &c. V. 105, p. 715.
DIVIDENDS.—Since 1900, 854%, viz., 2% each in March and Sept.,
24$% in June and 2)4% In Dec.
Calendar Operating
Oper. Inc.
Other
Interest,
Balance,
YearRevenues. (alter Tares.) Income Rentals ftr Sur or Del
1926
,141,494 $3,981,871
$279,529 $3,521,479 sur. $739,921
3,739,406
265,304
3,390,862 sur.
613,847
1924 .... »2,280,373
1923 ----- 36,687,782
4,533,951
211,632
3,200,515sur. 1,545,068
1922 .... 32,541.904
4,489,589
189,723
3,201,503 sur. 1,477,809
—(V. 132, p. 2794.)
B6)ST@N & LOWELL RR.—See Boston & Maine RR.
BOSTON AND MAINE RR-—ROAD.—The system with its many
branch lines covers the territory from Boston, Mass., to Portland, Me. (two
lines), Springfield, Mass., Sherbrooke, Can., Rotterdam Jet. and Troy
N. Y., Worcester. Mass to Portland. Me.. and most of New Hampshire
Deservpttw.—
—-Mileage—
Steam Roads—
Owned.
Leased.
Total
Mainlines____ ______ .________ 1.041.06
331.28
1,372 34
Branch hues
. ............ ------------ 617.08
222.60
839.68
Trackage rights ____ ___
35.82
35 82
Total road operated___ . _____ 1,658.14
589.70
2,217.84
Second track____ ______ .. -------- 500.51
al29.39
629 90
Third tra©k_- . ______ _ . ___ 1.20
65.85
7.05
Side track ___________ ____ -------1,104.93
252.08
1.357.01

\

[Vol. 122,

RAILWAY STOCKS AND BONDS




May, 1926.]
RAILROAD COMPANIES

21

RAILWAY STOCKS AND BONDS

[For abbreviations. &c., see notes on page 8]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Boston & Maine—(Concluded)
1892
Boston & Lowell—Bonds 40 yrs.
$1,000 $1,000,000
Bonds
1905
1,000
do
do ..
500,000
1906
Bonds
do
do _.
1,000
500,000
1907
1,000
325,000
Bonds
do
do
1909
Bonds
do
do
1,000
350,000
Bonds
1913 1,000 &c 1.000,000
do
do
Bonds
do
do
1916
1,000 1,250,000
1893
1,000 1,000,000
Connecticut River bonds.
1,000 5,000.000
Fitchburg—Bonds to State of Massachusetts.__ zr
1887
’97-’98 1,000 &c 4,200,000
Bonos ($2,750,000 are 4s of ’97)___________ zc&r
Bonds ________________________________ zc*&r
1907 1,000 &c 2,000,000
Bonds currency__________________________ zc*r
1905 1,000 &c 3,660,000
Bonds _________________________________ zc&r
1908 1,000 &c 2,400,000
1912 1,000 &c 1,200,000
, Bonds $1,350,000 authorized currency.__ zc*&r
1913 1,000 &c
Bonds $450,000 authorized___________________ z
400,000
Bonds ____________________________________ z
... 1914 1,000 &c 1,872,000
Bonds of Leased Lines (Stock, see each co)—
Concord & Claremont (N H)—1st mtge________ zc
1,000
500,000
71 1914
Conn & Passumpsic 1st mtge $1,900,000 gold___ zc*
110 1893
1,000 1,900,000
(For securities proposed to be issued under Reoraaniza tion Pl\ an, see text.)
100 4,000,000
Boston & Providence—Stock 10% gu 99 yrs Old Col
63
__ 1923
Gold debentures__________________________ OByc
1,000 2,170,000
100 27,293,900
Boston RR Holding Co—Pl stk 4% cum red HO.zgu
100
850,000
Boston Revere Beach & Lynn—Stock $850,000___ z
1,000 1,000,000
1st M (V 65.P 68: V 83,p 379) $1,000,000 g SBzc*&r 13.12 1897
Boston Terminal Co—1st mtge currency..OB.zc&r
1897 1,000 &c 14,500,000
100
800,000
Boyne City Gaylord & Alpena—1st M $800,000__
101 1917
Brinson Ry—See Savannah & Northwestern RR.
1,000
1910
290,000
Brownsville & Matam Bridge Co—1st M g gu.SSt.x
Gold bonds $100,000 guar jointly____________N.x
1,000
6 1911
90,000
1,000 1,000,000
BuffaloCr—Con(nowlst)M$l ,000,000g int as rent c*x
6 1891
1,000 2,000,000
1st ref M total auth $5,000,000 g red 105__ Usm.x
1910
Buffalo New York & Erie—See Erie RR.

($735,000 due Jan. 1 1930, $380,000 due Oct. 1 1934, $150,000 due Jan. 1
1935)- Bonds are to be issued in series. (See table at head of page.)
Leased Lines.—Leases assumed by the consolidated company are:
Stock
Div.
Stock
Div.
Outstanding. Rate.
Outstanding. Rate.
Vermont & Mass._$3,193,000
Massawippi Valley. 400.000 6
6
Troy & Bennington. 150,800 10
New Boston RR___ $60,000
4
Nashua & Lowell__ 800,000
Con. & Portsmouth. 350.000 7
9
Stony Brook______ 300,000
7
Pemigewasset Valley 503,400. 6
Wilton RR................ 240,000
400,700 0
814 Concord & Clarem't
Peterborough RR.. 351,900
4
Franklin & Tilton..
132,800 0
Northern RR_____ 3,068,400
Peterb. & Hillsboro.
None 0
6
Conn. & Passumpsic 2,500,000
Newport & Richford
None 0
6
Boston & Maine guarantees $1,328,000 1st 5s of St. Johnsbury & Lake
Champlain. Jointly with Maine Centra! guarantees $300,000 Portland Union
Ry. station (now Portland Terminal Co.) bonds. V 93, p. 940, 1323. Also
guarantees $500,000 Concord & Claremont 1st mtge. 5s, due Jan 1 1944
Equipment Li lists issued to Director-General for rolling stock allocated
to this company. See article on page 3.
Stockholders’ suits, V. Ill, p. 73, 188, 692, 895: V. 112, p. 561
Govt
loan. V. Ill, p. 791: V. 112, p. 160, 2747; V. 113, p. 1052; V. 114. p 408
1405: V. 117, p. 2541.
DIVS.— (’93. '94-’98. ’99. ’00-’07. ’08. ’09. TO. ’ll. T2. T3. None
Oom. (%)_l 8 6 yly. 6)4 7 yly. 654 6
6
5
4
2
since
On Jan. 31 1920 paid a div. of $2 67 per share on the Pref. stock, the first
payment since March 1913. V. 110, p. 359. Mar. 10 1920, 2%; Sept. 1 1920.
2%; none since. No divs. have been paid on the new pref. since July 1920
For July 1920 payments see table at head of page. V. Ill, p. 2323.
REPORT.—For 1925, in V. 122, p. 1905, showed:
1922.
Operating Revenues—
1925.
1924.
1923.
Freight_______
...$51,422,292 $47,944,422 $53,409,041 $48,264,270
Passenger------------------- 20,213,911 21,309,338 23,022,484 22,556,263
Mail_________________ 1,311,213
1,286,138
913,946
995,029
Express--------------------- 3,126,301
2,804,753 3,122,184
2,919,859
Other________________ 5,555,046
5,352,647 5,843,285
4,984,664

When
Payable

Rate
%

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

4
3)4
4
4
4
4)4
5
4g
4
4
4
4
4)4
4)4
4)4
5

A & O Apr 1 1932
M & S Sept 1 1925
M & N Nov 1 1926
J & J July 1 1927
A & O Apr 1 1929
F & A Feb 1 1933
M & S Mar 1 1936
M & S Sept 1 1943
M & N Feb 1 1937
Various 1927-1928
A & O Apr 1 1927
M & N Mayl 1925
M & N Mayl 1928
J & J Jan 1 1932
J & J Jan 1 1933
J & J Jan 1 1934

Merch Nat Bk, Boston
do
do
do
do
do
do
do
do
do
do
do
do
At company’s office
do
do
do
ao
do
do
Office, Pitchb RR,
do
do
do
do
do
do
do
do

5
4g

J & J Jan 1 1944
A & O Apr 1 1943

Met Trust Co, Boston
Safe Dep & Tr Co, Bos

10
5g J
4
J
6
414 g J
3)4
J
5
5g
4
5g
5g

Q—J
& J 1938
& J10 Ian 10 1926 2%
Apr 1 1926 1
& J15 July 15 1927
Text Feb 1 1947
& J Jan 1 1937

J
M
J
J

&
&
&
&

J
S
J
J

Jan 1
Septi
Jan 1
Jan 1

i930
1931
1941
1961

Treasurer’s office, Bost
See text
Office, or checks mailed
State St Trust Co, Bost
Merch Nat Bank, Boston
Grand Rap, Mich, Tr Co

St Louis Union Trust Co
New Yorir Trust Co
U S Mtge & Tr Co. N 7
do
do

Maine The N. Y. N. H. & Hartford transferred its holdings of $27,600,400 pref. and com. stock to trustees appointed by the U. S. District
Court, and as guarantor paid pref. divs. which Co. could not meet.
Owned $21,918,900 common and $654,300 pref. stock of the Boston &
Maine, for which was issued $27,293,900 non-voting 4% cum. pref. stock,
redeemable at 110, guar., prin. & divs., by endorsement by the N. Y. N. H.
& H. RR. Co. The latter company also owns the entire $3,106,500 com.
stock of the Boston RR. Holding Co. V. 93, p. 870, 1461: V. 94, p. 205:
V. 95. p. 968
In March 1914, under order of court to divorce the system, the B. & M .
stock was transferred to five trustees, viz.: George W. Anderson and
James L. Doherty of Springfield, Mass.; Henry P. Day and Charles P.
Hall of Boston: Frank P. Carpenter of Manchester, N. H.. with orders to
sell the same on or before Feb. 1 1909, but the U. S. Dist. Court extended
order to Oct. 1 1923. In accordance with the decision of the U. 8. Court
for the Southern District of New York modifying the New Haven dissolu­
tion decree (V. 116, p. 2637), the trusteeship of New Haven’s Boston &
Maine stock has been dissolved and Boston Railroad Holding Co. stock was
returned to the New Haven June 14 1923.—(V. 117, p. 2108.)
BOSTON REVERE BEACH & LYNN RR. CO.—Owasr narrow-gauge
road from Lynn to East Boston, Mass,. 9 miles, connecting with Boston by
company’s ferryboats: East Boston to Winthrop, 9 miles; also Winthrop to
Point Shirley, 1 mile. V. 94, p. 982; V. 95, p. 1121. 1402.
DIVS.— I '97-’O5. ’06. '07. ’08-T0. ’ll. ’12-T9. ’20. ’21. ’22. ’23.-’25
Per cent----- 1 2 yrly. 4
5 6 yrly. 6 6 yrly. 3
244 6 yrly
Paid in 1926: Jan. 2, 1)4%; April 1, 1)4%.
Year ended—
Gross.
Net. Int.&Tax. Divs.Paii. Balance.
Dec. 31 1925............ $1,468,469 $158,409 $106,181 $51,000 sur.$1,227
Dec. 31 1924........... 1,515,739
158,186 104,283
51,000 sur. 2,903
Dec. 31 1923_____ 1,583,930
163,265 101,240
51,000 sur.13,346
Dec. 31 1922_____ 1,519,762
143,422
93,951
34,000 sur.17.379
—(V. 122, p. 2488.)
BOSTON TERMINAL CO.—Owns Southern Union Depet in Boston;
opened in 1899. V. 68, p. 40: V. 69, p. 591. N. Y. Central (Boston & Al
bany), Boston & Prov., Old Colony and N. Y. N. H. & Hartford RR. cos­
own the $500,000 capital stock and pay as rental in monthly installment8
sufficient to pay all expenses, charges, interest on bonds and 4% on
Total oper. revenues..$81,628,763 $78,697,298 $86,310,941 $79,720,084 sums
stock. These companies are jointly liable for any deficiency in case of
Operating Expenses—
Maint. of way & struc. .$10,241,687 $10,076,152 $11,546,362 $11,136,236 foreclosure. Reg. int. Q.-F.; coup., F. & A.—(V. 93, p. 1598.)
Maint. of equipment... 15,893,992 16,289,365 19,489.240 16,093,525
BOYNE CITY GAYLORD & ALPENA RR.—Operates Boyne City to
Traffic---------------------799,145
694,260
659,348
658,822 Alpena, Mich., with branches, a total of 129 miles, forming a cross-State
Transportation_______ 32,857,838 33,828,789 40,705,825 36,519,361 line from Lake Michigan to Lake Huron. The I.-S. C. Commission has
Miscellaneous operations
290,423
273,641
300,491
338,140 placed a tentative valuation of $1,706,500 on the company’s property as of
General_______________ 2,904,378
2,750,349
2,574,326
2,418,510 June 30 1918. Capital stock authorized, $1,000,000; outstanding, $669,800.
An issue of $800,000 1st M. 20-year 5s was sold in 1917. Raport for 1925:
Total oper. expenses..$62,987,463 $63,912,556 $75,275,588 $67,164,593 Gross, $228,603: net oper. inc., $28,719; other inc., $3,813; interest charges,
Net operating revenue..$18,641,300 $14,784,742 $11,035,353 $12,555,492 &c., $96,830; def., $64,298.—(V. 122, p. 1022.)
Tax accruals...................$3,187,885 $3,040,802 $2,935,235 $2,571,276
BRAZIL RAILWAY.—(V. 121, p. 2634.)
Uncollectible revenues..
18,638
11,948
4,428
5,365
BROWNSVILLE & MATAMOROS BRIDGE CO.—Owns international
Operating income___ $15,434,777 $11,731,992 $8,095,690 $9,978,851 Reel
bridge over the Rio Grande River between Brownsville, Tex., and
Other income_________ 1,572,007
1,116,486
1,351,001
1,431,469
Mex., connecting St. Louis Brownsville & Mexico Ry. (New
Adjustment (see note A) _______
_______
Dr.89,070 Dr.98,430 Matamoros,
Orleans Texas & Mexico) and National Rys. of Mexico. Stock, $650,000,
(except directors’ shares) owned by each of said companies, which
Gross income__ $17,006,784
$12,848,478 $9,357,621 $11,311,890 one-half
jointly guarantee both classes of bonds. 1st M., $333,000 auth. Year
Dp/hirlinn <?___
ended Dec. 31 1924, gross, $76,033; net, $45,292: other income, $12,204,
Hire of freight cars (net) $2,868,390 $2,592,303 $4,853,576 $3,740,761 Interest,
taxes, &c., $6,691; net income, $32,706.
See National
Rent for leased roads__
1,229,351
925,523
902,363
920,376 Rys., V.$18,100;
94, p. 277.
Interest and discount__ 6,685,141
6,733,724
6,319,301
6,038,772
Other deductions______
754,993
824,191
773,451
583,990
BUFFALO CREEK RR.—Owns 6 miles of terminal road in Buffalo, N.
Y. In Dec. 1889 leased for term of charter less one day to the Lehigh Valley
Total deductions____ $11,537,875
$11,075,741$12,848,691 $11,283,899 and the Erie RR., which together own entire capital stock of $250,000.
Net income------------------ $5,468,909$l,772,737df$3,491,070
$27,991 Rental is int. on bonds, 7% on stock and organ, expenses. First ref. bonds
Inc. app. to sink, funds. $156,234
$147,560 $271,714
$239,620 are issuable to retire old 5s. V. 108, p. 1610; V. 118, p. 1664. Pres., C. A.
yAdd’ns & betterments.
716,200
716,201
657,450
504,617 Brunn, Buffalo, N. Y.; V.-P., F. H. Silvernail, N. Y.; Sec. & Treas., E. A.
Albright, N.Y.—(V. 118, p. 3075.)
Total appropriations- $872,434
$863,760
$929,164
$744,237
BUFFALO ROCHESTER & PITTSBURGH RAILWAY CO.—
Balance, surplus---------- $4,596,475
$908,977df$4,420,234 def$716,246
Note A.—“For the years 1918 to 1923 inclusive the corporate and Fed- (See Map.).—Operates from Buffalo and Rochester, N. Y., to bituminous
11 .’income accounts are combined, and in order that balances carried to coal regions.
profit and loss may agree with corporate accounts, an adjustment is madf
Lines owned in fee—
Miles. Penn. RR.—Penn. RR. Jet. to
Shuman Run Y, Pa_________ 20
eliminating Federal income transactions and clearance accounts, ’ Revenues Buffalo Creek, N. Y., to Mt.
and expenses prior to Jan. 1 1918.' ”
Jewett, Pa___________________ 98 Other________________________ 9
Clarion Jet. to Lindsey, Pa____ 59
Leased—Stock not owned—
y Equipment trust installments.
Rochester to Ashford, N. Y____ 94 Allegheny & Western—
For latest earnings, see “Railway Earnings Section" (issued monthly).
Punxsutawney to Butler, Pa.;
______________________ 119
OFFICERS.—Homer Loring, Chairman;___________ _ Pres.; H. R. Branches
Trackage—
Miles
&c................
75
Vheeler, Treas.; A. B. Nichols, Clerk.
Erie—Mt. Jewett to Clarion Jet. 20 Clearfield & Mahoning—
DIRECTORS.—Frank D. True, Charles W. Bosworth, Frank P. B.&O.—Butler, Pa.,to Pittsburgh 41
Clearfield to Beech Creek RR_ 26
Carpenter, Walter C. Baylies, James Duncan Upham, .1. II. Hustis,
Ribold Jet. to New Castle___ 33 Mahoning Valley RR___________ 2
Reginald Foster, H. H. Dudley, Geo. von L. Meyer, Alba M. Ide, W. M. Willow Grove to Pittsburgh, Pa. 7
Parker, Roger Pierce, E. M. Hopkins, Wm. D. Woolson, George L. Batchel­
Total Dec. 31 1925_____________
.602
der, William B. Skelton, T. Jefferson Coolidge, Louis K. Liggett, Homer
I.-S. C. Commission has placed a tentative valuation of $48,827,821
Loring, W. Rodman Peabody, Thomas Nelson Perkins, Louis M. Atherton onThe
the total owned, and $57,529,352 on the total used property ©f the com­
and William Dexter.—(V. 122, p. 2794.)
pany as of June 30 1917. V. 122, p. 879.
BOSTON & PROVIDENCE RR.—Owns Boston, Mass., to Providence,
Lease to Delaware <& Hudson Co.—The stockholders on Sept. 15 1925
R. I., 43 miles; branches, 20 miles. Leased 99 years April 1 1888 to Old approved
lease of the property to the Delaware & Hudson Co. for 999
Colony RR.; rental 10% yearly on stock, lease being modified in 1912. years fromthe
Jan. 1 1926. The lease provides for a rental sufficient to pay
V. 95, p. 235. The New York N. H. & Hartford on Dec. 31 1924 owned 6% net annual
on the $6,000,000 outstanding pref. and $10,500,$524,600 stock. The company issued in May 1923 $2,170,000 15-year 5% 000 outstandingdividends
common stocks, the payment 6f all fixed charges and as­
gold debentures to refund the 6s due July 1 1923. Endorsed on the bond sumption of its maturing
obligations.
and signed both by lessee and lessor is a statement to the effect that the
bonds are issued under provisions of lease of 1888. Interest payable at
ORG.—Successor 1887 of Roch. & Pittsb., foreclosed, plan V. 41, p. 516.
Old Colony Trust Co., Boston. The company in April 1923 applied to the
The entire capital stock ($4,000,000) of the Rochester & Pittsburgh Coal
I.-S. O. Commission for authority to issue $2,710,000 of 5% 15-Year De­ & Iron Co. (V. 66, p. 1088), carrying control of the Jefferson & Clearfield
benture bonds with which to refund these bonds.—(V. 116, p. 2255.)
Coal & Iron Co., was transferred in 1906 (subject to the lien of the General
BOSTON RAILROAD HOLDING CO.—Incorporated In Massachusetts Mtge.) to the Mahoning Investment Co. in consideration of $4,125,000
June 18 1909 under special Act with power to hola securities of Boston & of its stock, which was then distributed pro rata among holders of Ry.




22




RAILWAY STOCKS AND BONDS

[Vol. 122.

May, 1926.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Miles Date
Road Bonds

Buffalo Rochester & Plttsb—Common stock Tr
Pref stock non-cum common 6% then pro rata_ Tr
B R A P 1st gen mtge ($10,000,000) gold..Un.zc*
273
Line P & Chari 1st M gold guar________ Un.zc*
10
B R & P consol mtge g $35,000,000 auth..Ce.xc*Ar
370
Equip bonds G $3,000,000 gold sinking fund. G.xc*
do
H gold $125,000 due yearly text__ Q.xc*
do
J gold (no “I”) $50,000 due s-an_.Qk.yc*
do
K $40,000 due semi-annually_____ Ce.kc*
do
No. 10 $2,004,000 g notes $133,600 an.G.c*
do
L due $128,000 annually________ Qk.c*
Buffalo & Susq RR Corp—Common stock_______
Preferred stock 4% cumulative__________________
First mortgage $10,000,000 gold____________Eq.x
Bull Frog & Goldfield—First mortgage bonds_____
Burlington Cedar Rapids & Nor—See Chicago R ock Isl
Butte A & P—1st M g gu sink fund call 105.yc*&r*
151
Cairo & Thebes RR—First mortgage___________ x
25
Calgary & Edmonton—See Canadian Pacific Ry.
Cal W RR & N—New mortgage $750,000____ _____
52
Cambria & Clearfield—See Pennsylvania RR.
Cambria & Indiana RR—1st M g red 102)4 .GPxc*Ar
26
General mtge Series A red 102)4_____ GPk.xxxc*

Par
Value

1914
1911
1919

600,000

1,000
1,000

Total oper. revenue.'.$16,560,781 $15,951,653 $22,024,651 $16,746,506
Maintenance of way___ $2,100,406 $1,713,591 $3,913,515 $2,391,728
Maint. of equipment... 4,527,035 4,683,447
7,079,623
6,505,106
Traffic---------325,661
307.580
309,012
237,294
Transportation_______
6,229,922
6,240,218
8,433,139
6,710,688
Miscellaneous________
29,986
29,568
31.968
28,214
General--------------------477,720
476,720
408,012
459,629
Total oper. expenses..$13,690,729 $13,451,122 $20,175,269 $16,332,659
Net operating revenue.. $2,870,052 $2,500,731 $1,849,382
$413,847
Tax accruals A uncollec.
496,015
407,932
401,886
371,804

Operating income___ $2,374,037
$2,092,798
Hire of freight cars____
397,348
618,000
Other income_________
398,190
417,431

Amount
Outstanding

Rate

%

When
Payable

$100 $10,500,000 See text F
F
100 6,000,000
6
1887
1,000 4,427,000
5g M
1889
1,000
350,000
5g J
1907 1,000 Ac 25,578,000
4)4 g M
1,000
1909
653,000
4g A
1913
1,000
500,000
5 g .1
1917
1,000
750.000
5g A
1918
1,000
600.000
6g F
1920
1,000 1.202,400
6 g .1
1,000 1.536.000
1923
5g J
100 3,000,000 See text
100 4,000.000
4
J
100 Ac 4,756 500
4g J
A
1920
$148,000
5
and & Pacific R y
1914
$1,000 2,441.000
5g F
M
1,000 1,699,000
4
1911

com. and pref. stock. V. 83, p. 1468; V. 85, p. 414, 415. Allegheny &
Western Ry. and Clearfield & Mahoning Ry. securities are guaranteed.
DIVS----- | 07. 08. ’09. 10. ’ll. ’12. ’13. T4. T5. ’16 .’17. ’18.’ ’19-25.
Cm %...' 5)4 4V4 4 4
5 5)4 6
5 4 5
6
5 4 yearly.
Paid in 1926: Feb. 15, 2%.
BONDS, AO.—General 5s $5,573,000 reserved for prior bonds, &c.
The 50-year Consols ($35,000,000 authorized) are to bear not over 4)4 %
Int. $3,000,000 were issuable at once, $18,145,000 to retire underlying
obligations at or before maturity and the remainder for future requirements
On Dec. 31 1925 $25,578,000 were outstanding in hands of public and
$3,536,000 were held in treasury. V. 84, p. 867. 1306; V. 85, p. 39, 414;
V. 95, p. 361, 749; V. 98, p. 999, 1070, 1155, 1315; v\ 99, p. 118, 1748;
V. 100. p. 228; V. 113, p. 2718.
Equipment Bonds.—Series F were redeemed at par and interest on Oct. 1
1924. Series G have an annual 6% sinking fund to retire bonds at par; if
not purchasable, bonds to be drawn by lot. V. 89, p. 468; V. 91, p. 400;
V. 93, p. 1785, 939; V. 94, p. 122; V. 97, p. 364. Series H, V. 97, p. 1582;
V. 98. p. 1459. Series J, V. 105, p. 388. 605.
(No Series I.) Series K,
V. 107, p. 1099, 2375. Series No. 10 are redeemable at 103 and interest.
V. 113, p. 1469. Series L, V. 116, p. 933.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
REPORT.—For 1925, in V. 122, p. 1445, and 1488, showed:
i
1925.
1924.
1923.
1922.
Freight revenue.............. $14,314,886 $13,575,578 $19,310,382 $14,366,438
Passenger revenue......... 1,442,158
1,628,372
1,762,856
1,652,355
Other transportation.__
680,809
643,698
662,235
588,521
Incidental . ..............
122,926
104,205
289,178
139,192

$1,447,496
1,592,104
524,175

$42,043
583,134
586,166

Gross income_________ $3,169,574 $3,128,230 $3,563,775 $1,211,343
Rents-----------$781,163
$760,164
$752,099
$713,810
Interest______________ 1,705,869
1,681.828
1,727,030
1,713,965
Miscellaneous_________
20,946
27,217
8,148
6,870

Surp. avail, for divs.. $661,596
$621,883 $l,081,498df$l,191,165
Previous surplus---------- $4,060,543 $4,277,420 $4,002,448 $6,228,881
Adjustments______ ...De6494,473 De658,760 Dcb26.526 Deb255.266
Preferred divs. (6%).._
360,000
360.000
360.000
360,000
Common divs. (4%)
420,000
420,000
420,000
420,000

Profit & loss surplus.. 3,447,665 $4,060,543 $4,277,420 $4,002,448
OFFICERS.—Pres., Wm. T. Noonan, Rochester; V.-P., Adrian Iselin,
W. Emlen Roosevelt, N. Y.; Thos. F. Brennan, Rochester; Aud. & Treas.,
J. F.Dinkey, Rochester; Sec. & Asst. Treas., Ernest Iselin. New York.
Directors.—Henry G. Barbey, A. Iselin, William E. Iselin, J. Herbert
Johnston, C. O’D. Iselin, W. T. Noonan, George E. Roosevelt, W. Emlen
Roosevelt, Ernest Iselin, O’Donnell Iselin, Oscar Grisch, Samuel Woolverton, Hamilton F. Kean. Offices, Rochester, N. Y., and 36 Wall St., New
York.—(V. 122. p. 1445.)
BUFFALO & SUSQUEHANNA RAILROAD CORPORATION.—
Owns from Sagamore, Pa., to Wellsville, N. Y., with several branch lines
incl. 15.44 m. trackage. Total mileage Dec. 31 1925, 253.54. Incorp, in
Pennsylvania and succeeded Dec. 31 1913, per plan in V. 98, p. 1503, the
B. & S. RR., foreclosed Dec. 5 1913. V. 97, p. 1582; V. 93, p. 1596. For
description of property see V. 108, p. 1828, 1830; V. 100. p. 1007, 980.
Connects at Driftwood Jet. with Pennsylvania RR. for Buffalo.
Tentative valuation as of June 30 1919. $9,845,905.
STOCK.—Authorized (par $100). common, $3,000,000; 4% pref. (p. &
d.), cumulative after Jan. 1 1915, $4,000,000. Listed on N. Y. and Phila.
Stock Exchanges. Voting trust expired Jan. 1 1924.
Dividends— 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925.
On com. stock 7
7
7
10
7
17
17
9)3
6
The March 1926 div. on the common stock was omitted.
BONDS.—The 1st mtge. bonds ($10,000,000 auth.) are secured on the en­
tire property and further by deposits of mortgages aggregating $729,671
on coal lands of the Powhatan Coal & Coke Co. ana of a mtge. for
$1,000,000 on the properties of the Buffalo & Susquehanna Coal A Coke
Co. and of all the stock of the Addison & Susquehanna RR. and all the
stock and bonds of the Wellsville Coudersport & Pine Creek RR. and of all
the stock of the Keystone Store Co. V. 73, p. 619, 899; V. 84, p. 748.
Of the bonds, $6,959,000 have been issued. The remaining $3,041,000
bonds, or any of them, may bear not to exceea 5% interest and can be issued
only for additions, extensions, improvements, acquisitions of property or
acquiring or discharging liens on property of corporations, in which 90% of
stocK is owned. Sinking fund for redemption of bonds at not to exceed par
and int., $50,000 per ann. for 35 years; also all sums in excess of $50,000 per
ann. received on account of principal of any mortgages held as collateral
under such mortgage and any further payments authorized in case of Issue
of further bonds or otherwise. Bonos retired through operation of the
sinking fund to be held alive. To April 1 1926, $1 834.000 had been retired,
while $368,500 were held in treasury and $4,756,500 were outstanding,
V. 97. p. 1503; V. 98. p. 1765; V. 100, p. 980, 1006; V. 108, p. 2329, 2240.




23

RAILWAY STOCKS AND BONDS

541,000
See text

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

A A Feb 15 1926 2C,
A Feb 15 1926 3^
R Sept 1 1937
J Jan 1 1939
N May 1 1957
() Oct 1 1929
.1 To Jan 1930
O Oct’26toOct’33
A Aug'26toAug’33
.1 To Jan 15 1935
D To June 1938
Dec 301925 %
AD30 Dec 30 ’25 2%
& J Dec 30 1963
& O Oct 11928
&
&
*
<&
<te
A
&
&
&

A
&

A Feb 1 1944
S Mar 1 1961

A

36 Wall St, New York
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Guaranty Trust Co., N Y
New York
By treas’s. check on N Y
do
do
E B Smith & Co, N Y
Guaranty Tr Co, N Y
See text

6

A

O Oct 1 1934

Anglo-Cal Tr Co, San Fr

5g
6g

M & N Mayl 1936
F & A Aug 1 1944

Girard Trust Co, Phila

BUFFALO & SUSQUEHANNA COAL & COKE CO.—This companY
the $1,000,000 5% M. bonds of which are owned by the B. & 3. RR. Corp.’
owns coal lands at Du Bois. Onondaga and Sagamore, Pa. Six mines in
operation. V. 77, p. 1301: V. 79, p. 2091-92; V. 82. p. 1322; V. 85. p. 1266.
1st M. 5% bonds have been paid "'ff.
POWHATAN COAL A COKE CO.—This company, all of whose bonds
are owned by the B. & 8. RR. Corp., owns coal lands at Tyler and at
Sykes. Its coking plants have a capacity of 1,800 tons of coke daily.
Keystone Store Co., stock $50,000, all owned by RR. Corp
REPORT.—For 1925, in V. 122, p. 2640, showed:
Calendar Years—
1925.
1924.
1923.
Total operating revenues____________ $1,463,315 $1,914,201 $2,780,877
Operating expenses________________ 1,509,971
1,941,347 2,652,044
Taxes, Ac________________________
36,469
43,882
147,991
Hire of equipment—Cr_____________
221,475
363,640
610,307
Joint facility rents, &c.—Dr_______
26,431
26,473
26,450
$564,699
$266,139
Net railway operating income.
$111,919
$308,909
$85,105
Dividend income_____________
$2,878
208,033
178,824
Interest on securities, Ac______
172,786
560
1,285
Miscellaneous_______________
1,428
$531,353 $1,082,201
Gross income______ ._______
$289,011
$218,683
$200,546
Bond interest________________
$194,325
44,947
63,074
Sinking fund_________________
69,295
10,652
Miscellaneous_______________
15,653
11,877
Total deductions________________ $279,273
$275,497
$274,282
Surplus for year___________________
9,738
255,856
807,919
Dividends paid___________________
340,000
445,000
670,000
For total earnings see “Railway Earnings Section” (issued monthly).
DIRECTORS—E. R. Darlow (Pres.), A. A. Jackson, P. G. Bartlett,
Herbert H. Dean, J. S. Farlee, James R. McKee, Charlton Yarnall, Albert
L. Smith, J. Rutherford McAllister; V.-P. and Gen. Mgr., A. M. Darlow;
Sec.-Treas., F. E. Hall; Gen. Aud., T. J. Aimer, 986 Ellicott Sq., Buffalo.
—(V. 122, p. 2640.)
BULL FROG-GOLDFIELD RR.—Beatty, Nev., to Goldfield, Nev., $0
miles, in June 1914 control was obtained by Las Vegas & Tonopah RR.j
duplicate lines being abandoned, but in 1918 that company went out o‘
business and this road has since been operated in connection with Tonopah
& Tidewater RR. and Death Valley RR. V. 99, p. 1536. During the latter
art of 1919 Messrs. Althause and La Grange purchased a majority of the
1,628,463 outstanding stock, and in the spring of 1920 announced that they
proposed to scrap the road, pay off the bonds and divide the remainder of
the proceeds among the stockholders. Opposition to this plan developed,
and Tonopah & Tidewater RR. purchased the stock held by Althause and
La Grange at the price paid by them, plus 6% int. for the period during
which they held the stock. W. A. Clark, Montana, the holder of the out­
standing bonds, agreed to take $148,000 in new 1st Mtge. bonds in exchange
for the old 1st and 2d Mtge bonds held and in partial satisfaction of unpaid
accrued int. on outstanding bonds. Officers: R. O. Baker, Pres.; O. B.
Zabriskie, V.-P. & Treas.; N. S. Miller, Sec., 523 Pacific Electric Bldg..
Los Angeles. Calif.—(V. 113, p. 1052.)
BUTTE ANACONDA & PACIFIC RY—Owns Butte to Anaconda,
Mont., and west to Browns, 30 miles; spurs, 37 miles; 2d track, 2 miles,
sidings, 67 m.; total. 136 m.; also leases Stuart to Anaconda, 9 m.; sidings;
5 m.; total, 150 miles, of which 115 miles operated electrically. V. 97, p,
1114; V. 96, P- 135. Stock, $2,500,000, all of which Anaconda Copper Co.
owns. Dividends: 1910 & 1911. 6%; 1912, 3% and 150% in stock: 1914.
4)3%; 1915, 6%; 1916, 1917 & 1918, 12%; 1919, 6%; 1920-24, none; 1925
15%. Bonds ($5,000,000 auth. issue), of which $2,441,000 are outstanding,
are guar., p. & i., by Anaconda Copper Mining Co. V. 98. p. 837. For
year ending Dec. 3l 1925, gross, $1,725,586; net, $302,588; other inc.,
$495,817; charges, $151,250; dividends, $375,000; balance, $272 155.—
(V. 121, p. 1785.)
CAIRO & THEBES RR.—Owns Cairo, Hl., to the bridge across the
Mississippi River at Thebes, Ill., 25 miles. Leased to St. L. 1. M. & So. Ry.
(now Mo. Pac. RR.) for 99 years from Mar. 1 1911, rental covering int. on
an authorized issue of $2,000,000 4% bonds, of which $1,699,000 are issued
and outstanding, all owned by L. & N. V. 95, p. 1121. Columbia Trust
Co. of Louisville, Ky., trustee. Stock (all owned by Mo. Pac. RR. Co.),
$10,000; par, $100. Pres., L. W. Baldwin; Treas., F. M. Hickman; Sec.,
F. W. Irland, St. Louis.—(V. 95. p. 1121.)
CALGARY & EDMONTON RY.—Owns Calgary Jet., Canada, to
Edmonton , Canada, 193.4 miles, and to Fort McLeod, Canada. 107.3 miles;
Wetaskiwln to Hardisty, 93.8 m.; Lacombe to Kerrobert, 223.3 m.; total,
617.8 miles. V. 93. p. 1785; V. 94. p. 910.
In 1903 re-leased to Canadian Pacific (which owns entire $1,000,000 stock
and $7,440,000 1st M. 4% bonds) for 99 years; debenture.stock interest is
guaranteed at 4%. In 2002 the bonds will be paid or a further lease entered
'nto. V. 76. p. 434: V. 77. p. 1224; V. 80, p. 116.—(V. 94, p. 910.)
CALIFORNIA-WESTERN RR. & NAVIGATION CO.—Owns Fort
Bragg. Cal., to Willits, 50.66 miles. Stock issued. $1,000,000; par, $100
Divs. paid year 1909, 2)3%; 1910, 7)3%; 1911, 10%; 1912, 10%; 1913-14.
none; 1916, 6%; 1917,2 )3 %: 1918, 7)3 %: 1919, 1 Ye %; 1924, and 1925,2)3 %
(paid from surplus). Bonds are guar. p. A i., by Union Lumber Co. V. 99,
p. 894. 1213; V. 100, p. 1436. Year ending Dec. 31 1925. gross. $274,680;
net, after taxes, $47,985; other income, $52,484; deductions, $43,007; bal­
ance before dividends, $57,462; dividends (2)3%), $25,000.—(V. 100, p.
1436.)
CAMBRIA & INDIANA RR.—Colver to Manver, Pa., 18.70 m.; Dob;
son Jet. to Rexis, Pa., 4.25 m.; Colver to Colver Heights, Pa., 2.20 m.
Regan Jet. to Nant-Y-Glo, Pa., 7.60 m.; Nant-Y-Glo to Revloc, Pa.
4.90 m.; yard tracks and sidings, 22.30 m.; total, 59.95 m.
-««i|
The I.-S. C. Commission has placed a tentative valuation of $3,800,000
on the total owned and used properties of the company as of June 30 1918.
Stock, $1,500,000. Bonds, $900,000 authorized and issued; sinkingfund
2c. per gross ton on coal originating on the line; minimum, $16,000.

r




CANADIAN NATIONAL RAILWAYS
Double Track uiujuumn Lines In Operation
Lines Linder Construction

©<5r<
kato

M a t , 1926.]

R A IL W A Y S T O C K S A N D B O N D S




£6

[Vol. 122.

RAILWAY STOCKS AND BONDS
Miles Date
Road Bonds

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Camden & Burlington County—Stock 6% guar__
First M g gu p & i by Un N J RR & Can Cb.GP.xc*
Canada Atlantic—SeeCanadian National Ry.
Canada & Gulf Term’l Ry—1st M $1,140,000 gold.
Canada Southern—Stock________ _______________
Cons guar gold bonds (1st M on main line) .G.zc*&r*
Tjftammgton St Clair 1st 1VT g gu p & i (find)
zn*
Canadian National Rys—See text.

Par
Value

38
30 1897

Amount
Outstanding

$25
1,000

$492,575 350,000

1,000 1,140.000
100 15,000.000
380 1912 1,000 &c 22,500,000
1,000
130,000
14 1895

38 U 1920

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

6
4g

J
F

& J Jan 1926
3% Broad St Station, Phila
& A Feb 1 1927
do
do

5g
3
5g

J
F
A
A

Royal Tr Co, Montreal
& J Jan 2 1940
& A Febl 1926 1)4 Grand Cent Term, N Y
do
do
& O Oct 1 1962
Agts Bk of Montreal, NY
& O Oct 1 1945

/

Authorized Issue of 1st M. 5s of 1911, $900,000, of which on Dec. 31
1924 $900,000 bad been issued, and of these $359,000 had been retired;
$75,000 held In treasury.
Gen. M. bonds. 6% Series “A,” auth., $4,000,000: nominal date of Issue,
Aug. 1 1919; date of maturity. Aug. 1 1944, of which par value outstanding
as of Dec. 31 1921 is $1,630,000. Of this amount $89,000 are in treasury.
Equip, trusts Dec. 31 1921, $15,000 “B” 5s, due ann. to Mar. 1 1927;
$80,000 "O” 5s. due ann. to Feb. 1 1928; $120,000 Series “E” 5s, due part
ann. to May 1 1929, and $616,000 "F” 4)$s, due ann. to Dec. 1 1931.
In April 1923 sold $1,700,000 Series “G” 5>6s, due arin. to May 1 1938,
of which par value outstanding as of Dec. 31 1924 was $1,587,000.
EARNINGS.—For cal. year 1924, gross. $1,014,421: net oper. deficit,
$319,648, other income. $829,308; int., rentals, &c., $322,859, bal., sur.,
$186,801.
Pres., C. E. Sprout; Asst, to Pres. & G. F. A., A. L. Horst: Sec., C. M.
Johnson; Treas., L. G. Ball. Office, 260 S. Broad St., Philadelphia, Pa.
—(V. 120. p. 3308).
CAMDEN & BURLINGTON COUNTY RY.—Owns from Pavonia,
N. J., to Pemberton, N. J., 22.34 miles; connection with P. & A. RR. at
Birmingham, N. J., 0.12 m.; other branches, 8.82 m.; total, 31.28 m.
Organized in 1915 as a consolidation. Auth. capital stock, $800,000
V. 101, p. 46, 1092; V. 102, p. 65. Operated under lease by Penn. RR.,
which guarantees 6% on stock.—(V. 121, p. 974.)
CAMPBELLS CREEK RR.—(V. 121, p. 1674.)
CANADA & GULF TERMINAL RY.—Owns Ste. Favle to Hammermill,
Que., 38>S miles. Stock authorized, $4,000,000; par, $100. Bonds, see
table. For 1925, gross, $116,996; net, $22,858; int., rentals, &c., $125,911;
bal., def., $103,053. Pres., M. J. O’Brien, Ottawa, Ont.; V.-Pres., J. A.
O’Brien, Ottawa. Ont.; Sec.-Treas.. E. M. Hoctor, Montreal, Que.
CANADA SOUTHERN RY.—(See Maps New York Central Lines.)—
ROAD.—Main line from Suspension Bridge station. Including the Cantilever
Bridge, to Windsor. Ont., 226 m.; branches to Oourtright, Ont., &c., and
controlled lines, 154 m.; total, 380 m.; Canada So Bridge, 2)4 m. Track­
age, St. Thomas to London. Ont., 15 m. Double track, 242 miles.
ORGANIZATION, &c.—The company was chartered in Canada Feb
28 1868 ana debt readjusted in 1878. in 1903 made a new lease to Michigan
Central for 999 years, the latter, which owns $7,810,000 stock, guaran­
teeing divs.; rate since Jan. 1 1911, 3% yearly. V. 76, p. 1191, 1247.
The Mich. Cent, guarantees prin. and int. of $40,000,000 50-year bonds;
remaining $17,500,600 are reserved to refund the $130,000 divisional bonds
and for additions, extensions, improvements and additions at not over
$3,000,000 yearly. Bonds are free of Canadian taxes. V. 95, p. 1607, 1744;
V. 96, p. 134, 200, 789, 1421. Report for 1924. gross, $22,708,230; net
oper. income, $7,735,753: other income, $353,180: interest, rentals, &c..
$5,672,977; divs., $450,000; bal., sur., $1,965.956—(V. 116. p. 2636.)
CANADIAN NATIONAL RAILWAYS.—(See Map.)—la 1919 a com
pany under the name of ‘‘Canadian National Railway Company” was In­
corporated by the Dominion Government with the intention of having that
company take over or operate the railways owned or controlled by the
Government. This company was organized in October 1922.
In Jan. 1923 an amalgamation was effected between the above company
and the Grand Trunk Ry. of Canada, the result being a new company with
the name “Canadian National Ry. Co.” and which new company became
vested with the properties of the two amalgamating companies and became
liable for the obligations of said companies. Pursuant to the agreement be­
tween the Dominion of Canada and the Grand Trunk Ry. Co. all the capita!
stock of the Grand Trunk Co. became vested in His Majesty the King on
behalf of the Dominion of Canada and as a result of this and of the above
amalgamation there was issued in favor of the Minister of Finance of the
Dominion of Canada in trust for His Majesty as above $180,424,327 70 of
capital stock of the new Canadian National Ry. Co. This amount repre­
sented the previously outstanding capital stock of the Grand Trunk Co.,
there being no capital stock outstanding of the previous Canadian National
Rys. Co. The Canadian National K.vs. now operates 22 192 miles of
railway all under control of the same directors and the same general and
executive officers, whether acting respectively as directors or officers of one
or another of the companies included in the Canadian National Rys. System

Territory—

Summary of Mileage (First Main Track).
Mileage Owned Mileage UnMileage of
by Constituent der Lease or
Trackage
Companies.
Contract.
Rights.

Atlantic region....... 2.571.51
Central region- ---------- 7,161.50
Gr’d Trunk West, lines 841.81
Western region.---------- 10,257.60

224.78
452.23
123.67
430 55

15 64
32.29
26.21
53 98

Total

Road

Mileage

2,811 93
7,646 02
991.69
10.742.13

Total mileage steamoperated lines___ 20.832.42
1,231.23
128.12
22,191 77
Total second main track, 1,260 84 miles; total third main track, 23.05
miles; total fourth main track, 7.42 miles; spurs, sidings and yard tracks,
6,489.03 miles; inactive mileage. 271.27 miles.

Name of Issuing Company—

Capital
Stock.

Held by

Held bij Qovl

System.
and Others.
$
$
$
------- 180.424.327
796.589 xl65.
180,424,327 xl4.
xl4,796.589
Bay City Terminal Railway Co15,000
15.000
Canada Atlantic Transit Co___
219,000
219,000
♦Can. Atl. Transit Co. of U. S - .
250.000
250.000
1,768,800
1,768,800
The Champlain & St. Law. RR. Co.
50,000
50.000
♦Chicago N. Y. & Boston Refrig.Co. 1,129,400
1,129,400
Detroit Gr. Hav. & Milw. Ry. Co._ 1,500.000
1,500,000
Grand Rapids Terminal RR. Co___
50,000
50,000
The Grand Trunk Junction Ry. Co.
500.000
500.000
Grand Trunk Western Ry. Co_____
6,000,000
6,000,000
International Bridge Co___________ 1,500,000
1,500,000
Lachine Jacques Cartier & Maisonneuve Ry. Co__________________
1,200
11
Michigan Air Line Ry_____________ ■
300,000
300.000
♦Montreal & Sou. Counties Ry. Co.
500,000
306.500
193,500
Maganetawan River Ry. Co______
30.000
30.000
♦Montreal Warehousing Co_______
236.000
”"l4 900
221,100
New England Elevator Co________
400.000
400,000
♦Oshawa Railway Co_____________
40,000
40,000
Ottawa Terminals Ry. Co_________
250,000
250,000




Name of Issuing Company—

Capital
Stock.
$
107,800
50,000
2,000,000
700,000
1,000,000
60,000
1,600,000
50,000
219,400
200,000
10,00b

Held by

System.

Pembroke Southern Ry. Co_______
90.500
Portland Elevator Co_____________
50.000
♦Rail & River Coal Co____________
2,000.000
St. Clair Tunnel Co_______________
700,000
♦Terminal Warehousing Co., Ltd__
1,000,000
♦Thousand Islands Ry. Co_______
60,000
Toledo Saginaw & Muskegon Ry.Co.
1,600,000
Toronto Belt Line Ry. Co..______
26.000
United States & Canada RR. Co___
218,925
Vermont & Province Line RR. Co..
200,000
♦Prince Charles, Limited__________
10,000
Canadian National Land Settlement
Association____________________
Pontiac Oxford & Northern RR. Co. 1,000,000
1,000,000
Detroit & Huron Ry. Co_________
148,000
148,000
Chicago & Kalamazoo Term.RR.Co.
100,000
100,000
Grand Trunk-Milw. Car Ferry Co_.
200.000
200,000
Whipple Car Co__________________ 1,400,000
1,400,000
Total Canadian National Railway
(Grand Trunk) group------------- 204,008,928 38,131,014
Canadian Northern Ry. Co----------- 100 ,000,600
Bay of Quinte Ry. Co_____________ 1 ,395,000
1,395.000
Bessemer & Barry’s Bay Ry. Co___
125,000
125,000
Canadian Northern Alberta Ry. Co. 3 ,000,000
3,000,000
Canadian Nor. Ry. Express Co.,Ltd. 1 ,000.000
1,000,000
Canadian Northern Manitoba Ry..
250,000
250,000
Canadian Northern Ontario Ry. Co. 10 ,000,000 10,000,000
Canadian Northern Pac. Ry. Co___ 25 ,000,000 25,000.000
y Canadian Northern Quebec Ry... 9 ,550,000
5,700,800
♦Canadian National Realties, Ltd_.
40.000
40,000
Can. Nor. Saskatchewan Ry. Co__
1 ,000,000
1,000,000
Canadian Northern Steamships, Ltd. 2 ,000,000
2,000,000
♦Can.Nor.Coal & Ore Dock Co.,Ltd
500,000
500,000
Can. Nat. Rolling Stock, Ltd-------50.000
50.000
Can, Nor. Rolling Stock, Ltd_____
50,000
50,000
♦Can. National Electric Rys______
1 ,750,000
1,750,000
Can. National Express Co________
1 ,000,000
1,000,000
Can. Nor. System Terminals, Ltd.. 2 ,000,000
2,000,000
♦Can. National Telegraph Co_____
500,000
500,000
♦Can. National Transfer Co---------500,000
500,000
Can. Northern Western Ry. Co___ 2 ,000.000
2,000,000
Central Ontario Ry_______________ 3 .331,000
3,329,000
Continental Realty & Holding Co.,
Ltd------------- ------- -----------------90,000
90.000
Dalhousie Navigation Co., Ltd____
50,000
50,000
Duluth Winn. & Pacific RR. Co___
100.000
100,000
Dul. Winn. & Pacific Ry. Co. ____ 6 ,000,000
6,000,000
♦Dulutb & Virginia Realty Co_____
45,000
45.000
Duluth Rainy Lake & Winn. Ry. Co. 2 ,000,000
2,000,000
♦Federal Properties, Ltd_________
1.000
1.000
♦Great N. W. Telegr. Co. of Canada
33,225
373,000
do
do
(held in escrow)
331,500
Halifax & South Western Ry. Co__ 1 ,000’. 000
1,000,000
Irondale Bancroft & Ottawa Ry. Co.
53,000
53,500
James Bay & Eastern Ry. Co_____
1 250.000
1,250,000
Marmora Railway & Mining Co___
128,600
128,600
Lake Superior Terminals Co., Ltd..
500,000
500.000
Minnesota & Manitoba RR. Co___
400,000
400.000
Minnesota & Ontario Bridge Co___
100,000
100,000
Mount Royal Tun. & Term. Co.,Ltd. 5 .000,000
5,000,000
♦Niagara, St. Catharines & Toronto
Ry. Co_______________________
925.000
924,900
♦Niagara St. Catharines & Toronto
Nav. Co. (Ltd.)________________
100,000
100,000
Quebec & Lake St. John Ry.. Co___ 4 .508.300
4,019,100
Qu'Appelle Long Lake & Saskatche­
201,000
wan RR. & Steamboat Co______
201,000
250,000
St. Boniface Western Land Co____
250,000
St. Charles & Huron River Ry. Co..
10,000
10,000
Toronto Niagara & Western Ry.Co.
125,000
125,000
100,000
Winnipeg Land Co., Ltd_________
100,000

Held by Oort'
and Others.

17,300

24,000
475

165,877,914
100,000,600

3,849,200

2,000

8.900

”500

100
489~20()

Total Can. Nor. Ry. group_____ 188,351,625 84,001,125 104,350,500
Grand Trunk Pacific Ry. Co______ 24,942,000 24,942,000
-----------Grand Trunk Pac. Branch Lines Co. 1,002,000
1,002,000
-----------Grand Trunk Pac. Sask. Ry. Co___
200,000
200,000
-----------♦Gr. Trk. Pac. Develop. Co., Ltd.. 3,000,000
3,000,000
-----------♦Canadian Nat. Steamship Co., Ltd.
15,000
15,000
-----------♦Grand Trunk Pac. Alaska S. S. Co.
50,000
50,000
-----------♦Gr.Trk.Pac.Term.Elev.Co. (Ltd.).
501,000
501,000
-----------♦Grand Trunk Pac. Telegraph Co..
l0o,O00
lOO.OOO
-----------•Gr. Trk. Pac. Dock Co. of Seattle. .
150,OO0
150,000
-----------Total Gr. Trk. Pac. Ry. Co. group 29,960,000
Summary—

29,960,000

Can. Nat. Ry. (Grand Trunk) group 204,008,928 38,131,014
Canadian Northern Rv. group-------188 351,625 84,001.125
Grand Trunk Pacific Ry. group___ 29,960.000 29,960,000

165,877,914
104.350.500

422,320,553 152,092,139 z270,228.414
Canadian National Railways ’(France)________ fr.30,000,000
30,000,000

* The accounts of companies indicated (*) are taken up in the system
income account as “Separately operated properties.”
y $5,144,600 C. N. Q. stock is held by the Northern Consolidated Hold­
ing Co. The Canadian Northern Ry. owns 44,467 shares in that company
out of a total issue of 61,815. For the purpose of this statement the Hold­
ing Company is ignored and the proportion of the C. N. Q. stock thus owned
by the Canadian Northern Ry. is shown as held by the latter company.
x One certificate for $180,424,327.70 of the company’s capital stock is
issued in the name of His Majesty as representing $165,627,738.70 of Grand
Trunk stock previously held by the public and $14,796,589 previously held
in that company’s treasury.
z $265,628,338.70 of this amount is owned by the Dominion of Canada.

May, 19264

37

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Canadian Pacific—Stock $335,000,000 authorized-.
$100 $260000000
10
Q—J June 30 '26 2)4
Preferred stock limited to 4% non-cumulative___ r
4
A&O Aprl 1926 2%
100 100,148,588
First mortgage on Algoma Br g___________ c*&r
5g
J&J July 1 1937
181 1888 €100 &c 3,650,000
Consol perpetual debenture stock________________
264,244,882
4
J&J Irredeemable
1889 £ & $
__ 1924
Collateral trust gold bonds red (text)_______ c*&r*
100 &c 12,000,000
5 g A&O April 15 1934
Sinking fund secured note certificates red (text)__
100 &c 29,041,647
1924
4)6 J & D 15 Dec 15 1944
__ 1915
Vic Roll Stk&RealtyCo eq tr serT$470.000saPeP.c*
$1,000 1,880,000
4)6 g J&J July’26-July '28
Equip tr cert $500,000 s-a___________________
A&O Oc6 '26-Apr '32
— 1920
1,000 6,000,000
6g
Securities of Principal Leased, &c., Lines.
Manitoba S W Col Ry $12,000 per mile int guar gold
5g
J&D June 1 1934’
$1,000 $2,544,000
215 1884
Atlantic & Northwest—1st mortgage gold gu..c*&r
J&J Jan 1 1937
346 1887 €100 &c €1,330,000
5g
St Lawrence & Ottawa—first mortgage gold see text
€50 &c
59 1876
€200,000 (6) 4 J & D15 See text
J&D June 1926 3%
Ontario & Quebec stock guaranteed in perpetuity..
$100 $2,000,000
6
Ontario & Quebec deben interest guar in perpetuity
€1 £4,007,381
J&D Irredeemable
5
678
J&J July 26 2882
Toronto Grey & Bruce 1st M gold interest as rental
€100
£719,000
4g
191 1883
New Brunswick Ry 1st M gold int from rental__ c*
F&A Aug 1 1934
€100
£600,000
174 1884
5g
J&J Irredeemable
Perpetual consol debenture stock, interest guar..
4
£1
£904,533
1890
New Brunswick So 1st M______________________
J&J July 1 1933
$500,000
3
81
Calgary & Edmonton deb stock gold interest as rent 1
4g
£1,121,700
J 3 & J 2002
1890
J&J 1955
Branch line bonds (owned by Can Pac)________
$1,000 $7,440,000
4
J618
J&J July 1 2002
Lindsay Bobcayg & Pontypool 1st M $700,000 gold
1,000
500,000
4g
39 1903
Quebec Central stock dividend guaranteed__
J & J15 Jan 151926 2)4
£694,850
5
F&A
1st M deb stk int gu red________________
4
£904,837
2d M deb stock prm and int guar_______
£338 000
3)6 J & J15 Jan 1 1963
3d M bonds prin and int guaranteed____
£338,000
5
J &J15 Jan 1 1963
Aroos Val (El) RR 1st M g red 105 int guar_____
500 &c
$250,000
4)4 g F&A Aug 1 1929
1909
First & Ref M $1,700,000 call 105 int guar.Ba.xc*
455,832
32 1911 See text
4)6 M&N July 1 1961
Minn St P & Sault Ste Marie and Duluth South Shor e & At lantic —See sta tements of those co mpanies

Unmatured Funded Debt Held by Public.
Issuing
Date of
Name of Security.
Company.
Maturity.
Guaranteed by Dominion Govt.—
Perpetual debenture stock..G. T. R______Perpetual
G. W. perpetual deb. stock__G. T. R______Perpetual
%, Perpetual debenture stock..G. T. R______Perpetual
4% Nor. Ry. perpetual deb. stk.G, T. R______Perpetual
4% Perpetual guaranteed stock.G. T. R______Perpetual
7% Sink, fund gold deb. bonds..G. T. R_____Oct*. 1 1940
6% Sink, fund gold deb. bonds._G. T. R_____Sept 1 1936
3% 1st M. bonds (ex. Govt, hold­
ings) ______________________ G. T. P____ Jan. 1 1962
4% Sterling bonds, due 1962___ G. T. P____ Jan. 1 1962
3% 1st mtge. debenture stock__ Can. Nor____July 10 1953
3>£ % 1st mtge. debenture stock.Can Nor___ July 20 1958
4% Debenture stock__________ Can Nor. Sept. 1 1934
7% Sinking fund deben. bonds..Can Nor.__ Dec. 1 1940
6)6 % Sinking fund deb. bonds..Can Nor___ July 1 1946
5% 3-year secured notes_______ Can Nor___ Dec. 1 1925
4)6% Gold coupon bonds_____ Can ___________
Nor___ Feb. 15 1935
3)6% 1st mtge. debenture stock.C. N. A_____ May 4 1960
3)6% 1st mtge. debenture stock.O. N. O_____ May 19 1961
5% Equip, trust Series‘‘G’’____ Can. Nat. serially Jan. 8 ’38
5% 30-year bonds_____________ Can Nat___ Feb.
1 1954
4% 3-yr. guaranteed gold notes.Can Nat___ July
1 1927
4)6% 30-yr. guar, gold bonds___Can Nat___ Sept. 15 1954
4J4 % Gold coupon bonds_______ Can Nat___ Feb. 15 1930
Guaranteed by Prov. of Ontario—
314% 1st mtge. deb. stock_____ C. N. O______ 1936 & 1938
Guaranteed by Prov. of Manitoba—
4% Consolidated deb. bonds___ Can. Nor__ June 30 1930
4% Sifton Branch bonds_______ Can. Nor__ Feb. 1 1929
4% Gilbert Plains Branch bonds.Can. Nor__ Nov. 1 1930
4% Man. & South East, bonds..Can. Nor__ Feb. 11929
4% Ontario Division bonds____ Can. Nor__ June 30 1930
414% Ontario Division bonds__ Can. Nor___ June 30 1930
Issuing
Date of
Name of Security.
■ Company.
Maturity.
4% Winnipeg Terminal bonds___ Can. Nor___ July
1 1939
4% 1st mtge. debenture stock___ Can. Nor___ June 30 1930
4% Prov. of Manitoba bonds___ Can. Nor___ Sept. 1 1931
Guaranteed by Prov. of Saskatchewan—
4% 1st mtge. bonds__________ G. T. P_____ Jan. 22 1939
4% 1st mtge. deb. stock_______ Can. Nor___ Jan. 23 1939
Guaranteed by Prop. of Alberta—
4% 1st mtge. bonds, 1942_____ G. T. P_____ Feb. 15 1942
4% 1st mtge. bonds. 1939_____ G. T. P_____ Feb. 15 1939
4% 1st mtge. deb. stock_______ Can. Nor___ Feb. 25 1939
4)6% 1st mtge. deb. stock, 1943.C. N. W____ Oct. 22 1943
414 % 1st mtge. deb. stock, 1942.C. N. W____ Feb. 16 1942
Guaranteed by Prov. of British Columbia—
4% 1st mtge. deb. stock________ C. N. P_____ April 2 1950
414% Terminal debenture stock.C. N. P_____ April 2 1950
Unguaranteed (by Provinces or Dominion)—
4% Canada Atlantic 1st M. bds.G. T. R_____ Jan.
1 1955
/O Wellingt
VUlAlg v ’11
C.V & L>I
ULc bds.G.
UUb_\J . T.
J. • £v
_ _ _ _ July
111y
1
yy 1
7• %
n V»1
Grey
Bruce
R______
1 i1901
6% Nor. Ry. 3d preference bds..G. T. R____ Indeterminable
5% Equip, trust Series “D”___ G. T. R____ Aug.
1 1927
6% Eq. tr. notes ”U. S. R. A.”.G. T. R____ Jan. 15 1935
6)6% Equip, trust ctfs.“F”___ G. T. R____ Feb.
1 1936
3% % New England Elevator Co. lsts________ July 1 1941
4% Portland Elevator Co. lsts_______________ Jan. 1 1937
4% Pembroke Southern Ry. lsts_____________Sept. 1 1956
4% 2d mtge. Prairie“A"________ G. T. !P______ April 1 1955
4% 2d mtge. Mountain“B”____ G. T. P_____ April 1 1955
4% 1st mtge. Lake Superior____ G. T. P_____ April 1_ 1955
.
4% Perpetual debenture stock..G. T. P_____ Perpetual
4% Perpetual consol, deb. stock.Can. Nor___ Perpetual
4)6 % Prince Albert Branch bds. Can Nor____ June 30 '1930
6% Equip, trust, Series “A”.____ Can Nor____ July 1 1928
6% Equip, trust, Series“B”.____ Can Nor____ Jan. 1 1929
6% Equip, trust. Series“C”_____ Can Nor____ May 1 1929
6% Equip, trust, Series“D”_____ Can Nor____ Dec. 1 1929
7% Equip, trust, Series “E”______ Can.Nor____ May 1 1935
5% Equip, trust, Series “L-l”__Can. Nor___ Aug. 1 1926
4% Perpetual consol, deb. stock.C. N. O_____ Perpetual
5% 1st mtge. bonds__________ C. O. R______ Jan.
1 1934
5% 1st mtge. bonds__________ Bay of Quinte.Jan.
2 1927
4% Perpetual consol, deb. stock.C. N. Q_____ Perpetual
4% 1st mtge. gold bonds_____ G. N.ofC____ Oct.
1 1934
4% 1st mtge. perpetual deb. stk.Q. & L. St. J.-Perpetual
3) 6% 1st mtge. bonds-------------- H.&S.W____ Sept. 30 1942
4% 1st mtge. deb. stock_______ Q.L.L.&S.RR.July 1 1936
5% 1st mtge. rent charge bonds.M.R.Tnl.&Tl.April 15 1970
4% 1st mtge. deb. stock_______ D. W. & P___ June 1 1939
4% 1st mortgage bonds_______ G. T. W____ July
1 1950
6% Equip, trust notes________ G. T. W____ Jan. 15 1935
5% 1st mtge. bonds__________ G.T. Jet____ Jan.
1 1934
4) 6 % Equip, trust Series” H” Can. Nat___ July 1 1939
5% C. N. Coal & Ore Dock lsts______________Jan. 1 1936
4% Montreal Warehousing Co. lsts___________April 1 1936
5% Rail & River Coal Co. lsts_______________April I 1938
5% Niagara St. Cath. & Tor. Ry. Co. lsts____ Nov. 1 1929
4)6 % Toronto Suburban debenture stock_____ July 15 1961
5% Can. Nor. income charge deb. stock______ May 16 1930
Can. National Realties Ltd. outstanding mtges. Various

Principal
Outstanding.
$20,782,491
13,252,322
119,839,014
1,499,979
60,833,333
24,743,000
25,000,000

34,992,000
8,440,848
9,359,996
7,896,588
17,060,333
24,793,000
25,000,000
17,000,000
3,149,998
34.229,996
19.500,000
50,000,000
20,000,000
26,000,000
18,000,000

7.859.997
10,785,993
1,137,340
2,433
510,513
5,679,887
64,727
Principal
Outstanding.
3,000,000
2.859.998
349,000

9,874,062
8.029,999
1,153,764
2,430,000
5,586,665
2,799,997
6,424,000
16,412,001
8,614,000

16,000,092
230,193
70,566
500,000
599,000
11,230,000
160,000
60,000
150,000
10,206,000
9,963,000
7,533,000
34,879.252
44,943,019
300,000
1,250,000
2,625,000
2,625,000
3,000,000
14,000,000
128,000
8,724,113
783,047
730,000
5,250,369
3,510,250
4,252,503
4,447,000
5,019,539
1,771,953
7,004,997
10,964,416
2,065,000
938,960
8.750.000
1,375,000
136,000
1,495,000
1,098,000
2,628,000
24,137,846
847,900

Total debt held by public_____________________________ $931,329,303




Lond & 64 Wall St, N Y
Company’s Office, Lond
Baring Bros & Co, Lond
Company’s Office, Lond
Bk or Mont, Mont or Tor
Bank of Montreal
Guaranty Trust Co, N Y

London & 64 Wall St N Y
Baring Bros & Co, Lond
Can Pac office, London
Montreal and London
Morton, Rose, London
Toronto and London
London
do
Guaranty Trust Co, N Y
Can Pac Office, London
Can Pac Office, Montreal
Bk of Montreal, Toronto

N Y and Augusta, Me
Bankers Trust Co, N Y

REPORT.—For 1925, in V. 122, p. 2644, showed:
Calendar Years—
1925.
1924.
1923.
1822.
Revenue—
$
$
$
$
Freight..................... ...180,482,544 171,045.298 185,240,897 169.783,722
Passenger_____________ 36,618,482 37,233,998 39,285.318 35,486,295
Mail........... ...................... 3,554,200
3,595,262
3,543,078 3,673,195
Miscellaneous...______ 24,315,977 23,713,624 25,066,194 25.115.814
Total_______________ 244,971,203 235,588,182 253.135,487 234,059,025
Expenses—
Maint. of way & struc.. 43,006,814 44,039,965 44,778,445 45.623,536
Maint. of equipment__ 47,902.092 47,972,444 52.176.320 56,160,700
5,249,902
5,792.928
Traffic______________
6.726,473
6,892,751
Transportation________ 106,477,437 110,085,034 120,302,451 113,653,320
Miscellaneous operations 2,253,051
2,381,469
2,304,106
4,127,733
General_______________ 7,223,774 7,633,834
8,063,391
7,248.424
Transp. for invest’t—Cr.
882,852
661,567
712,802
891.985
Total_______________212,706,788 218,343,931 232,704,838 231.172,314
Net earnings_________ 32,264,415 17,244,251 20,430,649
2,886,712
Total oper. income.. 27,877,343 12,235,017 16.273,239 dfl,227,508
Non-Operating Income—
Rent from locomotives. .
586,129
1,232,950
259,928
318,575
127,843
785,358
Rent from pass.train cars
177,663
145,541
Rent from floating equip.
1,003
171
920
337
410,227
Rent from work equip. .
317,012
486,620
209,284
1,516,016
Joint facility rent income 1,019,689
895,448
994,988
78.602
78,625
Inc. from lease of road..
85,698
83.040
837,194
838,566
Misc. rent income_____
1,158.333
1,201,060
211,219
M isc. non-op. phys. prop _
192,139
165,128
493,176
883,329
Separ. oper. prop—profit 1,179,057
1,044,876
853.754
Dividend income______
507,491
454.613
515.436
386,959
539,049
Inc. from funded secure .
572,872
523,094
673,193
Income from unfunded
securities & accounts. 2,055,955
510,618
1.068.883
1,538,573
Income from sinking,&c.,
103,330
reserve funds_______
519,739
371,227
634,785
Miscellaneous income__
2,438,419
1,650,393 loss352,555
221,226
Total non-oper. income 8,402,044
9,137,872
6,208,517 10,055,367
8,827,859
36,279,387 21,372,889 22,481,756
Deductions—
Hire of freight cars—
632,644
1,718,372
1,694,487
3,887.479
Rent for locomotives__
783,288
163,038
27,125
54,016
147,862
Rent for pass, train cars.
776,178
353,854
145,527
Rent for floating equip..
22,403
21,748
8,944
11,271
Rent for work equipment
12,944
303,077
5,672
5,492
1,343,132
Joint facility rents____
928,211
683,544
933,503
1,397,479
Rent for leased roads__
1.276,120
1.387,906
1,452,709
Miscellaneous rents___
96,131
88,427
75,609
109,868
Misc. tax accruals_____
358,720
162,062
482,580
124,477
Separ. oper. prop.—loss.
740,232
759,060
802,470
795,877
40,438,235 38,361,704 35,041,380 34,652,324
31,450,382 31,271,043 30,157,944 24,748,152
Int. on unfunded debt_.
235,917
109,026
377,115
239,536
Amort. of dis. on fund
debt______________
119,173
165,391
514,024
317,671
Misc. income charges__
397,206
58,894
674,860
608,538
Misc. approp. of income.
19,503
135,690
57,606
77,724,151 76,233,308 74,179,431 66,787,957
Net income, deficit... 41,444,764 54,860,419 51,697,675 57,960,098
OFFICERS.—Pres., Sir Henry Thornton; Sec.. R. P. Ormsby: Treas.,
J. A. Yates. General offices, Montreal.—(V. 122, p. 2644.)
CANADIAN NORTHERN RAILWAY SYSTEM.—In June 1919 the
Canadian National Rys. was incorporated at the instance of the Canadian
Government, which owns its entire capital stock, to operate all the Govern­
ment-owned lines.

See that company above.

CANADIAN PACIFIC RAILWAY CO.—(See Maps.)—Owns a trans­
continental railway from Montreal to the Pacific Ocean, made up as follows
Dec. 31 1925:
Also controlled but oper. sep.—
Montreal to Vancouver_____ 2,895
Branches, leased lines, &c___ ll,270 aMinn. St. P. & Sault Ste. M..4,401
aDuluth South Shore & Atlantic 617
Total in traffic returns____ 14.165 aMineral Range_____________ 96
Mileage of other lines worked- 992
a See each company’s statement.
Lines under construction____
176 Steamships, see V. 116, p._1435.
The 5-mile tunnel through the Selkirk Mts. was put in use in Dec. 1916.
HISTORY, &O.—Incorporated Feb. 17 1881 under charter from Do­
minion of Canada, receiving $25,000,000 in cash as a subsidy; also 25,000.000
acres of land, all to be fit for settlement.
Full financial resume by Chairman in May 1918 with statement as to
company’s $253,000,000 of outside assets was in V. 106, p. 1906. Kaslo
& Slocan Ry. lease and bonds, see V. 107. p. 2097. Tn July 1920 assumed
operation of the Edmonton Dunvegan & British Columbia and Central
Canada Railway Cos. See V. 112, p. 1408.
The special committee of the Senate on railways, which made its report
to the Canadian Upper House on June 25 1925, recommended merging of
tbe Canadian National and Canadian Pacific Ry. systems for purposes of
administration and operation. Compare V. 121, p. 69.
STOCK.—The issue of preferred must never exceed one-half the common.
COMMON DIVIDENDS.—
f ’03-’05. ’06. ’07-’09. TO. ’ll-’25.
RR. earnings since 1902_______________ •) 6 yrly. 6 6 yrly. 7 7 yrly.
Int. from land sales, &c_______________ L_______ )6 1 yrly. 1)6 3 yrly.
Paid in 1926: April 1, 2)6%; June 30, 2)6%.
BONDS, DEBENTURE STOCK, GUARANTEED BONDS, &C.—
List of securities owned Dec. 31 1921, V. 114, p. 1426.
The shareholders on May 4 1921 gave the directors blanket authority
to issue any form of security for any purpose, provided lt is junior to the
Consolld. Debenture 4% stock, and does not exceed the amt. of this stock.
The balance sheet of Dec. 31 1925 showed $264,244,882 Consol, de­
benture stock outstanding. V. 108. p. 1280; V. 119. p. 692.

[V ol . 122

R A IL W A Y S T O C K S A N D B O N D S



Mat, 1926 ]

RAILW AY STOCK S AN D BO ND S




(You 122.

RAILWAY STOCKS AND BONDS

30
RAILROAD COMPANIES

IFor abbreviations, &c., see notes on page 8]

Miles Date
Road Bonds

iarolina Central—Bonds—See Seaboard Air Line Ry
8
iaro Clinch & Ohio—Lick Crk & L E 1st M g assu.x
256
1st M $15,000,000 red 110_________________ F.xc*
276
1st & consol mtge Ser A red (text)—Eqkxxxc*&r
Eq gold notes Ser “F” due $38,000 s-a_________ Nx
do
do Ser "G” due $42,000 s-anot call.CPv
do
do (USB A) due $414,000 ann______ G
do
Ser “H” due $25,000 s-a red 102}$-.Mp.c*
do
do Ser “I” due $50,000 s-a------------xxxc*
Bonds Guaranteed, Prin and Int, by Endorsement—
Holston Corp Realty & Coll Tr Co convert notes
call at par_____ :____________________ Ce.c*&r*
Black Mountain Railway 1st Mtge_______________ 2,650

1902
1908
1922
1917
1917
1920
1923
1924
1916
1916

Par
Value

Rate
%

$200,000
$1,000 13,950,000
100 &c 8,000,000
76,000
84,000
1,000
1,000 3,726,000
1,000
350,000
1,000
850,000

5g
5g
6g
5g
5g
u
5

J & J Jan 1 1933
J & D June 1 1938
J&D 15 Dec 15 1952
J & J July ’26-Jan ’27
A & O Oct ’26-Apr '27
J & J15 To Jan 15 1935
M &S15 Sept ’26-Mar ’33
J & D Dec ’26-June’34

Wash (D C) Loan&Tr Co
71 Broadway, N Y
71 Broadway, N Y
Blah* & Co, New York
Bk of N A & Tr Co, Phila
Guaranty Tr Co, N Y
Chat & Ph N B & Tr, NY
Blair tv Co, New York

1.500,000
275,000

5g
5g

A * O Apr 1 1926
A & O Apr 1 1936

Central Un Tr Co, N Y
N Y Trust Co, N Y

1,000
1,000

In June 1890 company guaranteed the principal and interest of $20,000,000
4% bonds issued by the Dul. So. Sh. & Atl.; also 4% int. on Consolidated
bonds of the Minn. St. P. & S. Ste. M., and in 1899 interest on the 2d mtge.
4s and in 1890 interest en the 1st mtge. 4s of the latter. Owns Dul. So. Sh.
& Atl. consols. $15,107,000. &c.
Collateral Trust Bonds.—The 5% collateral trust gold bonds are secured
by deposit of $15,000,000 4% Consol. Deb. stock. The bonds are redeem­
able, all or part, at 102}$ and lnt. after April 15 1926. V. 118, p. 1909.
Secured Note Certificates.—The sinking fund secured note certificates are
redeemable, all or part, on any int. date on six weeks’ prior notice at 102
and int. up to and incl. Dec. 15 1929, and at a declining premium of }$ of
1% during each 5-year period thereafter. They will be secured by the
assignment to the trustee, by way of security, of all unpaid purchase money
or deferred payments owing or accruing due to the company in respect of
lands in the Province of Manitoba, Saskatchewan, Alberta and British
Columbia, sold or contracted to be sold by it prior to Dec. 1 1924. The
amount due or accruing due to the company on Dec. 1 1924 in respect of
said sales was $66,000,000. The company will covenant to pay to the trus­
tee all moneys, both principal and interest, less expenses and taxes paid to
protect the security, received by the company in respect of these contracts.
The company covenants that it will not charge the lands in respect of which
such deferred payments are or shall be due so as to prejudice in any manner
the security hereby created.
All moneys received by the trustee will be utilitized for the payment of
interest on these note certificates and thereafter as a sinking fund for the
purchase and cancellation of these note certificates at the best prices obtain­
able up to the call price prevailing at the time of such purchase. If note
certificates cannot be so purchased the trustee shall redeem the note cer­
tificates by lot at the prevailing call price. The company will covenant
that in the fourth and each succeeding year the annual amount available
for the purchase of note certificates will be at least $300,000.
St. Lawrence & Ottawa bonds are endorsed with the Canadian Pacific’s ac­
ceptance of a 999-year lease at a rental sufficient to pay 4% int. on bonds;
and the bondholders’ agreement to accept int. at 4% (instead of 6%) and to
refrain from demanding principal (due 1910) during lease. V. 90, p. 1361.
The New Brunswick Railway consolidated debenture stock has interest
guaranteed by Canadian Pacific; interest on the first mtge. bonds, though
not guaranteed, is paid out of rental under 999-year lease of 1890.
The Calgary & Edmonton Ry. debenture stock is guaranteed interest at
4% under new lease of 1903. V. 76, p. 435; V. 77, p. 636.
The Lindsay Bobcaygeon & Pontypool Ry. bonds are issued under a 99-year
lease covering the interest. V. 7*. p. 1225; V. 79, p. 2085.
The First & Ref. M. 4}$s of the Aroostook Vy. (electric) RR. are issuable
at rate of $25,000 per mile. Denom. £100 or $500. Sinking fund, }$ of 1 %
yearly of issued and outstanding bonds from Feb. 1 1916-20, 1% thereafter.
Callablefor sinkingfund at 105. V. 89, p. 846; V. 90, p. 107; V. 92, p. 259.
Kettle Valley By.—See V. 108, p. 1721, 1282.
Victoria Rolling Stock & Realty 4 }$ %. V. 99, p. 1672, 543; V. 100, p. 139
In March 1920 sold $12,000,000 6% equip, trust certifs. V. 110, p. 1288.
Lands.—Lands unsold Dec. 31 1925 were 148,091 acres in Manitoba
(book value $1,480,910), 1,384,194 acres in Saskatchewan (book value
$17,994,522), 2,429,643 acres in Alberta (book value $31,585,359), 1,018,022
acres in British Columbia (book value $4,994,692), &c. Total of all lands
owned Dec. 31 1925, 6,121,727 acres (book value $99,463,661).
SUB. COS.—Dominion Atlantic Ry., Yarmouth to Truro, with branches,
total 247 miles, with 45 miles trackage to Halifax, is leased for 999 years
from 1912. V. 91, p. 728; V. 90, p. 1490,1424; V. 93, p. 1461; V. 94, p. 278.
Alberta Ry. & Irrigation Co., see V. 92, p. 955; V. 93, p. 593; V. 94, p. 1316;
V. 95, p. 617. Quebec Central Ry.. see V. 93, p. 667, 1106; V. 94, p. 1625:
V. 96. p. 361. 715.
REPORT.—For 1925, in V. 122, p. 1787, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Earnings—
$
$
$
$
Passengers____________ 33,126,445 33,900,668 36,315,818 35,331,525
Freight________________ 128,410,056 123,505,140 134,299,556 128,918,137
Mails________________ 3,552,416
3,537,662
3,572,372 3,594,895
Sleepingcars,misc.& exp. 18,267,088 21,558,686 21,649,344 18,830,479

Total gross earnings..183,356,006
Operating Expenses—
Transportation expenses 65,009,477
Maintenance of way, &c. 25,473,904
Maintenance of equip__ 33,108,545
Traffic_______________ 8,477,103
Parlor car, &c_________ 1,724,501
Lake and river steamers. 1,217,175
General (incl. all taxes). 8,190,526

182,502,156 195,837,090 186,675,036
66,311,741 72,730,571 70,994,919
27,277,389 30,776,423 27,405,339
32,640,070 34,124,839 32,009,461
8,341,350 8,180,042
7,381,373
1,831,498
2,005,970
2,128,381
1,266,592
1,386,816
1,414,513
7,606,274
9,153,418
9,039,358

Total oper. expenses.. 143,201,230 145,274,914 158,358,079 150,373,345
Net earnings............ 40,154,776
Fixed charges................. 14,438,517
Pension fund_________
500,000

37,227,242 37,479,011 36,301,691
14,070,287 13,470,653 13,348,906
500,000
500,000
500,000

Balance, surplus____ 25,216,258 22,656,955
Special income.............. 11,357,375
9,971,252

23,508,357 22,452,785
11,391,052 11,092,355

Total income_______ 36,573,633 32,628,207 34,899,409 33,545,140
Preferred div. (4%)___ 4,005,944
3,857,075 3,421,943 3,227,276
xCommondivs. (10%).. 26,000,000 26,000,000 26,000,000 26,000,000
Balance, surplus____
6,567,689
2,771,132
5,477,466 4,317,864
x Of this 10% in dividends paid on Ordinary stock 7% is from railway
earnings and 3 % is paid out of special income (which account is given below).




When

Amount
Outstanding

Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

SPECIAL INCOME ACCOUNT FOR CALENDAR YEARS.
[From this special income is derived the 3 % in special divs referred to above .j
1922.
1923.
1925.
1924.
Net rev. from invest. &
avail, res. (see below). $1,755,003
$645,756 $2,158,178 $2,694,979
Int. on dep. & int. and
divs. on oth. securities
less exchange.
_ . 3,313,249
1,957,190
3,059,507
1,545,355
Net earns. Ocean &
3,448,293
Coastal SS. Lines___
3,630,675
4,292,141
2,881,651
Net earns. Commercial
Tel. and news de t ,
2,991,892
hotels, rentals & misc. 3,407,472
2,635,?14
3,395,378
Total special income. _$11,357,375
Less payments to shareholders in divs (3 %) _ 7,800,000

$9,971,252 $11,391,052 $ll,092,354

7,800,000

7,800,000

7,800,000

Balance Dec 31____ $3,557,375 $2,171,252 $3,591,052 $3,292,354
MISCELLANEOUS INVESTMENTS, Par $47,769,527 (Cost $23,677,036).
[From these investments were derived the first item in foregoing table.]
Coeur d’Alene & Pend d’Oreille Ry. 1st mtge. bonds__________
$47,000
Consolidated Mining stock..#_____________________________ 5,785,325
Cambridge Collieries Co. 1st mtge ref bonds-----------------------250,000
Dominion Express Co. stock______________________________ 5,000,000
Duluth Shouth Shore ordinary stock_______________________ 6,100,000
Atlantic Railway preferred stock__________________________ 5,100,000
Hull Electric Co__________________________________________ 1,067,602
Minneapolis St. Paul & Sault Ste. Marie RR. ordinary stock— 12,723,500
Minneapolis St. Paul & Sault Ste. Marie Ry. preferred stock.. 6.361.800
Pennsylvania-Ontario Transportation Co. stock______________
187,500
150,000
Quebec Salvage & Wrecking Co. stock______________________
Spokane International Railway Co. stock----------------------------- 3.941.800
Toronto Hamilton & Buffalo Railway Co. consol, mtge. bonds. 1,000,000
55,000
West Kootenay Power & Lig t Co preferred stock___________
OFFICERS —Chairman and Pres., E. W. Beatty; Vice-Presidents, I. G.
Ogden, W. R. Maclnnes, Anthony D. Mac Tier, D C Coleman, Grant
Hall; V.-P. & Compt., John Leslie; Sec., Ernest Alexander.
DIRECTORS.—Sir Herbert S. Holt, Chas. R. Hosmer Hon. Fred
L. Beique, K.C. Senator; Ross H. McMaster, Colonel Frank S. Meighen
C.M.G.; John K. L. Ross, Edw. W. Beatty, Sir Vincent Meredith, Bart.,
Rt. Hon. Lord Shaughnessy, K.C.; Grant Hall and F. W. Molson, Mon­
treal; W. N. Tilley, K.C., Toronto; Sir Thomas Skinner, Bart., London.
England: His Hon. Henry Cockshutt, Brantford, Ont. Main office,
Montreal; N. Y. Office, Madison Ave. & 44th St.'—(V. 122, p. 2794.)
CAROLINA CLINCHFIELD AND OHIO RY.—Owns from Elkhorn
City. Ky., to Spartanburg, S. O., 274 m.; branches and spurs, 10 miles:
leased. 3 m.; trackage, 22 m.; total, 309 m.
The line forms a low-grade heavily-built link in the through line for
general traffic between the Great Lakes and the Atlantic seaboard, serving
also extensive coal operations owned by Clinchfield Coal Corp. See V.
101, p. 2070; V. 102, p. 611; V. S4, p. 1448; V. 97, p. 1661; V. 98, p. 1692:
V. 100, p. 900; V. 104, p. 75, 365 Connects at Bostic, N. C., with Sea­
board Air Line Ry., with which close relations are maintained and tide­
water is reached. V. 88. p. 944; V. 87, p. 670. See report of expert,
V. 102, p. 2076.
The stockholders in June 1923 authorized the lease of the road (approved
by the I.-S. C. Commission in June 1924, V. 118, p. 3075) to the Atlantic
Coast Line RR. and the Louisv. & Nashv. RR. for 999 years. In general,
the broad terms of the lease provide for a rental equal to int. on all its obliga­
tions and dividends on the common stock as follows: The rental is to begin
Jan. 1 1925, and for 3 years thereafter the rental will be $750,000, or 3%
on the $25,000,000 Common stock. Beginning Jan. 1 1928 and for 10 years
thereafter $1,000,000 a year, or 4% on the stock. Beginning Jan. 1 1938
and thereafter to May 10 2922, $1,250,000 a year, or 4% on the stock.
All these rentals will be paid quarterly, the first installment coming due
April 1 1925.
The I.-S. C. Commission has placed a tentative valuation of $36,595,514
on the property of the company as of June 30 1917.
STOCK.—Authorized and outstanding, $25,000,000 common.
In Nov. 1924 $12,600,000 leased line stock was offered by bankers. For
the convenience of those preferring a uniform $5 annual rate from Jan. 1
1925, it was stated that arrangements would be made, upon payment of an
additional sum at the time of delivery of stock (approximately $13 65 per
share based on payment Dec. 1 1924) for the delivery of special certificates
entitling the holder to receive in addition to the dividends declared a further
payment of $2 annually for the three years commencing Jan. 1 1925 and $1
annually for the ten years from Jan. 1 1928. V. 119, p. 2406.
BONDS, ETC.—First mtge. of 1908, V. 86, p. 667, 856; V. 88, p. 944.
Car trusts of 1917, V. 104, p. 2235.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 118, p. 662.
Of the 1st & consol, mtge. bonds ($50,000,000 authorized), $8,000,000
Series A bonds have been issued out of a total authorized amount of $9,500,000. Series A bonds are redeemable, all or part, on or before Dec. 15 1937
at 107}$ and int., the premium decreasing }$ of 1% each year thereafter
until maturity. Compare V. 115, p. 2793.
The $5,000,000 6% cumulative income debentures, due July 1 1935,
were retired on Oct. 16 1924.
The guaranteed securities (see V. 103, p. 1588) included $1,500,000
Holston Corporation notes (callable at par.

May, 1926.}

RAILROAD COMPANIES
[For abbreviations, Ac., see notes on page 8]

Miles Date
Road Bonds

Carolina & Northwestern—1st M $2,500,000 goldGx
Caldwell & Northern 1st M____________________ x
Catasauqua & Fogelsville—1st M gold._PeP.xc*
Catawissa—Pref stock 5% guar P & R Ry (see text)
First consol mortgage 12,215,000 gold__ PeP.xc*
ayuga & Susquehanna—Stock rental D L & W__
entral Argentine Ry—Conv gold notes call(text)Q

8

Convertible notes (see text)_______________________
Central of Georgia Ry—Common stock___________

1903
1907
32 1898
1898
34
1917
__ 1923

1919
Ten-year secured bonds call after June 1 1924..xxx
312 1895
1st mortgage $7,000,000 gold__________ Q.xc*&r
1919
Refunding and general mortgage Series “A”______ 1,489 1919
do
Series . “B” redeemable (text)._xxxc*&r* 1,489 1919
do
Series “O” redeemable (text)..xxxc*&r* 1,493 1895
Consolidated mtge $18,500,000 gold__ Ba.xc*&r
138 1895
Mobile Div 1st M (Columbus to Andalusia) g.Q.xc*
102 1895
Macon & North Div 1st M $840,000 gold.MBa.xc*
77 1901
Ocon Div 1st M Brewton to Dover $6,000 p m.G.xc*
21 1896
Eatonton Branch 1st mortgage not guaranteed gold x
65 1897
164 1901
137 1897
1895
2d
do do
1895
3d
do do
1895
1887
1921
do
Series N due $66,000 annually_____
1922
do
Series O due $194,000 annually____
1923
do
Series P due $94.0C0 annually_____
1925
do
Series Q due $256,000 ann______________
1925
Augusta & Savannah stock guar (no bonded debt)_
53
Southwestern Railroad stock guar (no bonded debt)
333
Chattahoochee & Gulf stock guar__________
91 1900

Par
Value

$2,901,598
$1,187,250
344,371
60,099
300,000

Amount
Outstanding

$1,000 $1,528,000
1,000
543,000
1,000
135,000
50 3,200,000
1,000 2,215,000
30
589,110
1,000 15,000,000
£100 &c £2,000.000
$20,000,000
8,000,000
1,000 7,000,000

1,000 5,000,000
1,000 3,000,000
1,000 18,498,000
1,000 1,000,000
1,000
840,000
1,000
462,000
500
168,000
1,000
413,000
1,000 2,057,000
1,000
343,000
1,000
134,500
1,000
94,750
1,000
45.600
1,000 4,840,000
1,000
591,000
1,000
396,000
1,000 2,328,000
1,000 1,316.000
1,000 3,840,000
100 1,022,900
100 5,191,100
100
436,400
1,000
407,000

REPORT.—For 1924, in V. 120, p. 3058. showed:
Years End. Dec. 31— 1924.
1923.
1922.
1921.
Coal carried, tons_____
3,887,353 4,302,869
3,823,222 3,326,264
Total oper. revenue___ $8,692,524 $9,257,319 $7,608,602 $7,464,112
Net after taxes............... 2,096,730 2,001,980
2,027,036 1,702,140

Total income_________ $2,912,740
Int. on funded debt___ $1,187,250
Int. on equipment trust.
345,597
Misc. int. and rents___
63,011
Int. on income deb____ Cr. 191,667

31

RAILWAY STOCKS AND BONDS

$3,029,509 $2,622,798
$1,185,648 $1,187,582
407,138
367,922
41.650
38,572
262,820
300,000

Balance, sur. or def.sur$l,508,549sr$l,009,878sr$l,137,367 sur$723,608
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—Norman S. Meldrum, Pres.; C, Ledyard Blair, J. J. Cam­
pion and I. McQuilkin, V.-Ps.: Edward C. Bailly, Sec.: John W, Sanders,
Treas.; L. H. Phetteplace, Gen. Mgr. Offices, Johnson City, Tenn.,
and 24 Broad St., New York.—(V. 120, p. 3182.)
CAROLINA & GEORGIA RY.—(V 114, p 2467.)
CAROLINA & NORTHWESTERN RY.—Owns standard-gauge road
Chester, S. O., to Edgemont, N. C.. 13314 miles. V. 107. p. 502.
Stock auth., $1,000,000 each ofcom. and 4% non-cum. pref.: outstand­
ing, $854,250 com. and $550,000 pref. stock. Of the first 5s due 1953,
$1,500,000 were used to retire all underlying bonds and $1,000,000 were
applicable to extensions, new equipment, &c. For 1925, gross, $910,195.
net oper. Income, $307,794: int., rentals, &c.. $218,062; bal., su-.. $89,732.
Pres., Fairfax Harrison; Treas., E. F. Parham.—(V. 105, p. 605; V. 107,
p. 500, 1099.)
. CATASAUQUA & FOGELSVILLE RR.—Catasauqua, Pa., to Rittenhouse Gap, Pa., l9-7O m., and branches, 31.47 miles. Stock, $426,900 (par
$25): $426,300 is owned by Reading Co. Divs. paid in 1904-05. 7%: in
1905-06, 8%; in 1906-07, 8%; 1908-09, 8%; 1909-10. 10%; 1910-11, 10%,
1911-12, 10%; 1912 13, 10%; 1913-14, 10%: 1914 15, 20%; 1915-16. 15%:
1916-17, 30%; 1917-18, 30%; 1919, 30%; 1920, 20%; 1921, 25%; 1922-25
30%. For cal. year 1925, gross, $882,179; net, after taxes, $461,452
oth. inc., $60,688; deductions, $13,342; bal., sur., $508,798 (before divs.)
CATAWISSA RR.—Owns from Tamanend, Pa., to Newberry Jet., Pa.
104.05 miles: second track, 40.07 miles; total, 222.20 miles. Re-leased
Dec. 1 1896 for 999 years to Philadelphia & Reading Railway.—Rental,
Int. on bonds, 5% divs. on pref. stock, all taxes and $8,000 for org. exp.
See also V. 63, p. 969, 1116. The following amounts have been deducted
from the 2)4 % semi-annual divs. for income tax: Nov. 1917, 5 cents; Nov.
1918, 12 cents; May 1919, 13 cents; Nov. 1919 to Nov. 1921, 10 cents;
May 1922 to Nov. 1924, 13 cents; May 1925 to May 1926, 11 cents. Of
the pref, stocks, $1,000,000 is 2d pref. Common, $1,159,500; par, $50.
Reading Co. owns $732,800 common.—(V. 96, p. 1421.)
CAYUGA & SUSQUEHANNA RR.—Owns from Susquehanna River to
Ithaca, N. Y., 34 m. Leased during length of charter and renewals thereof
to the Delaware Lack. & Western at a rental of $54,600 a year. Divs. of
9% per annum were paid regularly to 1917, except in 1904 when 9)4 % was
paid; in 1918 paid 8)4%; 1919 to 1924 paid 8% per annum.
CENTRAL ARGENTINE RY., LTD.—ROAD.—Extends from Buenos
Ayres, a city with a population of about 1,800,000, through the city of
Rosario, to Cordoba, Santa Fe and Tucuman. Comprises 3,305 miles of
track (all except 202 miles is owned in fee; and partly double-tracked).
Proposed extensions, V. Ill, p. 389.
ORGANIZATION.—Originally organized in 1863. Operates under a
perpetual concession and an amended law contract running until 1947,
entitling it, without restriction, to charge such rates, payable in gold equiva­
lent, as will net 6.80% on the capital investment recognized by the Argen­
tine Government, now amounting to over $250,000,000. In lieu of taxes,
3% of the net receipts go to the Government.

Rate
%
6
5
4g
5
4 ft
See text
6g
5

5g

ITTien
Payable

J & J
J & D
J & J
M & N
A & O
J & J
F & A
.1 & J
J & D31
J & D
F & A

5)4 g A &
5g A &
5g M &
5g J &
5g J &
5g J &
5g J &
6 cur J &
4g J &
5g J &
Oct
5
Oct
5
Oct
5
5g M &
6)4 F &
5)4 M &
J &
5
4)4 M &
4)4 M &
J &
5
J &
5
J &
5
5g J &

Last Dividend Pisces mere Interest and
and Maturity
Dividends Are Payable

July 1 1953
Junel 1957
July 1 1928
See text
Apr 1 1948
See text
Feb 1 1927 «
July 1 1933 *
Dec 31 '25 3%

Nov 1 1945
Apr 1 1959
O Apr 1 1959
O Apr 1 1959
N Nov 1 1945
J Jan 1 1946
J Jan 1 1946
D Dec 1 1945
D Junel 1926
J Jan 1 1947
D Junel 1951
J July 1 1947
1 Nov 1 1945
1 Nov 1 1945
1 Nov 1 1945
N Mayl 1937
A Aug '26-Feb '36
S To Mar 1 1932
D To June 1 1938
S To Mar 1 1940
N To Nov 1 1940
J Jan 1926 2)4%
J Jan 1926 2)4%
J Jan 1926 2)4%
J July 2 1930

Lines owned in fee—
Miles.
Savannah to Atlanta________ _ 293
Gordon to Covington________
8l
Columbus to Birmingham, Ala. 156
Columbus to Americus_______ . 60
Montgomery to Eufaula, Ala.. 81
Columbus to Greenville, Ga__
48
Opelika to Roanoke_________
36
Eufaula to Ozark____________
60
Griffin, Ga., to Chatt..Ten.,&c 261
Chicamauga to Durham_____
17
Savannah to Tybee__________
18
Columbus to Andalusia______ 138
Mogul to Athens____________ 102
Brewton to Do vei___________
77
Barnesville to Thomaston____
16
Covington to Porterdale_____
4
Upper Cahaba Branch_______
12
Greenville to Raymond______
24

Checks mailed
do
Reading Terminal, Phila
Company's Office, Phila
Reading Terminal, Phila
30 Pine St, New York
NY JPMorgan&Co ,&Lon
Co's off 32 Liberty St NY
Guaranty Trust Co, N Y

Guaranty Trust Co, N Y
do
do
do
do
do
do
Guar Tr Co, N Y or Sav
Guaranty Trust Co, N Y
do
do
do
do
Guar Tr Co, N Y or 8av
do
do
do
do
Guaranty Trust Co, N Y
Commercial Tr Co, Phila
do
do
Savannah, Ga
Savannah and Macon
Savannah, Ga

Citizens’Bk.Savann’h.Ga

Lines leased (see these cos.) Miles.
Southwestern RR.—
Macon to Eufaula__________ 142
Fort Valley to Perry_______
13
Fort Valley to Columbus___
71
Smithville to Columbia____
85
Cuthbert to Fort Gaines___
20
Augusta & Savannah RR.—__
Millen to Augusta___________
53
Chattahoochee & Gulf RR.—
Columbia to Lockhart_____
91
Trackage_______
15
Less—Lines to Ga. & Ala. Ry.
Co. and Chatt. Station Co..
58

Total owned______________ 1,485
Total oper. Dec. 31 1925.__ 1,917
ORGANIZATION.—Succeeded Nov. 1 1895 the Central RR. & Banking
Co. of Georgia, foreclosed. V. 60, p. 1008; V. 61, p. 68. Ocean SS. Co.,
7. 102, p. 344.
The entire $20,000,000 capital stock is owned by the Illinois Central but
the road is operated independently.
Government loan, V. Ill, p. 492: V. 112, p. 371, 469.
Tentative valuation, V. 113, p. 1052.
STOCK.—The l.-S. C. Commission on Dec. 5 1923 authorized the com­
pany to issue $15,000,000 Common stock and to retire a like amount of
Preferred stock by exchange, share for share, of Preferred for the new Com­
mon, so that the Capital stock of the company will consist solely of 200,000
shares of Common stock (par $100). V. 117. p. 2651.
Dividends.—On common stock, 1913 to 1923, 5% per annum; 1924, 6%.
1925, 6%.
BONDS.—The first mortgage of 1895 (described In V. 63, p. 1160) and
V. 84, p. 529, 605; V. 87, p. 550.
Consol. Mtg . (see abstract, V. 61. p. 873; also V. 63, p. 1160; V 83, p.
1347); V. 85. p. 605: V. 89, p. 777.
Collateral Trust Mortgage, abstract was In V. 45, p. 242.
Chattanooga Division Mortgage, V. 72, p. 1134; V. 78. p. 1446.
Ten-Year Secured bonds.—The shareholders on May 28 1919 authorized
an issue of Ten-Year 6% secured bonds (see offering V. 108, p. 2240)
amounting to $8,000,000. Redeemable on 60 days’ notice on June 1 1924 or
any Interest date thereafter upon premium of )4 of 1 % for each 6 months
between redemption date and date of maturity. Secured by the deposit of
$11,000,000 6% Ref. & Gen. Mtge. bonds. Series “A,” due April 1 1959.
Refunding and General Mortgage.—The authorized maximum of the Ref.
& Gen.,Mtge. bonds (including amounts issued) issuable or reserved to re­
fund $31,178,300 outstanding prior lien bonds, (the extension of these old
bonds being forbidden), is limited to three times the capital stock, which
makes a present limit of $60,000,000. Series “A” 6% bonds amounting to
$11,000,000 are pledged as security for the 10-year 6% bonds of 1919. In
Feb. 1924, $5,000,000 Series “B” 6)4% bonds were sold. V. 118, p. 1011.
The Series “B” bonds are redeemable as a whole only at 105 and interest
on or after April 1 1934. The Series “C” bonds are redeemable as a whole
only upon not less than 90 days’ notice on April 1 1934 or on any int. date
thereafter, at 105 and int. until and incl. April 1 1954, and thereafter at a
premium which shall diminish at the rate of % % for each 6 months elapsed
up to date of maturity. The ref. & gen. mtge. bonds of 1919 are secured
by a direct mortgage on 1,489 miles of railroad owned in fee (of which 58
miles are leased to Seaboard Air Line Ry.), on valuable leaseholds and
trackage rights covering 491 miles, and on important and valuable terminals
at Savannah, Macon, Atlanta, Columbus, Ga., and elsewhere, subject to
$31,058,300 of prior lien bonds. V. 118, p. 1011; V. 122, p. 1306.
Equipment trusts. Series M. V. 112, p. 561.
Equipment trusts. Series N, V. 114, p. 1406.
Equipment trusts, Series O, V. 116, p. 2128.
Outstanding Capitalization (at $4 86 to £).
Equipment trust, Series P, V. 120, p. 952.
Cent.Deb.3)4 % stk.(150m) £76,194110-year 5% notes______ £1,997,100
4)4% West. Ann. (202m.) 2,017,500 4)4% non-cum. pref. stk. 9,695,718
REPORT.—For 1925, in V. 122, p. 2227, showed:
4% Deb. stk. (gen’l ch.)_£13,472,979 IConsol. ordinary stock 28,186,950
Calendar Years—
1925.
1924.
1923.
1922.
lO-year 6% notes______
3,092,7831 Deferred stock._________
811,800 Total ry. oper. revenues.$30,229,408 $27,173,209 $26,19,,846 $23,286,737
3,944,371
4,392,084
The Consol. Ordinary stock is entitled to non-cum. 5% dividends before Net ry. oper. income... 5,467,744 4,555,803
6,589,823
5,593,838
6,811,961
5,199,846
the deferred stock receives any dividends and shares equally with the Gross income_________
Dp.cI.i i.r.tio'n.s—
deferred stock in the distribution of earnings after the latter has received 5 %.
Int. on funded debt___ 2,795,481
2,686,240
2,403,6502,355,393
Offered in March 1917. V. 104, p. 256, 1044, 1144; V. 105, p. 1998.
on non-nego’le debt
CONVERTIBLE NOTES.—The notes of 1917 have interest payable Int.
to affiliated companies
33,922
38,372
117,948
187,146
without deduction for any taxes imposed by Great Britain or the Argentine Rent
for leased roads__
373,360
372,959
372,710
370,766
Republic. Denom. $1,000. Prin. and int. payable in N. Y. in U. a. gold Miscellaneous
________
281,947
259,971
261,296
220,728
at office of J. P. Morgan & Co.; in London at London County & Westminster
Bank at $4 85 per £1 sterling. The entire issue, but no part, may be
Net income.......... .
$3,105,113 $2,236,294 $3,656,354 $2,065,812
redeemed at 102 and int. on and after Feb. 1 1922 upon six months’ notice. Preferred
dividends___
_____
_____
900,000
900,000
They are convertible at option of holder any time prior to redemption Common dividends
____
1,200,000 1,200,000
250,000
-50,000
into ordinary shares of £10 each at par, $4 85 per £1.
The notes of 1923 are convertible into 4% debenture stock as follows:
Balance, surplus____ $1,905,113 $1,036,294 $2,506,354
$915,812
In Jan. or July 1924, £115 of 4% debenture stock for every £100 note; in
For latest earnings see Railway Earnings Section” (issued monthly).
Jan. or July 1925, £113 of 4% debenture stock for every £100 note. V. 116,
OFFICERS.
—
Chairman,
Charles
H.
Markham,
Chicago,
Ill.;
Pres.,
p. 2006.
L. A. Downs; V.-P., A. R. Lawton, Chas. T. Airey, Albert C. Mann; V.-P.
REPORT.—For fiscal year ending June 30 1924:
& Gen. Mgr., Henry D. Pollard; Sec., Charles F. Groves; Treas., W. C.
June 30 Years—
1923-24.
1922-23.
1921-22
1920-21.
Askew: Comp., Wm. B. McKinstry. General office, Savannah, Ga.—
Gross earnings................ £11,360,047 £10,655,819 £9,442,562 £9,746,664 (V. 122, p. 2179.)
Net income___________ 3,085,285
2,126,604
2,421,647
3,195,435
CENTRAL INDIANA RY—Muncie to Brazil. Ind., 117.69 miles.
Interest, &c___________
908,896
873,337
836,725
853,127
Dividends____________
922,827
1,563,784 Controlled by Cleveland Cincinnati Chicago & St. Louis and Pennsylvania
1,563,784
922,827
Co. In Nov. 1922 William P. Herod of Indianapolis was appointed
Balance, surplus____ £1,253,562
£1,419,481 def £310,517
£166,299 receiver. The road was to have been sold at foreclosure sale on Mar. 17
1924, but representatives of the Central Union Trust Co., New York, trus­
Office, 3 A, Coleman St., London, E. O. 2.—(V. 122, p. 1165.)
tee under the mortgage, appeared in court and stated that the decree of
CENTRALOF GEORGIA RY. CO.—Operated Dec.311925,1.917 miles foreclosure had been satisfied, and asked the court to enter an order return-




32

[Vol. 122.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c.. see notes on page 8]

Miles Date
Road Bonds

Cent New England—Dutch Co RR 1st M g .Ba.xc* ' 12
ONE Is' M $25.000.000g gu red 105beg’21 Fxc*&r*
138
ONE serial notes to Secretary of Treasury of U S_ .
Central Pacific—1st ref M g gu p & 1 end..Ce.xc*&r 1,349
3)$s $25,000,000 gold guar p & i end. _.Us.xc*&r 1,349
Lucin cut-off 1st M $10,000,000 gu (text) G.xc*&r*
103
Bonds 250,006,000 franca guaranteed red par.. Us.x
...
do
do
U S goldl. ___ _ _.
. ...
50-year mortgage bonds ($78,000 5s due 1939)__ _
Guaranteed gold bonds red text).. . . yc*&r*
Nevada & California, &c, 1st mtge assumed ____
479
Oregon Eastern first mortgage assumed __ ______
86
Other bonds—see text
Central RR of N J—Stock ($30,000,000 authorized).
Central RR of N J gen mtge $50,000,000 g. Ce.xxrc All
do
do
registered____ ___ __ . xx All
Equip trust, Series H due $270,000 yearly___ ____
do
Series I due $200,000 y’ly (all in treas)
do
Series J due $375,000 yearly
. c*
do
Series K due $1.37.000 yearly
. . .
do
Series L due $150,000 yearly
...
Equip notes issued to Govt due $395,500 ann . _ G
L & W B con M $20,000,000 serial g guar.PeP.xxc*
Am Dock & Imp Co 1st M guar redeem (text) .xxc*
N Y & L B gen M g int gu jtly ($192,000 5s) Ce.xxc*
38
Central RR of South Carolina—First mtge gold .xc
40
Central Terminal RR—Bee Minneapolis St Paul & S ault S
Central Vermont—Stock $3,000,000. .
... ..
Ref mtge guar p & i by Canadian National Rys__ N
Montreal & Province Line Ry 1st M guar p & i . .c 40.6
Equipment trust notes Series E due $49,000 s-a___
...
do
Series F due semi-ann _
Cent W Va & South RR—1st M g s f red text___ c*
31
Charleston & Savannah—See Atlan Coast Line RR
Chari Un Sta—-1st M $400,000 g gu text).. Eq.xc*&r

Par
Value

Amount
Outstanaing

$287,000
1890
$1,000
1911 1,000 &c 13.427,000
1920
60.000
300,000
1899
500 &c 98,630.000
1899
500 &c 5.408.825
1904
1,000 9.640.000
1911
500 fr. 16,201,158
32.061.358
103.000
1925 500&1000 40,000.000
8,500.000
1911
5.000.000
1912

100 27.436,800
1887
1.000) b43,924,000
1887 500 &c 1
1920
1,000 1.080,000
None
1.000
1922
1,000 2.625.000
1923
1.000 1,096.000
1924
1925
1,000 1,350,000
1920
1.000 3,559.500
1910
1,000 5.564.000
1.000 4,979 000
1881
1891
1,000 2,500.000
294,000
1921
te Mar ie Ry
100 3.000.000
19.30
13.596,700
200 000
1900
100 &c
392,000
1,000
1922
624,000
1.000
1924
500,000
1,000
1913
250,000
1907 1,000 .fee

Rate
%
4)4 (6) g
4g
6
4 g
3)4 g
4g
4
4
5& 6
5g
6
6
12
J 5g
1 5g
6
6
5
5
4)4
6g
4 g
6
4 & 5 g
. 6g

$2,191.
5
4g
6
5
5g

4g

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Fidelity Trust Co, Phila
Irv B-C T Line Off. N Y

J&D
J&J
M&N
F&A
J&D
A&O
M&S
M & S
A&O
F&A
M&N
J&J

Junel 1940
Jan 1 1961
Nov 15 1931-35
Aug 1 1949
Aug 1 1929
Oct 1 1954
Mar 1 1946
Mar 1 1946
1936 & 1939
Aug 1 1960
Nov 1 1041
Jan 1 1942

165 Broadway,New York
do
do
do
do
London, Paris. Belg, &c
165 Broadway,New York
do
do
do
do
Owned by South Pac Co
do
do

Q—F
J&J
Q—J
M&N
J&D
M&S
J&D
A&O
J&J
J & J
T & J
M&S
J&J

May 15 '26 2%
July 1 1987
July 1 1987
To May 1 1930
To June 1 1932
To Mar 15 1933
To June 1 1934
To April 1935
To Jau 15 1935
To Junel 1950
July 1 1936
Septi 1941
July 1 ’26 to '76

Office 14,3 Liberty St,NY
New York Trust Co, N Y
Check from Treas Office
New York Trust Co, N Y
Office, 14.3 Liberty St, NY
New York Trust Co, N Y
do
do
do
do
Guaranty Trust Co. N Y
New York Trust Co. N Y
do
do
do
do
Bankers Trust Co, N Y

100 held
M&N
A&O
M&N
A&O
J&J

by Canadian N
Mayl 1930
Oct 1 1950
Nov’26-May’30
Oct ’26-Oct ’32
Jan 1 1933

ational Italiways
New York Trust Co, N Y
Amer L & Tr Co, Boston

J&J Jan 1 1937

West End Trust Co,Phila
Equitable Trust Co. N Y

b Additional $1, 167,b00 in treasury Dec. 31 1925.
SB

ing the road to its former managers for operation. All bonds were destroyed
and mortgage released of record Mar. 25 1924. On April 1 1924 property
was restored to owners for operation. There is no bonded indebtedness at
the present time. $120,000 capital stock outstanding held in equal pra
portions by the Pennsylvania Co. and Cleve. Cine. Chic. & St. Louis Ry
Co. The I.-S. C. Commission has placed a final valuation of $1,904,560
on the total owned and used properties of the co. as of June 30 1917. The
compzny in Dec. 1925 applied to the I.-S. C. Commission for authority
to abandon its entire line of road. Pres., J. Q. Van Winkle.—(V. 122, p.
744.)
CENTRAL NEW ENGLAND RY. CO.—Owns from Campbell Hall,
crossing the Hudson River at Poughkeepsie by its own bridge, to Silvernails.
34 miles; Poughkeepsie Junction. N. Y., to Hopewell, 12 m.; Wicopee Junc­
tion, N. Y., to State Line, 53 miles; Poughkeepsie, N. Y., to Boston Corners.
36 miles; connections, 3 miles; total owned, 138 miles, and leases Hartford
& Connecticut Western RR., Hartford to Rhinecliff. 109 miles, and branches
13.24 miles; trackage, Hopewell Jet. to Danbury, &c., 36 miles; total
295.87 miles. V. 89. p. 91& V. 95, p. 418.
The I.-S. C. Commission has placed a final valuation of$13,812,880on
the owned and used properties, and $8,250,139 on the used butnot owned
properties of the company, as of June 30 1916.
F ORGANIZATION.—On Dec. 31 1925 the N. Y. N. H & H. RR. owned
$3,737,000 pref. and $4,795,000 common stock. V. 85, p 404, 858; V. 89
p. 469; V. 90, p. 1238, 1296, 1489; V. 91, p. 153, 396, 870. The stock
holders in May 1921 voted to merge with the N. Y. N. H. & H. RR
V. 112. p. 1976.
STOCK.—Common, $4,795,200: pref., $3,737,000; par, $100. After
4% on the pref., both classes participate equally.
Dividend on non-cum. pref., 4%, paid in 1913-14;'in 1914-16, 6% on
pref. and 2% on com. For 6 mos. to Dec. 31 1916, 4% on pref. For
1917, 3% on pref. and 3% on common. In 1918 and 1919 paid 6% on pref.
and 2% on common. No payments in 1920 or 1921. In 1922 and 1923
paid 6% on pref. and 2% on common. In 1924 paid 4)$% on Dreferred
and 1 y2 % on common. 1925, 6% on pref., 2% on common.
BONDS.—The 1st guaranteed 4s of 1911 ($25,000,000 auth. issue) are a
first lien on 138 miles of road and the Poughkeepsie Bridge; those unsold
(except $287,000 reserved for Dutchess County bonds) are set aside for not
exceeding 75% of the cost of extensions, additions and improvements.
V. 98, p. 1315; V. 92, p. 1374. 1635; V. 94, p. 206; V. 96, p. 134 —
V. 103, p. 1031; V. 105, p. 997; V. 107, p. 1099; V. 109, p. 1079.
Government loan, V. Ill, p. 1660.
REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
1923.
Operating revenues_______________. $7,407,229 $8,145,477 $7,988,226
Operating expenses________________ 5,590,531
5,763,907
6,016,734
Net operating revenue___________ $1,816,698 $2,381,570 $1,971,492
Tax accruals and uncollectible revenue
279.584
296,786
300,278
Equipment rents__________________ De6467,323 De6.381,000 De6.631.181
Joint facility rents________________
Cr.18,269
Cr.20,483
Cr.19,872
Net operating income___________ $1,088,060 $1,720,775 $1,063,396
Non-operating income_____________
118,794
84,098
96,104
Gross income___________________ $1,206,854 $1,804,873 $1,159,500
Deductions from gross income______
976,634
872,305
970,672
Dividends________________________
320,136
240,117
320,320
Balance, surplus or deficit_______ def$83,954 sur$588,122 def$33,125
x This item covers lap-over items audited during the year applying to the
Federal control or guaranty periods.
For latest earnings, see "Railway Earnings Section" (issued monthly).
OFFICERS.—B. I. Spock, Pres.; A. S. May, Treas.; Arthur E. Clark,
Sec.; H. S. Palmer, Compt.—(V. 122, p. 2324).

CENTRAL PACIFIC RY. CO.—(See Map of Southern Pacific.)
Lines Owned—
Miles. Hazen, Nev., to Keeler, Cal..288.65
Oakland, &c., local lines____ 18.84 Weed, Cal., to Kirk, Ore_____ 127.38
Oakland pier to Elvas, Cal__ 133.46 Natron to Oakridge, Ore______34.39
Sacramento, Cal., to Cecil
Mojave to Owenyo, Cal______ 142.90
Jet., near Ogden, Utah___ 692.20 Fernley, Nev., to Westwood,
Niles to San Jose, Cal______ 17.58
Cal............................................ 136.60
Niles Jet. to Redwood Jet__ 16.24 Branches----------------------------- 139.08
Umbria Jet., Nev., to near
Ogden, Utah_____________141.64 Leased_____________________ 17 44
Lathrop to Goshen Jet., Cal..146.57 Less leased to So. Pac. RR___ 33.61
Roseville, Cal., to Oregon
State Line_______________296.58
Tot. oper---------------------- 2.359.40

ORGANIZATION.—lncorp. in Utah in July 1899, per plan in V.68,p.378.
In 1914 the Government brought suit to separate the company from the
Southern Pacific Co., but lost in lower court in 1917. V. 104, p. 1044. The
U. S. Supreme Court on May 29 1922 ordered the dissolution of ownership
and control by the Southern Pacific Co. Compare V. 114, p. 2470'
V. 115, p. 1729, 1837. The I.-S. O. Commission, however, on Feb. 6 1923
handed down a decision granting the application of the Southern Pacific
Co. to retain its control of the Central Pacific Ry. by ownership of its stock
an ease of its lines upon certain conditions. Compare V. 116, p 685.
STOCK.—The Southern Pacific Co. owns the entire $67,275,500 common
and $17,400,000 pref. Pref. is 4% cum. and participates equallv with com­
mon after 4% on each. All pledged for its coll, trust 4s. V. 96, p. 419
LATE DIVS. "11. ’12. T3. T4. ’15. T6. ’17. 18. ’19. ’20. ’21.’22. ’23. ’24
Preferred, % 10 6
6 26.6 4
4 6
6 4
4 4
4 4 4
Common, % 10 6
6 26.6 1J4 1J4 6
6 4
4 2
2 2 2




•
BONDS.—First Refunding Mtge. gold 4s, $100,000,000. V. 69, p 808.
and V. 70. p. 739: V. 78. p. 228: V. 87. p. 225. 285. 479; V. 88. p. 52
Thirty-year gold 3)$s, $25,000,000, secured by a second lien upon all the
properties covered by the 1st Ref mtge. and also by deposit with the trus­
tees, as acquired, of all securities and moneys held in any sinking fund of the
Central Pacific Ry., consisting Dec. 31 1924 of $4,726,000 in securities,
and by a trust deed upon all the lands covered by mortgage dated Oct. 1
1870. See Mortgage Abstract, V. 69, p. 858; also see p. 851. From the
proceeds of these sinking funds and land sales cancellations of bonds are
made from time to time: to Dec. 31 1924 $19,691,175 had been canceled
or purchased for cancellation, reducing those outstanding to $5,408,825.
Lucin Cut-off 4s are call, at 1071$. V. 79, p. 1641; guar., V. 80. p. 162.
In Feb. 1911 the sale was arranged in France of 250.000.000 francs 4%
35-year coll trust bonds, guaranteed by the Southern Pacific Co. (the latter
pledging as security for the guaranty part of its interest in affiliated cos.,
notably So. Pacific RR.). V. 92, p. 593. 794; V. 94, p. 130, 1762; V. 101,
p. 2146.
The $8,500,000 outstanding Nevada & California 6% bonds ($15,000,000
auth. issue) were assumed on purchase Feb. 29 1912’ also $3,000,000 Cen­
tra, California Ry., $1,000,000 Chico & Northern RR $2,500,000 Sacramento Sou. RR. and $5,000,000 Oregon Eastern Ry. V. 94, p. 982, 1118.
All of the five foregoing issues are owned by So Pac Co. There are also
outstanding (all owned by So Pac Co.) $2,500,000 Sacramento Southern
RR 1st Mtge 6s due Nov 1 1941 and $1,000,000 Chico & Northern RR.
1st Mtge 4s due July 1 1940
The 5% guaranteed gold bonds, due Aug. 1 1960, are unconditionally
guar, as to both principal and int. by endorsement by Southern Pacific Oo.
Not redeemable before Aug. 1 1955. Redeemable as a whole but not in
part, upon not less than sixty days’ previous notice, on any interest date
on or after Aug. 1 1935, at 105 and int., up to and incl. Aug. 1 1955, and
thereafter at a premium equal to )$ % for each six months between the
redemption date and date of maturity. V. 121, p. 194.
LAND GRANT —Total land grant was about 12,000,000 acres, of which
6.680.634 acres unsold Dec 31 1924 Sales in 1924. 15 514 acres: average
price per acre, $16-76 Land contracts Dec 31 1924. $1,811 667
REPORT.—For calendar year 1924: Income from lease of roads, $12.999.671 other income, $651,384; deductions. $8 107,625; dividends. $2.941.510: bal.. sur.. $3,501.920.—(V. 122, n- 2942 >
CENTRAL RAILROAD CO. OF NEW JERSEY (THE).—Operates
from Jersey City, opposite New York City, westerly to Wilkes-Barre and
Scranton, Pa., and the neighboring anthracite coal fields; also southerly
to the seashore resorts of New Jersey and to the Delaware River.
Owned in Fee
Miles.
Miles ■
Jersey City to Phillipsburg_______ 72 Nesquehoning Valley*__________ 17
Sundry branches_______________ 319 Lehigh & Susquehanna, Phillips­
Controlled by Stock Owned—
burg to Union Jet.___________ 105
Easton & Western RR__________ 4 Wilkes-Barre & Scranton*_________4
Controlled by Agreement, &c.
Other lines____________________ 70
(mostly under 999-yr. leases):
Trackage—
Allentown Term. RR. (op. jointly) 3 Delaware & Hudson____________ 12
New York & Long Branch RR.,
Other trackage_________________ 33
Perth Amboy to Bay Head.._ 38
Dover & Rockaway RR_______
5
Total operated Dec. 31 1925__ 691
Ogden Mine RR*______________10
♦See this company,
There are 266 miles of 2d. 41 miles of 3d and 37 miles of 4th tracks
HISTORY.—Reorg. In 1887 without foreclosure; V. 44, p. 714. 716:
V. 105, p. 1707. In 1901 Reading Co. acquired control, owning $14,500,000
stock. The latter co. will dispose of its holdings under its dissolution plan.
V. 113, p. 1469; V. 112, p. 743, 2304; V. 72, p. 86, 136, 241, 391, 721. In
Sept. 1913 the Govt, brought suit alleging violation of both the Sherman law
and the commodities clause of the I.-S. Commerce law. In Oct. 1915 final
decree of U. S. District Court dismissing said suit ordered that this co. must
dispose of its Interest in the Lehigh & Wilkes-Barre Coal Oo. within 90
days. Both parties appealed to the U. S. Supreme Court. On April 26
1920 the U . S. Supreme Court sustained most of the Government’s charges.
The plan for the disposal by the company of ali the stock of the Lehigh &
Wilkes-Barre Coal Co. owned or controlled by it (as embodied in the disso­
lution decree of the Reading Co. dated Feb. 14 1921), provided that the
stock be disposed of within six months after entry of the decree or previous
to any other later date which may be fixed by the Court Announcement
was made on Nov. 17 1921 that the company had sold Its 169,788 shares
of Coal Co. stock to a syndicate for $32,500,000. See V. 114, p. 737, 946,
2578; V. 115, p. 182, 644, 868; V. 117, p. 669, 1555; V. 113, p. 1982, 2184,
2719; V. 112, p. 743, 2641; V. 101, p. 1464, 1807; V. 110, p. 1816. Full
Crew Law. V. 105. d. 1897, 2093. Rebate decision in V. 109, p. 1891.
Tentative Valuation.—The I.-S. C. Commission has placed a tentative
valuation of $103,473,706 on the total owned property of the system and
$125,111,211 on the total used property as of June 30 1918. The tentative
valuations include Central RR. of New Jersey, the Dover & Rockaway RR.,
the Easton & Western RR., the Hibernia Mine RR., the Lehigh Coal &
Navigation Co. (Lehigh & Susquehanna RR.) the Ogden Mine RR., the
Tresckow RR. and the Wilkes-Barre & Scranton Ry.
DIVS.—’91. ’92 to’94. ’95. '96. ’97. ’98. ’99. ’00. ’01. 1902to May'26
Regular.. 614 7 y’rly 5)4 5 4)4 4
4
5
5 8 yearly (Q-F).
Special_________________________ Dec. 1899 to Jan. 1926, 4 yearly ij & J)
BONDS.—For General Mortgage abstract, see V. 45. p. 402.
The Lehigh & Wilkes-Barre consol, serial 4s, guar. p. & L, mature
82,500,000 every 5 years, beginning June 1 1915.
During 1918 the remainder of the property of the American Dock &
Improvement Co. was deeded to the Central, and the underlying bonds,
$4,987,000 set up as a part of its funded debt—V. 109, p. 1268. Bonds were
extended to July 1 1936 at 6%. Redeemable as a whole only from July 1
1926 to July 1 1931 at 105 and Int. and thereafter at 10214 and int. V. 112.
p. 2761: V. 113. p. 73.

May, 1926.]

33

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
(For abbreviations. &c., see notes on page 8|

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

$1,000 $2,720,000
Chari & West Caro—1st M g ($8,000 p m).Ce.xc*&r
1896
5g
1st consol mortgage Series A______________SBa.sc*
1.000 2,380,000 2 to 5
1914
do
do
do
__________________
1914
1.000 See text
Augusta Term Ry 1st M gold guar p & i end__ Ce.x
1,000
600,000
1897
6g
Equipment trust certificates due $51,500 yearly___
1920
490,500
6g
Charlotte Columbia & Augusta—See Southern Ry
Chartiers—See Plttsb Cincinnati Chicago & St Louis
1,000
Chattahooche Valley—Consomtge___________ ABx
44.5 1900
470,000
6
Chattanooga Station—1st M g gu (text)..Eq.xc&r
1907 1,000 &c 1,000,000
4g
Chesapeake & Ohio—Com stock_________________
100 105,637,391 See text
Preferred stock Series A cum conv & red (see text).
100 3,489,900
6)4
1,000 30,000,000
First eonsol mtge for $30,000,000 gold_.Ce.xc*&r
1889
5g
Rich & All Div 1st & 2d Ms ($1,000,000 2ds)Ce.xc*
1,000 7,000,000
1890
4g
Craig Valley Branch first mortgage gold___ Ce.xc*
1,000
1890
650,000
5g
Warm Springs Branch first mortgage gold__ Ce.xc*
1,000
1891
400,000
5g
General mtge (for $70,000,000 &c) gold..Ce,xc*&r
1,000 48,129,000
1892
4)4 g
Paint Creek Branch 1st M $750,000 gold__ Ce.xc*
1,000
1905
539,000
4g
Coal River 1st mtge gold assumed________ Ce.xc*
1,000 2,469,000
1905
4g
Greenbrier Ry 1st M $3,000,000 g assumed.. Eq.xc*
1.000 1,619,000
1900
4g
Big Sandy Ry first mtge $5,000,000 gold__ Ce.xc*
1,000 4.104,000
1904
4g
PottsCr Br 1st M $1,000,000auth (V 83 p 693) Ce xc*
1,000
1906
600,000
4g
Virginia Air Line 1st M $900,000 g assumed___ xc*
1,000
1907
900,000
6g
Raleigh & Southw 1st M $1,500,000 g ass'd..Ce.xc*
1,000
1906
778,000
4g
Gen fd & imp M $11,000,000 red 107)4-Usinxc*&r*
1909 1,000 &c p3,698.000
5g
Conv g bonds $37,200,000 red text-.Usm,xc*&r*_.
1910 1,000 &c 31,390,000
4)4 g
Convert g bonds $40,180,000 g___________ zc*&r*
500 &c 1,883,000
1916
5g
Ches & Ohio Nor 1st M (closed) red 105 gu p & i.r*
1915 1,000 &c 1,000.000
5g
5
First lien & impt mtge $125,000,000 authorized __x
1910
Kanawha Br & Ter 1st M g red 105 beg '16-FP.xc*
1,000
435,000
1908
fi g
United States Government secured loans_________
17,273,024
6
Car and equipment trusts (see text)_____________
Guaranteed bonds—
1,000
Elev Co 1st M g gu p & i_________________ Ce.zc*
1888
820.000
4g
Louis & Jeff Bdg 1st M $5,000,000 gu p & i end..c*
1,000 a4,500,000
1895
4g
Norfolk Ter & Trans 1st M (V 67, p. 322)gu p&i.xc*
1,000
1898
500,000
6
1,000
Western Pocahontas Corp 1st N (V 84, p 995)__ x
1905
750,000
4)4
1,000
do
do
do
Extension Nolxc*
1906
97,000
4)4
1,000
do
do
do
Extension No2xc*
1906
51,000
4)4
Richmond-Washington Co (one-sixth interest)___
1903 1,000 &c 10,000,000
4g
p Further $7,302,000 pledged under mortgage of 1910'.'
a Guaranteed jointly and severally with Cleveland Cincin nati C hicago & St Louis; C hes & Oh
REPORT.—For 1925 showed:
Operating Revenue—
1925.
1924.
1923.
1922.
Merchandise__________ $26,754,152 $25,264,906 $26,096,912 $22,939,947
Bituminous coal______
4,429,050
3,408,500 3,874,600
3,692,300
Anthracite coal......... ..
10,434,387- 13,740,174 14,064,247 9,885,617
Passenger_____________ 9,199,532
9,237,071
9,437,463
9,061,949
Express and mail_____
1,914,447
1,578,977
1,477,049
1,627,179
Water line____________
475,854
442,383
475,343
482,818
Water transfer________
491,091
429,652
404,483
330,366
Incidental________
1,078,702
1,033,089
1,194,960
1,052,940
Miscellaneous_________
314.884
332,211
358,594
415,354

CHARLESTON

When
Pagable
A
J
J
A
I

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

& O Oct 1 1946
& J Jan 1 1964
& J Jan 1 1964
& O Apr 1 1947
& J To Jan 15 1935

Cent Union Trust, N Y
New York or Baltimore
do
do
Cent Union Trust, N Y
Guaranty Trust Co. N Y

Amer Trust Co, Boston
July 1 1940
J P Morgan & Co, N Y
Jan 1 1957
do
do
Aprl5 1926 6%
do
do
July 1 1926 3)4
Mayl 1939
do
do
do
do
Jan 1 1989
do
do
July 1 1940
Mar 1 1941
do
do
do
do
Mar 1 1992
do
do
Feb 1 1945
do
do
Junel 1945
do
do
Nov 1 1940
do
do
Junel 1944
July 1 1946
do
do
do
do
Mayl 1952
July 1 1936
do
do
do
do
Jan 1 1929
do
do
Feb 1 1930
do
do
Apr 1 1946
do
do
Oct 1 1945
Dec 1 1930
Fidelity Trust Co, Phil*
& O Apr 1 1948
1930-32

J & J 15
J & J
Q—J
J & J
M&N
J & J
J & J
M & S
M & S
F & A
J & D
M&N
J & D
J & J
M&N
J & J
J & J
F & A
A & O
A & O
A
A
M
F
F
F
A
J

&
&
&
&
&
&
&

O
S
A
A
A
O
D

Oct 1
Mar 1
Feb 1
Aug 1
Aug 1
Oct 1
Junel

1938
1945
1948
1945
1945
1946
1943

J P Morgan & Co, N Y
J P Morgan & Co, N Y
do
do
do
do
do
do
do
do
New York Trust Co, N Y

io propor tion is one-third

UNION

STATION CO.—Owns

passenger

station

at

Charleston, S. C., used by Atlantic Coast Line and Southern Ry . each of
which owns ft the stock and guarantees the bonds, p. & i , by endorsement.
Rental covers Interest on bonds and 4% on stock. Seaboard Air Line Ry .
also uses passenger station under agreement.—(V. 84, p. 50. )
CHARLESTON & WESTERN CAROLINA RY.—Port Royal. S. O„ via
Augusta, Ga., to Spartanburg, S. G., 246 m.: branches to Anderson and
Greenville, S. O., 95 m.; total, 341 m. Track rights, 2 m. Entire stock
owned by Atl. Coast Line Co. V. 66, p. 38, 335.
Tentative valuation, $10,509,027. V. 113, p. 2184.
STOCK.—$1,200,000; par, $100. See Augusta Term. Ry. V. 66. p. 383.
Total--------------$55,092,100 $55,466,963 $57,383,653 $49,488,471
BONDS.—Of the 1st consol. 50-yr. bonds of 1914 ($10,000,000 auth.
Operating Expenses—
$2,380,000, issued to retire the income bonds, have int. payable at
Maintenance of way, &c. $6,300,306 $6,058,276 $5,660,110 $5,530,944 Issue),
yearly for the first 2 years, 3% for the next 3, 4% for the next 5 and
Maintenance of equip’t. 12,113,409
9,819,916 17,087,290 12,973,254 2%
thereafter
Now pay 5% int. Of the remainining bonds (to bear int. no
Transportation expenses 20,953,331 21,798,966 23,820,559 21,781,282 higher than5%.
the So. Caro, rate), $2,720,000 are issuable from time to time to
Traffic expenses______
481,872
449,521
459,050
409,850
the old 1st 5s, $600,000 to take up the Augusta Term. 6s and $4,300,General expenses______
1,289,409
1,293,760
1,288,800
1,286,970 retire
ext., better, or equip. V. 98, p. 1315; V. 100, p. 1347.
Miscellaneous operations
250,143
232,624
236,202
215,453 000
trusts issued to Director-General for rolling Rtock allocated
Transp. for invest.—Cr.
325
408
1,722
332 to Equipment
this company. See article on page 3 and V. 114, p. 1764
Total....... ....................$41,388,145 $39,652,657 $48,550,289 $42,197,422
REPORT.—Year ending Dec. 31 1924:
Netrevenue___________ $13,703,955 $15,814,306 $8,833,365 $7,291,049 Calendar Gross
Common
Balance.
Net after
Other
Interest,
Taxes, &c_____________ 4,569,753
4,560,718
3,807,110
3,572,659
Surplus
Income. Rents. &<. Dividends.
Years. Earnings.
Taxes.
$273,076
$93,165 $496,235
1924 ..$3,908,781 $676,146
Operating income___ $9,134,202 $11,253,588 $5,026,255 $3,718,391
$72,000
124,371
519,868
639,791
76,448
1923 .. 3,878,505
72.000
220.461
449,784
618,153
124.092
1922 .. 3,221,243
Non-Operating Income—
def.533.777
3,281,933defl65,923
115,897
483,751
Rent from equipment__
_____
_____
_____
$191,192 1921
For latest earnings, see "Railway Earnings Section” (issued monthly).
Miscell, rent income___
$367,833
$371,509
$396,057
500,310
Non-oper. phys. prop...
150,219
146,237
156,181
156,973
Pres., F. B. Grier, Greenwood, S C.; V.-P., J. R. Kenly; V.-P., Lyman
Dividend income---------268,413
264,142
264,142
280,583 Delano; V.-P. & Gen. Mgr., A. W. Anderson. Augusta, Ga.; Sec., R. D.
Income from funded sec.
905,370 1,094,925
1,112,874
832,740 Cronly; Treas .John T Reid: Gen. Aud., W. D. McCalz, Wilmington,
Inc. from unfunded sec.
110,933
107,754
180,080
849,066 N. C.—(V. 118, p. 1771.)
Miscellaneous_________
35,842
41,553
41,924
11,041
CHATEAUGAY & LAKE PLACID RY.—Extends from Bluff Point'
Gross income________$10,972,812 $13,279,708 $7,177,513 $6,540,296 N. Y., to Lake Placid, 79 miles, of which Bluff Point to Dannemora, 16 m. >
Rent for equipment___
_____
_____
_____
$243,136 Is leased at nominal rental from State of New York.
Stock, $3,450,000, of which $3,000,000 Is 4% non-cum. prer.. the latter
Rent for leased roads... $2,312,238 $2,327,831 $2,328,081 $2,328,581
Joint facility, &c., rents.
1,645,298 1,303,044
769,726
723,125 Ml owned by D. & H. (V. 84. p. 50) and $450,000 common stock, of which
Miscell, tax accruals___
317,340
329,227
304,619
238,563 the D. & H. owns $75,000. Leased to the Del. & Hudson until Dec. 31
Interest_______________ 3,086,437
3,116,168
3,054,304 2,983,250 2403. any balance over expenses of operation. Interest, taxes, maintenance,
Miscellaneous_________
15,381
15,599
95,371
21,028 damages, dividend on pref. stock, &o., to go to the lessor. The lease is
subject to revision on 6 months' notice by either party.—(V. 84, p. 50, 930 )
Net income___________ 3,596,118
6,187,840
$625,412
$2,614
CHATTAHOOCHEE & OULF RR.—Columbia. Ala., to Florala. 92 m.
Dividends paid________ $3,292,415 $3,292,416 $3,292,416 $3,292,416
For latest earnings, see“Railway Earnings Section” (issued monthly).
LEASE.—Leased In 1900 In perpetuity to Cent, of Georgia Ry. for 6% on
OFFICERS.—W. G. Besler, Pres.; C. E. Miller, Gen. Attorney; R. B. $436,400 stock and $407,000 bonds (of which only $170,000 outstanding
White, Senior V.-P.; Charles H. Stein, Asst, to Senior V.-P.; A. H. Elder, of which 1 % to be used as a sinking fund for retirement of bonds, upon com­
Gen. Solicitor; F. T. Dickerson, Sec. & Treas. N. Y. office, 143 Liberty pletion of which rental will he 5% on stock, payable J,-J. See Cent, of
Georgia Ry.—(V. 117, p. 2768.
St.—(V. 122, p. 2795.)
CHATTAHOOCHEE VALLEY RY,—Standing Rock. Alabama to
CENTRAL RR. OF SOUTH CAROLINA.—Owns from Lanes. S. O.. to
Sumter, 3. C., 40.2 miles; spurs, &o.. 1.61 m.; total, 41.81 m Leased to Bleecker, Alabama, 43.6 miles. The I.-S. C. Commission has placed a
Atlantlo Coast Line RR.; rental, $31.000 yearly and taxes. Stock. $170.- tentative valuation of $585,137 on the total owned and $589,360 on the
total used properties of the company, as of June 30 1917. Stock auth.,
000; par. $50. Annual rental, $31,000.—(V. 112, p. 2082, 2536, 2747.)
$1,000,000; issued, $110,000; par, $100. Bonds, see table above. Year,
CENTRAL VERMONT RY. CO.—Operates from Rouses Point, at north 1924, gross, $225,972; net, $33,774; charges, $66,411; bal., def., $27,333.
end of Lake Champlain, to New London, Conn., with branches, 433 miles in — V. 120, p. 3062.)
all, of which 161 miles leased, viz., New London & Northern (see that co.),
CHATTANOOGA STATION CO-—Owns union passenger station opened
121 miles. Montville Branch, 3; West River RR., 37 m.: V. 68, p. 1076. In
May 1914 received authority to lease for 999 yrs. Southern New England Ry. Dec 1 1909 and approaches at Chattanooga. Tenn., used by the Southern
artly built. Palmer, Mass., to Providence; and in May 1916 asked right Ry.. Central of Georgia. Alabama Great Southern and Cln. N. O. & Texas
j purchase it: a contractor Iti Nov i918 obtained $2,009,000 attachment Paolflo, which each owns one-fourth of the stock and guarantees the bonds
on said line but suit was discontinued in Mar. 1920 V. 110. p. 1416.; jointly and severally, p & 1.. by endorsement Rental covers bond interest
and 4% on stock. The I.-S. C. Commission has placed a tentative valua­
V. 107, p. 2008; V. 102, p. 1718. Steamboats, V. 103, p. 406. Valua
tion of $1,118,000 on the total owned and $1,129,021 on the total used
Mon. V. 112, p. 62; V. 114, p. 2359. Govt. loan. V. 113. p. 2078.
property of the company as of June 30 1916.— V. 121, p. 1903.)
SECURITIES, &c.—The Canadian National Rys. holds $2,191,100 of
the $3,o0O.OOO stock. Form of interest guaranty, V. 85, p. 283. The
CHESAPEAKE AND OHIO RY. CO. (THE).—(See Mop.)—On
Massachusetts Department of Public Utilities in April 1920 approved the Dec. 31 1925 operated:
petition of company allowing it to transfer by mortgage and deed of trust
Lines oicned in fee—
Miles. Whitcomb, W. Va., to Winterits property including the leasehold of the New London & Northern RR to
burn, W. Va_______________ 101
the New York Trust Co to secure an issue of bonds amounting to $15,- Ft. Monroe, Va., toCovington, Ky. 663
St. Albans, W. Va., to Sover­
Richmond via Lynchburg, to
000,000, dated May 1 1920 and due May 1 1930. V. 110, p. 2567.
eign and Seth, W. Va _ _
136
Clifton Forge, Va_________ 230
All of the outstanding 1st mtge. 4% bonds due May 1 1920 were paid off
Branches in Va. and W. Va— 344 Barboursville, W. Va., to West
on May 1 1926 at par and interest at 6% from May 1 1920.
140
Gilbert, W. Va._ ________
Seaton, Ky., to Lexington___ 103
REPORT.—For calendar year:
Big Sandy Jet. to Elkhorn City,
Total Income. Charges.
Bal., Def.
Year—
Gross.
Net.
Total owned------- __________2,244
with branch----------------------- 128
__
_________ 130
$822,755 Branches in Kentucky_______
1925--........... $8,463,639 $867,056 $1,004,321 $1,827,076
79 Leased
1924_______ $8,380,752 $851,968 $1,013,555 $1,910,618
$897,063 Ches. & Ohio Nor____________ 30 Tracks used jointly. _________ 267
831,595
1,913,271
1,081,676 Cincinnati, O., to H. Y. Tower,
1923_______ 8,627.980
707,204
1,018,930
1,755,744
736.814
Total of all
__________2,640
1922_______ 7,626,626
881,375
Ind______________________ 261
For latest earnings, see “Railway Earnings Section” (issued monthly).
Lindsay, Va.,toStrathmore, Va. 30
OFFICERS.—Chairman, Sir Henry W, Thornton, Montreal; Pres.,
Second track (546 owned) 736 miies; third track operated, 16 miles,
E. C. Smith; Compt., E. Deschenes; Treas., J. B. Wood, St. Albans, Vt. sidings, 1,413 miles: total all tracks, 4,807 miles. Also controls Hocking
Valley, 350 m., and one-sixth int.in Richmond-Washington Co.
—(V. 122, p. 477.)
The I.-S. C. Commission has placed a tentative valuation of $189,257,789
on the total used properties and $182,687,175 on the total owned properties
CENTRAL WEST VIRQINIA & SOUTHERN RR.—Hendricks, W
Va., to Armentrout, 29.5 miles; leases from Armentrout to Horton 1.6 of thecompany, as of June 30 1916. These valuation figures do not include
miles; total, 31 miles. Stock, $500,000; par, $100. Bonds ($1,000,000 the C. & O. of Indiana.
authorized), of which $500,000 reserved for new construction. Call
HISTORY, &c.—In 1888 reorganized without foreclosure. V. 88, p.
able on any interest day after January 1923 at 105. Sinking fund re­
tires 5% of bonds outstanding semi-annually
Pres., Robert F. Whit­ 294. For 9-year financial statement to Dec. 31 1917, see V. 106, p.
mer; V.-P., Charles Steele; Treas., J. T. Richards; 8ec.. M. M. Daly. 1911. Owns $8,837,900 of $11,000,000 Hocking Valley com. stock; for
court decision in 1917, see V. 105, p. 908, 997. In July 1917 purchased
Philadelphia. Pa. Office. Hendricks, W. Va.
8 000 acres of coal land through the Western Pocahontas Fuel Co. V. 105,
CENTRAL WISCONSIN RY—(V. 112, p. 1023.)
p. 180; V. 106, p. 1911.

B




R A IL W A Y S T O C K S A N D B O N D S
[V ol . 122.




May, 1926.]

RAILROAD COMPANIES
[For abbreviations, Ac., see notes on page 8]

Chesterfield & Lancaster—1st M $750,000 g Col.xc*
Chestnut Hill RR—Stock rental P & R Ry_______
Chicago & Alton RR—Common stock------------------Preferred stock 4% non-cumulative_____________
4% cumulative participating and prior lien stock..
Receivers’ notes red par________________________
Chic & Alton RR (old) ref M g (see text) IC.xc*&r*
First lien (old Ry) M subject to call at par.F.xc&r
Gen M $20,000,000 g red text______ Usmxc*&r*
Equipment trust due $121,100 yearly__ _______ G
do
Series “A” due $200,000 s a______ •__ xxx
Kansas City St Louis & C preferred stock quar___
Joliet & Chicago 7 % stock perpetual guar by O & A
Louisiana & Missouri guaranteed preferred stock. .
Rutland Tol & No 1st M g gu red since Oct'15-NCc*

Miles Date
Road Bonds

38 1905
4
1924
1899
1900
1912
1920
1923
1910

Par
Value

Amount
Outstanding

$1,000
5C
10C
10C
10C
1,000 &c
1,000 &c
1,000 &c
1,000 &c

$186,000
195,650
19,542,800
19,544,000
868,700
1,000,000
45,350,000
22,000,000
16,834,000
1,089,900
4,400,000
1,750,000
1,500,000
329,000
225.000

1,000
10C
10C
10C
100 &c

During the year 1918 the Pond Fork Ry. Co., Gauley & Meadow River
RR. Co., the Kanawha Bridge & Terminal Co., the Logan & South­
ern Ry. Co. and the Piney River & Paint Creek RR. Co. were merged with
the Chesapeake & Ohio Ry. Co. (V. 83, p. 436; V. 109, p. 786). The stock­
holders voted May 3 1918 (V. 106, p. 1343, 1796, 2122) to acquire by pur­
chase or otherwise all the property of Chesapeake & Ohio Northern Ry. Co.
The Elkhorn & Beaver Valley Ry. was merged in 1920. In April 1921 the
stockholders approved the lease of the Ches. & Ohio Ry. of Ind. V.
113, p. 2719. The I.-S. O. Commission on Dec. 23 1924 authorized the
company to acquire control by lease of the Ashland Coal & Iron Ry., the
Long Fork Ry. and the Millers Creek RR. V. 120, p. 205. On July 31
1925 the I.-S. C. Commission authorized the company to acquire control
of the Sandy Valley & Elkhorn Ry. by purchase of capital stock and by
lease. V. 121, p. 837.
Huntington interests acquired by O. P. Van Sweringen. V. 116, p. 175;
V. 115, p. 2904.
Merger Plan Rejected.—The proposed unification plan of this road with
the New York Chicago & St. Louis RR., Pere Marquette, Erie and Hocking
Valley railroads was rejected by the I.-S. C. Commission on March 2 1926.
Compare V. 122, p. 1249.
STOCK.—Author, stock was increased in 1916 to $155,000,000, of which
$37,200,000 was reserved for conversion of 4J4s of 1910 and $50,225,000 for
conversion of 5s of 1916 V. 102, p. 1162, 1625.
The stockholders on Sept. 26 1922 authorized an issue of $30,000,000
preferred stock, of which $12,558,500, known as 6)4% cumulative con­
vertible preferred Series A, was offered to common stockholders of record
Sept. 1 1922 to the extent of 20% of their holdings. The Series A preferred
stock is convertible at the holder’s option into common stock at any time,
share for share, up to thirty days prior to any date fixed for redemption
thereof. Subject to redemption as a whole on Jan. 1 1933, or on any
semi-annual dividend date thereafter, upon not less than sixty days’ notice,
at 115 and dividends. V. 115, p. 987.
DIVS.: ’99-’O8. ’09. TO. ’ll. T2. T3. T4. '15. T6. ’17-’2O. ’21. ’22-’25
Percent 1 yrly
3 4?< 5
5 4)4 3
0
2 4 yrly 0
4yrly.'
Dec. 1916 to Dec. 1920, incl., 4% p. a. (2% J. &D.); then none until
Jan. 3 1922, when 2% was paid; June 30 1922 to Jan. 1 1926 paid 2% s.-a.
On April 15 1926 paid 2% quar. and a special dividend of 4%.
BONDS.—Abstract of consol, mtge. of 1939 in V. 49, p. 147; V. 86, p.
1588; V. 92, p. 260; of Richmond & Allegheny mtges, in V. 51, p. 144.
The general mortgage of 1892 (Central Union Trust Co. and H. T. Wick­
ham, trustees) is for $7O,0OO,O0O, but additional amounts at $25,000 per
mile may be issued for double-tracking. See full abstract of mortgage in
V. 54, p. 644.
General funding and impt. mortgage, V. 87, p. 1663; V. 88, p. 157.
The mortgage of 1910, securing the first lien & impt. mtge. bonds, Is
limited to $125,000,000 bonds, bearing interest at rates not to exceed 5%.
It provides for extensions and improvements and the retirement of certain
equipment and. other obligations, including the “General Funding and
Improvement” bonds, and for other corporate purposes. Of entire $75,045,000 outstanding under this mortgage in April 1926, $2,152,000 are
pledged to secure the $1,883,000 outstanding conv. 5s of 1916, due 1946,
and $23,329,000 are pledged as security for loans from U. S. Govt, and
$15,504,000 were in treasury.
Collateral Mar. 31 1925 for First Lien and Impt. Iortgage Bonds.—
C. & O. Ry. Co. of Ind.—Stock, $5,998,800; bonds, $8,452,000-$14,450.800
Ches. & Ohio Ry. Co. general funding & impt bonds------------- 7,302,000
Hocking Valley Ry. Co. stock (out of $11,000,000 outstanding). 8,825,000
Miscellaneous____________________________________________
993,508
The First Lien and Improvement Mortgage bonds are (1) a first lien either
directly or through deposit of all stocks and bonds, upon 368.30 miles of
railroad, viz.: (a) Directly on 107.60 miles of coal branch lines in West
Virginia; (6) on 260.7 miles of main line between Cincinnati and Chicago.
(2) A first lien on all stock of C. & O. Northern Ry., and 80.23% of stock
of the Hocking Valley Railway Co. (3) A lien on all the remaining lines
of railway owned or controlled by the company, aggregating about 1,800
miles, subject to $101,872,000 prior liens.
The 4)4 % convertible bonds, due Feb. 1 1930, have a parity of lien with
the first lien & impt. bonds on such lines as were owned on April 28 1910,
but not on the above-mentioned collateral,
Of the authorized $37,200,000 convertible gold bonds of 1910, $31,390,000
were issued in that year. They are redeemable after 1915 at 102)4.
The option to convert these bonds into stock expired Feb. 1 1920, V. 90,
p. 771, 848; V. 91, p. 870, 945, 1159, 1574.
The Convertible 30-year 5% gold bonds of 1916 for $40,180,000 (V. 102, p.
1162) are convertible at option of holder at face value into common stock
at $100 per share up to and incl. Apr. 1936, with adjustment of divs. and
int. The entire issue, but not a part thereof, is red. at option of co. on any
int. date up to and incl. April 1 1929 at 105% and int., and thereafter at
100% and int., upon 60 days’ notice; in case of redemption during the con­
version period the privilege of conversion shall terminate 30 days prior to
the redemption dats. All of this issue except $1,883,000 has been converted
into common stock to April 1 1926 incl. The outstanding bonds are se­
cured by deposit with the trustee of $2,152,000 1st lien & impt. mtge. 5%
bonds, above described.
Louisville A Jeffersonville Bridge.—See separate statement of the co.
All of the following are assumed by the C. & O. Ry. Co.:
Greenbrier Ry. 4s V. 72, p. 626; see also V. 71, p. 554, 602; V. 79, p. 915.
Big Sandy 4s of 1904, V. 79,, p. 917; V. 82. p. 297; V. 87. p. 225, 414.
1418. Guaranty, V. 81, p. 668.
Coal River 4s, V. 80, p. 2219; V. 83, p. 693; V. 89, p. 720; V. 98, p. 452
Paint Creek Br. 4s $211,©O0 reserved for extensions. V. 81, p. 974, 910.
Raleigh A Southwestern 4s. V. 84, p. 1114; V. 89, p. 720.
Kanawha Bridge A Terminal 5s, V. 91. p. 1629 assumed b O. & O. By.
V. 109. p. 785.




35

RAILWAY STOCKS AND BONDS
Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

F&A Aug 1 1955
Q—M June 4 1926 m
Feb 15 TO, 2%
Jan 16 ’ll, 2%
Jan 15 T2, 2%
5^ J&D June 30 1926
A&O Oct 1 1949
3B
July 1 1950
3)4 g J &
J &
July 1 1932
h
J & J 15 To Jan 15 1935
M&N Nov'26 May'37
See text
See text
7
F&A See text
7
A&O Oct 1 1930
4g
ig

ig

Irv Bk-Col Tr Co, N Y
Treasurer’s office, Phlla
Checks mailed
do
do
New York Trust Co, N Y
Jan. ’23 lnt. in default.
2 Rector St, New York
Guaranty Trust Co. N Y
New York Trust Co, N Y
Checks mailed
do
do
Northern Tr Co, Chicago

Principal Car Trusts Gold (Denom. $1,000 Each).
Outstanding.
Mature in Installments.
P 1916 4)4%.................. 125,000 Dec. 1926
125,000 s. a.
R 1917 4)4% caU 102— 378,000 Nov. ’26-May ’27
189,000 s. a.
375,000 ann.
8 1920 6)4%.................. 3,750,000 Dec. 1 ’26-Dec. 1 '35
509,000 ann.
T 1922 5)4%................. 5,599.000 June '27-June '37
646,500 ann.
13 1920 6%................... 5,818,500 Jan. '27-Jan. ’35
13a 1920 6%................... 1.001,700 Jan. '27-Jan. ’35
111.300 ann.
Elkhorn Piney Coal Min­
ing Co (assumed)___
88,000 Mar. 15 1927
95,000 ann.
U 1923 5% ................... 6,300,000 Mar. 15 ’27 to ’38
525,000 ann.
1,200,000 ann.
V 1924 5 % . ................ 16.800,000 July 26-July '39
328,00O ann.
W 1925 4)4%_________ 4,920,000 Oct. 1 ’26-Oct. 1 ’40
Interest paid semi-annually as indicated by maturity days: “N,” *’O.’’
*’P” and “R” at Bank of North America and Trust Co., Philadelphia, and
J. P. Morgan & Co., New York; “S,” "T” and“V” at J. P. Morgan & Co.,
New York; 13 and 13a at Guaranty Trust Co., New York; Elkhorn Piney
Coal at Girard Trust Co., Philadelphia; “U” at Guaranty Trust Co., N. Y.
Equipment trusts issued to Director-General for rolling stock allocated,
to this company. See article on page 3
REPORT.—For 1925, in V. 122, p. 2067, showed:
Operating Revenues-—
1925.
1924.
1923.
Freight traffic___________________ $108,283,190 $92,223,413 $85,202,379
Passenger traffic__________________ 9,623,037 10,851,180 11,650,941
Transportation of mails___________
894,146
876,645
822,373
Transportation of express_________
1,247,091
1,183,615 1,278,851
Miscellaneous_____________________ 3,136,639
2,898,596 3,021,253

Total operating revenues_______ $123,184,103$108,033,448$101,975,798
O'PfflClt'i'flQ EX'P6TIS€S~~‘
Maintenance of wav & structures____ $18,778,635 $15,551,838 $12,847,570
Maintenance of equipment_________ 31,128,451 30,116.566 28,693,866
Traffic___________________________ 1,310,419
1,173,219 1,040,339
Transportation_______
34,730,786 33,127,514 33,725,951
Miscellaneous operations___________
444,148
431,926
418,951
General_____ ____________________ 2,677,903
2,521,742 2,248,921
Transportation for investment______
088,924 0141,102
085,822
Total operating expenses_________ $88,981,419 $82,781,702 $78,889,776
Net operating revenue_____________ $34,202,684 $25,251,746 $23,086,021
Railway tax accruals______________ 6,776,290
4,628,463 4,687,394
Uncollectible railway revenues______
36,000
160,206
29,275
Railway operating income________ $27,390,394 $20,463,076 $18,369,351
Equipment rents (net)................
$3,857,576 $2,748,747 $2,155,899
Joint facility rents (net)___________ Drl,299,898 Drl,318,903Drl,389,894

Net railway operating income_____ $30,018,071 $21,892,920' $19,135,356
Income from Other Sources—
Interest from investments & accounts $1,332,966 $1,710,108 $1,348,630
Miscellaneous___________
161,799
175,972
867,418
Gross income......... ..........
$31,512,836 $23,779,000 $21,351,404
Deductions from Gross Income—
Interest on debt____________________ $11,035,252 $11,263,067 $11,991,208
Rentals, leased roads, joint tracks, &c
180,289
194,417
139,995
Loss on C. & O. grain elevator______
18,187
15,793
23,328
Miscellaneous--------------------------------251,109
204,653
217,443
Preferred dividends________________
815,247
816,302
816,302
Common dividends________________ 3,035,885 2,619,500 2,591,032
Total deductions......... ................... ..$15,335,970 $15,113,733 $15,779,308
Net income------------------------- --- ------ $16,176,867 $ 8,665,267 $5,572,096
OFFICERS.—O. P. Van Sweringen, Chairman, Cleveland; W. J. Hara­
han, Pres.; G. B. Wall, V.-Pres.; Herbert-Fitzpatrick, V.-Pres. & Gen.
Counsel; F. M. Whitaker, V.-P. in charge of traffic; R N. Begien, V.-P..
in charge of operation, Richmond; A. Trevvett, Sec. & Treas., Cleveland;
E. M. Thomas, Compt., Richmond. Offices, Richmond, Va., and Cleve­
land, Ohio.—V. 122, p. 2646.
CHESAPEAKE & OHIO NORTHERN RY.—See Chesapeake & Ohio

CHESAPEAKE & OHIO RY. OF INDIANA.—Owns Cincinnati, Ohio,
to Indiana-Illinois State line, 260.7 miles; trackage rights, 23.7 m.; Total
oper., 284.4 miles. The I.-S. C. Commission has placed a tentative
valuation of $9,250,000 on the total owned properties of the company, and
$9,355,713 on the total used properties as or June 30 1916. First 5s,
$7,711,000 outstanding, all pledged under C. & O. First Lien & Impt. mtge.
In April 1921 stockholders approved lease of property to Ches. & Ohio Ry.,
see C. & O. Ry. above.— V. 120, p. 2811.)
CHESTERFIELD & LANCASTER RR.—Owns Cheraw, S. CL. to
Pageland and Crowburk, 38 miles. First mtge. 50-year 5% bonds ($750,000) issuable at $5,000 per mile; outstanding, $186,000, due Aug. 1 1955.
Second mtge. bonds matured and unpaid, $67,000 (all owned by Seaboard
Air Line Ry. Co.). Stock, $500,000, a majority being acquired in June
1909 by the Seaboard Air Line Ry.; par, $25. For 1924, gross, $95,312;
net operating deficit, $19,095; other income, $972; interest and rentals,
$22,747; bal., def., $40,870. Treas., R. L. Nutt, 24 Broad St., N. Y.—
(V. 89, p. 40.)
CHESTNUT HILL RR.—Owns from Germantown to Chestnut Hill
Pa., 4 miles. Re-leased in 1896 to Phila. & Read. Ry., the rental being re­
duced from 12% to 6% on stock, the latter being increased in June 1902 from
$120,650 to $195,650. Reading owns $75,000 stock.—(V. 75, p. 76.)
CHICAGO AND ALTON RR. CO. (THE).—ROAD.—Chicago to St.
Louis, Kansas City, &c., in all 1,056 miles.

36

[Vol. 122.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
IF' r abbreviations, &c., see notes on page 8]

Miles Da e
Road Bonds

Chicago Burlington & Quincy—Stock---------------Gen mti e 3300,000,000 lawful money__ Ce.zc*&r*
FI «♦ & ref mtge Ser A red (text)________________
Illinois Div first mortgage ($85,000,000 currency. 1
(V.83,p.625; V.69,p.283)j redeem at 105..NBz)
Nebraska Ext $20,000 pm (s f not drawn) _NB.zc*&r*
Equipment gold notes due $404,000 (annually__ G

Par
Value

$100
8,488 1908 1,000 &c
8,983 1921
100 &c
1,646 (1899 1,000 &c
11899 1,000 &c
1.471 1887 1,000 &c
1920

Amount
Outstanding

Rate
%

$170839100
65,247,000
40,000,000
50,451,000
33,976,000
17,626,000
3,636,000

10
4
5g

I*
4
6g

When
Payable

J
M
F
J
J
M
J

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

& D June 25 ’26 5%
& S Meh 1 1958
& A Feb 1 1971
& J July 1 1949
& J July 1 1949
& N May 1 1927
& J To Jan 15 1935

N Y, Boston & Chicago
New York and Boston
New York
New York and Boston
do
do
do
do
Guaranty Trust Oo, N Y

E
I

Road owned—
Miles.
Road owned—
Miles.
Chicago to East St. Louis, Ill----- 280 Mexico, Mo., to Cedar City, Mo. 50
Sherman, Ill., to Grove, Ill------- 51 Roodhouse, Ill., to Kan. C., Mo.245
Bloomington to Wann, via Jack­
Barnett to Reddish Road and E.
sonville, Godfrey and Upper
Hardin. Ill.................................... 62
Alton (all in Illinois)________ 158
Coal City Line Ill______________ 25
Dwight, Ill., o Washington and
Lacon, 11! ___________________ 81 Trackage to Peoria, Ill., &c_____ 43
lies to Murrayville, Ill__________ 34 Leases Rutland Toluca & North. 27
Total owned and operated Dec. 31 1925/299 m. double tracked) —1,056
The Rutland Toluca & Northern RR. is leased for 999 years and its bonds
guaranteed prin. and int. V. 91, p. 1024; V. 93, p. 408.
ORGANIZATION.—The (oid) railway company was organized in April
1900 and purchased substantially all the stock of the Chic. & Alton Railroad.
The two were consolidated in 1906 per plan in V. 82, p. 451, the Railway
changing its name to the C. & A. Railroad. V. 82, p. 160: V. 70. d. 686. 995.
Receivership.—William G. Bierd and W. W. Wheelock were appointed
receivers on Aug. 30 1922 by Judge George A. Carpenter in the Federal
Court at Chicago. V. 115, p. 1099.
The following protective committees have been formed
Protective Comm, for 3)3% 1st Lien 50-Year Bonds, due 1950.—P. H.
Ecker (V.-Pres. Metropolitan Life Ins. Co., N. Y.), Chairman; Bertram
Cutler, New York; J. H. Perkins (Pres. Farmers’ Loan & Trust Co., N. Y.),
J. V. E. Westfall (V.-Pres. Equitable Life Assurance Society of N. Y.)
and Asa S. Wing (Pres. Provident Life & Trust Co., Phila.), with F. A.
Dewey, Sec., 22 William St., N. Y.; Cotton A Franklin, counsel, and
Farmers’ Loan & Trust Co., depositary, 22 William St., N. Y. The Jan.
1923 and subsequent interest on these bonds is in default. V. 116, p. 74.
Protective Committee for 3% Ref. 50-Year Gold Bonds.—Charles A. Pea­
body, Chairman (Pres. Mutual Life Ins. Co., N. Y.); Darwin P. Kingsley
(Pres. New York Life Ins. Co.), John J. Mitchell (Pres. Illinois Trust &
Savings Bank, Chicago), W. A. Day (Pres. Equitable Life Assurance
Society), E. D. Duffield (Pres. Prudential Ins. Co. of America), George E.
Roosevelt (Sec. Bank for Savings, N. Y.).
The interest due April 1 1925 on the 3% refunding mortgage bonds was
paid in Sept. 1925. V. 121, p. 1456.
Stockholders’ Protective Committee.—Walter T. Rosen, Chairman (Ladenburg, Thalmann & Co.); Franklin Q. Brown (Redmond & Co., New York);
George Woodruff (V.-Pres. Nat. Bank of the Republic, Chicago), Edward
A. Pierce (A. A. Housman & Co.), and Hugh K. Prichitt (Prichitt & Co.),
New York, with Feiner, Maass A Skutch, attorneys; S. O Levinson, coun­
sel; Thomas F. Thornton, Sec., 22 Exchange Place, New York.
Depositaries.—Bank of the Manhattan Co., 40 Wall St., N. Y., and
National Bank of the Republic, Chicago.
Independent Stockholders’ Committee for Leased Lines.—See Joliet & Chi­
cago RR. In V. 115, p. 2056.
STOOK.—The cumulative 4% participating and prior lien stock is
• ntltled, in addition to prior right to accumulative dividends at the rate o'
4% per annum to receive additional dividends equal to the rate of dividends
declared on the common stock of the consolidated company In Aug. 1907
the Toledo St. Louis & Western purchased from the Rock Island the
controlling interest, viz., $14,420,000 com. and $6,480,000 pref. stock, and
deposited tbe same under its collateral trust bonds, on which interest was
defaulted Aug. 1 1914. In Nov. 1921 the Toledo St. Louis & Western, as
the result of litigation involving legality, cancelled the collateral trust bonds,
the Chicago & Alton stock being returned to the bondholders. V. 88,
p. 468. 529, 792; V. 99, p. 341, 408, 1051. 1216; V. 113, p. 1984, 2081.
DIVIDENDS.—
’06. ’07. ’08. ’09- ’10. ’ll. ’12. Since.
Common stock_________________ -14
2 None
None
Preferred stock________________ 2 4
4
4
4 2 NoneNone
Prior lien participating pref-------- 2 4
5
8
6 4
2 None
BONDS.—-First lien (old Ry.) 3)3s of 1900, V. 71, p. 1021; V. 82, p. 451.
The Railroad (old) mtge. securing the 3s of 1899 will provide funds for
Improvements and extensions. Bonds in excess of $49,000,000 were to be
issuable thereunder on vote of two-thirds of stockholders for extensions of
not over 500 miles main track, at not exceeding $20,000 per mile, to fund
leased line rental obligations and for future betterments not to exceed
$5,000,000, at not over $1,000,000 per annum, from Jan. 1 1900. V. 69,
p. 178; V. 69, p. 26, 129, 541; V. 70, p. 429, 739, 995; V. 79, p. 211, 967;
V. 84, p. 480, 507 , 626 , 803 , 809; V. 88, p. 99, 293.
Of the issue of $20,000,000 of 6% Gen. M. gold bonds, $16,834,000 were
outstanding and $216,000 in treasury Dec. 31 1925, $8,417,000 being owned
by the Union Pacific RR. $4,100,000 were reserved to retire equipment
trust obligations. Bonds are redeemable on any interest date at 105.
V. 94, p. 1565, 1695; V. 95. p. 749; V. 96, p. 789; V. 98, p. 838, 1315.
Equipment trusts, series “A," V. 117. p. 2211.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114. p. 1889.
REPORT.—For 1925, in V. 122, p. 2941, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Operting revenue____ $31,077,083 $30,854,030 $33,588,193 $27,593,925
Expenses, taxes, Ac____ 24,717,990 25,141,376 26,673,361 24,619,558
Operating income_____ $6,359,093 $5,712,654 " $6,914,832 $2,974,367
Equipment rents, Ac___ 1,811,223
1,317,861
1,595,265 1,442,180
Net oper. income_____ $4,547,870 $4,394,793 "$5,319,567 $1,532,187
Other income_________
212,293Dr a642,868___ 242,884
304,667
Total income_________ $4,760,163 $3,751,924 $5,562,451 $1,836,854
Interest, rent, Ac______ 4,718,880 4,787,166
4,445,306 4,327,336
Net income............ ..
$41,283def$1035,242 "$l,117,145def$2490,482
alncludes charge of $859,438. guaranty period claim, which was not
allowed by Government and applies to prior period.
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—Pres., W. G. Bierd; V.-P., Wm. W. Wheelock; Sec. &
Treas., Jas. Williams; Compt., E. S. Benson. Office, Chicago, Ill.




DIRECTORS.—J. J. Mitchell, Joy Morton, W. G. Bierd. Samuel Insull,
A. R. Fay, Festus J. Wade, E. F. Swinney, Wm. W. Wheelock, L. B.
Patterson and V. D. Skipworth.—(V. 122, p. 2941.)
CHICAGO ATTICA & SOUTHERN RR.—(V. 116. p. 2006.)
CHICAGO BURLINGTON & QUINCY RR. CO.—(See Map).—
ROAD.—Operates a great system of roads extending from Chicago westerly,
reaching St. Paul and Minneapolis, Minn.; St. Louis and Kansas City, Mo.;
Omaha, Neb.; Denver, Colo.; Cheyenne, Wyo.; Black Hills. S. D.. and
Billings, Mont., viz.;
Main line___________________ 4,6711 Lines leased_________________ 372
Branches and spurs_________ 4,3611 Total miles oper. Dec. 31 1925-9,404
In Dec. 1908 $23,657,500 of the $31,000,000 Colorado & Southern com.
stock (practically a controlling interest) was acquired, affording connections
with the Gulf of Mexico. V. 87, p. 1663; V. 88, p. 157, 685.
Owns jointly with the Nashville Chattanooga & St. Louis and Illinois
Central R. R. Co., the Paducah & Illinois RR. (which owns a double-track
bridge over the Ohio River at Metropolis, Ill., and has built from Metro­
polis to Paducah, Ky., 14 m.) and jointly guarantees its bonds. See that
company below.
The I.-S. C. Commission has placed a tentative valuation of $494,632, 557
on the total owned and used properties, $205,557 on the wholly owned but
not used properties and $3,014,808 on the used but not owned properties
of the company as of June 30 1917.
ORGANIZATION, Ac.—A consolidation In June 1864; since merged
Chicago Burlington & Northern, Kansas City St. Joseph & Council Bluffs,
Hannibal & St Joseph. Burlington & Missouri. Ac.. Ac
In 1901 $107,613,500 of the $110,839,100 stock was exchanged for the
Joint 20-year 4% bonds of the Gt. Northern and Northern Pacific, secured
by the deposit of the stock in trust, on the basis of $200 in bonds for $100
stock (in 1921 replaced by an issue of 6)4% bonds due 1936)
See V. 72,
p. 871; V. 73, p. 293, and bonds under Great Northern. (The $60,000,000
stock div. paid in 1921 increased the holdings of the North. Pac. and
Gt. Nor. to $165,867,400.)
DIVIDENDS—
’02 to ’06. ’07. '08 to '20. ’21. ’22. ’23. '24. ’25.
Regular (per cent)_______ 7 yearly 7)i 8 yearly 12 10 10 10 10
Extra (per cent)__________________ 6 Sept.'17,1015_
_ ____
Paid in 1926: June 25, 5%.
Also paid a stock dividend of 54.132% ($60,000,000) to stockholders of
record March 31 1921.
BONDS.—General mortgage bonds ($300,000,000 auth. issue, Interest not
to exceed 5%) are a first lien on 5,373 miles of road, and on retirement
of the outstanding underlying bonds, for which bonds are reseived as below
noted, will be a first lien on 8,485 miles. V. 103, p. 493. The generals
have been issued or are issuable (V. 86, p. 1342, 1466; V. 88, p. 504, 685;
V

Q9

n

'59‘v V

Qfi

n

7SQ1

no follows-

To retire’outstanding'bonds (incl. $17,428,300 in sink. fds.)._ $177,000,000
Issuable for reimbursing the treasury for outlays already made
by it for betterments and additions ($23,041,000 sold)----- 45,000,000
Issuable for additions, improvements and betterments of and
to the mortgaged property (of which $13,724,000 sold)----- 78,000,000
In Jan. 1909 $20,000,000 general 4s were sold, of which $13,724,000 were
used to purchase $23,657,000 Colorado & Southern com. stock. V. 88, p.
685; V. 92. p. 525; V. 96, p. 789; V. 98. p. 999. 1315; V. 101, p. 47; V. 105,
p. 6C5.
The 1st & ref. mtge. covers 497 miles by direct first lien, 5,373 miles
by direct 2d lieu, subject to the lien of the Gen. Mtge. under which bonds
are outstanding at the rate of about $7,700 per mile on the mileage covered
by that mortgage, and 3,109 miles by direct or collateral lien subject to the
Gen. Mtge. and prior liens. No more of the underlying mtge. bonds, in­
cluding the Gen. Mtge. bonds, may be issued except for the purpose of pledge
under the 1st & Ref. Mtge., but the company reserves the right to sell about
$10,000,000 of underlying bonds now held in its treasury.
Under the terms of the mortgage the issue of bonds for the acquisition of
property and for add’ns & betterments to the co.’s property in no event eta
exceed the actual cost of the property to be placed under the mtge. The auth.
Issue is limited to an amount which, together with all other then outstanding
prior debt of the co., after deducting therefrom bonds reserved to retire prior
debt, shall never exceed 3 times the par value of capital stock then outstand­
ing. The bonds are redeemable as a whole only on and after but not before,
Feb. 1 1942 as follows. On Feb. 1 1942 or on any ini. date thereafter prior
to Feb. 1 1952 at 107)4 and int., on Feb. 1 1952 or on any int. date there­
after prior to Feb. 1 1962 at 105 and int., on Feb. 1 1962 or on any int. date
thereafter prior to maturity at 103 and int. V. 114, p 518: V. 118 p. 905.
The Nebraska Extension bonds of 1887 are issued at $20,000 per mile for
single and $10,000 per mile for second track on not exceeding 1.500 miles.
Now a direct first lien. Abstract of deed. V. 45, p. 441: V 85. p 721.
Tbe Illinois Division Mortgage bonds of 1899-1949 are a first lien on the
company's lines in Illinois and on its line to St. Paul and Minneapolis, in­
cluding its terminals in Chicago. Quincy and East St. Louis, 111.; Clinton and
Dubuque, Iowa; W nona, St. Paul and Minneapolis, Minn.; and part of its
terminal at Burlingiton. Iowa.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1359.
REPORT.—For 1925, in V. 122, p. 2671, showed:
Calendar Years—
’ 1925.
1924.
1923.
1922.
Operating revenue___ $159,155,178$162,674,878$171,270,661$164,916,471
Operating expenses____ 116,671,868 119,958,734 134,290,379 126,777,704
Taxes, Ac____________ 11,025,425 10,718,049
9,325,511 10,921,345
Operating income___ $31,457,885 $31,998,094 $27,654,771 $27,217,222
Other income_________ 3,367,050
3,286,469
3,670,841
4,447,400
Gross income_______ $34,824,935 $35,284,563 $31,325,612 $31,664,822
Interest, rents, &c____ 13,640,342 13,384,734 21,035,083 11,403,334
Net income________ $21 <184,593 $21,899,829 $19,290,529 $20,261,488
Sinking funds________
293,500
293,930
289,409
294,251
Dividends___________ 17,083.785 17.083.765 17.083.735 17.083,700
Surplus......... ................ $3,807,308 $4,522,133 $1,917,385
$2,883,537

May, 1926.]
RAILROAD COMPANIES

37

RAILWAY STOCKS AND BONDS

[For abbreviations, Ac., see notes on page 8]

Miles Date
Road Bonds

Par
Value

Amount

Outstanding

$100
Chicago & Eastern Illinois Ry—Common stock. .
Preferred (a & d) stock 6% cum after Jan 1 1924 ..
100
First mortgage extension____________________ xc*
14 1881
1.000
Consolidated mortgage (for $5,948,000) gold.Ce.zc*
130 1884
1.000
Evansville Belt Ry first mortgage gold_________ x
4 1910
1.000
Prior lien mortgage gold bonds_________________
1921
1921
General mortgage gold bonds red (text)________
1920
*'4 E I Eq 1920 Series due $49,400 ann_________
Equip trust cert due $62,000 ann______________ G
1926
Chicago & Erie—1st M g int guar till prin pd.Ce.zc*
1,000
249 1890
Income bonds for $lO,OOO,O0O 5% non-cum___ Nz
249 1890 1.000 &c
Chicago & Atlantic Term 1st M g ext 1918-.Ce.zc*
1888
Chicago & Grand Trunk—See Grand Tr’k West Ry
100
Chicago Great Western—Common stk $46,000,000
Pref (prin & div) 4% cum red $50,000,000 auth..
100
First mortgage gold $75,000,000_____ G.xc*&r* 1.410 1909 $, £ & fr
Minneapolis Terminal mortgage gold assumed___ z
1,000
1900
Mason City & Fort Dodge—See that company.
1920 100 & 1,000
Equipment trust notes due $43,400 yearly_______
Note—Secretary of Treasury of U S______________
1920
do
do
_______________________
1920
do
do
_______________________
1922
Equipment trust note due $22,664 quarterly_____
1922
do
do
14,701 quar...................
1923
Chicago Hammond & Western—See Indiana Harbor Belt RR
a Of which $9,902,000 are pledged,
h Interest is incl. in face amount of each note; notes bear

Rate
%

$23,845,300
6
22,046,100
91,000
6
2,736.000
6g
142,000
5g
See text
See text
34,573,836
658
444.600
J 930,000
5
12,000,000
Ig
alO.OOO.OOO
300,000
5g

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

J&D Dec 1 1931
A&O Oct 1 1934
J&J Nov 1 1940
See text
M&N May 1 195)
J & J 15 To Jan 15 1935
F&A To Feb 1 1941
M&N Mayl 1982
A &
Oct 1 1982
J &
July 1 1928

45,210,513
46,938,802 See text
July 1 1919 1%
34,899,000
4 8 M&S Sept 1 1959
500.000
3^ g J&J Jan 1 1950
&
390.600
6
To Jan 15 1935
M&N Oct 23 1935
276,000
6
J&J Dec 21 1930
6
1,929.373
M &
Mar 1 1930
950,000
6
To Mar 15 1933
657,266 h5^
To Nov 15 1933
455,737
h5^

N Y, Meeh & Metals Bk
N Y. OentUnTrust (text)
Irv. Bk.-Col. Tr.Co.,NY
U S Mtge & Tr Co, N Y
Guaranty Trust Co, N Y
Guaranty Tr Co, N Y
Erie Railroad, New York
do
do
do
do
J P Mofgan & Co, N Y
do
do
Bank of Montreal, N Y

Guaranty Trust Co, N Y
Washington, D O
do
do
Merch L & T Co, Chic
do
doJ

5'A% aft er maturity

For latest earnings, see “Railway Earnings Section” (Issued monthly).
OFFICERS.—Hale Holden. Pres.; C. G. Burnham, Executive V.-Pres.;
Wm. W. Baldwin, E<!w. P. Bracken, C. E. Spens, V.-Pres'ts, Bruce Scott,
Gen. Counsel; Chas. I. Sturgis, V.-Pres., Sec. & Treas.; H. W. Johnson,
Comp.; Harry D. Foster, Gen. Aud. Office, Chicago, Ill.—(V. 122.
p. 2646.)

Lines owned (total 1,035 miles). Miles.
Chicago to St. Paul___________ 401
Oelwein to St. Joseph________ 290
Bee Creek to Beverly_________ 23
Sumner to Waverly___________ 22
Mantorville, &c., branches.__
21
Leavenworth to Kansas City__
1
Mankato to Red Wing, Minn.. 96
Red Wing to Osage, Iowa____ 118
Winona to Simpson, Minn____
54
Branch to Clay Banks, Minn..
3
Goodhue to Belle Chester____
6

Trackage (total, 86 miles)— Miles.
St. Paul to Minneapolis---------11
Chicago Terminals---------------10
Galena Jet.,111., to Dubuque.Ia. 14
Des Moines Terminals-----------3
Leavenworth to Kansas City— 26
St. Joseph, Mo., to Bee Creek9
other trackage_______________
5
Operated under agreement—
Mason C’y & Ft.Dodge,375 m.,vlz.:
Oelwein, la., to Coun. Bluffs 260
Hayfield.Minn.,to Clarion,la. 100
Branches to Lehigh, &c___._ 15
Trackage to So. Omaha------8

CHICAGO AND EASTERN ILLINOIS RY. CO.—Operates road from
Chicago. Ill., to Evansville, Ind.; also Chicago to St. Louis, leaving main
line at Woodland Junction; and lines to Thebes and Joppa, Ill., reaching
various bituminous coal fields.
Lines Owned in Fee—
Miles.IRossvilleJct.,Ill., to Sidell Jet..
Dolton Jet.,111.,to Evansville,Ind-2701 Ill_________________________ 35
Danville, Ill., to Villa Grove, Jet. 421 Evansville Belt________________ 4
Total mileage Dec. 31 1925—1,496
Findley Jet., Ill., to Thebes. Hl..194 Other_________________________ 29
Joppa Jet. to Joppa, Ill________ 17
Other Trackage, Ac.—
The entire capital stock of the Mason City & Fort Dodge RR. Is owned
Cissna Jet. to Cissna Park, Ill__ 11 Pana, Ill., to Granite City_____ 76
and the road operated under agreement (see separate statement for that
Milford Jet., Ill., to Freeland
Chicago to Dolton,Ch.&W. Ind. 17
company). Up to Dec 31 1925 the C. G. W. RR. Co. had acquired
Park, Ind___________________ 11 Other lines____________________ 29 $11,191,000 1st mtge. 4% bonds of the Mason City & Fort Dodge RR.
Woodland, Ill., to Pana, Ill_____ 123
which were pledged under the first mortgage. V. 116, p. 75, 1531. In
Branches to Coal Mines__________ 35
1910 acquired entird stock of the Leavenworth Terminal Ry. & Bridge Co.
Rossville Jet. to Judyville. Ind__ 14
V. 91,p. 214, 397.
Mi. Vernon Jet.. Ind., to Mt
The stockholders on May 6 1920 passed a resolution ratifying the con­
Total Dec. 31 1925 ................... 945
Vernon. Ind___________________
382d track____________ _________ 339
solidation of the Wisconsin Minnesota & Pacific with the Chicago Great
Western.
HISTORY. &c.—Organized to succeed the Chic. & Eastern Illinois RR.
The I.-S. C. Commission has placed a tentative valuation of $69,011,616
(tor which receivers were appointed on May 27 1913), as per reorganization on the properties of the company and its subsidiaries, as of June 30 1916.
plan dated March 31 1921. published in V. 112, p. 1517. The plan was de­
ORGANIZATION.—Incorp, in Illinois Aug. 11 1909 as successor per plan
clared operative Nov. 21 1921 and the property was taken over by tbe new
V. 88, p. 1497, of railway acquired at judicial sale. V. 89. p. 528, 592.
company on Jan 1 1922. V. 113, p. 2310; V. 114, p. 77.
STOCK.—The pref. stock ($50,000,000 auth. Issue) was entitled to
Tentative Valuation.—The 1. S. C. Commission has placed a tentative non-cum.
divs. at 4% per ann. to June 30 1914 and to cum. diys. thereafter
value of $69,206,753 on the property as of June 30 1915.
at that rate ahead of the com. stock, and also to a preference as to principal
STOCK —The preferred- stock became cumulative on Jan 1 1924 and accrued dividends in case of dissolution or liquidation.
Preferred and common stocks have equal voting power.
DIVIDENDS.—Pref. stock. No. 1. Dec. 1 1915, 1%; May 1 and Oct. 2
BONDS, &C.—The Prior Lien Mtge gold bonds are subject to $5,137,600 1916, 1%; Apr. 1917, 1%; none then till Aug. 15 1918, paid 1%; Jan. and
underlying bonds. These bonds will mature not earlier than 1961 and will July 1919, 1%: none since.
Bonds.—On Dec. 31 1925 $57,150,000 of first mtge. 4s of 1909 had been
bear such interest payable semi-annually, be issued in such series and may
be made redeemable in whole or in part, and at such premiums as may be issued, $34,899,000 being held by the public and $15,839,000 by the com
determined by the board at time of issue and stated in the bonds of such pany, and $6,412,000 were pledged with Secretary of United States Treasury
Equipment trusts issued to Director-General for rolling stock allocated
series They will be used only;
to this company. See article on page 3.
(a) As collateral to the U. S. (incl. 25% margin) for moneys bor­
rowed and to fund obligations to the U. S. Any balance not
REPORT.—For 1925, in V. 122, p. 2181, showed:
so used or released on pa yment of obligations to the U. 8. to be
Operating Revenue—
1925.
1924.
1923.
1922.
used as shall be provided in said mortgage Series “A” 6___ $5,282,500 Freight_______________ $18,844,285 $18,764,368 $19,259,353 $17,730,271
4,343,268
4,277,383
(ft) To fund outstanding obligations (undisturbed by reorganiz’n] 5,137.600 Passenger____________
3,637,611
3,909,610
976,411
Mail and express.
1,074,539
948,401
990,241
(c) For additions and betterments to the road, for equip, and for
Miscellaneous.
635,563
603,161
628,669
619,446
add’l lines of railroad and for such other purposes and under
282,152
285,214
Incidental
____
271.508
262,306
Series “B” 5„t£s in hands of Treasurer Dec. 31 1925______ 3,590,200 Joint facility..
286,463
181.509
171,484
194,715
The Gen. Mtge. 5% gold bonds bear interest from May 1 1921.
Total railway op. rev.$24,502,760 $24,726,678 $25,723,706 $24,224,789
Total authorized principal amount at no time to exceed $35,500,000: to
Operating Expenses—
mature not later than 1951 and to bear 5% interest, from May 1 1921, pay­ Maint. of
..way
----- $3,682,233
& struc._ $3,442,378
$3,791,296 $3,640,961
able semi-annually, and to be redeemable, all or part, at par and int. for a Maint. of equipment__ 4,849,979
5,705,835
5,238,113
4,726,280
sinking fund which shall receive cumulative payments out of net earnings Traffic_______________
761,051
884,102
806,996
777,057
above fixed charges equal in each year to 46 of 1 % of the total face amount Transport’n—Railline..
9,803,838 10,228,278 10,806,237 10,334,247
of bonds originally issued. Bonds retired by the sinking fund will continue Miscellaneous operations
172,778
174,221
163,328
165,000
to draw interest until maturity and will not be reissued. Failure to make General______________
668,667
665,967
672,533
651,407
sinking fund payments, if earned but not otherwise, will constitute default. Transp’n for invest.—Cr
9,303
14,333
20,111
12,655
Equipment trusts issued to Director-General for rolling stock allocated
Total oper. expenses..$19,812,718 $20,238,411 $21,431,016 $21,274,235
to this company. See article on page 3.
rev. from ry. oper.. $4,690,042 $4,488,267 $4,292,690 $2,950,553
Note to Director-General of RRs., due 1930, $3,425,000; note to Treas­ Net
$985,700
Railway tax accruals
$1,000,262
$856,144
$945,933
urer of United States, due 1936, $785,000.
2,954
3,330
Uncollec. railway rev _____ 3,849
3,854
REPORT.—For 1925 showed:
Railway oper. income. $3,685,931 $3,538,480 $3,433,216 $1,961,900
Non-Operating Income—
Calendar Years—
1925.
1924.
1923.
1922.
$2,009,729 $2,360,451 $1,507,816
Gross earnings_________ $26,574,508 $26,068,789 $28,405,408 $24,731,348 Hire of equipment_____ $1,736,930
86,834
94,210
90,827
91,061
Net, after taxes________ 3,084,255
2,155,917 2,563,431 2,435,876 Joint facility rent income
Dr. 1,452
1,339
348
Deft. 167
Other income___________ def526,754 def302,539 1,205,616 1,299,888 Misc. non-op. phys. prop
80,583
Misc. rent income_____
86,407
81,224
84,271
14,818
Dividend income______
134,844
4,878
61,137
Gross income----------- $2,557,501 $1,853,378 $3,769,047 $3,735,764
88,333
87,879
120,154
94,675
Interest paid_________ 1 2,395,534
2,421,825
2,460,914 12,297,018 Inc. from funded securs.
Rents, &c____________ J
t 651,401 Income from unfunded
53,392
35,506
securities & accounts.
48,043
40,084
Sinking, &c., funds____
215,251
209,104
196,171
184,668
Miscellaneous income__
$32 Deft .49,100 Deft.49,366 al ,739,354
Balance, sur. or def__ def$53,284 def$777,551sur$llll,962 sur$602,676
Gross income_____ __ $5,875,914 $5,813,677 $6,151,617 $5,513,692
Deductions—
For latest earnings, see “Railway Earnings Section” (Issued monthly).
Interest on funded debt. $1,709,840 $1,714,325 $1,674,019 $1,242,876
OFFICERS.—Chairman of Board, John W. Platten; Chairman Exec. Int. on unfunded debt..
19,376
5,526
19,483
7,125
Comm., W. J. Jackson; Pres., Thomas C. Powell; V.-P. & Gen Counsel, Rent accrued for leases
W. II. Lyford; V.-P. & Gen. Mgr., Frank G. Nicholson; V.-P., Traffic,
roads (int. on funded
J. B. Ford; Sec., G. A. Burget; Treas.. J. P. Reeves. Office, 332 So.
debt, Mason; rent acMichigan Ave., Chicago.—(V. 122, p. 1758.)
crued for leases O. &
4 40,000
Ft. Dodge RR.)____
CHICAGO & ERIE RR.—(Map Erie RR.)—Owns from Marlon, Ohio, Hire of equipment!____ 2,438,464
2,853,939
2,402,585
2,472,460
to Hammond, Ind., 249 miles, and leases trackage over Chicago & West Ind. Joint facility rents
888,779
990,693
932,530
912,117
to Chicago, 20 miles. Erie RR. Co. owns entire $100,000 stock.
Rent for leased roads .
44,818
44,818
9,225
45,021
Miscellaneous rents___
46,039
9,672
8,775
9,556
BONDS.—First Mortgage covers 249 miles of road, the cdntract with the Miscell. tax accruals----2,158
1,691
2,133
1,870
Chicago & Western Indiana. $999,900 of that company’s stock and Amortization of discount
$239,900 stock of Chicago Belt Ry. Interest on income bonds is paid
13,673
on funded debt
_ .
14,445
13,853
14,505
legularly; Erie RR. owns all except $98,000 of the $10,000,000. See Misc. income charges__
15,448
64,271
16,677
18,098
abstracts, V. 51, p. 911; V. 61. p. 750; V. Ill, p. 1948.
$432,770
Net income-___
. $628,920
$570,766
$601,558
a
Amount
stated
under
1922
includes
$1,738,400
of
collections
and
credits
CHICAGO GREAT WESTERN RR. CO.—Forms the “Corn Belt”
route, radiating from Oelwein, Iowa, northerly to St. Paul, easterly to for allowances by United States Government under guaranty.
For latest earnings, see “Railway Earnings Section” (issued monthly).
Chicago and southerly and westerly to Kansas City and Omaha.




38

[Vol. 122.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Miles Date
Road Bonds

26
Chicago & III Midland—1st M gold______________x
Chicago & Ill W—Gen(nowlst)M g gu red par CCxc*
Chicago & Ind Sou—See New York Central RR.
Chicago Indianapolis & Louisville—Common stock
Preferred 4% non-cumulative 85,000,000________
618
Refunding (now 1st) M ($4,700,000 are 6s)_ Ce.x
618
do
$15,000,000 gold Series O____________x
64
Indianap & Louisv 1st M closed (assumed)-Q.xc*
618
First & gen M $40,000,000 gold Ser A___ yg.c*&r*
do
do
Ser B red 105 aft Jan 1 '37.G.c*&r*
618
Equip bonds due $69,100 annually___________
do
do
Ser D due $24,000 semi-ann.-N.c*
U S Govt loan—Transportation Act______________
O I & W mtge notes assumed____________________
__
I S RR 1st mtge gold bonds closed (assumed)-------Equip trust notes Pullman C & M Corp—Prin notes
Guaranteed Bonds—
Interest notes
Kentucky & Indiana Terminal RR 1st M 4J4s—See that c
Monon Coal Co 1st M g int only gu s f red 110 Ba.xc*
Chicago Indianapolis & St Louis Short Line—See Cleve
Chicago Lake Shore & East—1st M g gu red text.xc*
52
Chic Mem & Gulf—1st M g red 105—Ba.xc*&r

1915
1907

Amount
Outstanding

Rate
%

$1,000 $3,241,000
1,000
959.000

6g
6g

Par
Value

100
100
1897
1,000
1910
1.000
1906
1.000
500 &c
1916
500 &c
1922
1920
1922
1,000
1920
1898
1898
1,000
1925
37,436
1925 Various
ompan y
1.000
1911
land C incinnar. i
$1,000
1909
1,000
1910

b Additional $478,000 held in treasury Dec. 31 1925.
c Additional $233,000 in treasury Dec. 31 1925d Additional $2,865,000 In treasury Dec. 31 1925-

When
Payable

Last Dividend Places Where Interest and
amd Maturity
Dividends Are Payable

J&D Dec 1 1955
J&J July 1 1947

kl0.497,000 See text J&J Jan 11 ’26 2JS
J&J Jan 11 ’26 2%
e4,991,300
4
b9,698,000 6 & 6 g J&J July 1 1947
5,300,000
4 g J&J July 1 1947
bl,172,000
4 g J&J Jan 1 1956
c3,261.000
5 g M&N Mayl 1966
d4,000,000
6 g J&J Mayl 1966
621,900
6 g J & J15 To Jan 15 1935
552,000
5 g M&S Sept’26-Sept‘37
6
155,000
A&O Nov 20 1935
6,000
5^ J & D 15 Dec 15 1928
M&S Septi 1948
g253,000
5
J&D Junel 1940
1,085,663
5
407,124 Int notes J&D Junel 1940
2.875.000
6g
Chicago & St Louis
$9,000,000
4 Mi g
735,000
6g
k Add’
e Add’
f Add’
g Entir

C & C Tr & S B Chicago
do
do

J P Morgan & Co, N Y
do
do
do
do
do
do
Guaranty Trust Co, N Y
J P Morgan & Co, N Y
do
do
Guaranty Trust Oo, N Y
New York Trust Co, N Y
Fire Ass’n of Philadelphia
Cent Union Tr Co, N Y
Ill Mer Tr Co, Chicago
do
do

J&D Junel 1936

Bankers Trust Oo, N Y

J&D Junel 1969
J&J Jan 1 1940

71 Broadway. New York
Bankers Trust Co, N Y

1 $3,000
1 $8,700
1 $2,000
e$253,00

held in treasury Dec. 31 1925.
held in treasury Dec. 31 1925.
held in treasury Dec. 31 1925.
0 held in treasur y Dec. 31 1925.

OFFICERS.—Chairman, S. M. Felton; Pres., N, L. Howard; V.-P. &
Sec., W. G. Lerch; Treas., C. A. Cook; Compt., Con. F. Krebs; Gen. Mgr.,
C. L. Hinkle. President’s office, People’s Gas Building, Adams St. and
Michigan Boulevard, Chicago, Ill.
DIRECTORS.—Samuel M. Felton, N. L. Howard, B. E. Sunny,
E. A. Cudahy, E. N. Hurley, Chicago, Ill.; Charles Steele,New York; E. F.
Swinney, Kansas City; Henry M. Dawes, Columbus; James E. Davidson,
Omaha; E. C. Finkbine, Des Moines; Milton Tootle Jr., St. Joseph; C. T.
Jaffray, Minneapolis; G. H. Prince, St. Paul.—(V. 122, p. 2181.)

REPORT.—For 1925, In V. 122, p. 1908, showed:
Operating Revenues—
1922.
1925.
1924.
1923.
$13,156,908 $12,381,665 $13,012,281 $11,411,186
2,807,328
3,053,902
3,014,956
3,217,161
Mail_________________
298,609
276,929
297,657
280,436
Express______________
328,563
434,605
400,589
411,629
Misc. pass, train revenue1 ■ 87,778
84,368
106,995
102,366
Other transport’n rev__
198,516
209,466
205,781
244,940
Other operating revenues
644,721
702,297
655,298
658,241

CHICAGO & ILLINOIS MIDLAND RY.—Owns Comptro to Taylor­
ville, Ill., 28.4 miles. Stock authorized, $2,000,000; outstanding, $1,600,000 (par of shares $100), all (except directors’ shares) owned by Common­
wealth Edison Co. Bonds out (May 15 1926), $3,241,000. See table
above. Leases entire property of Springfield Havana & Peoria RR. from
Springfield through Havana to Pekin, Ill., 78 miles, of which entire stock,
$500,000 (except directors’ shares) and all outstanding 1st mtge. 6% bonds
($1,000,000) are owned by Midland Co.—(V. 122, p. 1452.)

$17,686,040 $17,043,999 $17,923,547 $16,031,586
Operating Expenses—
Maint. of way & struc.. $1,841,716 $1,769,709 $1,767,297 $1,632,723
Maint. of equipment__ 3,766,046
3,603,969
3,912,056
3,567,209
Traffic expenses______
419,144
388,059
403,380
397,154
Transportation expenses 6,267,011
6,111,834
6,288,278
5,990,877
Miscellaneous operationsi
175,600
190,442
191,918
194,296
General expenses______
425,182
401,267
409,179
401,606
Transp’n for invest.—Cr
16,433
17,229
18,508
21,250

CHICAGO & ILLINOIS WESTERN RR.—Projected Willow Springs
southwesterly to Joliet, Illinois, with branches, a total of 54 miles of
which 22 miles in operation. Willow Springs to Hawthorne. V. 83, p. 491.
The Commonwealth Edison Co., Illinois Central RR. Co. and the Peoples
Gas Light & Coke Co. of Chicago acquired control of the road during 1924
through purchase of its capital stock. Stock outstanding, common, $1,000,000; preferred, $291,000 (V. 97, p. 1114, 1356). Of the gen. 6s of
1907 ($4,000,000 auth. issue), $959,000 are outstanding, of which $589,000
have been guaranteed as to principal and interest by Dolese & Shepard
Co. under the terms of purchase by the three companies mentioned above,
the purchasers agreed to “save and protect harmless the said Dolese &
Shepard Co. from any payments required under said guaranty, either on
account of the.principal of said bonds or on account of the interest accruing
after Feb. 1 1924, and from any claims and demands connected therewith.”
Equipment trusts, $89,890. V. 86, p. 107; V. 88, p. 685. Pres., A. E.
Clift, 135 East 11th Place, Chicago.—(V. 118, p. 1519.)
CHICAGO INDIANAPOLIS & LOUISVILLE RY. CO.—Operates the
“Monon Route,” from Chicago, Ill., via Monon, Ind., to Indianapolis, Ind.,
and Louisville, Ky., with branches. Total Dec. 31 1925 648 miles viz..
Lines owned—
Miles. Oper.underTrackage contract— Miles.
State line to New Albany, Ind .-298 Chicago to Indiana State Line__ 20
Monon, ind., to Mass. Ave., Ind_ 93 New Albany to Louisville______
6
Monon, Ind., to Mich. City, Ind. 60 Miscellaneous_________________ 8
Bedford to Switz City_________ 40 Less—Track north of Dinwlddie,
Orleans to French Lick Springs.. 18
Ind., not operated___________ (4)
Clear Creek to Harrodsb’g, Ind.. 9
Wallace Jet. to Shirley Hill & br. 64
McCoysburg to Dinwlddie_____ 36
A lease for 999 years with Chicago & Western Indiana (of whose stock this
company owns $1,000,000) gives entrance to Chicago on a mileage basis.
Owns one-third interest in Ky. & Ind. Terminal RR. at Louisville, Ky.
HISTORY.—Successor July 1 1897 of Louisville New Albany & Chicago,
foreclosed per plan in V. 63, p. 922. Suit settled, V. 75, p. 1031.
In Aug. 1902 the Louisville & Nashville and Southern Ry. acquired 93%
of $10,500,000 com. and 77% of $5,000,000 pref. stock, on the basis of $78
and $90 per $100 share, respectively, in their joint 50-year 4% collateral
trust gold bonds at par, secured by the stock acquired. See description of
bonds under Louisville & Nashville. V. 74, p. 1088, 1138; V. 75, p. 28.
Tentative valuation, V. 113, p. 2184.
DIVS. since 1902—
1 ’06. ’07. ’08. ’09-T3. ’14-’15. T6. ’17. T8-’26.
Oncommon---------------- %/ 3
3
3 31i y'ly
0
4% 3J< text
Common dividends, 3J4% June 29 and 1%% each In Dec. 1916, June
and Dec. 1917; then none until June 29 1920, when 1%% was paid; there
after 1%% semi-annually to Jan. 1924; July 1924 paid 2%; Jan. 1925 to
Jan. 1926 paid 2J4% semi-annually.
BONDS.—Refunding Mortgage (closed $15,000,000), see V. 90, p. 1613
V. 91, p. 518, 1095; V. 92, p. 1031, 1700; V. 93. p. 44; V. 94. p. 1118
Purposes for which $40,000,000 First A Gen. M. Bonds of 1916 are Issuable
Reserved—To refund Ref. M. bonds due July 1 1947_________ 15,000.000
To exchange for outstanding Ind. & Louisv. Ry. 1st M. bonds 1,172,000
To refund 60% of equipment bonds (40% from income)____ 1
For acquisitions, improvements, &c., under restrictions____ J13,469,000
The First & General Mtge. covers the entire property, being (compare
V. 102, p. 1810):
(1) A Direct Lien on All Road Owned, viz. A 1st mtge. on 36 miles, 2d
mtge. on 509 miles and a 3d mtge. on 73 miles.
(2) A Direct Second Mortgage, subject only to the closed Refunding Mtge.,
(O) on the leasehold Interests in terminal facilities ln Chicago, Louisville
and Indianapolis and in Kentucky & Indiana Bridge; (ft) on 10,000 shares
of capital stock of Chicago & Western Indiana RR. and 2,400 shares of
capital stock of Belt Ry. Co. of Chicago; (c) rolling stock and equipment
owned by the company, including its equity in all equipment held under
equipment trusts.
Indianapolis & Louisville bonds, entire Issue $1,650,000. was assumed
Dec. 31 1916, of which $478,000 are held ln the treasury along with $253,000
Ind. Stone RR. (assumed) 1st M. 5s. V. 105, p. 1305; V. 82. p. 508; V; 83,
p. 1290; V. 102, p. 1810. Also guarantees int. on $2,875,000 Monon Coal
a. f. 1st M. 5s, due June 1 1936, redeemable at 110 ($3,000,000 authorized
Issue). V. 93, p. 44, 697; V. 108, p. 485.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 1890.
Government loan, V. Ill, p. 1660; V. 112, p. 372: V. 114, p. 519.




$12,869,194
$4,816,846
Railway tax accruals__
895,069
Uncoil. railway revenue.
1,415
R ailway oper. income. $3,920,362
Deduct—
Hire of frt. cars, Dr. bal.
613,813
Rent from equipment__
Cr. 971
Net joint facil. rents, Dr.
463,997
Net ry. oper. income. $2,843,523
Non-operating income..
128,737
Gross income_______ $2,972,259
Deduct—
Rent for leased roads__
$36,951
Misc. rents & tax accr’ls.
5,180
Interest on funded debt. 1,300,691
Int. on unfunded debt..
1,679
Misc. income charges__
7,009
Net income________ $1,620,750
Previous surplus______
1,449,609
Miscellaneous credits__ 2,037,838
Total surplus_______ $5,108,197
Preferred dividends___
199,652
Common dividends____
524,850
Miscellaneous debits___
1,138,426

$12,468,741 $12,943,458 $12,161,144
$4,575,259 $4,980,090 $3,870,443
1,043,768
774,214
936,986
1,353
1,088
1,031

$3,636,920

$3,935,291

$3,095,141

789,554
Dr.299
689,698

869,418
Dr. 633
712,205

706,063
Cr.3,249
681,479

$2,157,370
152,411

$2,353,034
165,034

$1,809,847
146,775

$2,309,781

$2,518,068

$1,956,622

$34,787
5,170
1,255,011
2,632
7,435

$36,073
1,210
1,214,280
1,594
8,905

$38,396
678
1,197,289
17,628
7,863

$1,004,745
2,061,673
714,742

$1,256,006
2,267,906
622,229

$694,768
2,400,423
969,517

$3,781,155
199,652
472,365
1,659,528

$4,146,141
199,652
341,152
1,543,663

$4,064,708
199,652
341,143
1,255,997

Profit & loss, surplus. $3,245,269 $1,449,609 $2,061,673 $2,267,906
OFFICERS.—Pres., H. R. Kurrie, Chicago; V.-P. of Traffic, E. P.
Vernia, Chicago; Treas. & Asst. Sec., Byron Cassell, 608 South Dearborn
St., Chicago; Sec. & Asst. Treas., P. J. Harkins, 120 Broadway, N. Y.—
(V. 122, p. 1908.)
CHICAGO JUNCTION RY.— Owns 4.20 miles main track and 19.53
miles yard tracks and sidings. Leases 16.83 m. main track and 133.47 m.
yard tracks and sidings from Union Stock Yard & Transit Co. of Chicago.
Trackage rights from Chicago River & Indiana RR., 3.34 miles main track
and 1.48 miles yard tracks and sidings. Total mileage operated, 24.37
miles main track and 154.48 miles yard track and sidings. All operated by
the Chicago River & Indiana RR. Co. under lease dated May 19 1922.
ln 1907 New York Central Interests, through the Indiana Harbor Bell
RR. Co., acquired the outer belt line, extending from Whiting, Ind., to
Franklin Park, Ill., assuming the $2,500,000 bonds of the Chicago Hammond
& Western RR. Co.
Equipment trusts issued to Director-General for rolling stock allocated
to this co. (assumed by the Chicago River & Indiana RR. Co.). See
article on page 3 and V. 114, p. 1285. Govt, loan, V. Ill, p. 791.—
(V. 115, p. 1099, 1837.)
CHICAGO JUNC. RYS. & UN. STK. YARDS.—See “Industrials."
CHICAGO KALAMAZOO & SAGINAW RY.—See Mich Central.
CHICAGO LAKE SHORE & EASTERN RY.—Embrace* 495 mile* of
crack, connecting the various works of the Illinois Steel Co. and Indiana
Steel Co. at Chicago, Joliet, Milwaukee and Gary with diverging trunk lines,
and also with steamship lines, stone quarries, industrial establishments.
Ac.; also reaches the coal fields of ill. and Ind., and Joliet, ill. block,
$9,600,000, all owned by the Illinois Steel Co., and so by the U. 8. Steel
Corp., which, with Elgin Joliet & Eastern guar, the bonds, prin and Int.,
by endorsement. The last named leases the road for 60 years from June 1
1909, rental covering all charges and divs. on stock. deDendent on ef./nings.
See V. 90, p. 108.
Bonds are redeemable In whole or in part from Deo. 1 1919 at 110 and int.;
(hey are limited to $20,000,000 and further Issues of bonds beyond the
$9,000,000 now outstanding oan be made only for 50% of cost of property.
V. 88, p. 1372: F 89. p. 224. 1410.—(V. 91. p. 1446; V. 103. p. 1301.)
CHICAGO MEMPHIS & GULP RR.—Owns Dyersburg. Tenn.. to
Hickman, Ky., 52 miles. Property leased to Illinois Central RR. Co.
effective Jan. 1 1923. Stock, common, $520,000 and 6% cum. pref.,
$150,000, all acquired in 1913 by Illinois Central RR. V. 96, p. 716.
The I.-S. C. Commission has placed a tentative valuation of $812,174
on the company’s property, as of June 30 1915.
Bonds ($10,000,000 auth.) outstanding. $735,000; reserved for terminals,
&c., $1,750,000, and remaining $7,515,000 at not to exceed 85% of cost of
new construction, nor over $20,000 per mile main line —(V 119, p. 1171J

May, 1926.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Chicago Milw & Gary—1st M g (gu) red 105-SSt.xc*
Chicago Milwaukee & St Paul—Com stock (see text)
Preferred stock 7% yearly not cum ($116,274,900-Chicago & Missouri River Div 1st mtge___ F.zc*
Gen M (for $150,000,000) gold Series A_Us.xc*Ar
do
do
Series A registered___ x
do
do
Series B____________ xc*
do
do
Series B registered_____ x
do
do
Series O gold________ xc*
do
do
Series C registered_____ x
1st M bds sec gold loan of 1924 red (text)__ xc*Ar*
Milw & Nor 1st M No Milw to Gr Bay ext 1913-.xc
Consol mtge extended 1913 (V 96, p 1364)____ zc
xDeb $50,000,000 g..___ AU secured f. . F.xc "
* Ar *
Deb 250,000,000 francs__ by the Gen]___ Usm.x
xGold ($) bds call at par all
and
| _.Usm.xc*
Debentures g red 105____ Ref Mtge I.__ xc*Ar*
Ch Mil & Puget Sound 1st M (text) ass’t_.Us.xc*Ar
General and refunding M Series A______ Gc*Ar*
do
do
convert series B (see text)._c*Ar*
Bellingham & Nor—B B A B O 1st M assumed__ Equipment gold notes due $1,095,500 annually -. . G
do
do
Series A due $539,000 ann._M.pc*
do
do
Series B due $128,000 ann__ CPc*
do
do
Series C due $900,000 ann____ yc
do
cdo Series D due $618,000 ann___ yc*
U S Government note
do
do
_____
do
do
_____

Miles Dat
Road Bonds

78
6.259
6.259
6.259
6.259
6,259
6,259

126
441
10.252
10.252
10.252
10.252
2,363
10.252
10.252
67

x Secured by pledge of French loan debentures, whic h In tu

1886

1889

Par
Value

Amount
Outstanding

$1,000
100
100
1,000
1,0001
1,000/
1.0001
1.000
1,0001
1,000 (
500A1000
1,000
1,000
1.000 Ac
500 fr Ac
1,000 Ac
100 Ac
100 Ac
100 Ac
100 Ac
1,000

$3,000,000
117,406,000
115,845.800
3.083,000
48,241,000

1889
1889
1889
1889
1889
1924
1913
1913
1909
1910
1916
1912
1909
1914
1915
1901
1920
1922
l'.ooo
1,000
1923
1,000
1923
1,000
1925
1920
1922
1922
rn are secured b

CHICAGO MILWAUKEE & GARY RY—Rockford. 111., to Aurora.
Ill., 59.57 m.; Joliet, Ill., to Delmar, Ill., 37.39 m.; trackage, 24.24 m.
total operated, 121.20 m. Tentative valuation, V. 113, p. 1052. Contro.
was acquired by Chic. Milw. & St. Paul in Feb. 1922 through purchase o
its $1,00O.OOO capital stock and guaranty of bonds. Compare V. 114, p. 853.
In addition to $3,000,000 First 5s outstanding, there are $2,700,000 owned
by Chic. Milw. & St. Paul, which guarantees the prin. and int. on these bds.
The bonds and stock pledged to secure outstanding notes were bid Id
Oct 1915 by St Louis Union Trust Co for the noteholders. V 101. p
1369, 1092; V. 86. p. 980; V. 88, p. 685. Pres., H. E. Byram, Chicago.
—(V. 114, p. 197, 853.)
CHICAGO MILW. & PUGET SOUND R Y.—See Chic. M. A St. P Ry

CHICAGO MILWAUKEE & ST. PAUL RY. CO.—Operates from Chi­
cago westerly to Seattle and Tacoma, Wash., with numerous branches:
ttoaa—
Miles. I Road—
Mites
Lines owned Dec. 31 1924 (of

2d, 3d & 4th tracks__________ 1,093

which 109 m. owned iolntly)10.251|Trackage(incl.2d,3d&4th tracks) 529
In 1916-17 built from Great Falls to Agawam, Mont., 70 miles, and
Grass Range to Winnett. 23 miles. Partly built, Blackfoot June, to Clear­
water, 22 miles. The electrification of 440 miles of th“ Puget Sound malD
line, contracted for in Jan. 1913, was completed in Feb. 1917, and was
subsequently extended over the Cascade Mtns. The electrification of the
line between Othello and Seattle and Tacoma, 219 m., commenced in March
1917, has been completed. V. 104, p. 451, 1489, 2116. See V. 96, p. 135:
V. 97. p. 1821; V. 101. p. 845; V. 103, p. 1687; V. 105, p. 1998; V. 106.
p. 2005: V. 107. p. 802: V. 108, p. 682.
HISTORY, AO.—Organized May 5 1863 and on Feb. 11 1874 took pres­
ent name. The Chicago Milwaukee & Puget Sound Ry., forming Pacific
extension, was acquired in fee Jan. 1 1913, its bonded debt being assumed
the stock ($100,000,000) is held alive merely as a muniment or title. V
96. p. 62: V. 95. p. 1683: V. 97. n. 819
In Dec. 1918 took title to the railway franchises, Ac., of the following
companies, all of whose outstanding capital stock were owned by it: Tacoma
Eastern RR. Co., Puget Sound & Willapa Harbor Ry. Co., Seattle Port
Angeles A Western Ry. Co., Bellingham A Northern Ry. Co., Milwaukee
Terminal Ry. Co., and Gallatin Valley Ry. Co. V. 108. p. 2017.
The stockholders on May 21 1921 approved a proposition to lease the
Chicago Terre Haute A Southeastern Ry. Co. for a term of 999 years from
July 1 1921, with option to purchase the leased property. By the terms
of the lease this company guarantees as rental for the use of the leased prop)rty the payment or the annual interest on the bonds and securities of the
Southeastern Company, amounting to approximately $900,090, togethei
with the annual taxes, approximately $235,000. This company further
agrees to purchase any or all of the 40,000 shares of the outstanding stock
of the Southeastern Ry. at $10 per share, and agrees to assume the out­
standing securities, amounting to about $19,000,000, the bulk of which
mature in 1951 and 1960. (See terms of lease under Chic. T. H. A 8. K
Ry in V 111. p. 2519.»
The I.-b. C. Commission in Feb. 1922 authorized the company to acquire
control of the Chicago Milwaukee A Gary Ry. by purchase of its $1.000,000
capita, stock, and to assume obligation or liability, as guarantor, in respect
of $3,000,000 of the $5,700,000 1st Mtge. 40-year 5% gold bonds, due Apr . 1
1948, by endorsing thereon its guaranty of payment of principal thereof and
of interest accruing from and after Jan. 1 1924- Compare V. 114, p. 853

Receivership.
Receivers Appointed.—H. E. Byram, Mark W. Potter and E. T. Brundage
were appointed receivers by Federal Judge Wilkinson at Chicago on March
18 1925. The same receivers were appointed at Grand Rapids, Minne­
apolis and Great Falls, Mont. H. E. Byram and Mark W. Potter were
appointed receivers in the New York district.
The following protective committees have been formed:
(а) Committee for Bondholders.—Frederick H. Ecker, Chairman; Bertram
Cutler, Samuel H. Fisher, Jerome Hanauer, William E. Knox, Charles E.
Mitchell, Charles A. Peabody, H. F. Whitcomb, Edward D. Duffield,
with S. H. E. Freund, Sec., 55 Wall St., New York, and Sherman A
Sterling, Counsel.
The committee is formed to represent the holders of the following bond
(1) 4% gold bonds of 1925.
(2) 4% 15-year European loan bonds of 1910, due 1925.
(3) 414% convertible gold bonds, due 1932.
(4) 25-year 4% gold bonds of 1909, due 1934.
(5) Chicago Milwaukee A Puget Sound 1st mtge. 4% gold bonds,
due 1949.
(б) Gen. A ref. mtge. gold bonds, series A and B, due 2014.
Depositaries.—The bondholders’ protective committee announced that
the following depositaries have been appointed:
(a) Guaranty Trust Co. for the gen. A ref. mtge. 4J^s, series “A,” and
for the gen. A ref. mtge. 5s.
(6) United States Mtge. A Trust Co. for the 4% 15-year European loan
bonds of 1910, due on June 1 1925, and for the 4% gold bonds of 1925
due on the same date.
(c) United States Trust Co. for the 414 % conv. gold bonds due 1932.
(d) The Farmers’ Loan A Trust Co. for the 25-year 4% gold bonds of
1909, due 1934.
(e) Bankers Trust Co. for the Chicago Milwaukee A Puget Sound Ry.
1st mtge. 4% gold bonds due 1949.
Roosevelt Committee.
A bondholders’ protective committee headed by George S. Roosevelt
(Roosevelt A Son) has been formed “to secure a reorganization more equit­
able to the junior bondholders,” and to oppose the consummation of the
plan proposed by Kuhn, Loeb A Co. and the National City Co. The com­
mittee represents (1) 4% gold bonds, due 1925; (2) 4% 15-year European
loan of 1910 bonds, due 1925: (3) 4 % conv. gold bonds, due 1932; (4) 4%
25-year gold bonds of 1909. due 1934; (5) Chicago Milwaukee A Puget Sound
Ry. Co. 1st mtge. 4% gold bonds, due 1949, and (6) gen. A ref. mtge. gold
bonds. Series A and B, due 2014.




39

RAILWAY STOCKS AND BONDS
Rate
%

When
Payable

A &

8,950,000

42,597,000
14,000.000
2,117,000
5,072.000
33,286.000
11.831,515
35,100.000
49.980.800
26,175,000
43.089,000
29.129.800
455,000
9,859,500
6,468,000
1.152,000
10,800,000
9,270,000
20,000.000
25,000,000
10,000,000

&
&
A
&
&
&

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

O Apr 1 1948
Sept 1 '17, 2%
Sept 1 '17. 3^
July 1 1926
Mayl 1989
Mayl 1989
Mayl 1989
Mayl 1989
Mayl 1989
Mayl 1989
Jan 1 1934
D Junel 1934
D Junel 1934
J July 1 1934
D Junel 1925
D Junel 1925
D Junel 1932
Jan 1 1949
Jan 1 2014
Jan 1 2014
Dec 1 1932
To Jan 15 1935
To July 15 1937
To Feb 1 1935
To Apr 1 1938
To Aug 1 1940
Mar 1 1930
Mar 1 1927
Jan 1 1930

St Louis Un Tr Co, St L
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Paris and London
N Y office 42 Broadway
do
do
July 1925 int in default
April 1925 int in default
N Y office 42 Broadway
San Francisco
Guaranty Trust Co, NV
Chat A Ph N.B.T.Co.NY
N Y office 42 Broadway
N Y office 42 Broadway
New York

y the Gen & Ref Mtg

Protective Committee.—George E. Roosevelt, chairman (Roosevelt A Son);
Philip A. Benson (Trustee A Sec. Dime Savings Bank, Brooklyn, and
Chairman of Committee on Investments of the Savings Banks Association
of the State of New York); Charles A. Collins (Pres. Lynn Institution for
Savings and Chairman Chicago Milwaukee A St. Paul Ry. Committee,
Savings Banks Assn, of the State of Mass.); Edwin G. Merrill (Pres. Bank
of New York A Trust Co.); Willis D. Wood (Wood, Low A Co.) with
E. T. Gregory, Sec., 30 Pine St., N. Y. City, and Root, Clark, Howland A
Ballantine, Counsel.
Depositary.—Bank of New York A Trust Co., 52 Wall St., New York.
A committee headed by George Casmeze, Pres, of the Societe Immobiliere
Commercial et Financiere, is reported as having been formed in Paris to
protest against the proposals of the reorganization committee with respect
to terms offered bondholders in the 4% European loan of 1910.
Junior Bondholders' Committee.
The following committee has been formed to protect the interests o
junior bonds: Edwin C. Jameson, Chairman (Pres. Globe A Rutgers Fire
Ins. Co., N. Y.), Leroy Baldwin (Pres. Empire Trust Co.), Louis V. Bright
(Pres. Lawyers Trust Co.), Joseph S. Frelinghuysen (Pres. N. Y. A N. J.
Land Bank, Newark. N. J.), Thomas Read (Pres. Union Ferry Co. of New
York A Brooklyn), Brooklyn, with Lane F. Gregory, Sec., 160 Broadway,
N. Y., and Nathan L. Miller and Prentice A Townsend, New York, and
John Dickey Jr.. Philadelphia, counsel. Depositary. Lawyers Trust Co..
160 Broadway, New York. V. 121, p. 2269. The committee has filed a
petition to intervene in the receivership proceedings. Compare V. 122,
p. 1451.
Preferred Stockholders' Protective Committee.
The committee has been formed at the request of large holders of preferred
stock to protect the interests of the preferred stock in view of the statement
of the directors and the conclusion of Coverdale A Colpitts, engineers,
advising a readjustment of the debt and capitalization of the company.
The committee has designated New York Trust Co. as depositary.
Committee.—Mortimer N. Buckner (Chairman New York Trust Co.),
Chairman; Arthur W. Loasby (Pres. Equitable Trust Co.), Oliver C. Fuller
(Chairman First Wisconsin National Bank, Milwaukee), Harold I. Pratt
(Charles Pratt A Co.. New York) and John McHugh (Pres. Mechanics A
Metals National Bank), with Boyd G. Curtis, Secretary, 100 Broadway,
New York, and George Welwood Murray, Counsel.
Protective Committee for Common Stock.
In view of the statement of the directors setting forth the conclusion of
Coverdale A Colpitts, the engineers who have been examining the companys’
properties, that a readjustment of the capital structure is essential, the
committee, representing large holders of common stock, has been formed to
protect the interests of the common stockholders and to represent them in
the consideration of any readjustment plan.
The committee has named Central Union Trust Co., 80 Broadway,
New York City, as depositary.
Committee.—Donald G. Geddes, Chairman; George W. Davison, Bayard
Dominick, Walter L. Johnson, Percy A. Rockefeller, and Stanley Field of
Chicago, with C. E. Sigler, Secretary, 80 Broadway, New York City,
and Cotton A Franklin, Counsel.—V. 120, p. 1410, 1454.
Stockholders' Committee.
The committee named below, representing a large amount of the pref
and common stock, have asked the Court to permit them to intervene on
behalf of the stockholders in the receivership and foreclosure proceedings
now pending in the Federal Court at Chicago. The petition was dismissed
by Federal Judge Wilkerson at Chicago. V. 121, p. 2517.
Committee.—Ernest Iselin, Howard Caswell Smith, Van Santwood MerleSmith, Frederick Osborn, with John Esher Knovel, acting Secretary, 120
Broadway, N. Y. V 121, p. 2152.
Investigation of Company by I.-S. C. Commission.—The I.-S. C. Com­
mission on May 16 1925 ordered an investigation into the history, manage­
ment, financial and other operations, accounts and practices of the com­
pany. V. 120, p. 2681; V. 121, p. 2748; V. 122, p. 1758.
Reorganization Plan (as Modified), Dated June 1 1925.
It was announced on Nov. 20 1925 that the Kuhn, Loeb-National City,
Roosevelt and Iselin interests had agreed upon certain modifications to the
plan of reorganization dated June 1 1925, as proposed by Kuhn, Loeb A Co.
and the National City Co. as reorganization managers. The bondholders’
committee, the Pref. stockholders' committee and the Common stock­
holders’ committee under the Kuhn, Loeb-National City Co. plan approved
the modifications. The Roosevelt committee also approved the plan as
modified and recommended the deposit of bonds thereunder. The Iselin
committee stated that in its opinion the plan as modified is fair to the stock­
holders and therefore that the committee did not advise against the de­
posit of stock thereunder. The modified plan (compare V. 121, p. 2516)
provides as follows:
Amount of Cash Estimated To Be Required To Carry Out the Plan ($70,032,548)
To be applied to the following and such other and further purposes as
may be determined by the reorganization managers or by the new company:
(1) To pay the 6% note dated Mar. 1 1922, held by U. S. Govt.$25,000,000
(2) To pay the 6% note dated Dec. 15 1922, held by U. S. Govt. 10,000,000
(3) To provide for cash payment in connection with the liquida­
tion of the 6% note dated Nov. 1 1920, held by U. S. Govt.. 17,000,000
(4) To provide for adjustments and payments of interest in
respect of bonds deposited under the plan_________________ 1.544,325
(5) To provide for additions and betterments, new equipment
and miscellaneous expenses______________________________ 16,488,223
(1) Provision for Cash Requirements.—The cash requirements are to be met
by payments of $28 per share by the holders of the $115,931,900 existing
pref. stock and of $32 per share by the holders of the $117,411,300 existing
common stock, for which only $60,698,820 of new bonds will be issued.
The modified plan contains a statement regarding the possibility of a
reduction in the cash assessment payable by stockholders in case of legis­

40

RAILWAY STOCKS AND BONDS

lation (luring the coining session of Congress resulting in the funding, or
extension for a long period, of the railway company’s debt of $55,000,000
to the U. S. Government on terms which will meet the immediate and
permanent requirements summarized in the modified plan, namely, that
such debt should (subject to such reduction as might be obtained) be pressently funded at an annual interest charge of not more than 5% and by
long-term obligations junior in lien to the new financing mortgage.
(Obligations To Be Exchanged for New Securities (Total, $230,950,796).
(21) Refunding bonds, due Jan. 1 2014: (a) Series A 4X%
bonds, $43,089,000: (6) Series B 5% bonds, $29,141,360.-.e$72,230,300
(22) 4% bonds, deu 1925________ ________________________ 36,344,981
(23) European loan bonds other than bonds pledged to secure
the 4% bonds, due 1925)_______________________________ xll,831,515
(24) 4)4% bonds, due 1932............
50,000,000
(25) 4% bonds, due 1934_________________________________ 33,369,000
(26) Puget Sound bonds, due Jan. 1 1949___________________ f27,175,000
<27) Preferred stock_______________________________________ 115,931,090
(28) Common stock_______________________________________ 117,411,300
x At the rate of exchange stipulated for conversion into 4% bonds, due
1925, the European loan bonds being payable at the option of the holders
in French francs or English pounds sterling.
a Not including: (1) Series D 5% bonds in treasury, $8,370,000 (this
includes $3,370,000 not yet actually drawn down but now available under
the terms of the gen. mtge. to be drawn down for the treasury of the co.
and may be of any series); (2) Series D 5% bonds pledged to secure notes to
U. S. Govt., $18,000,000: (3) Series D 5% bonds pledged to secure 10-year
bonds of 1924, $20,000,000
b Not including $2,700,000 in treasury.
c Not including $100,000 pledged under Chicago Terre Haute & South­
eastern Ry. 1st & ref. mtge. 5s, 1960.
d Not including: (1) $200,000 pledged under Southern Indiana Ry. 1st
mtge. 4s, 1951; (2) $301,000 pledged to secure 6% note due Oct. 1 1925, of
Chicago Terre Haute & Southeastern Ry.
e Not including $72,892,000 Series Z pledged to secure notes to U. S
Government, and (2) $44,388,200 Series Z in treasury.
f Not including $154,489,500 pledged under the refunding mortgage.
(Obligations To Remain Undisturbed, Total $181,370,400).
(A) Direct obligations of Company, and other obligations
assumed or guaranteed by it, or secured by lien upon its
property.
(1) Milwaukee & Northern RR. Extended 4)4% 1st mtge.
bonds, 1934____________________________________________$2,155,000
(2) Milwaukee & Northern RR. extended 4)4% consol, mtge.
bonds, 1934____________________________________ _______ 5,092,000
(3) Chicago & Missouri River Division 1st mtge. 5s, 1926___ 3,683,006
(4) Bonds issued under general mortgage due May 1 1989:
(a) Series A 4% bonds, $49,006,006; (6) Series B 3)4 % bonds,
$8,950,000: (c) Series C 4)4% bonds, $42,597,000______ al00,547,000
(5) Bellingham Bay & British Columbia RR. 1st M. 5s, 1932..
455,000
(6) 10-year 6% 1st mtge. bonds security, gold loans bonds of
1924, due Jan. 1 1934________________________ __________ 14,000,000
(7) Chicago Milwaukee & Gary Ry. 1st mtge. 5s, 1948-------- b3,666,6o6
(B) Obligations in respect of which company has assumed
liability under lease dated July 1 1921, from Chicago Terre
Haute & Southeastern Ry.:
(8) Bedford Belt Line Ry. 1st mtge. 5s, 1938_______________ c250,000
(9) Southern Indiana Ry. 1st mtge. 4s, 1951________________ 7,2$7,0OO
(10) Chicago Terre Haute & Southeastern Ry. 1st & ref. mtge.
50-year 5s, 1960________________________ _______________ d8,056,000
(11) Chicago Terre Haute & Southeastern Ry. income mtge.
50-year 5s, 1960________ __________________ _____ -............ 6,336,000
(12) 6% note of Chicago Terre Haute & Southeastern Ry., due
Oct. 1 1925_______ ______________________________ _____
167,400
(C) Equipment Trust Obligations.
(13) 6% equip, trust gold notes, dated Jan. 15 1920_________ $10,955,000
(14) 5% Equip, trust certifs., Series A, dated July 15 1922___ 7,007,006
(15) 5% equip, trust certifs.. Series B, dted Feb. 1 1923____
l,280,606
(16) 5)4% equip, trust certifs., Series C, dated April 1 1923.. 11,706,066
^Approximate Capitalization of the System Upon Consummation of the Plan
Auth., Incl. Bonds Presently
in Treasury, &c. Outstanding.
•The obligations to remain undisturbed, aggregating in principal amount as of June 1 1925. $238,045,000 $181,370,400
The following securities to be authorized by
new company to effect the reorganization:
yTwice par
None to be
value of stock issued in the
outstanding reorganiz’n
(2) New 50-year 5% mtge. gold bonds------- 106,888,980
106,888,980
(3) New 5% adjustment mtge. bonds_____ 184.760.646 184,760,640
(4) New preferred stock_________________ 292,380,406 zll5,931,906
(5) New common stock (no par)________ w2,697,917shs. l,174.113shs.
w The reorganization managers may in their discretion cause the Com­
mon stock to be of such par value per share as they may determine.
x The amounts stated may be increased by the amount of any securities
which may be issued in connection with the liquidation of the 6% note
dated Nov. 1 1920 held by the U. S. Government.
y The stock without par value which is issued in the reorganization is to be
taken at $100 per share and any such stock which is issued hereafter is to be
taken at the price at which it is issued, or if issued for property at the value,
as determined by the directors, of such property, all as shall be more fully
provided in the 1st & ref. mtge.
z This amount will be increased by the amount of Pref. stock applied in
settlement of claims of general creditors of the company.
Description of New Securities.
The new company is to authorize the following securities:
First <& Refunding Mortgage Bonds.—Total authorized at any one time out­
standing, together with any bonds reserved under the 1st & ref. mtge. for
refunding underlying securities, shall be limited to twice the aggregate par
value of the stock of the new company of all classes at the time issued and
outstanding (stock without par value which is to be issued in the reorganiza­
tion to be taken at $100 per share) and any such stock issued hereafter to be
taken at the price at which it is issued, or if issued for property at the value,
as determined by the directors of the new company, of such property, as all
shall be more fully provided in the 1st & ref. mtge. The 1st & ref. mtge.
bonds will be secured by a mortgage and deed of trust to a trustee or trustees
to be selected by the reorganization managers, which will embrace (with such
exceptions as the reorganization managers may determine) all railroads and
other property, including stocks and bonds of subsidiary companies (but not
including obligations of the classes to remain undisturbed under the plan)
acquired by the new company in the reorganization and all properties there­
after acquired by the use of 1st & ref. mtge. bonds or their proceeds.
The 1st & ref. mtge. will be a lien on the owned lines subject, as to various
parts of the mileage, to an authorized amount of approximately $191,893,060
of undisturbed underlying bonds, and a lien upon the leasehold interest in
Chicago, Terre Haute & Southeastern Ry. Co.’s lines (upon which there will
remain an authorized amount of approximately $26,250,000 of obligations
in respect of which the company has assumed liability under the lease) and
upon the stock of Chicago Milwaukee & Gary Ry. Co. (upon the lines of
which there is an authorized amount of approximately $20,600,000 of bonds,
$3,000,000 whereof have been guaranteed by the company and are outstand­
ing, and an additional $2,700,600 whereof are owned by the company). For
the refunding of all of the underlying bonds, including those on the leased
and controlled lines, 1st & ref. mtge. bonds will be reserved. The 1st &
ref. mtge. will provide restrictions for the release from the lien thereof of
property subject thereto.
The 1st & ref. mtge. bonds may be issued in separate series, maturing on
the same or different dates and bearing interest at tbe same or different rates
payable on the same or different dates, and any series may be of such princi­
pal amount, mature on such date or dates, be redeemable in whole or in part
at such times, on such notice and at such premiums, and may have such con­
version privileges and other provisions as may be determined by the directors
at the time of the creation of such series and be stated in the bonds of such
series. New company will have the right upon the retirement of any series
in whole or in part (other than upon conversion into stock or through any
sinking fund or by the application of proceeds of released property) to issue,
for such purposes and under such restrictions as may be prescribed in that
behalf in the mortgage, a like aggregate principal amount of bonds of an­
other series or of other series, bearing the same or different rates of interest
as the bonds retired and with such maturity or maturities and with such
other provisions as the directors may determine.




f

[Vol. 122.

Provision may be made that, if so determined, the principal or interest, or
both, or any of the 1st & ref. mtge. bonds of any series may be made pay­
able (a) in New York City only, or (6) in N. Y. City and also in one or more
other cities in the United States or foreign cities or countries, or (c) only in
one or more foreign cities or countries. The bonds of any series which shall
be payable as to principal or interest, or both, in the U. S. of America, shall
be payable in gold coin of the U. S. of America of or equal to the standard
of weight and fineness existing at the date of the coupon bonds of such series
and may be made payable without deduction for any tax, assessment or
governmental charge which the new company or the trustee or trustees
under the 1st & ref. mtge. may be required or permitted to pay thereon or
to retain or deduct therefrom under any present or future law of the United
States or of any State, county or municipality or other taxing authority
therein.
In case any bonds of any series shall be payable as to principal or interest,
or both, in any foreign country or countries such bonds may be made pay­
able in the currency of the respective currencies there current, at fixed rates
of exchange, and may contain appropriate provisions as may be requisite or
expedient to conform to the requirements of law or of commercial usage in
the foreign country or countries in which they may be made payable, includ­
ing provisions requiring the payment of the principal or interest thereof with­
out deduction for taxes, foreign or domestic.
The 1st & ref. mtge. bonds shall be issuable, under restrictions and con­
ditions to be determined by the reorganization managers and expressed in
the 1st & ref. mtge., only for the purpose of providing for betterments, im­
provements and extensions, and for the acquisition of additional property
and equipment, and for the purchase, redemption, retirement, refunding or
payment of bonds and other obligations secured by liens, prior to the lien of
the 1st & ref. mtge., upon any of the property which, or a leasehold interest
in which, may at the time be subject to the 1st & ref. mtge., and for such
other corporate purposes as shall be stated in the mortgage. A sinking
fund, to be determined by the reorganization managers, shall be provided
for any bonds issued in respect of equipment. After the principal amount
of bonds issued for capital expenditures other than refunding presently out­
standing undisturbed obligations shall have aggregated $150,000,000, bonds
may be issued only for 86% of such expenditures.
No 1st & ref. mtge. bonds are to be issued in the reorganization.
50-Year 5% Mortgage Gold Bonds.—Will be limited to a total authorized
principal amount of not exceeding $60,698,820 at any one time outstanding,
will mature in 1975. will bear interest payable semi-annually at the rate of
5% per annum, and will be secured by a mortgage and deed of trust to a
trustee or trustees to be selected by the reorganization managers, which is to
embrace the properties embraced in the 1st & ref. mtge. and from time to
time becoming subject thereto, subject, however, to the 1st & ref. mtge.
and to the prior payment out of the mortgaged property of all bonds at any
time issued and outstanding under the 1st & ref. mtge. The bonds will be
redeemable on any int. date at par and int. and a premium, to and including
5 years from the date of maturity, of 5% of the principal amount, and,
thereafter, at a premium equal to 34 of 1% for each 6 months from the
date of redemption to the date of maturity. The mortgage securing the
bonds will provide restrictions for the release from the lien thereof of prop­
erty subject thereto.
The form of the 50-year 5% mtge. gold bonds and of the mortgage secur­
ing them shall be subject to the approval of the pref. stockholders’ com­
mittee and the common stockholders’ committee. The modified plan pro­
vides for the creation of a cumulative sinking fund of $225,000 a year after
April 1 1936 for the retirement of 50-year 5% mtge. gold bonds.
5 % Adjustment Mortgage Bonds.—Limited to the total authorized principal
amount at any one time outstanding of not exceeding $230,950,800 plus any
amount thereof which may be issued in connection 'with the liquidation of
the 6% note of the railway co., dated Nov. 1 1920, held by the U. S. Govt.,
and will mature Jan. 1 2000. Secured by a mtge. and deed of trust to a
trustee or trustees to be selected by the reorganization managers, whicn is
to embrace the properties embraced in the 1st & reg. mtge. and from time to
time becoming subject thereto, subject, however, to the 1st & Ref. Mtge.
and to the mtge. securing the 50-year 5% mtge. gold bonds and to the prior
payment out of the mortgaged property of all bonds at any time issued and
outstanding under said mortgages. The adjustment mtge. will provide re­
strictions for the release from the lien thereof of property subject thereto.
The adjustment mtge. bonds will bear interest, payable annually or semi­
annually, at the rate of 5% p. a., but required to be paid, prior to the ma­
turity of the principal only out of the new company’s net income ascertained
in accordance with the accounting rules of the I.-S. C. Commission, or other
analogous Federal authority, from time to time in force, but without deduc­
tion for int. on the adjustment mtge. bonds or for the sinking fund under the
adjustment mtge. The net income of the new company thus to be appli­
cable to the payment of int. on the adjustment mtge. bonds is herein called
the available net income. The int. on the adjustment mtge. bonds
will be non-cumulative prior to Jan. 1 1930, but will be cumulative from
and after Jan. 1 1930, but accumulations of int. shall not bear int. At the
maturity of the principal, all arrears of cumulative int. shall be payable.
Int. on the adjustment mtge. bonds issued in exchange for bonds deposited
under the plan shall be computed from Feb. 1 1925 to which date int. on the
deposited bonds is to be adjusted. Int. on any adjustment mtge. bonds
which may be issued in connection with the liquidation of the 6% note of
the railway co. dated Nov. 1 1920 held by the U. S. Govt, shall be com­
puted or adjusted from the date to which int. is paid on said note.
The adjustment mtge. will provide that the new company shall on or be­
fore April 1 1936 and on or before April 1 in each year thereafter, so long as
any of the adjustment mtge. bonds shall be outstanding, pay or set apart as
a sinking fund, as hereinafter provided out of the available net income of the
new company remaining after payment of full cumulative int. on the adjust­
ment mtge. bonds, an amount equal to )4 of 1% of the authorized principal
amount of the adjustment mtge. bonds; and such obligation shall be cumu­
lative. The sinking fund shall be applied to the purchase either at public or
private sale at not exceeding their principal amount together with full cumu­
lative int., or to the redemption of adjustment mtge. bonds, all bonds pur­
chased or redeemed for the sinldng fund to be kept alive and the int. paid
thereon from time to time to be added to the sinking fund and applied in the
same manner. [If the sinking fund installments and all int. on the bonds in
the sinking fund are regularly paid without accumulation, the entire issue
will be retired by 1986.] Adjustment mtge. bonds will be redeemable for the
sinking fund only on any int. payment date on or after April 1 1936 at the
principal amount of the bonds redeemed together with full cumulative int.
The adjustment mtge. will provide that until Jan. 1 1930, the date after
which int. on the adjustment mtge. bonds will become cumulative, no divs.
on any class of stock at the time outstanding shall be paid in any year, or
set apart for payment in any year, unless int. on the adjustment mtge.
bonds for such year at the full rate of 5% per annum shall have been paid
or set apart for payment, and that no divs. on any class of stock at the time
outstanding shall be paid in any year, or set apart for payment in any year,
after Jan. 1 1930, unless the full cumulative int. on the adiustment mtge.
bonds shall have been paid or set apart for payment, and after April 1 1936
unless, in addition to said int., the full cumulative sinking fund payments
under the adjustment mtge. shall have been paid or set apart.
The adjustment mtge. will further provide that all of the available net in­
come of the new company for each year beginning Jan. 1 may be applied,
and that two-thirds of the available net income of each year until the avail­
able net income of such year shall equal $7,500,000, and all of the available
net income of each year in excess of $7,500,600 shall be required to be
applied, so far as necessary therefor, to the payment of int. on the adjust,
mtge. bonds and thereafter, beginning April 1 1936 to the sinking fund under
the adjust, mtge., including all accumulations of both int. and sinking fund
during the cumulative period. Int. on the adjustment mtge. bonds will,
however, be required to be paid only in multiples of a X of 1%, smaller
fractional amounts being carried forward and added to that portion of the
available net income of the new company for the ensuing year required to be
applied to the payment of int. and sinking fund on the adjustment bmtge.
bonds. Any remaining available net income of the new company of any year
until Jan. 1 1930, for which int. on the adjustment mtge. bonds at the full
rate of 5% per annum shall not have been paid or set apart for payment,
and any remaining available net income of the new company of every year
thereafter for which full cumulative int. and full cumulative sinking fund
payments shall not have been paid or set apart for payment, will be required
to be carried into a separate account available only for expenditures charge­
able to capital account under the accounting rules of the I.-S. O. Commission
or other analogous Federal authority, from time to time in force, or for pro­
viding for discounts on securities sold, or, as to that part of the special ac­
count arising from available net income accruing after Jan. 1 1930, for install­
ments of cumulative int. on the adjustment mtge. bonds, or, when full cumu­
lative int. on the adjustment mtge. bonds to date shall have been paid, for
the sinking fund.
For the purpose of determining the available net income for any period
from and after Feb. 1 1925 before the mortgaged lines of railroad embraced
in the plan shall have been delivered to the new co., the gross income of the

May, 1926.]

RAILWAY STOCKS AND BONDS

railway co. or of the receivers of the system for such period shall be deemed
gross income of the new co. for such period and shall be subject only to such
deductions, including proper depreciation charges, as would have been made
if the mortgaged lines of railroad had been owned and operated by the new
co. during such period and the bonds secured under the ref. mtge. and the
Puget Sound bonds had been exchanged under the terms of the plan on
Peb. 1 1925 for new adjustment mtge. bonds. For the period Feb. 1 1925 to
Dec. 31 1925, however, eleven-twelfths of the gross income for the year
1925 shall be taken.
The adjustment mtge. bonds will be redeemable otherwise than for the
sinking fund, at the option of the new co., in whole or in part, on any int.
payment date on or after Oct. 1 1930 at 105 together with full cumul. int.
The form of the adjustment mtge. bonds and of the adjustment mtge.
shall be subject to the approval of the bondholders’ committee.
The entire authorized issue of adjustment mtge. bonds (except such
amount as may be issued in connection with the liquidation of the 6 % note
of the railway co. dated Nov. 1 1920, held by the U. S. Government) is to
be applied in exchange for bonds $230,950,796 deposited under the plan.
Preferred Stock.—Authorized 2,000,006 shares, par $100 each. Holders of
the pref. stock shall be entitled in any fiscal year of the new co. to receive
divs. to the amount of $5 per share, but no more, before any divs. shall be
paid in such fiscal year, or declared or set apart for payment in such fiscal
year, upon the common stock; but no part of such divs. shall be accumu
lative whether or not in any fiscal year there shall be net income available
for payment of such divs. After full divs. on the pref. stock to the amount
of $5 per share shall have been paid in any fiscal year, or declared and set
apart for payment in such fiscal year, holders of the common stock shall be
entitled to receive all further divs. which may be paid in such fiscal year,
or declared or set apart for payment in such fiscal year, up to the amount
of $5, but no more, before any further divs. shall be paid in such fiscal year,
or declared or set apart for payment in such fiscal year, upon the pref. stock
but no part of such divs. shall be cumulative whether or not in any fiscal
year there shall be net income available for payment of such divs. All
divs. in excess of $5 per share which may be paid in any fiscal year, or de­
clared or set apart for payment in any fiscal year, shall be paid or declared
or set apart for payment equally in amount per share upon both the pref.
stock and the common stock. Divs. on both the pref. stock and the com­
mon stock shall be payable only out of the net income or the surplus of the
new company as determined by the directors and only as and when declared
by the directors, but may in any fiscal year be paid out of such net income
or surplus whether arising during the same fiscal year or accrued during tbe
prior fiscal years and may be paid annually, semi-annually or quarterly.
In the event of the dissolution, winding up or liquidation of the new com­
pany, the holders of the pref. stock shall be entitled to receive out of the
assets of the new company the par value of their shares before any distribu­
tion shall be made to the holders of the common stock, but shall not be
entitled to share in any assets of the new company thereupon remaining.
The pref. stock and the common stock are to have equal voting power per
share.
Of the authorized issue of new preferred stock $115,931,900 is to be
offered to holders of pref. stock of the company deposited under the plan.
The remainder of the authorized issue (except such amount as may be issued
in connection with the liquidation of the 6% note of the railway company
dated Nov. 1 1920, held by the U. S. Government and as may be required to
be applied in settlement of claims of general creditors of the company) will
be reserved for future issue for corporate purposes of the new company.
Common Stock.—Authorized, 1,174,113 shares, which shall be without
par value, or may have such par value as the reorganization managers
shall determine.
The entire authorized issue of new common stock is to be offered to
holders of common stock deposited under the plan.
Voting Trust.—All of the pref. stock and com. stock issued in connection
with the reorganization shall be deposited under a trust agreement, in such
form and with such terms (which may include the pledge of the stock as
additional security for the adjustment mtge. bonds) as the reorganization
managers shall determine, and under which the entire voting power in respect
of the stock shall be vested in 5 voting trustees, to be desighated by the
reorganization managers. Of the voting trustees named in the trust agree­
ment, three shall be persons approved by the bondholders committee, one
by the preferred stockholders committee and one by the common stock­
holders committee.
The reorganization managers have announced that the five trustees in
whom the voting power of the new stock is to be vested until Jan. 1 1930,
that is, for the period during which the int. upon the new adjust, mtge.
bonds is not cumulative, are Elihu Root, Frederick H. Ecker, Henry S.
Pritchett, Samuel Rea and W. D. Van Dyke.
New Securities in Exchange for Old Securities Participating in Plan.
Cash Adjust. ------- Will Receiveof Int'. to New50-yr.5% New5%Adj
Existing Securities— Outstanding. Feb. 1 ’25. M. G.Bds. Mtge. Bds.
European loan_______ .$11,831,515 $78,876 76 $2,366,303 $9,465,212
$6.66 2-3
200
800
Per $1,000
4% bonds 1925______ . 36,344,981 242,299 88 7,268,996 29.075,985
$6.66 2-3
Per $1,000________
200
800
4J^% bonds 1932____ . 50,000,000 375,000 00 10,000,000 40,000,000
Per $1,000. . .. ..
$7.50
200
800
4% bonds 1934 ------- . 33,369,000 111,230 00 6,673,800 26,695,200
$3.33 1-3
Per $1,000
200
800
Puget Sound bonds. . . . 27,175,000
90,583 33
5,435,000 21,740,000
Per $1,000
$3.33 1-3
200
800
Ref. bonds. Series A. . . 43,089,000 646,335 00 8,617,800 34,471,200
Per $1,000 $15.00
200
800
Ref. bonds, Series B
. 29,141,300
5,828,260 23,313,040
Per $1,000_______
200
800
Terms Offered to Present Stockholders.
TW
7Z
7?
pc
pi
v
p
Out­
If
standing .
Paying. 5% M.Bds. Pref. Stock. Com. Stock.
Pref. stock_$115,931,900 $28 per sh. 27,823,656 115,931,900
$24
Each $100.
$100
Com. stk__ 117,411,300 $32 per sh. 32,875,164
_______ 1,174,113 shs.
Each $100.
$28
1 sh.
The sum of $28 in respect of every share of deposited preferred stock
shall be payable (a) $14 per share on a date fixed therefor by the reorganiza­
tion managers upon 30 days notice when or after the plan has been declared
operative, and notation of such payment will be made on the certificates
of deposit, and (6) $14 per share on, or at the option of the holders of the
certificates of deposit at any time before Feb. 15 1927 with int. at the rate
of 6% per annum from the date fixed for payment of the first installment
to the date of full payment.
The sum of $32 in respect of every share of deposited common stock
shall be payable (aj $16 per share on a date fixed therefor by the reorgan­
ization managers upon 30 days notice when or after the plan has been de­
clared operative, and notation of such payment will be made on the certifi­
cates of deposit, and (6) $16 per share on, or at the option of the holders of
the certificates of deposit at any time before Feb. 15 1927, with interest
at the rate of 6% per annum from the sate fixed for payment of the first
installment to the date of full payment.
Failure by any holder of a certificate of deposit for preferred stock or
common stock to make payment of the first installment, or to make full
ayment, will forfeit all rights in respect of the shares of stock represented
y his certificate of deposit, all rights in respect of all prior payments under
such certificate and all rights to receive new securities and otherwise under
the plan, and his certificate of deposit shall thereupon become void and of
no effect for any purpose.
Interest on the new 50-year 5% mtge. gold bond deliverable to de­
positors of stock shall accrue from, or be adjusted as of, the date upon which
said first installment shall be payable.
•Provision for Other Obligations and for General Creditors.
The 6% notes held by the U. S. Government for $25,000,000 and $10,000,000, dated respectively March 1 1922 and Dec. 15 1922, are to be
paid in full in cash.
For the 6% note held by the U. 8. Government for $20,000,000 dated
Nov. 1 1920, there is offered to the Government the option to receive
either (a) $17,000,000 cash and $3,008,000 par value of new pref. stock,
with full interest on the note to the date of settlement in cash, or (6) $32,000,000 new 5% adjustment mtge. bonds, interest on which shall be
computed from the date to which interest is paid on the note.
The reorganization managers may, in case offer (6) shall be accepted,
purchase for cancellation such principal amount of new adjustment mtge.
bonds as they may determine not exceeding $32,000,000, and at such prices
as they may determine not exceeding on the average the price at which
the refunding bonds are now pledged as collateral for said note.
The timber loan, to the extent that it remains unliquidated under the
loan agreement upon the completion of the reorganization, may be liqui-

E




41

dated by the sale to the holders of the loan of such of the obligations of third
parties held as collateral to the loan, and at such prices as the reorganization
managers in their discretion may determine, and the obligations so taken
by the purchasers may be guaranteed by the new company by endorsement
or otherwise, or the Ioan may be dealt with in such other manner as the
reorganization managers in their discretion may determine.
In so far as any creditors of and claimants against the company (other
than holders of obligations dealt with) are not paid by the company or by
the receivers, such creditors and claimants shall be entitled upon the com­
pletion of the reorganization to receive pref. stock in the new company
at par for the face amount of their claims, but only in so far as such claims
shall have been allowed by one of the District Courts of the United States
in which the receivers have been appointed, and only upon assignment of
such claims to the National City Bank, New York, as depositary for the
reorganization managers.
Comparative Table Showing Capitalization and Interest Charges.
------------ Present---------------- After Reorganization—
CapitaliFixed Int. aCapitali- Fixed Int.
zation.
Charges.
zation.
Charges.
Undisturbed bonds----- $181,370,400 b$8,431,904$181,370,400 b$8,431,904
Timber loan to be liqui’d 2,200,000
110,000
_____
_____
Notes held by U. 8. Govt.
to be paid, compro­
mised or settled_____ 55,000,000
3,300,000
_____
_____
Bonds to be exchanged. .230,950,796
9,994,889
_____
_____
50-yr. 5% M. gold bonds
_____
_____ 106,888,980
5,344 449
Adjustment mtge. bonds
_____
.. 184,760,640
Preferred stock________ 115,931,900
._cll5,931,900
Common stock________ 117.411.300
..dll 7.411.300
Total........... ................ $702,864,396 $21,836.793$706,363,216 $11,466?8T5
a Amounts may be increased by the amount of any securities which may
be issued in connection with the liquidation of the 6% note of the railway
company dated Nov. 1 1920 held by the U. 8. Govt. These amounts in­
clude the new securities issued for new money, b Aggregate of interest
for full year at respective rates on principal amount of obligations outstand­
ing June 1 1925. c This amount will be increased by the amount of pref.
stock required to be applied in settlement of general claims against the
company, d Taking no par value common stock at $100 per share.
Plan Declared Operative.—The reorganization managers on Oct. 9 1925
declared the plan operative.
Sale Ordered.—Judge Wilkerson in the U. S. District Court at Chicago,
Feb. 27 1926 entered a decree ordering the foreclosure and sale of the prop­
erties of the road. V. 122, p. 2488.
Roosevelt Plan (Compare V. 121, p. 1921).
Roosevelt & Son, who have led the opposition to the reorganization plan
offered by Kuhn, Loeb & Co. and the National City Co., on Oct. 14 1925
announced the terms of their alternative plan. This new plan called for an
assessment of $10 a share on the Common and Preferred stock as compared
with $28 on the Preferred and $32 on the Common asked for in the Kuhn,
Loeb-National City plan. For details of this plan compare V. 121, p. 1921,
CAPITAL STOCK.—The pref. stock has a prior right over the com. stock
to a dividend of not over 7% from net earnings in each year, but if not
earned it has no cumulative right. After 7% on com., both share pro rata.
DIVIDENDS.— 1 ’95. ’96. ’97-’OO. 01. 02-11. 12-14. 15-16 17.
»n common-------- %1 2
4 5 y'ly
6 7 y’ly 5 y'ly 4H 5 4K
The pref. shares received 7% per annum continuously from 1867 to Sept.
1917 but are non-cumulative
BONDS.—The 100-year General and Refunding Mortgage of 1913 is an
open mortgage and not limited to any specified amount, but the bonds at
any time outstanding are limited to three times the outstanding stock, now
amounting to $233,251 800. When the amount of bonds issued thereunder
(bearing interest not in excess of 6%) reaches approximately $700,000,000,
further issues must be limited to 75% of the cost of property placed under
the mortgage.
The mortgage is securea by a direct lien on all the properties, including
about 10,143 miles directly owned, 109 m. jointly owned, terminal proper­
ties In Chicago. Milwaukee. Seattle. Tacoma, Spokane & other cities, and
the entire equipment, tublect to $184,421,000 prior Hens ($18,331 D. m.).
to retire which an equal amount of bonds is reserved, $132,007,200 being
also reserved to retire debentures and convertible bonds, which are equally
lecured thereunder. None of the prior liens may be extended and no further
amounts issued except gen. M. for refunding purposes, so that eventu­
ally the Gen. and Ref. bonds will become an absolute first lien. Further
bonds may be Issued for improvements, betterments, acquisitions, construc­
tion, equipment, &c. Of the bonds, $154,489,500 have been Issued in ex­
change for Chic. Milw. & Puget Sound 1st 4s (leaving only $26,175,000 of
the latter outstanding). On Dec. 31 1924 the treasury held available $117,217,200 of the new bonds issued for said exchange and against impts., Ac
V 104. p. 451, 1701, 2640; V. 100. p. 307; V. 97. p 1662. 1583; V. 98. p
73, 303, 386, 1244, 1-315, 1766; V. 99, p. 1450. The AprU 1915 Interest
on the Series “A” bonds is in default.
The $29,129,800 Gen. & Ref. Mtge. bondsi ssued in 1915 are convertibk
into common stock at par for 10 years beginning Feb. 1916. V. 100, p
139. 228. 307, 811. 900, 981: V 101, p 287.
The 6% 1st Mtge. Bonds Security, Gold Loan of 1924, secured under a
trust indenture to National City Bank, New York, as trustee, by the deposit
and pledge of $20,000,000 Gen. (now 1st) Mtge. 5% Gold bonds, due
May 1 1989. The entire issue but not any part, redeemable on 60 days’
notice at 103% and int. on Jan. 1 1928 and on any int. date thereafter at
their face value and accrued int., together with a prem. of X % for each fi
mos. between the red. date and the date of maturity. V. Ii8, p. 201.
Abstracts older mortgages. V. 45. p. 114. 144 212: V 4». p. $31)
The General mortgage of 1889 (see abstract in V . 48. p 830; V 96. p- 1088
1156; V 97, p. 175. 520; V. 98, p. 386: covers the entire railway property
and franchises of the company (therein described), subject to prior liens
which are paid as they mature. V. 89. p. 1279, 1541, 1596. 1667; V. 103
p 1114. Milw. & Nor. RR. consols, see V. 107, p. 2097.
The $33,286,000 4% 25 year debs of 1909 are secured by new Gen aDd
Rer. mtge. V. 88. p. 1559: V 89. p 1223, 1346
In May 1910 sold to a group of French banks 250.000,000 francs 15-year
4%debentures, equally sec. by General and Ref. Mtge. V. 90. p 1424
1489. 1554; V. 91. p. 38, 1710; V 98. p. 303. Dollar bonds were issued In
1915-16 to replace 4% 15-year French loan bonds. These bonds are se­
cured by an equal face value of the French bonds (which in turn are secured
by Gen. & Ref. M. of 1914 equally with other bonds), on the basis that 500
francs equal $96.3533. V. 102, p. 344; V. 101. p. 2143; V. 102, p. 1625.
The $49,980,800 414% debentures of 1912 are redeemable at 105 and
Int. They are secured by new Gen. and Ref. mtge. V. 94, p. 1056,
1118, 1565; V. 95, p. 744, 1472; V. 97, p. 364; V. 98, p. 303, 452.
Of the $181,664,500 Chic. Milw. <& Puget Sound Ry. 1st 4s assumed oz
purchase of road, $26,175,000 were sold, $1,000,000 held in insurance fund
and $154,489,500 were exchanged for G. M. & St. P. Gen. & Ref. bonds
and deposited under that mortgage. V. 92. p. 593, 659, 725, 1374; V. 93,
p, 1386, 488; V. 94. p. 767. 1185; V. 98. p. 1692. Bonds cover road, termi­
nals and equipment, and run to maturity. The July 1925 interest on these
bonds is in default.
Govt, loan, V. Ill, p. 791, 2323, 2423; V. 112, p. 1976; V. 114, p. 304;
V. 115, p. 2683.
, „
Equipment trust issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114. p. 1764.
Equip, trust certificates Series A, V. 114, p. 2823; Series B, V. 116, p
822; Series D, V. 121, p. 703.
REPORT.—For 1924, in V. 120, p. 2675, showed;
Calendar Years—
1924.
1923.
1922. n
1921
Average miles operated10,987
11,011
11,030
10,809
Ry. operating revs___ $158,366.458$169,628,338$156,950,628$146,765.766
Total operating exp___ 125.550,061 134.9.r9,228 129.596.696 127,957,002
Net rev. from ry. oper .$32,816,398
$18,808,764
-------- $34,629,110
(79 5Q) $27,353,932
(87.18)
Per cent of exp. to revs..
(79.28)
(79.59)
(82.57)
8,762,089
Railway tax accruals__ 9,014,061
8,614,180
9,654,738
283,546
Uncollect, ry. revenues.
127,830
3,112
6,534
3,485,115
Equip, rents—Net debit. 3,290,607
4,400,584
2,977,205
Joint facil.rents—net deb 1,411,793
1,443.522
1,43l ,210
Net operating income.$18,972,106 $20,167,713 $13,284,245 $6,278,015
Non-operating income.. $1,775,942 $1,710,996 $1.574,700 $4,371,858
Gross income__ $20,748,048
$21,878,709 $14,858,945 $10,649,873
Rent for leased roads__
1,053,166
947,230
919,423
459,594
Interest on funded debt. 20,447,614 19,443,503 18,926,851 18,767,680
Int. on unfunded debt..
273,054
586,161
295,576
i80,424
Other deductions_____
842,819
694.129
860.263 2.312.782
Net deficit_________ $1,868,605 sur $207,686 $6,143,168 $11,070,609
For latest earnings, see “Railway Earnings Section” (issued monthly).

42

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8)
Chicago & N W—Com stock $177,539,880 auth---- Tr
Preferred stock (not cumulative) see text)_____ Tr
Milwaukee Lake Shore & Western—
Ext & Impt M for $5,000,000 g s f not drawnCezc*
First and refunding mortgage......... ...............zc*&r*
Sink fund bds of '79 ($15,000 p m) red 105--F.vcAr
Sinking fund debentures 1933__________ Un.zc*&r
Extension 4s $20,000,000 ($20,000 p m)_lJn.zc&r
Gen gold bond M $165,000,( 1________ Us.xc*Ar
do
do
registered----- x
do
do
do
do
x and y c *
do
x and y registered
do
do
yc*r
do
do
do
do
do____________ yc*&r*
do
do
Secured gold bonds__
____ Ce.yc*Ar*
do
do
____ l'«,yc*Ar*
Milw & State line 1st M g gu (V88, p230)-F.xc*Ar
O A N W equip tr due $664,900 annually________ Ci
do
do
Series E to P—(See text)
Branch Line Bonds Assumed—
Sioux City & Pacific 1st M gold $4,000,000-F.zc&r
Minn A So Dak 1st M gold $582,000_____ _ -F.zc*
Iowa Minnesota & Northwestern 1st M g. F.cz*&r
Mil Sparta & N W 1st M g $15,000,000 gu Fxc*Ar*
Des Plaines Valley Ry 1st M $2,500,000-_F.xc*Ar*
Mani Gr Bay & NW 1st M g gu(V88,p230) F.zc*&r
St Paul East Gr Trk 1st M g gu_________ xc*&r*
StLPANWMg guar (V 97, p 1203)___ F.yc*Ar*
Prem Elk & MV cons M $25,000 per mile assumed z
Cbie Peo & St L RR—Prlien M gcall at 107>5 Eq.xc*
Gen and Refunding M $15,000,000 gold red text_.x
Equipment notes Series A due $59,000 yearly_____

h $20,500,000 add’l pledged for 6)4% bonds due

Miles Date
Road Bonds

When
Rate
Payable
%
$100 $155638200 See text J A .115
J A J15
100 22,395,120
7

Par
Value

Amount
Outstanding

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

June 30 ’26 2% Go’s office lllB’way.NY
do
do
June 30 ’26 3)4
do
do
1,000 3,650.000
5 g F A A Feb 1 1929
591 1889
do
do
1,000 15,250.000
5 g J A D May 1 2037
8.387 1920
do
do
1.032 1879 1,000 Ac 9,438.000 5 A 6 A A O Oct 1 1929
do
do
MAN Mayl 1933
5
1883 1.000 Ac 7,441,000
do
F A A 15 Atig 16 1926
do
4
1886 1,000 Ac See text
do
do
6.092 1897 1,000 Ac 131,316,000 I 3M g MAN Nov 1 1987
do
1 3)4 g Q—F Nov 1 1987
do
5.092 1897 1,000 Ac j
do
do
4
MAN Nov 1 1987
5,092 1897 1,000 Ac 130.554,000
do
Q—F Nov 1 1987
do
4
5.092 1897 1,000 Ac 1
do
do
5 g MAN Nov 1 1987
5.092 1897 1.000 Ac h33,855,000
do
do
4)4 g MAN Nov 1 1987
5,092 1897 1,000 Ac 18,632,000
do
do
500 Ac 15.000,000
7 g .1 A I) Junel 1930
1920
do
do
500 Ac 15,000.000
6)4 g MAS Mar 1 1936
1921
do
do
3)4 g J A J Jan 1 1941
50 1906 1,000 Ac 2,500.000
J A J15 To Jan 15 1935 Guaranty Tr Co, N Y
6
1920 100A1000 5,981,000

... ....

125
33
195
179
114
50
115
1.170
235
235

1901
1900
1900
1912
1912
1906
1913
1913
1883
1900
1909
1913

1,000 Ac 4,000,000
528,000
1,000
1,000 Ac 3,900,000
1,000 15,000,000
1,000 Ac 2,500.000
1 000 Ac 3,750.000
1,000 Ac 1.120,000
1,000 Ac 10.000.000
1,000 7,724,000
1,000 2,000,009
2,850,000
1,000
59,000

3)4
3)4
3)4
4g
4)4
3)4
4)4
5g
6
4)4

6

gF A A
gJ A J
gJ A J
MAS
MAS
gJ A J
J A J
J A J
A A O
g MAS
•TAD
M A N

Aug
Jan
Jan
Mar
Mar
Jan
Jan
July
Oct
Mar
Dec
Nov

1
1
1
1
1
1
1
1
1
1
1
1

1936
1935
1935
1947
1947
1941
1947
1948
1933
1930
1939
1923

do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Mar '18 coup not paid
June 1914 coup not paid
Nov ’23 paym'tin default

Marc h 1 19 36.

OFFICERS.—Pres H. E. Byram: V.-Pres„ R. M. Calkins, W. W. K,
Sparrow, J. W. Taylor, B. B. Greer, R. J. Marony. H. B. Earling: Treas.
A. G. Loomis, Chicago: Sec., T. W. Burtness, Milwaukee: Compt., W. V
Wilson, Chicago.
Directors.—Samuel H. Fisher, Donald G. Geddes, Mortimer N. Buckner,
W. E. S. Griswold, George G. Mason, E. S. Harkness, Samuel McRoberts
John McHugh, New York: J. Ogden Armour, Chicago; Franklin M . Crosby,
Minneapolis; H. E. Byram. Chicago; C. H. McNider, Mason City la.
E. L. Philipp, Milwaukee. N. Y. office, 42 Broadway.—(V. 122, p. 2488.)
CHICAGO AND NORTH WESTERN RY. CO— (See Map.)—Operates
system of roads uniting Chicago, ill., with Omaha, Neb.; St. Paul, Minn,
with the great wheat belts of Dakota, Nebraska, Ac., and with the mining
regions of Michigan and the Black Hills, 8.469 miles, Dec. 31 1925, viz.:
Road Owned in fee—
Miles
Main lines, Ac_________________________________________________ 8,469
Trackage rights________________________________________________
76
Second track___________________________________________________ 930
Also has large Interest in Chic. St. Paul Minn. & Omaha___________1.842
Through passenger service between Chicago and Pacific coast is main­
tained via Union Pacific. V. 93, p. 1667; V. 94, p. 697.
HISTORY, &C.—Incorporated under laws of Illinois, Wisconsin and
Michigan in 1859. Valuation, V. 117, p. 781.
The directors on .Tan. 13 1925 authorized an offer to the minority holders
of stock of the Chicago St. Paul Minneapolis & Omaha Ry. Co. for exchange
of their stock for North Western com. stock, on the following bases: 3 shares
of North Western com. stock for 2 shares Omaha pref. stock; and 5 shares
of North Western com. stock for 7 shares Omaha com. stock. This offer
was not to become effective unless accepted by the holders of such amount of
Omaha stock as should be satisfactory to the North Western company. The
plan was declared effective June 23 1925 and was approved by the I.-8. C.
Commission in Feb. 1926.
CAPITAL STOCK.—Of the com .stock, $2,343,477, and of the preferred
$3,834 additional to amounts shown as outstanding in table above were in
treasury on Dec. 31 1925. Pref. stock has prior right to 7%; then com. 7%;
then pref. 3%: then com. 3%; then both classes share. V. 89, p. 1482;
V. 104, p. 451. 863.
Dec. 31 1925 Union Pacific system (Oregon Short Line) owned $4,420,600
common stock.
DIVS.— (1902-Jan.’20. July '20 to July ’23. Jan.'24. July '24 to June ’26.
Common..! 7 yearly
2)4 semi-annual
1)4
2 semi-annual
Preferred.. I 8 yearly
3)4 semi-annual
3)4
3)4 semi -annual
In Mar. 1920 It was announced that divs. In future would be considered
half-yearly.
BONDS.—General Mortgage.— See Abstract in V 65. p. 1175. Author­
ized issue is $165,000 000 (U S Trust Co., trustee.) V 65. p 69. Ill,
571; V. 75, p. 980: V. 88, p. 280, 563. In April 1926 there was outstanding
$31,316,000 gen. 3)4s, $30,554,000 4s and $33,855,000 5s. An issue of
$18,632,000 4'Ms was sold in Aprill926 to provide funds for the retirement
on Aug. 15 1926 of $18,632,000 extension 4% gold bonds, which were ac­
cepted at 100 and int. in payment for these bonds’. Of the balance of $30,143,000 bonds, $20,757,000 were reserved to retire prior liens and the de­
bentures due in 1933, and the remaining $9,386,000 bonds were reserved for
improvements or additions, including equipment, but not exceeding $1,000,000 in any one year. In April 1926 $20,500,000 5s were pledged as security
for $15,000,000 6)4% bonds (see below).
Outstanding Generals are fret from all taxes except $8,054,000 4s, and
$33,855,000 5s stamped "Federal Income tax not assumed by Co.” V 91
p. 1385; V. 80. d. 1489; V. 92, p. 117, 1178; V. 93, p. 1667; V. 98. p. 1459
1536, 1608, 1993; V. 99. P- 1748; V. 100, p. 1078: V 102. p. 608; V. 103
p. 493: V. 106. p 2756: V. 107. d. 2289: V 108. d. 877.
The Sinkino Fund bonds of 1879 are secured by deposit In trust of 112.860.000 of 1st M bonds st S15.000 per mile on subsidiary lines, the most 1m
portant being described la "Supplement" ot May 1894 Of the sinking fund
bonds of 1879. $4,649,000 are 6s: the sinking fund is at least 1% of out•tending bonds, which are subject to call at 105, and through Its operation
those outstanding have beeD reduced from 515.()OO.OOO to amount In table
The Extenston bonds of 1886 are secured by deposit intrust of first mort­
gage bonds at a rate not exceeding $20,000 per mile. Included In the oohat•ral July 1 1916 were $10,675,000 Fremont Elkhorn & Mo. Valley luts and
$2,560 000 Wyoming Central lsts (consolidated with F. E. A M V »'
An issue of $18,632,000 gen. mtge. 4%.% bonds was sold in April 1926 to
provide funds for the payment at maturity (Aug. 15 1926) of these bonds,
which were accepted at 100 and int. in payment for the new bonds.
The Fremont Elkhorn
Missouri Valley consol have a nrst lien on 1.2-= 1
miles (Fremont, Neb., to Deadwood. 8. D., and branches to Hastings,
Albion, Ac.); but besides the amount of Issue given as outstanding in the
table, $10,675,000 (along with $2,560,000 Wyoming Central firsts, a F. E.
A M. V. Issue) are held as part collateral for Extension bonds of 1886
Milwaukee Sparta A Northwestern Ry. 1st M. bonds (assumed In Aprl)
1912). road merged In O. A N. W. V. 94. p. 416, 1056, 1185. In Jan.
1913 sold $2,500,000 Des Plaines Valley Ry. (assumed March 1913) ano
In Feb.191 3 $1,120,000 St. Paul Eastern Grand Trunk Ry. guar. 4)4s, and
In Oct. 1913 $10,000,000 St. L. Peoria A N. W. Ry. guar. 5s (assumed)
V.96.P.201. 789; V.97.p.l203; V.9S,p.999; V.99,p,829; V.100,p.l671.
The stockholders on April 14 1920 authorized the creation of a new First
A Refunding Mtge. and the absorption of eleven proprietary companies
all of wnose stock Is now owned by the company. The new mortgage will
be secured by a lien on all the company’s lines of railway owned at the
date of the mortgage and their equipment and appurtenances, including the
terminals In Chicago, Milwaukee and substantially all of the other cities
which it serves, together with all other property thereafter acquired by the
use of bonds secured by tne 1st A ref. mortgage.
$15,250,000 1st A ref. mtge. 5% gold bonds due May 1 2037 were so’ I
in Nov. 1923. Compare V. 117. p. 2211 There are also $15,000,000 6%
bonds pledged, $1,931,000 5% and $416,000 6% bonds in treasury.
The $15,000,000 10-yr. 7% bonds due June 1 1930 are secured by dep-' It
of (a) $15,000,000 Chicago A North Western Ry.New 1st A Ref. Mtge 6%




[Vol. 122.

RAILWAY STOCKS AND BONDS

gold bonds, due May 1 2037; (ft) $2,500,000 Chicago A North Western RR
G«n Mtge 5% gold bonds due Nov 1 1987 V llO, p 2487.
The $15,000,000 15-year 6)4% bonds due Mar. 1 1936 are secured by
deposit of $18,000,000 gen. mtge. 5% gold bonds due Nov. 1 1987. V. 112,
p. 652.
Equipment trusts, Series “E" to “Q"—
Series “E” 4)4s, due $485,000 annually to May 1 1927________ $485,000
Series “F” 4)4s, due $115,000 annually to June 1 1927________
115,000
Series “G” 5s, due $422,000 annually to Nov. 1 1927__________ 844,000
Series “II” 5s, due $400,000 annually to Jan. 1 1928__________
800,000
Series “I” 5s, due $178,000 annually to July 1 1929___________ 712,000
Series “J” 6)4s, due $186,000 annually to Mar. 1 1936_ ______ *1,860,000
Series “K” 6)4s, due $267,000 annually to April 1 1936_______ *2,670,000
Series “L” 6 )4s, due $187,000 annually to May 1 1936________ 1,870,000
Series "M” 5s, due $345,000 annually to June 1 1938________ *4,140,000
Series "N” 5s, due $317,000 annually to June 1 1938__________ *3,804,000
Series “O” 5s, due $412,000 annually to Dec. 1 1938__________ *5,768,000
Series “P” 5s, due $104,000 annuaiiy to Feb. 1 1939__________ *1.352.000
Series “Q” 4)4s, due $361,000 annually to Oct. 1 1940'___________ 5,415,000
* Held by public.
Equipment trusts issued to Director-General4-1 or rolling stock allocated
to this company. See article on page 3, and V. 113, p. 1470.
/
REPORT.—For 1925, in V. 122, p. 2351, showed:
X
1925.
1924.
1923.
-1922.
$
$
$
r
$
Gross earnings________ 148,538,269 149,454,584 160,425,965 146,100,436
Expenses, taxes, Ac___ 125,630,280 129,885-487 141,849,073 128,223,063
Operating income___ 22,907,989
Equipment rents, Ac
1,799,240

19,505,576
2,721,525

18,576,892
2;733,517

17,877,373
841,068

Net operating income. 21,108,750
Other income_________
2,316,246

16,784,051
3,437,327

15,843,375
4,536,206

17,036,305
3,309,403

Total income_______ 23,424,996
Interest, rents, Ac____ 12,640,418

20,221,378
12,550,054

20,379,581
11,642,113

20,345,708
11,448,173

Net income_________ 10,784,578
Preferred dividends___
1,567,650
Common dividends____
5,806,100

7,671,324
1,567.650
5,806,100

8,737,468
1.567,650
5,806,100

8,897,535
1,567,650
7,257,625

Surplus-------------------- 3,410,828
297,574
1,363,718
72,260
For latest earnings see “Railway Earnings Section” (issued monthly).
OFFICERS.—Pres., F. W. Sargent, Chicago; V.-Ps., S. A. Lynde. A. C.
Johnson, Frank Walters, William Walliser: V.-P. A Gen. Counsel. R. N.
Van Doren; Sec., J. D. Caldwell, Chicago; Treas., A. S, Pierce, 111 Broad­
way, New York.
DIRECTORS.—Marvin Hughitt (Chairman), Chicago; F. W. Vander­
bilt, Harold S. Vanderbilt, Chauncey M. Depew, W. K. Vanderbilt, N. Y.;
Cyrus H. McCormick, Chauncey Keep, Fred W. Sargent, Chicago; Henry
C. McEldowney, Pittsburgh, Pa.; Gordon Abbott, Oliver Ames, Boston;
A. A. Sprague, Chicago: Samuel A. Lynde, New York; Marshall Field,
New York; Walter W. Head, Omaha, Neb.; John D. Caldwell, R. N.
Van Doren, Chicago. G eneral offices. 226 W. Jackson Boulevard, Chicago.
N. Y. office, 111 Broadway.—(V. 122, p. 2324.)
CHICAGO PEORIA & ST. LOUIS RR. CO.—ROAD.—Owned from
Pekin to Granite City, Ill., 179 miles; Granite City to Madison, 2 miles;
Madison to Bridge Jet., 3 m ; Havana to Jacksonville, Ill., 42 m.; branch,
Lockhaven to Grafton, 8 m.; total owned, 234 m.; trackage, Pekin to Peoria.
9 m.; lines operated, 1 m.; other trackage, 2 m.; total. 247 miles.
Successor, per plan V. 89, p. 285, 1541, of railway foreclosed Nov. 18
1912. V. 96, p. 135. On July 31 1914 receivers were appointed: William
Cotter of St. Louis is now receiver. V. 99, p. 342; V. 119, p. 692.
Committee for Prior Lien 4)4s.—Sidney C. Borg (Chairman), J. N. Bab­
cock, 37 Wall St.. Sec.: Eq. Tr Co., N. Y., depositary. V. 99. p 673. 1527.
Committee for Gen. & Ref. M. 4 Ms.—Frederick J. Lisman (Chairman),
and Alfred Shepherd; Graham Adams, 30 Broad St., Sec.; Bankers Trust
Co., N. Y.. depositary. Majority deposited. V 99. p. 1213. 1450, 1672.
Committee for Equip. 6% Notes.—Chellis A. Austin (Chairman); J. O.
Traphagen, 115 B’way, N. Y. (Sec.): Mercantile Trust Co., N. Y., depos­
itary. V. 109, p. 2073.
Sale of Road.—The road was parceled and sold at auction at Springfield,
Hl., Nov. 20 1924. Bidders were offered the property in its entirety but
refused to bid. Master in Chancery Briggle then offered it in 18 parts,
disposing of each. The total amount paid by the bidders for the parcels
was $3,559,500. The sale was confirmed by the Circuit Court of Sangamon
County, ill.
•
McClellan Allen, Springfield, bid $300,000 for 598 pieces of rolling stock,
the minimum bid set by the court. Real estate holdings in Havana. Jack­
sonville, Springfield and Madison were bought by the same bidder for
$20,000. The portion of the railroad from Pekin, approximately 3 miles
south, and real estate in Tazewell County, went to Simon Borg, New York,
for $78,000.
•
Nine miles north of Manitou was sold to Charles Jackson for $50,000.
That section connecting Manitou and Havana, 19.08 miles long, was pur­
chased by George North for $90,000, the minimum. The line between
Havana and Jacksonville and all real estate in Mason, Cass and Morgan
counties went to W. L. Patton of Springfield for $2CO.OOO. A short stretch
between State St. and independence Ave. In Jacksonville, went to Simon
Borg for $75,000. A stretch 23.42 miles long between Havana and Peters­
burg was purchased by Charles Jackson for $115,000. A parcel between
Petersburg and 18th and Madison streets, Springfield, 22.55 miles long, was
purchased by the bondholders for $250,000.
The Chicago Springfield A St. Louis RR. has been authorized by the
I.-S. C. Commission to acquire and operate the line formerly owned by the
Chicago Peoria A St. Louis RR. from Springfield to Lock Haven, Ill.
78.78 miles. The Jacksonville A Havana RR. has made application to
take over and operate the line formerly owned by the C. P. A St. L. RR.
between Jacksonville and Havana, Ill.

May, 1926.]
.

RAIL WAY STOCKS AN D BOND S




44

RAILROAD COMPANIES
[For abbreviations. &c., see notes on page 81

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Chicago Rock Isl & Pac—
100 74,482,523
Common stock $75,000,000_____________________
7% pf stk call 1051(5% cum) same pf as to assets..
100 29,422,189
100 25,127,300
6% pf stk call 102)divs after 1% on 7% pref_____
General (now 1st) Mtge$100,000,000gold-Ba.xc*&r 3,253 1898 1,000 &c 61,581,000
First & Ref M $163,000,000 g........... ........ Ce.xc*&r Text 1904
500 &c al04582000
Secured gold notes red (text)_________________ xxx
1924
1,000 10,000,000
Secured gold notes red (text)_____________ Ce.xxx
1924
1,000 5.000,000
Secured gold notes red at par---------------- Ce.xxxc
1926
1,000 6,000,000
Old Divisional Bonds, Ac.—
B O R & Nor consol first mortgage gold,.Ce.zc*&r 1,292 1884 l.OOO&c 11,000.000
12 1877
Minneapolis & St Louis 1st M gold (assumed)__ Fz
500 &c
150,000
Choc & Mem 1st M $3,750,000 assumed. .GP.xc&r
280 1899
1,000 3,525,000
Choctaw Okla At Gulf Consol mtge gold—GP.xc*
685 1902
1,000 5,411,000
363 1910
500 &c bl 1,000,000
R T A & L 1st M $30,000,000 g gu red 105-Ba.xc*&r*
Little Rock & Hot Spgs West notes guar p & i____
1911
1,000
45H,60t
StP-KC Short L—1st M g gu red 105- Ba.xc*&r*
345 1911 $ & £ c9,968,215
Eq note Ser Fg $12,000 s-a (V <13 p . 939) ___ Bax
1911
1,000
12.000
1912
1,000
510.000
do Ser G g $170 000 s-a(V 95. p 1607)____ Bax
1920
1,000 4,870,350
do Ser I g $541,150 ann____________________ G
do Ser L g $285,000 s-a_______________ Nxxxc*
1923
1,000 6,840,000
1924
do Ser M g $188,000 s-a___________________ xxx
1.000 3.196,000
do Ser N due $360,000 ann_____________ Eq.c*
1925
1,000 5,400,000
Chicago St Louis & New Orleans—See Illinois Cent
a Also $53,340,000 in treasury Dec 31 1925 or pledge das co
Also b $2,192,000 and c $6,041,000 in treasury.

The I.-S. C. Commission has authorized the Chicago & Illinois Midland
Ry. to acquire (through control of the Springfield Havana & Peoria RR.)
that part of the Chicago Peoria & St. Louis RR.’s line between Springfield
and Pekin, Ill., 77 miles.
BONDS.—Of the Gen. & Ref. M. bonds ($15,000,000 auth.), outstand­
ing, $2,850,000, $2,000,000 reserved to refund prior lien mtge. bonds,
$150,000 reserved to retire same, and $700,000 reserved for extensions,
equipment and improvements; $1,100,000 bear only 3% interest for the
first six years. The coupons due June 1914 were defaulted. B. 99, p. 118.
The Sept. 1914 coupons on Prior Lien 4J^s were not paid promptly but
these and subsequent coupons were met about 6 months later within the
grace period. The Mar. 1918 and subsequent coupons remain unpaid.
Notes to Car Trust Realization Co. for $140,132, payable on installments
out of surplus earnings. Equip, notes (6% Series A) of 1913, V. 102, p
1625. Installment due Nov. 1 1923 in default; suit filed. See V. 118, p
1391.
In March 1922 was authorized to issue $335,000 one-year 7% receiver’s
certificates. V. 114, p 1406.
REPORT.—For calendar years:
Cross.
Net. aft. Tax. Oth. Inc Int., Ac.
Balance.
1922______ $2,098,584 def.$165,568 $145,812 $595,989 def.$615,745
1921______ 2,086,331
def.566,835
164,719 328,791
def.730,907
Receiver & Pres., Bluford Wilson Springfield. Ill.: Sec. & Aud . H W
Berger, Springfield, Ill.; Treas., K. J. Wilson.—(V. 122, p. 1165.)
CHICAGO RIVER & INDIANA RR.—Owns 28.76 miles of terminal
tracks; Atch. Top. & S. F. trackage, 14.64 m.; P. C. O. & St. L. Ry. track­
age, 7.12 m.; Ind. H. B. RR. trackage, 3.29 m; tracks operated under lease:
Chic. Junction Ry. Co., 177.51 m.; grand total operated, 231.32 miles
(all in Chicago).
Stock authorized $1,000,000; outstanding. $500,000; par, $100.
For 1924. gross, $6,951,860; net oper. inc., $1,895,279 other income
$1,886,177. interest, rentals. &c.. $2,706,794 dividends (10%), $50,000
bal., surplus, $1,024,763.
For latest earnings, see “Railway Earnings Section” (Issued monthly).
Pres., P. E. Crowley; Sec., E. F. Stephenson;Gen. Treas., H. G. Snelling;
Compt., W. C. Wishart.—(V. 101, p. 773; V. 107, p. 694.)
CHICAGO ROCK ISLAND AND PACIFIC RY. CO. (THE).—(See
Map.)—The system extends from Chicago, Ill., via Omaha, Neb., to
Denver and Colorado Springs, Colo., also to Minneapolis, Kansas City,
&c. Connects with the Southern Pacific for Pacific Coast service.
Ownea in Fee texcl.trackage.l Miles Limon, Colo., to Denver, Colo.
90
Obloago. Ill., to Ool. Spgi., Col.1,073 Allerton, la., to Manly. Ia__ . 202
Davenport. Ia,, to Terral, Okla. 831 McFarland, Kan., to Belleville,
Herington, Kan., to Texhoma.
Kan______________________ 103
Okla.......................................... 324 Memphis, Tenn., to Texola,
Burlington, la., to Mlnn’p.Mlnn 367
Okla__________
650
Vinton, la., to Watert’n, S. D 377 Hot Springs Jet., Ark
to
St. Louis, Mo., to Kan. City, Mo.299
Eunice, La_______________ 332
Bravo. Tex. (New Mex. State line) Branch lines_________________ 2,762
to Santa Rosa, N. M________ 112 Chic. R. I. & Gulf................
459
Slenrlo, Tex., to Tucumcari,
N. M................................ .......... 41
Total......... .............................. 8,022
The list of companies included in the term “Rock Island Lines” is as
follows: Chic. Rock Isl. & Pac. Ry. Co., Chic. Rock Isl. & Gulf Ry. Co.,
Choctaw Okla. & Gulf RR. Co., Rock Isl. Ark. & La. RR. Co., Rock Isl.
Memphis Term. Ry. Co., St. Paul & Kansas City Short Line RR. Co.,
Rock Isl. Stuttgart & Southern Ry. Co., Rock Isl. & Dardanelle Ry. Co.
and Morris Terminal Ry. Co. The company also leases Peoria & Bureau
Valley RR. Co. and White & Black River Ry. Co.
The company in Oct. 1925 sold its holdings in the St. Louis Southwestern
Ry. Co. It was announced in Jan. 1926 that the St. Louis-San Francisco
Ry. had purchased a substantial amount of the company’s stock. V. 122,
p. 477; V. 121, p. 1904.
ORGANIZATION.—The company at midnight on June 24 1917 re
aumed possession of its property, having been successfully reorganized,
without foreclosure. The sale of $29,422,160 7% pref. stock to a syndicate
and $5,000,000 6% pref. to former directors provided for old floating obli­
gations and reorganization expenses, while the $20,000,000 debentures of
1912 were replaced by $20,000,000 6% pref. stock. V. 104, p. 2641, 2552
2451,2342; v. 106, p. 2025. Plan of reorganization was in V. 103. p. 1887,
1980. 2155: V. 104, p. 451.
FULL FINANCIAL STATEMENT TO N. Y. STOCK EXCHANGE
of Feb. 26 1919, see V, 108, p. 1172 to 1174. Valuation, V. 109, p. 1461;
V. 113, p. 1470, 1573, 1771; V. 114, p. 2240.
In Jan. 1919 the company concluded a settlement of Its litigation with
the Colorado & Southern Ry. Co. respecting the Trinity & Brazos Valley
Ry., extending from Fort Worth and Dallas to Houston and Galveston,
whereby the Colorado & Southern accepted In cash 60% of the amount
due on the contract, which, under the final decree In the Rock Island
receivership, would be payable in full in 6% preferred stock at par, such
as was paid to all other general creditors of the Rock Island. This involved
the payment of some $4,000,000 and the Rock Island now owns outright
a half interest in the Trinity & Brazos Valley Ry. and will have a per­
manent outlet to the Gulf ports. V. 108, p. 378: V. 109, p. 672.
Settlement with "Clover Leaf” regarding Chicago & Alton stock. V. 113
p. 2078.
The Keokuk & Des Moines Ry., which formerly had been operated
under lease, was acquired outright during 1924 for $2,641,000 1st & ref.
mtge. 4% bonds. Compare V. 119, p. 324, 455, 2407, 2526.
CAPITAL STOCK.—Of the $75,000,000 com. stock. $517,478 on
Dec. 31. 1925 was in the treasury.
(1) Two Classes of Pref. Stock, 7% and 6%, with Same Preference as to Assets
and Sharing Pro Rata in all Dividends after Prior 1 % on 7 % Pref. Stk
—Both Cumulative up to 5% from July 1 1917.
7% Pref. Stock, callable at 105. Auth., $30,000,000, viz.: In
treas., $256,111: canceled, $321,700: balance outstanding__ $29,422.1RB
8% Pref. Stock, callable at 102. Auth., $35,000,000; outstanding 25,127,300




[Vol. 122.

RAILWAY STOCKS AND BONDS
When
Payable

Rate
%

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

7
6
4g
4
5g
5g
4J4 g

& O
& J
& S
& D

5g
7g
5g
5g
4J4
4
4J^
4^
4^
6g
5g
5g
446

& O Apr 1 1934
& D Junel 1927
& J Jan 1 1949
& N Mayl 1952
& S Mar 1 1934
July 1 1939
Feb 1 1941
Aug 1926
July’26-July '27
&J15 To Jan 15 1935
& D Dec ’26-.Tune’38
& O Oct ’26-Oct ’34
& A To Aug 1 1940

g
g
g
g

June 30 '26 3^
June 30 26 3%
First Nat Bank, N Y
Jan 1 1988
do
do
Apr 1 1934
New York
July 1 1929
New York
Sept 1 1929
June 11928
New York

First Nat Bank, N Y
do
do
or Phila
do
do
do
or Europe
do
Co’s office, Chicago
New York and London
do
do
do
do
New York Trust Co, N Y
New York

The auth. pref. stocks may not be increased except by vote of a ma"
jority of each class of stock, voting separately. V. 106, p. 2026.
DIVIDENDS.—The semi-annual dividends of 3J4% on the 7% pref.
stock, and 3% on the 6% pref. stock have been paid from Jan. 14 1918
to June 30 1926.
BONDS.—General 4s of 1898. V. 66, p. 522; V. 78. p. 228:V.80,p.272.
HIRST A REFUND. 4% BONDS OF 1904 ($163,000,000 AUTH. ISSUE.
A 1st Hen (either directly or through pledge of entire issues of bonds of the
companies owning the same) on terminal property in St Paul. Minneapolis
tnd Kansas City, new equipt. and shops at SllvF, near East Moline, 111., and
m railways aggregating 1,256 miles; also a Junior lien subject to existing
mortgages on all the other lines of the system of the Railway company, aggre­
gating, exclusive of leased lines and trackage, on Dec. 31 1925. 1,541 miles,
tlso on the entire capital stock and leasehold Interest on lines aggregating
-106 miles and on leasehold interests on 109 miles. See V. 78 p. 228,
J34; V 79, p. 1716, 2206; V. 84, p. 219; V. 85, p. 98. The deed of trust
tor bids the creation of a Junior mortgage without the consent of the
holders of a!) the Ref. M. 4s. In Oct. 1920 the company brought suit to
have this latter -lause changed V- 111, p 1369 V. 87, p. 1089, 1419;
V 88. p 623, 822, V 89, p. 666: V. 90, p. 108, 236, 1170, 1424; V. 91. P
1766; V 93, p 1667. 1785; V 99, p. 1748. 1831; V 100. p. 900
Rock I. Ark. <& La. 1st M. 4^s (V. 90. p. 626, 699, 1161) and St. P. &
Kansas City Short Line 1st M. 4Ms. V. 92, p. 526. 593; V. 93, p. 1196; 1159
V. 94, p. 1056; V. 97, p. 236, 1114), were guaranteed, principal and Int.
Rock Island-Frlsco Terminal 5s, see that co. and V. 84, p. 569, 748.
The $10,000,000 secured gold notes due July 1 1929 are secured by
deposit of $15,000,000 1st & ref. mtge. 4% gold bonds, due April 1 1934.
Redeemable, as a whole only, on July 1 1925 or Jan, 1 1926, at 101 and int.,
and on any int. date thereafter at
of 1 % less for each succeeding year, or
part thereof. V. 118, p. 3076.
The $5,000,000 secured gold notes due Sept. 1 1929 are secured by $7,500,000 1st & ref. mtge. 4% gold bonds due April 1 1934. The entire
issue (but not a part thereof), red. upon 30 days’ notice on Sept. 1 1925 or
March 1 1926 at 101 and int., and on any int. date thereafter at
of 1%
less for each succeeding year or part thereof. V. 119, p. 810.
The $6,000,000 secured gold notes due June 1 1928 are secured by deposit
of $8,700,000 1st & ref. mtge. 4% gold bonds, due April 1 1934. Redeem­
able, as a whole only, at par and int.
10-year U. S. Treasury note due 1930, $7,862,000.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 2359; V. 115, p. 1531.
REPORT.—For 1925, in V. 122, p. 2220, showed:
Operating Revenues—
1925.
1924.
1923.
Freight revenue___________________ $95,923,398 $95,185,730 $93,109,327
Passenger revenue_________________ 24,356,632 25,886,047
27,458,814
Mail revenue_____________________ 2,515,758
2,576,690 2,636,220
Express revenue__________________
3,649,875
3,409,277 3,518,313
Other transportation revenue_______ 1,786,406
1,756,728 1,710,990
Dining and buffet car revenue______
817,825
707,012
659,895
Miscellaneous revenue_____________ 1,033,352
1,359,027’ 1,309,527

Total railway operating revenue. .$130,683,246$130,880,512$130,403,086
Operating Expenses—
Maintenance of way and structures. .$15,622,835 $15,086,589 $15,669,452
Maintenance of equipment_________ 28,271,705 27,937,080 29,153,666
Traffic____________________ _____ .. 2,941,232
2,629,300
2,410,660
Transportation____________________ 49,868,630 51,781,162 54,103,307
Miscellaneous operations___________ 1,152,292
943,262
833,611
General___________________________ 3,754,781
3,601,701 3,371,291
Transportation for investment_______ Cr.841,989 Cr.772,549 Cr.551,852
Total railway operatings expenses_$100,769,486$101,206,546$104,990,136
Net revenue from railway operations_$29,913,760 $29,673,966 $25,412,950
Railway tax accruals_______________ 7,037,771
6,571,087 5,600,634
Uncollectible railway revenue_______
76,644
56,722
17,002
Total railway operating income____ $22,799,945 $23,046,156 $19,795,314
Other Income—
Rent from equip, (other than fr. cars) $296,394
$305,949
$549,329
Joint facility and misc. rent income._
744,869
780,969
717,140
Income from lease of road..'_______
34,764
34,393
38,737
Miscellaneous income______________ 1,001,916
365,161
490,243

Gross income____________

.$24,877,887 $24,532,629 $21,590,763

Deductions—

Hire of freight cars—debit balance.. $3,328,423 $3,758,492
Rent from equip, (other than fr. cars)
404,794,
564,580
Joint facility and miscellaneous rents. 1,989,765
1,908,417
Rent for leased roads______________
172,734
265,831
Int. on funded and unfunded debt__ 11,861,206 11,030,796
Other income charges______________
154,833
169,293

$3,317,118
865,166
1,855,778
408,554
10,483,184
179,460

Total deductions___ _____
$17,911,756 $17,697,409 $17,109,260
Net income_______________________ 6,966,132
6,835,221
4,481,502
7% preferred dividends____________ 2,059,547
2,059,547
2,059,547
6% preferred dividends____________ 1,507,638
1,507,638
1,506,588
Balance, surplus_________________ $3,398,947 $3,268,036
$915,367
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—Chairman, Chas. Hayden; Pres., Jas. E. Gorman; Exec.
V.-P., F. H. Hammill; V.-Ps., M. L. Bell, L. C. Fritch, L. M. Allen,
F. D. Reed, W. H. Burns; V.-P., Sec. & Treas., Carl Nyquist.

1

May, 1926.]




RAILWAY STOCKS AND BONDS

45

46

RAILROAD COMPANIES
[For abbreviations. &c., see notes on page 8]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

$100 #18,559,087
Chicago St Paul Minn & Omaha—Common stock..
100 11,259.859
Preferred stock non-cum including scrip (see text). _
505,000
1,000
80 1880
Nor Wis 1st M Lake StC to nr Spooner ass’d Ce.zc*
1 .000 1,500.000
1895
Superior Short Line 1st M $1,500,000 ass’d.Un.zc*
1 ,000 24,147,000
C St P M & O M $30,000,000 ($15,000 p m).Ce.zc* 11,669 J1880
1,000 3,734,000
do
do
consols interest reduced. . J
>1880
1912 1,000 &c 13,900.000
Debcn gold $2,000,000 “stamped” g; text Cexc*&r*
475.000
1,000
1921
Equip trust certif Ser “B” due $95,000 ann__ p.c*
220.000
1,000
do
do
Ser “A” due $110,000 ann.
1918
1.411,200
Equip gold notes due $156,800 ann_____________ G
100
... 1920
100 4,172 995
Chicago Terre Haute & S E—Stock______________
5 1898
250,000
Bedford Belt first mortgage, not assumed (guar).z
1 ,000 7,287,000
242 1901
Sou Ind 1st M g (see text) not assumed (gu) .GP.zc*
1st & Ref M $20,000,000 g call 107)4 (gu) .IC.xc*&r*
361 1910 1.000&C 8,256.000
100 &c 6,336 000
Income M $6,500,000 call par (cum) (guar)___ FCx
361 1910
... 1915 500 & 1,000 See text
Chic Union Station—1st M g gu p&i red.IC.yc*&r*
1,000 7.000,000
Guar gold bonds red(text)$15,000,000 auth.yc*&r*
1924
100 5,000.000
Chicago & Western Indiana—Stock (see text) . .
1,000 1 ,025.000
General mortgage gold sink fund subj to call 105_xc* 57.83 1882
Cons M $50,000,000 g.. .
... ._IC.xc*&r*
1902 1,000 &c 48,974,667
First & ref mtge Series “A” red 105--Ba.xc*&r*
1912 1,000 &c 15,843,000
15-year collateral trust gold notes________ _____
1920 1,000 &c 7,616,000
955,000
do
do
do
______ _________
1920 1,000 &c
Equip trust notes due $18,600 ann_______
__
100 &c
167,400
1920
Choc & Mem—Choc Okla & Gulf—See Ch R 1 A P
Cincinnati Hamilton & Dayton—See Balt & Ohio RR

Directors.—E. N. Brown. M. L. Bell, N. L. Amster, Charles Hayden,
A. C. Rearick, P. W. Scott, G. W. French, W. Z. Ripley, J. M. Kurn,
A. A. Cook. J. Hirschman, P. G. Ten Eyck and J. E. Gorman. Offices,
139 West Van Buren St., Chicago, and 25 Broad St., New York.—V. 122,
p. 2943.)
CHICAGO ST. PAUL MINNEAPOLIS AND OMAHA RY. CO.—
(See Map Chicago & North Western.) ROAD.—Elroy, Wis., to St. Paul,
Minn.. 193 miles; Minneapolis to Omaha, Neb., 378 miles; other lines, 1,271
miles; total, Dec. 31 1925, 1,842 miles.
The I.-S. C. Commission has placed a tentative valuation of $86,710,600
on the total owned, and $86,734,107 on the total used properties of the
company as of June 30 1917.
In Nov. 1883 Chicago & North Western Ry. purchased control, viz.:
$9,320,000 com. and $5,380,000 pref.: and in 1910 $220,000 com.
The directors of the Chicago & North Western Ry. under date of Jan. 13
1925 offered to issue in exchange for the pref. and com. stocks of the Chicago
St. Paul Minneapolis & Omaha Ry. com. stock of the Chicago & North
Western Ry. on the following basis: Three shares of Chicago & North
Western com. stock for two shares of Omaha pref. stock, and five shares <.l
Chicago & North Western com. stock for seven shares of Omah
hi.
stock. Compare Chicago & Northwestern Ry. Co. above.
STOCK.—Outstanding: Common stock and scrip, $18,559,087; preferred
stock and scrip, $11,259,859. Held by the company Dec. 31 1925. com.
stock and scrip, $2,844,207; pref.stock and scrip, $1,386,974. Pref. stock
has a prior right to non-cumul. dividends of 7%, but com. is never to
receive more than preferred.
LATE DIVS.— ’’01. 02. ’03. '04. ’Ofi-’IO. ’17. T8. T9. ’20-’23 '24 -’25*
Common_______ 1 6
8
6
6 7 y”y 6
5
5 5 yrly None
Last payment on common
in Aug. 1923. V. 117. p. 2651.
Paid on pref. in 1924: Feb. 20, 3)4 %; Dec. 31,5%; in 1925, Dec. 31,5%.
BONDS.—Superior Short Bine Ry. 5s. V. 92, p. 954, 1310.
North Wise. 1st 6s, due 1930, are exchangeable at option of holder at any
time, $ for $. for consol. 6s. V. 68. p. 521: V. 77. p. 2389.
The $6.070.000 St. Paul & Sioux City 6s matured April 1 1919 and were
replaced by $6,070,000 Consols of 1880. V. 108. p. 877. 977. This made
the disposition of the $30,000,000 Consols Dec. 31 1925: (a) Outstanding
6% bonds. $24,447,000: 3)4 % bonds, $3,734,000; (6) reserve to retire under­
lying bonds, and for new lines not to exceed $15,000 per mile, $1,833,000.
Of the $13,9 10.000 debentures ($15,000,000 authorized), $9,819,000 are
“plain” and $4,700,000 are “stamped” as subject to income tax. V. 101.
p. 1806- Any increased mtge. (except for extensions) must secure deben­
tures. V. 94, p. 278. 487, 1316; V. 95. p. 812: V. 96. p. 1421. 1556: V. 98
p. 386-V. 10i. p. 129.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113. p. 1359
REPORT.—For 1925, in V. 122, p. 2354, showed:
1925.
1924.
1923.
1922.
Gross----- ------- ---------- $26,850,133 $27,915,736 $28,363,234 $27,801,007
Expenses, taxes, &c___ 23,052,041 23,805,763 25,114,651 23,856,074

Operating income___ $3,798,092 $4,109,973 $3,248,584 $3,944,933
Equipment, rents, &c...
576,474
700,984
219,669
132,263
Net operating income. $3,221,619 $3,408,989 $3,028,916 $3,812,670
Other income--------------188,330
251,062
237,705
247,108
Total income----------- $3,409,949 $3,660,051 $3,266,621 $4,059,778
Interest, rents, &c------- 2,596,784 2,623,143
2,642,448 2,881,849

Net income------------Preferred dividends----Common dividends____

$813,165
$562,965
_____

$1,036,908
$562,965
_____

$624,173 $1,177,929
$788,151
$788,151
463,917
927,835

Deficit------------------$250,2.00 sur$473,943
$627,895
$538,057
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—Pres., F. W. Sargent; V.-Ps., Alex. C. Johnson, S. ALynde; V.-P. & Gen. Counsel, R. N. Van Doren; Sec., J. D. Caldwell;
Treas., A. S. Pierce. Offices, 275 East Fourth St., St. Paul; 226 West
Jackson Boulevard, Chicago; 111 Broadway, New York.—V. 122, p. 2321.
CHICAGO TERRE HAUTE & SOUTHEASTERN RAILWAY.—
Owns Chicago Heights, Ill., to Westport, Ind., 298 09 m.; Blackhawk to Sultlvan. Indiana, 18.50 m.; Blue Island Yard. Illinois, 0.88 in.; Bedford to
Oolitic. Indiana., 4.76 miles: 10 branches, 39.08 miles; trackage Blut
Island Yard to Chicago Heights, Illinois. 12.47 miles; trackage to
Union Depot, Terre Haute, Indiana, 0 52 miles; total 374 30 miles
Incorporated in Indiana and Illinois in November 1910 as successor of
the Southern Indiana Ry. and the Chicago Southern Ry. (both foreclosed)
er plan in V. 91, p. 337, 333. V. 97, p. 1110. A tentative valuation by the
,-S. O. Commission in June 1919 fixed the cost of reproduction at $22,347,890, and the present value less depreciation at $17,561,158. V.109.p.ll79.
The stockholders and income bondholders voted May 11 1921 to lease
the company for 999 years beginning July 1 1921 to the 0. M. & St. P. Ry.
the latter company guaranteeing principal and interest of all outstanding
securities. See terms of lease in V. Ill, p. 2519; V. 112, p. 560; V. 115, p.
2579; V. 117. p 2541The I.-S. C. Commission has placed a final valuation of $20,150,000 on
the owned and used properties, and $1,223 on the used but not owned
properties of the company, as of June 30 1916.
BONDS.—The new “first and ref.” M. is a first lien on about 115 miles
and a second (consol.) mortgage on the remaining 246 m. owned. V. 91.
p. 337; V. 92, p. 596; V. 94, p. 1118.
Purposes for which $20,000,000 First and Refunding Bonds were Issuable.
Issued under plan (of which $1,156,000 held in Treasury)_____ $9,412,000
Reserved to retire So. Ind. Ry. and Bedford Belt 1st M. bonds.. 7,787,000
Reserved under careful restrictions for extensions, additions, im­
provements, acquisition of sub-company stock and bonds, &c. 2,801,000

r




[Vol. 122,

RAILWAY STOCKS AND BONDS
Rate
%

When
Payable

See text
See text See text
J & J
6
Al & s
5
J & D
6
3)4 J & I)
5g M & S
7g J & J
7g J & D
6 g J & J 15

5
4 g
5g
See text
See text
5g
6
6g
4g
5)4 g
6g
6g
6g

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Aug 20 ’23 2)4 Office 111 B’way, N Y
Dec 31 ’25 5%
do
do
Jan 1 1930
do
do
Junel 1930
do
do
Junel 1930
do
do
Junel 1930
do
do
Mar 1 1930
To Jan 1 1931 Farmers’ L & T Co, N Y
To Dec 1 1927
do
do
To Jan 15 1935 Guaranty Tr Co, N Y

1st Nat. Bk.N.Y. or Chic
do
do
do
do
do
do
Illinois Merch Tr Co, Chi,
or Penn RR Co, N Y
J & D Dec 1 1944
do
do
Chicago
Q —J See text
J P Morgan & Co, N Y
Q-—M Dec 1 1932
J & J July 1 1952
III Tr & S Bk,Cbic;&NY
M & S Sept 1 1962
Bankers Trust Co, N Y
A & O'Oct 7 1935
Bankers Trust Co, N Y
M & S Sept 1 1935
Bankers Trust Co, N Y
J & J To Jan 15 1935 Guaranty Trust Co, N Y

J & .1
F & A
1 & D
See text
J & J

July
Feb
Dec
Dec
July

1
1
1
1
1

1938
1951
1960
1,960
1963

Protective Committee.—In view of the receivership of the Chicago Milwau­
kee & St. Paul Ry., the following at the request of holders of a large number
of the above-named bonds, have consented to act as a committee to protect
their interests: John W. Stedman, Chairman (V.-Pres. Prudential Insurance
Co. of America), Newark, N. J.; John E. Blunt Jr. (V.-Pres. Illinois Mer­
chants Trust Co.), Chicago, Ill.; Samuel J. Steele (Treas. Fidelity Mutual
Life Insurance Co.), Philadelphia; John C. Traphagen (V.-Pres. Seaboard
National Bank), New York, with F. Rogers Parkin, Sec., 115 Broadway,
N. Y. City, and Masten & Nichols, counsel, 49 Wall St., New York, N. Y.
V. 120, p. 1454.
The Income bonds dated Dec. 1 1910, $6,500,000, bear Interest from
Dec. 1 1912 at 5% per annum from net earnings (determined as provided in
the mortgage), payable if earned, but cumulative to extent ot paid. The
incomes have at all stockholders' meetings one vote for each $100 par value,
the condition and manner of casting such vote being fully stated in the mtg6
Div. on incomes, 1%, semi-annualb paid Sept.1911 to Mar. 1913 Inch:
1X % paid Sept. 1913: then none till March 1 1917; to Meh. 1 1920. 1 )£ %
■emi-annuaily (2)4 % p. a.). In Aug. 1919 paid 1X % on account of coupon
No. 15 due March 1 1916, and in March 1920 paid 1J£% on account of
coupon No. 16 due March 1 1915. On Sept. 1 1920 paid 1
on account
of coupon No 16 due Sept 1 l9l5.

Tn Sent. 1Q22 paid conpopo No«. 44.

45 and 46. No. 42 paid Jan. 1924; No. 43 paid Aug. 1923. V. 115, p.
1320, 1531.
Protective Committee.—The committee named below has been formed to
protect the owners of income bonds: B. A. Eckhart, Chairman, Chicago;
P. J. Goodhart, New York City; Harold E. Foreman, Edward A. Engler
and William F. Peter, Chicago. V. 120, p. 1877.
OFFICERS. Pres., B. A. Eckhart; V.-P., F. O. Wetmore; Treas., A. G.
Loomis; Sec.. W. F. Peter. Office, Union Station Building, Chicago, Ill.
(V. 121, p. 703.)
CHICAGO UNION STATION CO.—Incorporated in Illinois. The
company’s new station was opened in July 1925. V. 121, p. 455. Capital
stock authorized, $3,500,000; outstanding, $2,800,000, held one-fourth
each by Pennsylvania RR., P. C. C. & St. L. R.R., Chic. B. & Q. RR. and
Chic. Milw. & St. Paul Ry. The station will be used by the four pro­
prietary companies and the Chicago & Alton RR. V. Ill, p. 1851.
The company has issued $60,000,000 first mtge. bonds of which $30,850,000 are Series A 4)4% bonds,$13,150,OOOare Series B 5% bonds, and
$16,000,000 are Series C 6)4% bonds. Authorized issue, $60,000,000.
The bonds are guaranteed, nrinclnal and interest, hv the four nronrietarv
companies. Series A and Series B bonds are redeemable at 105; Series C
redeemable at 110 on or after Jan. 1 1935. See V. 103, p. 60, 667. 1301;
V. 107, p. 180, 1836; V. 114, p. 2468.
The guaranteed 5% gold bonds due Dec. 1 1944 are redeemable as a whole
only at 105 and int. on orafter Dec. 1 1929 and on or before Dec. 1 1939,
and thereafter on any interest date at their principal amount and a premium
equal to )4 % for each six months between the date of redemption and the
date of maturity. Bonds are to be unconditionally guaranteed as to both
principal and interest, jointly and severally, by endorsement by the four
pronrietary companies.
The indenture under which these bonds are issued contains appro­
priate provisions to the end that the company shall not create any mortgage
in addition to its first mortgage dated July 1 1915 for $60,000,000, upon the
properties owned by it at the date of such new mortgage, or upon any part
thereof, without making effective provision in such mortgage that all the
bonds of this issue then outstanding and unpaid or thereafter to be issued
shall be secured under such new mortgage by a lien ranking pari passu with
any bonds issued under such new mortgage. V. 119, n. 2525.
Balance sheet as of Dec. 31 1924 in V. 121, p. 835. Pres., W. W. Atter­
bury; Sec., W. G. White; Treas., C. I. Sturgis. Office, Chicago, Ill.—V.
121, p. 835.)
CHICAGO AND WESTERN INDIANA RR. CO.—Owns a valuable
terminal system affording entrance into Chicago to the roads named below,
its lines extend from Dearborn Station. Polk St., Chicago, to Dolton, 17 m.:
»!so to Indiana State line, 10 m.; to Cragln, 21 m.t and to South Chloago.
5 m.; total, 58 m.; total track, including 2d, 3d, 4th tracks and sidings, 560
m.: also owns real estate, car yards, warehouses, &c. The clearing yard
embraces 1.810 acres.
Leases.—The station terminal properties, including the "Dearborn Sta­
tion” and its connecting tracks, are used for freight and passenger business
under 999 year leases (which have been in force for many years) by the
following companies, which own all the capital stock of the Chicago &
Western Indiana RR. Co. ($1,000,000 each), viz.: Chic. & Eastern Illinois
RR., Chic. Ind. & Louisville Ry.. Grand Trunk Western Ry., Wabash Ry.
and Erie RR. Co. The Atch. Topeka & Santa Fe Ry. Co. also uses these
tracks and station under a long-term lease at a fixed annual rental, plus a
proportionate maintenance. &c.
The “Belt Railway” division, including the clearing yard upon which
the First and Refunding Mortgage bonds are a first lien, is operated under
a 50-year exclusive lease by the Belt Railway Co. of Chicago, all of whose
stock is owned by the following 13 roads: Pennsylvania Co., Atchison
Topeka & Santa Fe Ry. Co., Illinois Central RR., Co., Chicago Burling­
ton & Quincy RR. Co., Chicago Rock Island & Pacific Ry. Co., Chesa
peake & Ohio RR. Co. of Indiana, Minn. St. Paul & S. S. M. Rv., Chic. &
East 111. RR., Chic. Ind. & Louisv. Ry., Erie RR., Grand Tr. West. Ry.
Wabash Ry., Pere Marquette Ry. The Belt Ry. (V. 104, p. 1488; V. 105,
p. 388) is merely an operating company, owning no mileage. The lease to
the Belt Ry. Co. provides for an annual rental, of which at least $1,143.000
is payable directly to the trustee of the 1st & ref. mtge. in monthly install­
ments this payment to be increased from time to time by an amount equal
to the interest on all obligations Issued for improvements to the “Belt
Division”.
DIVIDENDS —
I ’95. '96. '97 '98.'99.
1900 to 1925
Percent ------------- --------- l 7)4 6
8
8
8
6 yearly (1)4Q-J
BONDS.—The gen. mtge. bonds are drawn quarterly at 105 and Int.
Of the Consol. 4s of 1902 (auth. Issue $50,000,000). sufficient are re­
served to retire General 6s. V.87, p. 36, 1604, 1603; V. 88,p. 100. 374:
V.92, p. 394; V.93.P. 1668: V.97, p. 1425: V.98, p. 235, 452: V. 104, p.862.

' May, 1926.]

47

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
IFor abbreviations, &c., see notes on page 8]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

Cincinnati Ind & Western—1st M $12,000,000
gold redeemable oil any interest day at 105_.Eq.c*
283 1915 $100 &c $3,675,000
5 g
Equipment trust SeriesC due $10,000 semi-ann_.c*
1922
g
230 000
do
do due $15,000semi-annually (J & £»..
195.000
6 "
100
Cincinnati Inter-Terminal RR—lstpfstk (see text) Text
825.000
4
$1 .000 $1,234,000
Cincinnati Lebanon & North 1st con g gu p & i.xc*
76 1902
4g
Dayton Leb & Cin RR & T—First M g call 105 ass’d
500 &c
29 1914
300.000
6g
Cin & Musk Val—See Cleve Akron & Cincinnati Ry.
100 8.970,000
Cin New Orl & Tex Pac—Common stock $9,000,000.
13
100 2.453.400
Preferred stock ta & d) 5% cumulative $3,000.000..
5
Equip trust Series E due $65,000 semi-annually___
1918
1,000
325,000
6
Equip trust notes due $63,800 ann_____________ Q
1920 100-1000
574.200
6g
1.000 2.160.000
Equip trust Series G due $180,000 ann___________
1923
5g
3.000,000 See text
Cincinnati Northern—Capital stock______________
1,000 1,000.000
1st M $3,000,000 gold________ ______ G.xc*&r
206 1901
4
5
New York Central Lines equipment trusts__
1922
1,001.000
5
do
do
____________________________
1924
405,000
6
Clearf & Mahoning—Stock 6% rent $1,000,000 auth.
50
900 000
First mortgage gold duaranteed B R & P..G.xc*&r
1,000
26 1893
650.000
5g
100 9,300.000
Cleveland Akron &Cin—Stock$12,000,000--------Clev Ak & Columbus gen M (now first) gold___ c*
500 &c 1,800,000
187 1887
5g
1,000
First consol mtge $4,000,0001guaranteed p & I end 1 187; 1900
950.000
4g
gold sinking fund----------- I not guaranteed.xc* I
1,000
1 1900
450.000
4g
Cin & Musk Val 1st M $2,000,000 g gu s f___ F.xc*
1.000 1,536,000
148 1898
4g
100 47.028,700 See text
Cleveland Cincinnati Chi & St Louis—Com stock.
100 9.998,500
Preferred stock 5% non-cumulative________
5
100 &c 15,000.000
Refunding & Impt Mtge Ser A callable 103.Q.c*&r* 1,827 1919
6g
do
do
Series C—see text.
100 &c 20,000,000
do
do
Series D red 105________ Q.c*&r* 1,827 1923
5g
Underlying Bonds—
Cincinnati indianapolls St Louis & Chicago
Gen 1st M $10,000,000 g s f not drawn.. Ce.xc*r
1886 1,000 &c 6.211,000
4g
1,000 3,205.000
391 1884
Cl Col C & I Gen cons M ($12,000,000) g..Us.xc*&r
6g
1.000
Cl Cin Chic & St L White Wat Val Div 1st g .Ce.xc.*
62 1890
650,000
4g
500 &c 1.103,500
Spr & Col Div (Col Spr & Cin) 1st M gold__ Ce.xc*
45 1890
4g
1.000 5.090.000
269 1890
Cairo Division 1st M $5,000,000 gold____ Ce.xc*
4g
St Louis Div coll tr gold____________ Ce.xc&r
194 1890 1.000 &c 8,887.000
4g
1,000 4,000,000
Cincin Wab & Mich Div first mtge gold__ Us.xc*
204 1891
4g

When
Payable

M & N
.1 A D
Q—M
F' & A
M & N
M & S

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

Nnv 1 1965

Equitable Trust Co, N V

Dec ’26 Dec ’32
J P Morgan & Co, N Y
See text
Penn RR Co, N Y
Nov 1 1942
Treas, Pittsburgh. Pa
Mar 1 1934

J&D Dec. 21 ’25 6X
Q—M Mar 1 1926 1 M
F&A Aug'26 Aug'28
J &J15 To Jan 15 1935
A&O To Apr 1 1938
See text Jan 20 ’26 5%
J&J July 1 1951

Cincinnati
do
Pen Co for Inson Lives, &c
Guaranty Trust Co, N Y
Pen Co for InsonLives.&c
N Y .Grand Central Ter’l
Guaranty Trust Co. N Y

J&J Jan 1926
3%
J&J Jan 1 1943
See text Dec 1916 4%
M&S Mar 1 1927
F&A Aug 1 1940
F&A Aug 1 1940
F&A Aug 1 1948
Q—J Apr 20 1926 IX
Q—J Apr 20 1926 IX
J&J July 1 1929

Checks mailed
36 Wail St, New York
Trea surer, Pittsburgh, Pa
Winslow, Lanier&Co, NY
do
do
do
do
Penna RR Co, New York
Treas office. New York
do
do
do
do

J&J July 1 1963

do

do

Q—F Aug 1
J&J Jan 1
J&J July 1
M & S Sept 1
J&J Jan 1
M & N Nov 1
J&J July 1

do
do
do
do
do
do
do

do
do
do
do
do
do
do

1936
1934
1940
1940
1939
1990
1991

Of the first & ref. bonds of 1912 ($200,000,000 auth. issue), $16,092,000
Equipment trusts issued to Director-General for rolling stock allocated
Series “A” 5X% gold bonds were sold in Jan. 1925. The mortgage has to this company. See article on page 3 and V. 113, p. 1470.
been amended so that bonds bearing interest in excess of 5% per annum
REPORT.
—For 1925. in V. 122, p. 2640, showed:
may be issued thereunder. The mortgage is secured (as to principal and
Calendar Years—
1925.
1924.
1923.
1922.
as to interest not in excess of 5% per annum) by a first lien on the clearing
yard. It is a junior lien on all of the remaining property of the company, Operating revenue____ $23,433,243 $21,951,667 $23,049,393 $16,801,374
subj’ect to the lien of underlying mortgages, so far as they attach, under Expenses, taxes, &c___ 16,104,289 17,377,224 18,192,687 14,891,355
which $50,000,000 bonds are outstanding. As a sinking fund for the Series
Net operating income. $7,328,954 $5,574,443 $4,856,706 $1,910,019
“A” bonds, there is payable under the first & ref. mtge., as amended,
277,861
430,4C2
351,197
848,137
$176,730 annually beginning Mar. 1 1925, plus the interest on bonds in the Other income_________
sinking fund. Sinking fund moneys are to be applied to the purchase of
Total income_________$8,177,091 $6,004,845 $5,207,903 $2,187,880
bonds at not exceeding 105 and interest, or to the acquisition of bonds upon
1,551,312
1,575,241
Interest, rents, &c____
1,665,076
1,689,672
call by lot at such price.
122,670
122.670
122.670
122,670
All of the outstanding $5,380,000 15-year 7X% coll, trust sinking fund Preferred divs. (5%)__
388,790
388,700
388,700
388,700
gold bonds, dated Sept. 1 1920, were redeemed on Mar. 1 1925 at 102>3 and Common divs. (13%)...
Additions
&
betterments
429,793
884,847
46
i
,331
interest.
Government Loan.—The I.-S. O. Commission on Aug. 14 1920 granted the
$125,198
$2,918,956 $2,651,961
Surplus____________ $5,570,852
company a loan of $8,000,000 for 15 years at 6%. to be secured by a part
Section” (Issued monthly).
For latest earnings, see “Railway 1
of the company’s 1st & Ref. Mtge. bonds. Series A.
REPORT.—For 1925, total railway oper. revenue, $376,381; net loss from
OFFICERS.—Pres., Fairfax Harrison, Washington, D. C.; Sec.. C. E. A.
railway operation, $40,423; railway tax accruals, $672,841; other income, McCarthy, New York; Treas., Chas. Patton, Cincinnati; Compt., E. H.
$5,172,586; deductions, $4,130,136; divs., $300,000; bal., sur., $29,184.
Kemper, Washington, D. C.—(V. 122, p. 2640.)
OFFICERS.—Pres., H. G. Hetzler; V.-P. & Chief Engineer, E. H. Lee;
NORTHERN RR.—(Sec Maps New York Central Lines.)
Sec. & Aud., R. L. Porter; Treas.. J. E. Murphy. Office, Dearborn —CINCINNATI
Owns Franklin, O., to Jackson, Mich., 205 miles; trackage (C. C. C. &
Station, Chicago.—(V. 122, p. 2187.)
St. L.), Franklin to Cincinnati, 37 miles; at Jackson, 2miles. On Dec. 31
CINCINNATI INDIANAPOLIS & WESTERN RR. CO. (THE).— 1924 Clev. Cin. Chic. & St. L. owned $2,931,600 of the $3,000,000 stock
Owns Hamilton, O., to Springfield, Ill., 283 miles; Melcher to Brazil, Ind., Equip, trusts, see V. 101, p. 1713. Divs. Mar. 1910 and 1911, 3%; 1912,
25 miles: trackage B. & O. for passenger trains, Hamilton to Cincinnati, and 1913. 1X%: 1914 and 1915. none; 1916 to 1922. 3% yearly. In March
25 miles; other trackage, 13 miles; total operated, 347 miles. On Dec. 1 and Aug. 1923 and March and Aug. 1924 paid 3% each. In March and
1915 succeeded Cincinnati Indianapolis & Western Ry., foreclosed and reor­ Aug. 1925 and Jan. 1926 paid 5% each.
ganized independently of Cin. Ham. & Dayton Ry., per plan in V. 100, p. Calendar
Total
Fixed Dividends Balance,
Operating Net Oper.
2084 V. 101. p. 47, 1552; V. 102, p. 250; V. 103, p. 1786, 1888; V. 104. p.
Income.
Income. Charges.
Surplus.
Year.
Revenues.
361, 2451; V. 105, p. 72. Sidell & Olney was sold for $200,000. V. 108, 1924
$4,826,932 $1,373,353 $1,422,590$566,842 $240,000 $615,748
p. 1722, 974; V. 106, p. 2559, 2230; In 1922 purchased 25.78 miles of road 1923_____
1,352,579
1,410,121
661.171
180,000
568,950
______
5,174,419
of the Chicago & Indiana Coal Ry. V. 115. p. 1099.
623,084
687,204 421,952 90,000 175,252
The I.-S. C. Commission in April 1926 authorized the Baltimore & Ohio 1922........... 3,505,287
840.448
887.673 325.185 150.000 412,488
RR. to acquire control of the company by purchase of its capital stock. 1921_____ 3,757,713
For latest earnings, see “Railway Earnings Section” (issued monthly).
The B. & O., which had applied for authority to obtain control of not less
than 80% of the shares, will pay $24.50 a share for the pref. and $14.50 for
Pres., P. E. Crowley; Sec., E. F. Stephenson; Gen. Treas., H. G. Snelling;
the common stock, or a total of $2,686,500.
Compt., W. C. Wishart.— V. 121, p. 2870.)
STOCK—VOTING TRUST.—Capital stock auth, common. $7,500,000
CINCINNATI RICHMOND A FORT WAYNE PR.—Owns from Rich
6% non-cum. pref., $7,500,000. Par $100 The present Issues. $5,350,000 m?nd,
Ind., to Adams, Ind., 86 miles; leases 5 miles of P. Ft. W. & O
of each class, is covered by a voting trust till Dec. 1 1930. V. 111. p. 2040'. Now operated
bj Grand Rapids & Indiana Ry. Rental, net earnings.
Voting trustees are Frederick H. Ecker, John Henry Hammond, H. F.
Whitcomb, L. Edmund Zacher, J. A. Barbey. Equitable Trust Co., agent Int. is guaranteed by tbe Pesnsylvanla Co. and Pitts. Cin. Chio. & St. L. Co
Jolntlvtthe P C C. * St L. taking the place of the Cin. Ham. & Dayton
for trustees.
in 1888). Stock. $2,186,600 (par $50); Penn. Co. owns $1,287,850. The
BONDS.—The first mtge. is limited to $12,000,000. Besides outstand­ $1,800,000 bonds outstanding are owned by the Penn. Co.
ing amount, $1,191,000 additional in treasury. See table.
Equipment trusts of 1622. V. 115, p. 2684.
CISCO (TEX.) & NORTHEASTERN RY.—(V. 114, p. 737.)
REPORT.—For year ending Dec. 31 1925: Gross, $4,787,435; net after
CLEARFIELD & MAHONING RY.—(See Map Buf. Roch. dk Pitts.)—
taxes, $605,797; other income, $65,015; deductions, $544,957; bal., sur., Owns
road, completed in 1893, from Du Bois Jot., Pa., on Buf. R. & P., to
$125,855.
□learfleld on Beecb Creek RR.. 26 miles. Leased during corporate exlsteDoe
For latest earnings, see “Railway Earnings Section” (issued monthly).
snd renewals thereof to Buffalo Rochester & Pittsburgh—which see—at a
OFFICERS.'—Pres.,_____________ ; V.-P.. F. H. Ecker; Sec., F. J. rental payable in gold and equal to 6% on stock (par $50), taxes and 5%
Goebel; Treas., W. R. Bixler. Office, Indianapolis. Ind.-—-V. 122, p. 2795. on bonds, the latter being guar. p. & i. by end.—(V. 89, p. 1141.)
CINCINNATI INTER-TERMINAL RR.—Owns a road 0.6 m. In lengtti
CLEVELAND AKRGN & CINCINNATI RY.— (See Maps of Pennsyl­
connecting the Chesapeake & Ohio bridge and the Cln. Ham. & Dayton vania RR.)—Owns from Hudson. O , to Columbus, O.. 144 miles: Killbuck
terminals. Controlled by Chesapeake & Ohio Ry. Common stock, $10,000 to Trinway, 34 m.; Morrow to TrlDway, 148 m.: Apple Creek branch, 9 m,;
In $100 shares, issued for purpose of control. There is authorized $1,000,- total owned, 335 m. Owns a fourth Interest in Akron & Barberton Belt
000 of first pref. 4% cum. stock secured by mtge. to the Union Savings Bank RR .. 24 m . and half Interest In Zanesville Term RR.. 5 m. V. 76, p. 435.
& Trust Co. of Cincinnati, as trustee, and rentals paid by Ches. & Ohio and , To be merged into Pennsylvania Ohio & Detroit RR. See that company
Louisville * Nashville, and subject to call on any Int. day after F<*h 1 1915 beA5consolidation July 1 1911. Pennsylvania Company owns $9,299,300
at 105. V. 79, p. 212; V. 80, p. 1728, 2398, 2620.—(V. 80, p. 2620.)
of the $9,300,000 outstanding stock. Leased to Pennsylvania RR. Co. for
CINCINNATI LEBANON & NORTH. RY.—Owns Cincinnati. O.. to 999 years from Jan. 1 1921. Rental 4% on outstanding capital stock,
Dayton, 56 m.; from Middletown June, to Middletown, O., 14 m.; Hemp interest on bonds. sinking fund installments, organization and other expenses.
stead to Clement, O., 5 m.: branch, 1 m. V. 99, p. 1831; V. 100. p 139
Of Cleveland Ak. & Col. 1 st consol, gold 4s of 1940 (Bk. of North America
Leased to Penna. RR. The I.-S. C. Commission has placed a tentative & Tr. Co., Phila., trustee), $950,000 are guar., p. & i.,by the Penn Company.
valuation of $5,281,943 on the total used and $5,118,086 on the total owned V. 71, p. 390; V 76, p. 653; V. 77, p. 1746, 2280.
i
properties of the co. as of June 30 1917. Merger approved; compare Penna.
Penn Co. also guarantees Cln. & Musk. Val. bonds; see form, V. 76, pOhio & Detroit RR. below. Stock, $2,100,000, owned by Penna. Co. V. 643.— V. 121, p. 3128.)
75, p. 980; V. 100, p. 53. Div. of 3% paid in 1906, ’09 & TO: ’ll & T2. 4%;
’13, 5%; ’14, 3%; T5, none: T6, 4%; 1917-1921, none: 1922. 4%, 1924CLEVELAND CINCINNATI CHICAGO AND ST. LOUIS RY. CO.
1925, 4%. V. 99, p. 53. The $1,234,000 1st cons. 4s are guar., p. & i., (THE).— See Maps N. Y. Central Lines.)—ROAD.—Radiates from In­
by Penna. Co. V. 77, p. 86; V. 98, p. 610.—(V. 121, p. 3128.)
dianapolis, Ind., westerly to Chicago, Peoria, Cairo, Ill., St. Louis; easterly
to Sandusky, Cleveland, Columbus and Cincinnati, O., and southerly
CINCINNATI NEW ORLEANS & TEXAS PACIFIC RY.—Operates
Cincinnati Southern Ry., owned by city of Cincinnati, Cincinnati to to Louisville.
Evansville Mt. Carmel &
Main Line owned—
Miles.
Chattanooga, Tenn.. 336 miles; trackage, 2 miles. Owns entire stock
Northern Ry______________
33
Of Harriman & Northeastern Ry., 20 miles, operated separately. V. Cleveland to Springfield, O-- 180
Mt. Gilead Short Line RR____
2
77, p. 1743. In 1901 lease was extended 60 years to Oct. 12 1966 Miami City Jet. to Ludlow
Grove, Ohio-----------46 Central RR. of Indianapolis_______
rental under renewal to be $1,050,000 yearly for first 20 years, then
Gallon,
O.,
to
Indianapolis,
Ind.
202
$1,100,000 for 20 years: thereafter $1,200,000. V. 73, p. 722; V. 74, p. 1251:
Total leased lines___________ 205
V. 95. p. 1402. Guaranty of interest of City of Cincinnati bonds as addi­ Cincinnati, O., to LaFayette,
Branches owned—
Ind___________________ --- 169
tional rental. V. 112, p. 161; V. 114, p. 2468; V. 117, p. 2323; V. 118, p.
Delaware
to Springfield, O.---50
Indianapolis,
Ind.,
to
East
St.
1267. Pref. stock has no voting power. V. 74, p. 528, 829.
Hillsboro to Lenox. Ill------------ 56
Louis,
Ill
-----------------------249
STOCK.—The directors on March 24 1926 declared a 200% stock Cairo to Danville, Ill-------- --- 260 Harrison, O., to Hagerstown, Ind. 63
dividend on the outstanding $2,990,000 common stock, payable in common Springfield, O., to Indianapolis,
Fairland to Martinsville, Ind__ 38
stock on April 29 1926.
Other............................................
29
Ind_____ —1^6
Benton Harbor, Mich., to RushPTVS.— i’ll. T2-T5. '16. T7. T8. T9. ’20. ’21. '22. ’23. ’24. ’25.
Total branches owned_____ 236
imuion.%1 8 11 y’ly 12X 13 13 13 13 12 13 13 13 13
ville.Ind .................................. 204
Sundry_____________________
14 Total main line and branches
Dividends on common stock semi-annually (J. & D.), 3%, and from Dec
owned_________ _ ________ 1 696
19^6 to Dec. 1920 paid 3X% extra in June and Dec.; in June 1921 paid
Line Operated Under Contract _ 532
Total main line owned--------- 1,460
2X% extra; Dec. 1921 to Dec. 1925 paid 314% extra in June and Dec.
Trackage
rights_____________ 170
Leased
Lines
—
Also paid 200% in common stock on April 29 1926. Majority of common
stock is owned by S. W. Construction Co., which in turn is controlled by Cincinnati Sandusky & Cleve­
Total mileage operated____ 2.398
land RR.................................... 170
Ala. Grt. Sou. RR. V. 61, p. 26; V. 65, p. 1173.




48

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 81

Miles Date
Road Bonds

Cleve Cine Chicago & St Louis (Con.'i—
Gen M 100 years" for $50,000,000 gold___ Ba.xc*&r 1,021
do
Series B
...
__ ___ __
1,021
Cb I & St L S L 1st M $3,000,000 gold gu.Ce.xc*&r
44
Springfield Div lien held by Peoria, & East. Ry
136
Debentures secured by mortgage of 1919__ Gc*&r*
Debentures _____ __ _______ ______ _ ___
. .
Big Four Ry equip trust due $373,000 yearly._G.c*
do do equip trusts g guar due part yearly____
do do equip trust due $237,000 yearly___ c*G
Other equipment trusts (see text;.
Central Grain Elevator 1st M assumed__________
-Obligations of Proprietary Lines.
Cincinnati Sandusky & Cleveland—Preferred stock.
Consol (now first) mtge $3,000,000 gold ..AB.zc
170
Central Indiana 1st M (guar )3 of $1,500,000).Ce.xf
118
Evansv Mt Car & No 1st M $5,000,000 gu Ci.xc*&r*
Louisville & Jeffersonville Bridge 1st M—See that Co
Indianap Un Ry Gen & Ref M $10,000,000 See text
Cleveland Columbus Cincinnati & Indianapolis— Cleve
Cleve Lorain & Wheeling—See Baltimore & Ohio RR
Cleve & M V—Pref stk 413% cum ($2,851,800 auth).
Cons M (now 1st) $3,000,000 g___ _ .. ..Ce.xc&r
123
Cleve & Alar—See Toledo Columbus & Ohio Riv Ry
Cleve & Pittsburgh—Stock 7% guar by Penn RR Co
Special betterment stock $28,738,135 auth guar 4%.
Gen M $10,000.000gold_ . FfSerles A &B__
.xc*
205
Guaranteed prin and inti Series B int reduced x
205
(endorsed) Penn RR .iSeries C & D_
.xc*
205
Cleveland Short Line—See New York Central RR
Cleveland Terminal & Valley—See Balt & Ohio.
Cleveland Union Terminals Co—1st mtge s f g—
Series “A" red text______________________ c*&r*
Series “B" red (text)
. _ ____ _ _____ c*&r*
Coal River Rv—See Chesapeake & Ohio.
a Series “A.” J & J; “B," A & O. y “C.” M&N; “ D,”F

Par
Amount
Value Outstanding

$1,000 $28,579,000
1893
1,000 4,161,000
1893
1,000 3,000,000
1903
5,000,000
1890
1,000 5,000,000
1911
1910 300$fr&c 9.650,181
1914 1,000 &c 1,119,000
1,000
575,000
1915
1,000
237.000
1917

52,000

1905-6
1888
1903
1910

50
1,006
1 .000




428,997
2,571,000
750.000
2,118,000

Rate
%

1892
1892
’98-00

50 11,242,538
50 27,822.250
1,000 4,129.000
1,000
349.000
1,000 3,662.000

1922 500&1000 12,000,000
1923 500&1000 20,000,000

When
Payable

4g J &
5g J &
4g A &
4
4)3 g J &
J &
4
J &
5
5g J &
J &
6

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

D Junel 1993
D Junel 1993
O Apr 1 1953
Apr 1 1940
J Jan 1 1931
D Junel 1930
D To June 1929
J To July 1929
D To June 1927

5

M & N Various

6
5g
4 g
4)1 g

M
J
M
J

See text
5g
1 ndia nap St I. ouis & Chi cago— S
50
None
4)3
5g
1888 1,000 &« 2,936,000

& N Mayl
& J Jan 1
& N Mayl
& J July 1

Treas office, New York
do
do
do
do

Treas office. New York
Morga n ,Harjes&Co .Paris
Guaranty Trust ( o, N Y
Comm Tr Co, Phila
Guaranty Trust Co, N Y

1926 3% Treas office. New York
do
do
1928
do
do
1953
(All owned by Big Four)
1960

Farmers Loan & Trust Co
.1 & J Jan 1 1965
ee Clevel andCincinnatIC hicago & St Louis
___________ _______
A & O
See text
Winslow, Lan & Co, N Y
See text Jan 1 1938

Q—M
7
Q—M
4
a
4)3 g
3)3 g A & O
3)3 g
y
5)3 g A
5g A

Junel ’26 1)4% Winslow, Lan & Co, N Y
do
do
Junel 1926 1%
do
do
Jan & Oct 1942.
do
do
Oct 1 1942
do
do
1948-1950

& O Apr 1 1972
& O Apr 1 1973

New York or Cleveland
do
do

& A.

. HISTORY, &o.—A consolidation of the Cincinnati Indianapolis St. Louis
A Chicago Railway Co., the Cleveland Columbus Cincinnati & Indianapolis
Railway Co. and the Indlananolls & St. Louis Railway Co., made In Jub
1889, per plan in V. 48, p. 427. The N. Y. Central RR. Co. on Dec. 31
1924 owned $8,468,100 pref. and $42,941,100 common stock. 13 purchased
subsidiaries (V. 95, p. 418, 890, 1472; V. 97, p. 1114, 1821.
The company Is also one-eighth owner of Peoria & Pekin Union Ry
(through the Peor & East. Ry.), one-fifteenth owner In Terminal RR
Association of St. Louis, and two-flftbs owner of Indtanap. Union Ry.. and
port owner of Cent. Indiana Ry., Cent. Union Depot & Ry. of Cincinnati
Union Depot of Columbus, Dayton Union Ry., Dayton * Union RR.. Mun
ele Belt Ry., operated Independently.
The company has acquired the entire common stock of the Evansville
Ind. & Terre Haute RR. It is proposed to operate the property as the
Evansville Division of the company.—V. 112, p. 932, 1399, 1977.’
The directors on Dec. 14 1921 authorized the making of an offer to pur
chase the stock and the 4% income bonds of the Peoria & Eastern Ry. on
the basis of one $1,0004)3% first mtge. bonds of the EvansvilleMt. Carmel
& Northern Ry., due 1960 (guaranteed by the C. C. C. & St. L. Ry.), for
60 shares of Peoria & Eastern stock, and one $1,000 4)4% (guaranteed)
first mtge. bond of the Evansville Mt. Carmel & Northern Ry. for three
$1,000 4% Peoria & Eastern income bonds.
The directors of the N. Y. Central RR. in Dec. 1921 authorized the mak­
ing of an offer to purchase the stock of this company, for details of which
see New York Central RR. below and V. 114, p. 1286; V. 115, p. 435, 1428
Tentative valuation, $164,163,042, as of June 30 1915. V. 115. p. 1531
DIVIDENDS f ’10. ’ll. ’12. T3. ’14-T5. ’16. ’17-’21. ’22. ’23. '24. ’25.
Common------ %( 2000
0
0
0
4
4 4X 5
Preferred------ %( 555 354
0
2)4
5
555
5
Divs. on pref. stock July 1916 to Apr. 1926, 1)4% quar. (5% per annum.)
Payments on common stock were resumed June 15 1922 with a payment
of 2%; Nov. 1 1922 paid 2%; Jan. 20 1923 to Jan. 19 1924 paid 1 % quar
April 19 1924 to Oct. 20 1925 paid 1)4% quar.; Jan. 20 and April 20 1926
paid 154% quar.
REFUNDING AND IMPROVEMENT MORTGAGE.—A direct Hen
on 1,827 miles of railroad owned and on the company's interest in 568 miles
of railroad operated under lease, contract or trackage rights; total, 2,396.
V. 109. p. 270, 370.
The company may issue bonds beyond $25,000,000 (Incl. $20,000,000
auth. Series “A” bonds), but not for over 80% of the cost of work done,
or, of property acquired and with the consent of a majority of the pref. stock.
and only when the annual income applicable to interest charges out of
18 months next preceding such issue, shall not be less than 1)3 times interest
charges, incl. interest on bonds to be issued. These limitations do not apply
to bonds Issued for refunding prior liens, the European Loan of 1910 and the
Debentures of 1911. Bonds may be issued in series, subject to certain con­
ditions as determined by the board of directors. Series “B” bonds amount­
ing to $6,511,000 have been issued and are held by the company. Has also
Issued $1,052,600 Series “O” bonds. In June 1924 $20,000,000 Series “D”
bonds were sold. V. 118, p. 2703.
The financial plan outlined In 1919 resulted In the sale (V. 109, p
270) of $15,000,000 of the new bonds, to provide for paying or reducing
short-term obligations, as follows: Secretary of tne Treasury, $3,000,000:
Director-General of RRs., $2,000,000; bank and trust companies, $3,027,650; New York Central RR. Co., $9,000,000. The company also owes
the N. Y. Central RR. Co. a 10-year note for $3,822,000, maturing Dec.
23 1930, and also 15 serial notes amounting to $2,178,000, maturing to
Dec. 23 1935.
The 20-Year European Loan 4s of 1910 and the 20-Year Gold Debenture
of 1911 are secured by the new mortgage on a parity with all bonds to
be issued thereunder.
OLD BONDS.—St. Louis Division bonds, see V. 52, p. 42-45.
The 100-year mortgage Is limited to .$50,000,000. On Dec 31 1914
$17,090,000 Gen. 4s were reserved for prior liens (exclusive of Cairo division,
Peoria Division, Michigan Division and the St. Louis Division west of Terre
Haute), and the balance for equipment, construction and betterments, &c.
$1,000,000 yearly. See V. 79, p. 733; V. 83. p. 379; V. 87, p. 1010; V. 90
. 620, 1044: V. 94. p. 1118; V. 97, p. 1114; V. 98. p. 1459; V. 101. p. 2134.
uar. Chic. Ind & St. Louis Short Line Ry.. Cent Ind. Ry and
Springfield Union Depot Co. bonds. V. 77, p. 510, 517 769 1363. 2280
V 78, p. 1906.1961: V. 79. p. 2589; V.95, p. 1541.
As to the $9,650,181 4s sold May 1910, payable in francs, and $10,000,000
4)3s sold in June 1911, see V. 89. p. 720, 778. 1141: V. 90. p. 1238. 1296,
1424,1554; V. 91, p. 1710; V. 92, p. 1700. Also see “Ref. & Impt. Mtge.’’
above.
Guarantees Evansv. Mt. Carmel & Northern Ry. bonds. V. 95, p. 890.
V. 114, p. 2468.
Guarantees jointly with other roads Gen. & Ref. bonds of Indianapolis
Union Ry.. which see. V. 100. p. 555.
Jointly with other roads covenants to pay New York Central Lines
equipment trusts of several Issues, the amount outstanding Dec. 31 1924
on account of equipment so acquired by the O. O. O. & St. L. being: Issue
of 1912, $319,780; 1913, $350,201; 1920, $8,372,225; 1922, $4,875,000;
1922, $2,912,000; 1923, $868,000; 1924, $6,405,000; 1924, $5,640,000.
V. 85, p. 1401; V. 86, p. 168; V. 88, p. 761; V. 90,p. 1677; V. 93, p. 1726.
Guarantees jointly with N. Y. Central and N. Y. Chicaago & St. Louis
$12,000,000 Series “A” 5)3% and $5,000,000 Series “B” 5% 1st mtge. s. f.
gold bonds of Cleveland Union Terminals Co. V. 114, p. 2716.
Equipment trust 1917, V. 108, p. 973, 1060, 2329, 2341; V. 105, p. 72;
V. 106, p. 2021; V. 107, p. 695.
Equipment trusts issued to Director-General for rolling stock allo­
cated to this company. See article on page 3 (outstanding in Dec. 1924,
$3,813,700).
Report of Peoria & Eastern Ry. Income Bondholders' Committee as to
settlement. V. 110, p. 1742.
Government loan. V. Ill, p. 2520: V. 112. p. 161.

S

[Vol. 122.

RAILWAY STOCKS AND BONDS

REPORT.—For 1925, in V. 122, p. 1446, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Miles operated_______
2,361.46
2,398.01
2,407.90
2.409.43
Railway operating revs.$92,061,070 $87,712,381 $94,941,444 $84,665,690
Railway operating exp._ 67,001,482 66,740,728 72,114,741 64,858,314
Net rev. fr. ry. oper..$25,059,588 $20,971,654 $22,826,703 $19,807,377
Percent, of exps. to revs. (72.78)
(76-09)
(75.96)
(76.61)
Railway tax accruals__ 5,534,374 4,906,837
5,124,227 4,226,815
Uncollectible ry. revs
36,733
14,851
13,206
10,963

Railway oper. income.$19,488,481 $16,049,966 $17,689,270 $15,569,599
Equip, rents, net debit._
91,940
1,112,206
269,866 1,230,729
Jt. facil. rents, net debit
835,832
573,492
727,503
591,641
Net ry. oper. income.$18,560,709 $14,364,267 $16,691,901 $13,747,229
Miscellaneous revenues.
Crl7,069
026,247
Cr29,513
027,955
Miscel. exps. & taxes.._ Drl7,249
Dr22,182
Dr22,175 Drl9,703
Total oper. income...$18,560,529 $14,368,333 $16,699,239 $13,755,480
Non-Operating Income—
Income fr. lease of road.
220,769
321,843
Miscel. rent income___
283,377
275,432
168,616
223,894
Mis. non-op. phys. prop.
160,212
185,139
196,433
194,042
Dividend income______
331,276
195,413
484,554
74,106
Income fr. funded secur.
514,579
443,650
403,758
447,176
Inc. fr. unfd.secs.& acctsi
241,649
319,648
319,702
397,032
Rel. of prem. on fd. debt5
694
760
1,100
1,165
Miscellaneous income.'.
24,553
57,352
805,429
de&26,328
Gross income________ $20,156,869 $15,845,727 $19,299,598 $15,388,410
Deductions —
Rent for leased roads__
587,731
150,299
134,458
110,990
Miscellaneous rents___
216,722
224,804
262,779
271,664
Miscel. tax accruals___
19.800
22,200
18,303
15,208
Sep. oper. prop.—loss..
145,584
21,055
39,868
65,317
Interest on funded debt. 7,450,885
7,073,343
6,729,744
6,400,595
Int. on unfunded debt..
41,108
16,370
267,813
807,865
Amort of disc, on funded
debt-----------------------269,730
234,393
206,551
158,982
Maint. of invest organiz.
331
778
311
51
Miscel. income charges.
17,452
21,554
22,417
28,908
Net income__________ $8,749,344 $8,080,932 $11,617,354 $7,528,837
Divs. on pref. stk. (5 %).
499,925
499,925
499,925
499,925
Divs. on c°m. stk-(5)3 %)2,586,578 (5)2,351,435 (4)1,881,148 (5)2,351,435
Sinking funds------------45,301
43,218
41,169
39,175
Invest, in phys. prop...
-----------------------55,899

Sur. cr. to profit & loss $8,275,720 $5,186,354 $9,195,112 $4,582,403
For latest earnings, see “Railway Earnings Section’’ (issued monthly).
OFFICERS.—Pres., P. E. Crowley; Sec., Edw. F. SteDhenson; Gen
Treas., H. G. Snelling; Compt., W. C. Wishart, New York.
Directors.—William K. Vanderbilt, Warren S. Hayden, Frederick W.
Vanderbilt, Chauncey M. Depew, Geo. F. Baker, H. S. Vanderbilt, Jackson E. Reynolds, Chas. B. Seger, P. E. Crowley, H. A. Worcester, E. S.
Harkness, Albert H. Harris, Frank J. Jerome. Festus J. Wade. Bertram
Cutler.—(V. 122, p. 1446.)
CLEVELAND & MAHONING VALLEY RY.—Owns from Cleveland, O .
co Penn. State line, 81 m. (77 double track); Niles, O.. to Lisbon,©,
36 m.; Girard to Youngstown. O., 6 m. Leased to Nypano RR. (formerly
N. Y. Penn. & Ohio) under new lease dated 1917; rental, $550,967, with an
additional amount contingent. The shareholders voted Feb. 23 1917 (a)
to issue $2,851,800 pref. (a. & d.) stock for impts., elimination of grade
crossings, &c. (none issued to May 1923); (ft) to make a modified lease for
999 years from Mar. 9 1917, during the corporate existence and all exten­
sions thereof, to the Nypano RR. Co., a subsidiary of the Erie Railroad
Co. V. 104, p. 163. Coup. int. Is J. & J., reg. int., Q.-J. Common stock Is
$3,259,200, or which $3,258,400 is held by “Atlantic First Leased Lines
Rental Trust Limited." of London.
Dividends: in 1906 to 1911.
11.40%: 1912, 854%; 1913, 11.20%; 1914. 11.25%: 1915. 11 40%: 1916.
11%; 1917. 11.75%; 1918. 10.75%- 1919. Jan.. 2)3%: April. 2)3%: Oct..
1919 to Apr. 1926, 2)3% quar. For ’925, total income, $567,747: Fed.
taxes, $53,095; interest, $146,800; rentals, &c., $25,670: divs.. $342,216;
bal., def., $34. Corporate office, 530 Guardian Bldg., Olevelanu, O.— (V.
104. p. 1701.)
CLEVELAND & PITTSBURGH RR.—(See Map Pennsylvania RR.)—
Cleveland, O., to Rochester, Pa., 122 miles; branches, Bayard, O., to
Goshen, O., 38 m.; Yellow Creek to Bellaire, 43 m.; branches to Dover and
Valley Jet., 2 m.; trackage. Rochester to Pittsb. (P. Ft. W. & Chic.), 26
m.; other trackage, 23 tn.: total, 253 miles.
LEASE.—Leased for 999 years 1871 to Penn. RR. Co. and since Jan. 1
1918 operated directly by that company. Rental, divs. on stock, Int. on
bonds and organization expenses. ‘Special guaranteed betterment stock"
(subordinate to the original stock as to dividends only), with dividends of
4% guar, by the Penn. RR.. Is issuable for Impts. V. 79, p. 2205, 2642;
V. 83. p. 625: V. 85, p. 1082; V. 87. p. 812; V. 91. p. 1446; V 93. p. 1785:
V. 96, p. 135; V. 97. p. 1425; V. 98, p. 999; V. 100. p 1348 Of the special
guaranteed 4% stock, Penn. RR. Co. owns $7,500,000. V. 101, p. 1464.
448: V. 92, p. 1031, 1108.
BONDS.—All equally secured: guaranty. V. 56. p. 604; V. 106, p. 259V. 109, p. 1079.
EARNINGS.—For 1925, gross income, $2,244,045; deductions, $344,178
dividends, $1,899,815; bal., sur., $52.—(V. 119, p. 810.)
CLEVELAND UNION TERMINALS CO. (THE).—Company was or­
ganized to construct In the centre of Cleveland a new union passenger
station and terminal facilities, made necessary by the continuous growth in

May, 1926.]

19

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Colorado & Southern—Common stock $31,000,000.
First preferred 4% non-cumulative $8,500,000__
Second preferred 4% non-cumulative $8,500,000__
First mortgage gold $20,000,000 .. . ____ Eq.zc*
Ref & Ext M $100,000,000 gold red 101- Ce.xc*&r*
Equip tr No 19 (U S RR Adin) due $70,000 ann__ G
Equipment trust of 1922__
_________ ____ _____
Lines Controlled by Ownership of Practically Entire
Fort Worth & Denver City 1st mtge gold__ Ba.zc*
Equip trust No 20 (U S RR Adm) due $33,900 ann.G
Equipment trust of 1922, due $50,000 annually___
Ft W & Den Ter Ry 1st M $2,500,000 call 105.Ba.xc
Colo Springs & Cripple Creek District Ry—
First mortgage $2,000,000 gold sinking fund Ce.z
First consol mortgage $3,600,000 gold _ __ G.xc&r
Colum Newb & Laurens—1st M $12,000 per m_SBaz
Columbus & Toledo—See Hocking Valley Ry
Columbus Xenia—Stock 8% rental--.........................
Concord & Portsmouth—Stock 7% rental 99 years
Conn & Passumpsic—Pref stock 6% rental 99 yrs c*
First mortgage $2,900,000 gold. ____
__ zc*
Massawippi stock guar same div as Conn & Passump
Newport & Richford 1st M gold guar by C & P. _zc*
Connecticut River—Bonds—See Boston & Maine
Conn (Phila)—1 st M $15.000,000guar p & i GP.kvc*

Miles Date
Road Bonds

Par
Amount
Value Outstanding

1,011 1898
Text 1905
1920
1922
Capita I Slock
454 1881
1920
1922
1907

$100 $31,000,000 See text See text.
J&D
4
10C 8,500,000
4
Dec
10C 8,500,000
4 g F&A
1,000 sl4,389,000
100 &c r28,978,900
41< g M & N
630,000
6
J & J 15
1,000 1,235,000
5H M&N
l,00C 8,173,000
5% g J&D
6
J&J 15
136,700
1,000
550,000
5^ M&N
J&D
6
1,000
300,000

74

1.00C
1.000
1,000

55
39.82

1911

50
100
100
1,000
100
1.000

1911
1911
1905

1,000
1,000
1,000

1900
1902
75 1887

iio
37
21
RR
f36
136
...
Connellsville & Monon—IstM g s f red par.UPi.xc&r

1893

1,255,000
1,379,000
888,000
1.786,200
350,000
2.500,000
2,900,000
400.000
350.000
7,000.000
1,545,000
252,000

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Dec 30 1922 3% Office 26 Liberty St, N Y
June ?0 ’26 2%
■ do
do
do
do
Dec 31 1925 4%
Feb 1 1929
do
do
do
do
Mayl 1935
To Jan 15 1935 Guaranty Trust Co, N Y
First Nat Bank, N Y
Mayl 1937

Office, 26 Liberty St, NY
Dec 1 1961
To Jan 15 1935
To May 1 1937 First National Bank.N Y
Dec 1 1937
Office, 26 Liberty St.N Y

5g
5g
3g

J&J Jan 1 1930
A & C Oct 1 1942
J&J July 1 1937

8 2-5
7
6
4g
6
5g

Q—M
J&J
F&A
A&O
F&A
J&J

4 K
5g
4g

M&S 15 Mar 15 1951
M& S 15 Mar 15 1951
M&S Septi 1930

See text
See text
Safe Dep & Tr Co, Balto

See text
Treasurer, Columbus. O
Jan 1 1926 3^ Manchester, N H
Feb 1 1926 3% Safe Dep & Tr Co,Boston
Apr 1 1948
do
do
do
do
Feb 1 1926 3%
Jan 1 1941
do
do
Treas Pa RR Co, Phila
do
do
Union Tr Co, Pittsb, Pa

r Additional $7,067,371 owned or controlled by the compa ny.
s Additional $5,013,000 owned or controlled by the compa ny.

the great volume of railroad traffic moving to, from and through that city.
The station will be used by the railroad companies named below, these com­
panies having entered into an operating agreement with the Terminals
Company under which they are obligated to pay to the Terminals Co.,
each in proportion to its use, sums covering in the aggregate all operating
expenses, taxes, interest and sinking fund charges of the Terminals Co.,
but with the reserved right in the Terminals Co. to admit other railroads to
the use of the terminal property as tenants, upon terms and conditions to
be agreed upon and approved oy the railroad companies.
BONDS.—The 1st mtge. sinking fund gold bonds are unconditionally
guaranteed, principal and interest, jointly and severally, by endorsement,
by New York Central RR., Cleveland Cincinnati Chicago & St. Louis
Ry. and New York Chicago & St. Louis RR, (see description in V. 117,
p. 207). Series “A” bonds are redeemable, as a whole only, on and after
April 1 1942 at 105 and int. '.also for sinking fund on and after Oct. 1 1927.
Series “B” bonds are redeemable at 105 and int. in whole or in part on April 1
1943, or on any interest date thereafter, and for sinking fund semi-annually,
beginning Oct. 1 1928.
OFFICERS.—Pres.', O. P Van Sweringen; Sec., C. W. Stage: Treas.
W. J. Pinkett. Office, Cleveland O.—(V. 122, p. 1915.)
(THE) COLORADO MIDLAND RR.—Dismantled. See “Ry. & Ind
Section” for May 1921, and V. 113, p. 1887: V. 114, p. 2240: V. 116, p. 2766
COLORADO AND SOUTHERN RY. CO. (THE).—Operates a system
of roads from Guernsey, Wyo., through Denver to Fort Worth, Galveston,
Houston, Dallas, &c. Total oper. Dec. 31 1925, 1,820 miles, including
170 miles operated under lease or contract, notably 118 miles of trackage
Denver to Pueblo, over Atch. Topeka & Santa Fe. Total line owned.
1,758 miles (of which 108 miles not operated by the co.), viz. (*which
see):
Colorado & Sou. Ry. fowned)__ 913 Wlohlta Valley Ry_____________ 52
Wichita Falls & Oklahoma_____ 35
Controlled Lines—
Wlohlta Valley RR-------------------61
Colorado RR_________________ 121 Abilene & Northern____________ 38
Fort Worth & Denver City____ *454 Stamf.A N.W. Ry fV.80. n.l284> 83
The I.-S. C. Commission has placed a tentative valuation of $34,789,000
on the total owned and $38,209,922 on the total used property of the com­
pany as of June 30 1918.
In April 1906 acquired a one-half Interest in the Trinity & Brazos Valley
Ry., owe '.ng a line from Cleburne to Houston. Tex. ,236 miles, with branch to
Waxahai ;hie. 67 miles. The suit against Ch. R. I. & Pac. Ry. to compel
payment of latter’s share of cost of building the T. & B. V. Ry., was settled
Dec. 23 1918. V. 109, p. 672: V. 108. p. 378, 479. 1610: V. 103, p 2428
See that co. and V. 98, p. 1920.
ORGANIZATION.—Reorganization Jan. 1899. V. 67. D. 748. In
Dec. 1908 the Chicago Burlington & Quincy acquired $23,667,500 r ummon
V. 87, p. 1663. 1604: V. 88. p. 158. 685.
Owns a large majority of the com. stock of Fort Worth & Denver City
Ry. which see. Controls Denver & Interurban (Electric) Railway,
which owns 9.48 miles, and operates 36.14 miles of Coi.&Sou., electrified,
under lease. V 87, p . 950: V. 89. p. 934.
DIVS.
|’07. ’08-T1. T2. T3. ’14-T5 1916 17-’20. ’21-’22. ’23-’25
4 None
2%
4
4
4
1st pref %____ j 4 4 yrly
4 None
____
4
4
4
2d pref. %____ [ 4 4 yrly
0 None ....
3
3ommon%
2 yrly
Paid in 1926: ’June 3c, 2% on 1st pref.
BONDS.—1st M., see V, 68, p. 1027; V. 77, p. 2158:,V. 87, p. 444, 1160
The $100,000,000 Refunding bonds of 1905 were made issuable as follows
For Refunding bonds and equipment obligations of system------- $36,850,000
For betterments and improvements. Including equipment, at the
cum. yearly rate of $500 per mile of operated & controlled.lines 15,000,000
For reimbursement of the treasury of the company, &c_______
2,500,000
For acquisition of additions (incl. double-tracking)_________ 45,650,000
The Refunding bonds are secured by a first lien on all the bonds and prac­
tically all the stock of the cos.owning about 706 miles of road. Including the
Wichita Valley lines and the Trinity & Brazos Valley Ry.: also, by direct
Hen, subject to the first mortgage, on about 1,002 miles of road owned by
the Colorado & Southern and on the stook of subsidiary cos. whose bonds
are not pledged under the mortgage, owning 556 miles of read, maklnc
1,604 additional miles, on which there are outstanding $30,174,900 under
lying bonds: total thus covered, 2,304 miles, on which the total outstanding
rinded debt. Including these bonds and all prior liens, averaged $26,471
per mile. V. 80. p. 1791: V. 91. p. 462. 214: V. 93. D. 1021.
Of the Fort Worth & Denver Terminal bonds, $300,000 sold and $428,000
held bv Ft. W. & D. O. Ry. V. 86, p. 52. 1100: V. 87. p. 949.
Equioment trusts issued to Director-General for rolling stock allocated
tocompan this y. See article on page 3
REPORT.—For 1925, in V. 122, p. 2939, showed:
’---------------Colorado and Southern Ry.--------------Calendar Years—
1925.
1924.
1923.
1922.
Revenues............ ........ $12,365,588 $12,866,947 $12,675,913 $13,196,237
Operating expenses____
9,715,875 10,139,487 11,154,293 10,894,665
$2,727,460 $1,521,620 $2,301,572
Net earnings_______ $2,649,713
3,550,979
4,533,324
3,419,963
Total income_________
4,352,778
f 2,196,244
2,144,059
Interest charges_____ 1
703,875
2,768,635)
314,426
Rents, &c____________ j 2,701,796
68,287
Miscellaneous________ J
340,000
340'000
340,000
Div. on 1st pref. stock- _
340,000
340,000
340,000
340,000
Div. on 2d pref. stock-.
340,000
930,000
Div. on common stock. .
Balance....... ................ sur$970,982sr$l,084,690 sur$156,259 def$775,240
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—Pres., Hale Holden, Chicago: Exec. V.-P., C. G. Burn­
ham, Chicago: V.-P. & Gen. Mgr., Robert Rice, Denver; Sec. & Treas.
B. F. James, Denver; Asst. Sec. & Asst. Treas., C. I. Sturgis, Chicago.
—(V. 122, p. 2939.)




COLORADO SPRINGS & CRIPPLE CREEK DISTRICT RY.—Colorado
Springs to Cripple Creek. Col., 47 m.; branch, Cameron to Victor, 5 m.j
other branches aud spurs, 22 m.; total, 75 m.; of which 57 m. steam, 16 m
(team and electric and 2 m. solely eleotrlo. In Jan. 1905 Colorado A
Southern acquired all the stook except $900 com. V.80.D.472, 1 111 1423.
Leased to Cripple Creek Cent. Ry. system in 1912 (V. 94, p. 123), but the
rental due having been in default since May 1 1918 the lease was terminated
April 22 1919. George M. Taylor. Colorado Springs, was appointed re­
ceiver May 10 1919 at the request of the bondholders' committee. V. 108.
». 2022. The burning of a bridge in May 1918 temporarily put the main
ine out of commission, but this having been repaired operations were begun
again July 15 1919. but. proving unprofitable, operations were again sus­
pended in 1920. Receiver’s certif. for $50,000 for two years at 7% issued
June 15 1919 to replace the bridge, &c., and for $130,000 sold at end of
1921 to settle accrued taxes have been paid off. V. 108, p. 170, 479, 2528.
The road was sold on Oct. 16 1922 to W. D. Corley of Colorado Springs,
for $370,000. Certain claims and funds in the hands of the receiver were
excluded from the sale. From the proceeds of the sale $150 per bond was
paid in June 1923 to holders of certificates of deposit for 1st mtge. 5s. In
April 1924 a further $100 per bond was paid out of moneys collected from
the Federal Govt, under the Transportation Act of 1920. V. 118, p. 1910.
A suit for $1,000,000 for unpaid taxes, damages, &c., instituted in 1919
by the receiver against the former lessee and others is still pending.
On Oct. 1 1918 the interest on the $1,379,000 First Consols and on Jan. 1
1919 the interest and sinking fund on the $1,255,000 First Mtge. bonds went
unpaid. In Aug. 1919 the Central Union Trust Co., N. Y., declared the
principal of 1st M. 5s immediately due and payable. V. 109. p. 887.
Committee: (a) For 1st M. ss (majority deposited): James Timpson
(2d V.-Pres. Mutual Life Ins Co., N. Y.), Chairman; Central Union Trust
Co., depositary, (ft) For 1st Consols (majority deposited): F. J. Lisman
of N. Y.. Chairman: N, V Trust Co., depositary. V. 108. p. 170. 378.
479, 578, 2433, 2528; V. 118, p. 1910.
Stook, all outstanding, oom., $1,200,000: pref., 5% non-cum., $800,000
Par of shares, $100 each. Div. 5% on pref., paid Feb. 1907, June 1908 and
Nov. 1 1909. On com., 2%, Sept. 1908. Sinking fund to retire first mtge
bonds yearly at 110 for first 15 years, then at 107 H for 5 vears then 105 fo»
next 5 years. 102J-S for 3 years, thereafter at par, is in default. V. 76,
p. 345.—(V. 118, p. 1910.)
COLUMBIA NEWBERRY & LAURENS RR.—Columbia to Laurens,
8. O., 75 m. Stock, $500,000. Bonds were 6s, but reissued as 3s In 1900,
income certificates to amount of 40% of bonds being issued. Bonds issued,
$899,000; in treasury $11,000. At last accounts had also outstanding
$359,600 5% non-cum. certfs. for funded coupons.
Year ending Dec. 31— Cross.
Net.
Otherlnc. Charoes. Surplus
1925 _________________ $597,541 $151,857 $12,843 $121,420 $43,280
1924 _________________ 630,439
149,893
12,481 127,022 35,353
1923 ______
672,374
150,448
13,555 122,053 41,950
1922 ..........
610,824
149,272
11,783 114,159 46,896
Pres., J. P. Taylor: V.-Pres., J. b. S. Lyles; Treas., C. P. Seabrook,
Columbia, S. C.
COLUMBUS & XENIA RR.—Owns from Columbus, O., to Xenia, O..
55 miles. Operated as a division of the Little Miami, and is leased for 98
years from Deo. 1869, In connection with that road, to the Pittsburgh Clnolnnatl Chicago & St. Louis, which pays 8% on stock The lease is guar
anteed by Pennsylvania RR. Co. Since Sept. 1913 the quarterly dividends
in Sept, and March have been 2 1-5%, making the yearly dividend rate
8 2-5%.—(V. 72, p. 532.)
CONCORD & PORTSMOUTH RR—Owns Portsmouth, N. H.. to Man­
chester, N. H., 39.82 m. Leased to Boston & Maine RR. in 1862 for 99
years; rental $25,000; 7% on stock and org. exp. Oper. by Boston & Maine.
CONNECTICUT & PASSUMPSIC RIVERS RR.—White River Jet., Vt.
Jo Canada Line. 110 m.; leases 999 years Massaw'ppl Valley, 37 miles.
Owns all the stock ($350,000) of the Newport & Richford RR., Newort, Vt., to Canadian line, 21 miles, operated under lease by Montreal
; Atlantic Ry. (Can. Pac. system), and guarantees its $350,000 1st 30-year
5% bonds dated Jan. 1 1911. V. 91, p. 946.
LEASE.—From Jan. 1 1887 leased to the Boston & Lowell (now merged
with Boston & Maine) for 90 vears
Rental is 6% nor annum on tbe stock
The Boston & Main in 1926 leased that part of the road between Wells
River Jet. and Newport, Vt., to the Canadian Pacific. V. 122, p. 2795.
SECURITIES.—Massawlppi stock receives same dividends as stock of
lessee and $400,000 of lt (not inoluded in the amount outstanding) in pledged
as part security for 4s of 1893. of the $2,500,000 pref.. $700,000, as also
$100,000 Massawlppi Valley Ry. stock, was purchased Feb. 1 1910 by the
Vermont Valley.—(V. 122, p. 2795.)
CONNECTICUT RIVER RR.—See Boston & Maine RR.
CONNECTING RAILWAY CO.—Owns from Girard Avenue to
Frankford Phila., 6 m.; North Phila. to Chestnut Hill, 7 m.; branches,
Ao., 23 m.; total, 36 m. V.103, p.1508. Stook authorized, $5,800,000; out­
standing, $4,116,650, of which $3,825,350 owned by Penn. RR. Dec. 31
1925, which operates road under lease assigned to that company by PhllA.
& Trenton RR., terminating Feb. 18 2862. Dividends 4% yearly (J. & D.).
In 1911 made a new 1st M. for $15,000,000, guar., p. & L. by Penn. RR.
V. 103, p. 1508. V. 93. p. 229, 730; V. 98. p. 522, 610—(V. 119. p. 1063.)
CONNELLSVILLE & MONONGAHELA RY.—Owns Moser Run Jet.
to Brownsville, Pa., 15.68 miles; branches and spurs, 6.75 miles; total,
22.43 miles (connecting Penn, with Monongahela Ry.). Incorporated: n
Penn. Mar. 11 1905. Leased to Penn. RR. until Jan. 1946 at rental equal
to 4% on cost of road, taxes, operating and maintenance charges, rental
being more than sufficient to pay interest charges and retire principal of
bonds through sink, fund at or before maturity. Sink. fd. $25,000 yrly.
to call bonds in numerical order, but to be kept alive. V. 93, p. 407. On
Dec. 31 1925 $252,000 were outstanding and $755,000 were in sinkingfund.
Stock, $700,000. Controlled by or in interest of U. S. Steel Corporation.
Pres., W. H. Clingerman; Sec. & Treas., J. D. McCreery.—(V. 119, p.1063.)

{

S

50

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Miles Date
Road Bonds

Copper Range—First mortgage gold (see text). . .x Text
Copper Riv & Northwest—1st M $50,000,000.G.xc*
197
Cripple Creek Central—Common stock. _______
Preferred stock 4% non-cumulative..
___
Cuba Railroad Co—Common stock 1.000.000 shares
Preferred stock 6% non-cumulative $10,000,000__
First mortgage gold $20,000 per mile____ G.xc*&r*
602
Impt & equip ment gold $12,000 per mile__ -N.xc*
First lien and refunding Series A .. kxxxc&r*
...
Equipment trust certificates—
due $85,000 semi-annually. . ---------- _c*
Cumberland R.v & Coal Co—1st M $3,000 009 g gu.
48
Dayton & Michigan—Com stock (3)4% gu Tol Cinn)
Preferred (8% guaranteed Tol Cinn) endorsed____
1st M gu p & i end ext in 1911 red 102)4 beg 1917- .c
141
Dayton Union Ry—First mtge sink fund call par. F.x
2
Delaware RR—Stock 8% guaranteed . . .. ----245
General mortgage gold _. _____ ____
_FP.sc*
113
Delaw & Bound Brook—Stock 8% gu Phila & Read.
First consol mtge $1,800,000 guar_____ Pep.sc*&r 30'97

1899
1909

1902
1910
1921
1920
1910
1871
1871
1881
1899
1892
1905

Par
Value

Amount
Outstanding

$500 &c $2,280,000
l.OOOi 23,020.000
100 2,500,000
72 3.000.000
None 500,000 shs
100 10,000,900
1,000 &c 14.418,000
$ & fr
4,000,000
100 &c 4,000,000
1,000
680,000
1.000 2,727.000
50 2.401,950
50 1.211,250
1,000 2.724,000
1,000,
302,000
25 5,078,275
1,000
317,000
100 1,800,000
1,000 1,800,000

CONSOLIDATED RAILROADS OF CUBA—Owns all the common
stock of Cuba RR.. and all but a fraction of 1% of the stock of Cuba
Northern Rys. The corporation has issued approximately 400,000 shares
of cumulative 6% pref. stock and 400,000 shares of com. stock having no
par value. Only the com. stock has voting rights. Cuba Co. owns 367,189.5 shares of the Preferred stock and 243,927.5 shares of the com. stock.
A few shares of the pref. and com. stocks remain in the treasury of Consoli­
dated Railroads of Cuba to be exchanged eventually for com. stock of
Cuba Northern Rys. The com. shares of Consolidated Railroads of Cuba
have been deposited with five voting trustees, of whom four are stock­
holders and directors of Cuba Co. Voting trustees are: Guy W, Currier,
Herbert C. Lakin, Horatio S. Rubens, Jose M. Tarafa, and William H.
Woodin.
REPORT.—For period July 28 1924 to June 30 1925:
Dividends on stocks owned, $195,000; interest, $1,305_________ $1,951,305
Administrative and general expenses________________________
72,563
Net income-------------------------------------------------------------------- $1,878,742
Dividends on preferred stock______________________________ 1,197,144

Surplus June 30 1925-------------------------------------------- :_____
$681,598
This statement does not include as a profit and loss charge dividend
declared on pref. stock payable July 1 1925 in the amount of $599,481.
Balance sheet as of June 30 1925 in V. 121, p. 1904.)
COOPERSTOWN & CHARLOTTE VALLEY RR.—Entire $45,000
capital stock owned by Del. & Hudson Co. (V. 77, p. 88), which also owm
$269,000 (87 %) of the $307,400 outstanding stock of Cooperstown & Susauehanna Valley RR. Owns Hemlock Road to Davenport Centre, 4.01 m., of
which 1.77 m. are operated; leases for 99 years from Apr. 15 1891 Coopers­
town & Susq. Val. RR., Cooperstown to Hemlock Road, with branch to
Cooperstown Jet., 19.75 miles
COPPER RANGE RR. CO.—Calumet, Mich., to Mass City, with
branches; total. 93 miles; side tracks, 41 miles. Lease Mohawk RR. to
Gay, 15.84 miles, with branches, &c., 1.66 miles. Stock, $4,244,300, all
owned by Copper Range Co. Bonds limited to $20,000 per mile of main
line and branches and $15,000 per mile of sidings.
Pres., William A. Paine; V.-P. & Treas., F. W. Paine; Sec., J. A. Ackroyd, Boston.—(V. 114, p. 2359.)
COPPER RIVER & NORTHWESTERN RY.—Owns from Cordova,
Alaska, on tidewater, through the Copper River Valley to Kennecott, 197
miles. Kennecott Copper Corp. (V. 101, p. 1889) in Dec. 1915 acquired
nil of the outstanding securities, $4,817,400 stock and $23,020,000 1st M.
5s.—(V. 118, p. 2308.)
CRIPPLE CREEK CENTRAL RY. CO. (THE).—Owns Cripple Creek
& Colorado Springs RR. and Midland erminal Ry. through ownership
of all their stock.
J.VJ. HCS .

Main line, Colorado Springs to Cripple Creek____________________ 56.30
Branches and spurs__________________________________________ 33 65
Total system_______________________________________________ 89 95
Reorganization (per plan ln V.78.P. 2018; V. 77, p. 1542,) of the Denver
& Southwestern, foreclosed Oct. 4 1904. V. 79. p. 1461: V. 101. p. 1184
The lease of the Colorado Springs & Cripple Creek District Ry. termi­
nated April 22 1919. See that company.
STOCKS AND BONDS.—Com. stock, $2,500 000; 4% non-cum. pref
•took. $3,000,000; par of Rhares. $100. V. 82. p. 1156: V. 85. p. 1209.
BONDS.—$326,000 first mtge. bonds of the Florence & Cripple Creek
RR. Co., assumed and guaranteed by the Cripple Creek & Colorado Springs
RR. Co. and owned by Cripple Creek Central Ry. Co. were paid during
1918. The company still owns $319,000 of these bonds.
DIVI8.—'07 -08. '09. '10. ’ll. '12. T3-15. '16. 17. '18.
1919-26
Oom.. %_. 6
0
0
0
0
3
4 15
6 3
See text
Pref %------44444
4
44 4
See text
In Feb. 1916 an extra dividend of 10% was declared with the quarterly
1%, on common stock, both payable March 1. In Sept. 1918 the common
dividend was omitted, but the usual pref. dividends Nos. 52 and 53, 1%
each, were paid Dec. 1918 and March 1 1919.
A capital distribution (No. 28) of 1% was paid on the pref. stock Mar. 1
1926 “out of funds heretofore realized from sale of capital assets.” Twentyseven previous quarterly distributions each of 1 % had been made from capital
assets, No. 1 June 1 1919, and No. 27 on Dec. 1 1925. The present dis­
tribution, it is understood, will reduce the face value of the pref. shares to
$72.
REPORT.—For 1925 (Midland Terminal Ry. Co.), gross, $630,578;
net loss, $153,108. Net loss is after charging $237,856 to depreciation on
roadway and $112,044 to sinking fund for retirement of 1st mtge. bonds
which matured Dec. 1 1925.
OFFICERS.—Pres., A. E. Carlton; V.-P., Spencer Penrose; Sec., E. S
Hartwell; Treas., A. S. Gill. Office, Colorado Springs.—(V. 120, p. 952.)
CUBA RAILROAD CO. (THE)—Owns from Santa Clara, Cuba, to
Santiago de Cuba, 356 miles; Marti-Bayamo San Luis line, 141 miles:
Trinidad lines, 56 miles; nine branches, 215 miles: total June 30 1925, 769
miles. In Nov. 1915 purchased the entire $2,000,000 capital stock of the
Camaguey & Nuevitas RR., which on Jan. 8 1923 was increased to $5,000,000, all of which was owned by the Cuba RR. Co. This stock has been sold
to Consolidated Railroads of Cuba. The stockholders on Aug. 22 1924
authorized the purchase of the assets of the Camaguey & Nuevitas Ry.
and this authorization was duly carried into effect. The Cuba RR. Co.
assumed $4,000,000 bonds of the Camaguey & Nuevitas Ry., all of which
are owned by the Cuba RR. Co.
STOCK.—The stockholders on June 27 1923 Increased the auth. Common
stock from 200,000 shares, par $100, to 1,000,000 shares, no par value,
500,000 shares of no par value stock being issued in place of the then




[Vol. 122.

RAILWAY STOCKS AND BONDS
Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Old Colony Tr Co.Boston
J P Morgan & Co, N Y
Cheeks mailed
do

5g A&O Oct 1 1949
5 g F&A Feb 1 1950
See text Q—M See text
See text Q—M See text
See text See text June 30’26 81.20
F&A Feb 1 1926 3%
6
5 g J&J July 1 1952
5 g M&N Mayl 1960
7)4 g J&D Dee 1 1936

Checks mailed
Royal Bank of Can, N Y
do
do
National City Bank, N Y

A&O Oct ’26-Apr ’30
A&O Oct 1940
A&O See text
Q—J See text
J&J Tan 1 1931
J & j July 1 1949
J&J Jan 1 1926 4%
J&J July 1 1932
Q—F May 20 ’26 2%
F&A Aug 1 1955

Commercial Tr Co, Phila
Montreal. Canada
Cincinnati, Ohio
do
J P Morgan & Co, N Y
Farmers' L & Tr Co, N Y
Checks mailed
Treas Penn RR Co,Phila
11 W State St, Trenton
Meeh N Bk. Trenton.N J

7g
5g
3)4
8
4« (5)
4g
8
4)4 g
8
3)4 g

existing 158,000 shares of $100 par value. The entire common stock has
been acquired by the Consolidated Railroads of Cuba.
DIVIDENDS (%) 1910
'11 '12 '13 '14 '15 '16 '17-'20 '21-’25
Preferred___________3)4
4)4 5)4 6
6
6
6 6 yrly
See
Common (in cash)__ ___________
46 6
6 ______
text
Also on com. In com. stock in 1916, Jan., 20%: June. 25%. V .103, p. 762.
On Feb. 1 1918 paid a scrip dividend of 3% on the pref stk, redeemable
on Feb. 1 1921, or earlier at option of company, with 6% interest payable
annually Feb. 1; also Aug. 1 1918 on pref. a scrip dividend of 3%, and Feb.
1919 to Aug. 1920 paid cash divs. of 3% s. a.; Feb. 1921 div. was omitted,
payments resumed in Aug. 1922, when3% waspaid; Feb. 1 3 to Feb. 1926
paid 3% semi-annually. The scrip due Feb. 1 1921 was called
'-ment
Feb. 1 1920. V. 109, p. 1986; V. 110, p. 77.
Dividends on common stock were resumed on March 31 1925 with a
payment of $1 20 per share: on June 30 1925 paid $1 30 per share: Sept. 30
1925 paid $1 50 per share; Dec. 31 1925 paid $1 40 per share; March 31 and
June 30 1926 paid $1 20 per share.
BONDS, dec.—1st M. bonds application to list, V. 86, p. 924; V. 88, p.
451; V. 89, p. 162; V 91, p. 38, 1253; In 1919 sold additional $1,150,000.
Y. 108, p. 2329. The 5% Improvement & Equip, bonds of 1910 are limited
to$12,000per mile (excl. sidings) owned. V. 91, p. 588. 1253; V. 95. p. 175.
The 1st Lien & Ref. Mtge. 7)4 % gold bonds. Series A, are secured by the
pledge of $4,000,000 (entire issue) Camaguey & Nuevitas Ry. (Ferrocarril
de Camaguey y Nuevitas) 1st Mtge. 7)4% bonds, due Dec. 1 2021, or prior
thereto, on demand, and $3,956,600 Cuba RR. Impt. & Equip. Mtge. 5%
bonds, due 1960, in addition to being secured (in the opinion of counsel) by
direct mtge. on entire property of Cuba RR. Co. V. 113, p. 2504.
REPORT.—For year ending June 30 1925, in V. 121, p. 2032, showed:
June 30
Gross
Gross
Interest Pref.Divs. Common Balance,
Years—
Earnings. Income. Charges. (6%) Dividends. Surplus.
$
$
$
$
$
$
1924-25_____ 19,511,046 6,422,828 1,477,308 600,000 3,950,000 395,520
1923-24_____ 14,384,257 5,012,380 1,485,985 600,000 2,000,000 926,395
1922-23_____ 14,146.198 4,669,480 1,540,272 600,000
2,529,207
1921-22_____ 11,722,972 3,232,286 1,685,842 600,000
946,444
1920-21_____ 15,853,959 1,788.669 1.475,711 ______
_____
312,959
OFFICERS.-—Chairman & Pres., Horatio S. Rubens; Sec., Wm. H.
Baker; Treas., H. W. Snyder. Corporate office, 83 Montgomery St.,
Jersey City, N. J.; general offices, 3007 Grand Central Terminal Building,
New York; Secretary’s office, 441 Lexington Ave., New York.
CUMBFRI AND & FENNSYI VANIA RR.—Owns from Cumberland,
Md., to Piedmont, W. Va., and several branches, 51 miles. Owned by the
Consolidation Coal Co., which owns all the $1,506,000 stock. The I.-S. C.
Commission has placed a tentative valuation of $4,109,950 on the total
owned property and $4,110,200 on the total used property of the company,
as of June 30 1918. Pres., C. W. Watson; Sec. & Treas., H. H. Warfield.
—(V. 120, p. 1087.)
CUMBERLAND RAILWAY & COAL CO.—Owns road from Springhill
lot. to Sprlngnlll Coal Mines, N. S., and Parrsboro on the Bay of Fundy,
32 miles; also ooal aoies, timber lands, &o. The Dominion Steel Corpora­
tion late In 1910 arranged to acquire the $ I.OOO,000 stock the $979,000 6%
bonds being exchanged for $1,167,000 5s guaranteed by Steel Corp, issued
under a mtge. for $3,000,000 providing for future requirements. V. 91, p.
1629. 1766; V. 92, D. 186, 1435; V. 97, p. 1583 Leased to Dominion Coal
Co.—(V. 117, p. 1346.)
DAYTON & MICHIGAN RR.—Owns Dayton, O.. to Toledo June., O
140.87 miles. Leased May 1 1863 in perpetuity to Cin. Ham. & Dayton
(assumed by Toledo & Cincinnati RR. Co.). Lease modified June 23
1870 Rental is maintenance of organization, interest on bonds and 8%
on preferred stock and 3)4% on common. Guaranty on preferred is
secured by mtge. of 1871, but the pref. carries no voting power. V. 561
p. 813. Mtge. of 1856 is held alive under mtge. of 1881. V. 91, p. 1446,
V. 92, p 118. Status of stock and bonds was undisturbed by plan of 1916
by which B. & O. RR. took over possession, under lease, along with main
line of Cin. Ham. & Dayton.—(V. 92, p. 526.)
DAYTON & UNION RR.—Owns from Dodson, O.. to Union Cltv. Tnd,,
31.94 m.; leases Dayton to Dodson, 15.05 m.; total operated, 46.99 m.
The Cleve. Cin. Chic. & St. Louis and Tol. & Cincinnati jointly rvn the
$36 300 stock. Year ending Dec. 31 1925, gross. $104 975; net oper. deficit,
$18,546: total., def.. $16,053; int.. rentals. &c., $25,075. bal., def..$41,J28.
Pres., Daniel Willard; Sec., C. W. Woolford; Treas.,’ E. M. Devereux,
Baltimore.—(V. 92, p. 236.)
DAYTON UNION RY.—Union depot at Dayton, O. Used by Pennsyl­
vania RR., Cleve. Cin. Chic. & St. L., Balt. & Ohio RR., Dayton & Union
RR. and Erie RR., under lease which provides that interest on bonds and
other expenses be divided between them on train basis. Stock, auth.,
$500,006; outstanding, $321,000, all common. Pres., B. McKeen, St.
Louis, Mo.; Sec., S. H. Church, Pittsburgh, Pa.—(V. 89, p. 1347.)
DELAWARE RAILROAD CO. (THE) —(See Maps Pennsylvania RR.}—
Shellpot Crossing, Del., to Delmar, Del., 95.20 miles; branches, Centreville,
Md., to Townsend, Del., 34.98 miles; Clayton, Del., to Oxford, Md., 54.27
miles; Seaford, Del., to Cambridge, Md.. 32.96 miles; Massey, Md., to
south of Chestertown, Md . 20.52 miles; other branches, 7.22 miles; total,
245.22 miles. V. 67, p. 1358.
Leased to Philadelphia Baltimore & Washington (which owns $2,704,600
of the stock) for 99 years from Meh. 1 1910 at a guaranteed rental of 8% on
the stook, a special stock dividend of 70% being paid Feb. 28 1910: also a
ipeolal cash dividend of 20% and an extra cash dividend of 5%
For cal. year 1925, rental, $423,551; other Income, $45,746; charges.
$57,515; divs. (8%). $406,262; bal., sur. $5,519.—(V. 118, p. 430.)
DELAWARE & BOUND BROOK RR.—Bound Brook June. (Oent.RR.
N. J.) to Delaware River, 27.86 miles; branch to Trenton. 3.74 m.; East
Trenton RR., 3.05 m.; total. 34.67 miles. Total track. Including 2d, 3d
and 4th tracks, sidings, &c.. 123.33 miles. In May 1870 leased for 990 years
to Phila. & Reading. Rental, $213,107.50. paying Interest and 8% on
stock.—(V. 81. p. 210.)

May, 1926.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Adirondack 1st M gold guar p & i end__ Us.zc*&r
Ist&refM $50,000,000 g s f red 107^. - -- xc*&r*
Convertible bonds gold redeemable text ....
Secured gold bonds—
-------- --- . Usm.c*&r*
lo-year gold bonds red (text).. . _Usm.xxxc*&r*
Equipment erold notes Series “A’* due $265,400 ann
United States Government note_________________
Guaranteed Bonds—
Bluff Point Land Improvement Co 1st M g gu..zc*
Utica Clinton & Binghamton RR first mortgage----Albanv & Susquehanna Kit first mortgage
_____
Wilkes-Barre Conn RR 1st & impt mtge (guaranteed
jointly with Pennsylvania KK)________ _____
Chateaugay Ore & Iron"Co refunding first mortgage
Delaware Lacka & Western—Stock auth $87,277,000
Bangor & Portland mortgages gold— ................. -x

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

$100
1,000
57 1892
825 1908 1,000 &c
1915
500 &c
1920
1922 500&1000
1920
1922
1890
1889
1906
1917
1902
’80-’86

$12,503,000
1,000,000
39,000,000
14,451.000
10,000.000
7,500,000
2,388,600
1,500,000

1,000
300,000
1,000
800,000
1,000 10,000,000

When
Payable

Rate
%

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

9
Q—M June 21 '26 2)4 Office, 32 Nassau St.N Y
do
do
4^ g M&S Mar 1 1942
4
M&N Mayl 1943
do
do
do
do
5 g A&O Oct 1 1935
do
do
7 g J&D Junel 1930
do
do
5H g M&N Mayl 1937
6
J&J To Jan 15 1935 Guaranty Trust Co, N Y
M&S Mar 1 1930
6
4
5

J&J Jan 1 1940
J&J July 1 1939
g A&O Apr 1 1946

Office. 32 Nassau St.N Y
New York Trust Co. N Y
Office, 32 Nassau St.N Y

M&N Mayl 1947
do
do
2,186,000
5
do
do
1,000 1,300,000
J&J Jan 1 1942
4
50 87,277.000 See text
Q—J Apr 20 '-26, 3% 90 West St, New York
100 &c
do
do
320,000
6 g J&J 1930-1936

DELAWARE AND HUDSON CO. (THE)—(See Map.)—Operates R R.
Ilnps from Wilkes-Barre. Pa., via Albany and Schenectady to Rouses Point.
N.Y., near the Canadian line, with branches to Binghamton, Troy, Lake
Placid, N. Y ., Rutland, Vt., and other points, a total of 905.62 miles (of
which 330.16 owned in fee, 463.82 miles leased or controlled through stock
ownership and 111.64 miles trackage rights, viz.
bines leased—*See these cos. Miles
Steam bines owned (330 m.) Miles.
Carbondale to Scranton,Pa.,& br. 22 ♦Albany & Susquehanna________ 143
LookoutJct. to HonesdaleJct.,Pa. 28 ♦Rensselaer & Saratoga_________ 190
Nineveh, N.Y. to Jefferson Jet. .Pa 22 ♦Chateaugay & Lake Placid RR._ 79
OherryVal.Jct.toCherryVal.,N. Y. 21 Other leased lines_______________ 52
Schenectady to Delanson. N. Y_ 14 ♦Jefferson RR. (trackage)_______35
Greenwich to Greenw’chJct.,N.Y 10 Boston & Maine (trackage)____ 37
Saratoga to North Creek, N. Y_. 57 Other trackage________________ 40
Whitehall to Rouses Point, etc.. 138
Total operated Jan. 1 1926 .. 906
Other lines owned___ __________ 18
Second track, 371.42 miles; third track, 53.02 miles: fourth track, 18.79
miles; industrial tracks, yard track and sidings, &c., 673.89 miles.
Also leases Utica Clinton & Bingh. and Rome & Clinton RR., 44 miles,
which are sublet to N. Y. Ont. &W. V. 116, p. 1760, 2128.
The stockholders on Sept. 8 1925 approved the lease by the company
of the Buffalo Rochester & Pittsburgh Ry. for a period of 999 years. Under
the terms of the* lease both the common and preferred stockholders of the
Buffalo Rochester & Pittsburgh are guaranteed a 6% dividend during the
duration of the lease.
HISTORY.—Incorporated April 23 1823 as “The President, Managers
and Company of The Delaware and Hudson Canal Company”; name
changed April 28 1899.
A leading carrier of anthracite coal (V. 86, p. 913: V. 105, p. 2093
All coal produced from the company’s mines is sold at the pit mouth to
the Hudson Coal Co. (V. 89, p. 1449). The canal was abandoned and the
cost charged off in 1898. The old “Gravity” road, built in 1829, wac
broadened to standard gauge and opened for regular service in 1900. The
companies taken in by merger include; Adirondack Ry.. Schen. & Duanesb.
Rr., N. Y. & Canada Ry.. Cherry Valley Sharon & Albany RR.
Tentative valuation, $95,834,979 as of June 30 1916 V. 116. p 1648
2255, 2766;’V. 117, p. 324, 1347; V. 119, p. 2406; V. 120, p. 205; V. 121.
p. 1786.
Allied Properties.—(a) Entire capital stocks owned: Quebec Montreal A
Southern Ry. Co., Naplerville Junction Ry Co. Greenwich & Johnson­
ville Ry. Co., Schoharie Valley Ry. Co. and United Trac. Co.; (5) one-half
the stock owned; Wilkes-Barre Connecting RR. Co. and Schenec. Ry. See
list of stock, &c., holdings. V. 106, p. 1893. Anthracite rate case,
V. 101, p. 2072; V. 102, p. 1357.
The stockholders in June 1925 approved the recommendation of the
managers to transfer to a corporation or corporations, all of whose stock
shall be owned by The Delaware & Hudson Co., all or any of the anthracite
lands and interest therein belonging to it and all or any real and personal
property owned or controlled by it pertaining to the mining, preparation
and marketing of anthracite, including the stock of subsidiary corporations
owning properties of that nature, for such consideration in the form of the
stock, bonds or other securities of the purchasing corporation or corpora­
tions, or otherwise, as the Board of Managers may deem adequate and
advantageous.”

Albany & Susq. stockholders were held by higher Federal courts to be en
titled to the saving of interest effected by the refunding at 3% % of the re
maining $7,060,000 of the $10,000,000 issue of Albany & Susquehanna
RR. Co. 7% bonds, Increasing the yearly rental paid. V. 85, p. 721
V. 83, D. 1036: V. 80. p. 1174, 1362. 2343- V. 88. D- 938. 1499; V. 89. p
1068, 1141; V. 90, p. 911. To April 1 1916, when the conversion privilege
expired, $3,556,000 A. & S. bonds had been exchanged for D. & H. stock.
See Albany & Susquehanna.
Sinking Fund.—The sinking fund, created May 9 1899 and amended
May 10 1910, receives out of the yearly net profits not less than 5 cents per
ton on coal mined, and has accumulated $8 670,501 from 1900 to Dec. 31
1925, which amount has been applied to the purchase and retirement of
$1,288,500 of the capital stock (in 1900 to 1906) and in part to the purchase
of coal lands in the Wyoming and Schuylkill regions.
DIVS.—
J'87. ’88. ’89 to ’96. ’97 to ’Q0. ’01 to '06. ’07 to June 21’26
Since 1886 %\ 6
6 7 yearly. 5 yearly. 7 yearly. 9yrly Q-M2X %
BONDS, &c.—On May 12 1908 stockholders authorized a First & Ref
Mtge. for $50,000,000, bearing not over 4% int. and running 35 years, and
■ubjeot to redemption as an entirety only at 107 ft on any int. day, beginning
May 1 1918. One per cent of the amount of bonds outstanding Is to be paid
to the trustee June 1 annually from 1909 to 1942, to be used to purchase
bonds or for improvements and extensions. Of the issue, $39,000,000 are
outstanding in the hands of the public, $10,000,000 are pledged and the re­
maining $1,000,000 are reserved to retire a like face amount of prior lien
bonds due in 1942 on a branch line. V. 86, p. 98, 1409, 1589; V. 87, p. 96,
480, 1419, 1604; V. 89, p. 847, 1541; V. 90, p. 51, 167; V. 92, p. 186, 394;
V. 96, p. 1156, 1700; V. 97, p. 1024; V. 98, p. 1168, 1844; V. 99, p. 48;
V. 122, p. 1022.
The stockholders on Sept. 30 1915 authorized the Issuance of $14,451,000
20-year 5% bonds, which were offered to stockholders. Tbe bonds may al
option of holders at any time up to Oct. 1 1927 be converted into paid-up
shares of capital stock at the rate of $1,500 bonds for ten shares of stock
(with an adjustment of interest and dividend). The entire issue, but not
a part, may be called for redemption at 105 and int. on any semi-ann. In­
terest day on 90 days’ notice, but if so called during the conversion period
the bonds may be converted up to 30 days prior to such call day V. 101,
p. 773, 1092: V. 102, p. 800. 1356: V. 104, p. 1044: V. Ill, p. 2323.
The $10,000,000 7% securea gold bonds of 1920 are secured by deposit
and pledge with trustee of the following: (1) $10,000,000 Del. & Hudson
1st & Ref. 4s of 1943; (2) $3,500,000 Albany & Susq. RR. 1st 3^s of 1946;
(3) $1,000,000 Wilkes-Barre Connecting RR. 1st & Improv. 5s. due May 1
1947 (principal and interest guaranteed jointly and severally, by endorse­
ment, by Pennsylvania RR. and Delaware & Hudson Co. ; (4) $500,00C
Rensselaer & Saratoga RR. Guaranteed stock; (5) $400,000 Albany A
Susq. RR. Guaranteed stock.




51

RAILWAY STOCKS AND BONDS

The $7,500,000 15-year 5)^ % gold bonds due May 1 1937 are redeemable
as a whole only on May 1 1932 at 105 and interest, and thereafter at
less for each 6 mos. from May 1 1932 to redemption date. V. 114, p. 1406.
Guarantees interest on $2,000,000 Reusselaer & Saratoga 1st Mtge. 6s.
due May 1 1941. V. 112. P. 1865.1977
Equipment trusts issued to Director-General for rolling stock allo­
cated to this company. See article on page 3 and V. 113, p. 1470.
Government loan, V. Ill, p. 692, 1851.
REPORT.—For 1925, in V. 122, p. 2637, showed:
1925.
1924.
1923.
1922
Transportation of mdse_$17,007,189 $16,314,917 $16,220,200 $15,557,222
Transportation of coal.. 17,772,850 22,308,428 24,329,812 15,276,651
Passengers____________ 5,752,360
5,832,388
4,999,972
4,723,005
Miscellaneous________
1,237,092
557,255
1,770,467
2,266,379
Total oper. revenue..$41,769,491 $45,012,988 $47,320,452 $37,823,256
Maint. of way, &c_____ $4,713,894
$5,328,910 $4,414,384 $5,140,223
Maint. of equipment— 11,121,308 12,200,672 13,114,203 11,590,317
Traffic _______
609,370
574,235
486,676
526,017
Transportation________ 15,499,877 16,688,257 19,366,915 16,085,687
General, &c., expenses.. 2,085,677
1,935,852
1,970,062
2,272,809

Total oper. expenses..$34,030,126 $36,727,926 $39,352,240 $35,615,053
Net earns, before taxes. . $7,739,365 $8,285,062 $7,968,212 $2,208,203
Other Income—

Hire of freight cars___
Rent freight equipment
Joint facility rents___

$194,512
175,837
178,725

$595,409 Dr$262,635
148,313
164,454
167,825
180,133

Dr$65,052
224,380
122,804

$8,288,439 $9,196,608 $8,050,165 $2,490,334
Railway tax accruals__ $1,136,746 $1,437,180 $1,119,358
$932,416
Uncollectible ry. revenue
3,754
11,404
11,095
11,361
Rent for equipment___
58,331
76,717
85,556
76,784
Joint facility rents____
374,165
362,543
384,029
356,923
Net ry. oper. income. $6,715,442 $7,308,764 $6,450,026 $1,112,850
Non-operating IncomeIncome from leased road
$91,395
$91,389
$91,389
$101,832
Miscell. rent income____
73,422
72,718
108,520
68,151
Misc. non-op. phys. prop 1,265,865
2,173,147
1,924,454
10,673
Dividend income_______
1,436,603
1,279,236
1,412,606
1,282,295
Inc. from fund. secs, and
unfund. secs. & accts.
516,672
293,207
285.300
336,559
Miscellaneous income__ 2,186,009
1,795,565
1,511,192
1,981,245
$12,128,041 $13,171,393 $11,783,487
Deductions—
Rent for leased roads__ $1,904,152 $1,855,034 $1,843,810
Interest on funded debt. 3,602,113
3,464,771
3,479,592
Int. on unfunded debt..
183,985
169,790
160,718
1,530,082
1,864,422
1,587,667

$4,893,606
$1,836,949
3,427,066
70,602
34,990

Net income________ $4,907,708 $5,817,376 $4,711,699 loss$476,000
OFFICERS.—L. F. Loree, Pres., N. Y. City; W. H. Williams, O. A.
Peabody, N. Y. City, Vice-Pres.; F. P. Gutelius, Montreal, Resident V.-P.;
J. T. Loree, Albany, V.-P. & Gen. Mgr.; F. W. Leamy, Asst, to Pres. &
Asst. Sec.; J. W. Coon, Sec.; W. H. Davies, Treas.; W. E. Eppler, Comp­
troller, N. Y. City.
Board of Managers.—Chauncey M. Depew, Charles A. Peabody, Leonor
F. Loree. Cornelius Vanderbilt, Edward R. Harriman. E. H. Outerbridge,
John T. Pratt, all of New York; Percy H. Stewart, Plainfield, N. J.; Robert
O. Pruyn, Albany, N. Y.; William H. Williams, Lyon Mountain, N. Y.;
Henry W. De Forest, Oyster Bay, N. Y.; Charles S. Weston, Scranton, Pa.;
John W. Nettler, East Millstone, N. J. Office, 32 Nassau St., N. Y.—
(V. 122, p. 2637.)
DELAWARE LACKAWANNA AND WESTERN RR. CO. (THE).—

Operates main line from Hoboken, N. J., opposite New York City,, to
Buffalo, N. Y., with branches to anthracite region, &c.. viz (*see this co) :
Lines Leased (Concl.)—
Miles.
Lines Owned—
Miles.
N. J. State line to N. Y. line.__ 111 •Oswego & Syracuse____________ 35
Branch to Northumberland____ 80 •Syracuse Binghamton & N. Y.. 81
Brie & Central N. Y.(V.96.p.2O2) 18 •Utloa Chenango & Susquehanna 97
Bangor & Portland Ry__________ 38 •Valley RR. of New York_______ 11
Other lines owned____________
8 Sussex Railroad________________ 31
Lines Leased—(See each co.)—
•Lackawanna lift of N. ,T........... 27
Lines Controlled and Operated—
•Morris & Essex and leased brohs.176
•N. Y. Lackawanna & Western..214 Lackawanna & Montrose RR.__ ll
•Cayuga & Susquehanna______ 34
Greene Railroad_______________ 8
Total operated_____ ______ 983
HISTORY, &c.—Chartered In 1832, present title assumed In 1853.
In June 1909 tne D. L. & W, Coal Co. was incorporated with $6,800,000
authorized stock, to aot as selling agent for the company’s coal In Pennsyl­
vania, the railroad stockholders being permitted to subscribe for Its stock
See extra dividend below, also that company's caption under Miscel. Cos.
United States Supreme Court on June 21 1915 In the sub brought by
the Government held that the company, under the contract of Aug. 2 1909,
violated the commodities clause of the Hepburn Act and the Sherman anti­
trust law (V. 100, p. 2114; V. 101. p. 17). in Its relations with the D. L. & W.
Coal Co. A new contract was arranged. V. 101. p. 47.
The company on Sept. 17 1920 submitted to the I.-S. C. Commission a
plan for the segregation of its coal properties and the operation of its mines
owned. as distinct enterprises from its railroad properties The Comission,
in April 1921 authorized the company to issue $45,000 000 common stock
to be distributed as a stock dividend. The stockholders on July 21 1921
authorized an Increase of $45,000,000 in the capital stock and also approved
the sale of the road’s anthracite coal properties to the Glen Alden Coal Co.
for $60,000,000. Compare V 112. p. 2190.
DIVIDENDS— 11909. 1910 to 1920. 1921. 1922. 1923. 1924. 1925.
Per cent__________ I 70
20% yearly
16
17
12
12
14
Paid in 1926: Jan. 20, 3% quar. and 2% extra; April 20, 3%.

52




RAILWAY STOCKS AND BONDS

[Vol. 122.

May, 1926.]
RAILROAD COMPANIES

53

RAILWAY STOCKS AND BONDS
Miles

Date
Bonds

Del Riv RR & Bridge—1st M ggu p & I sf l%.GP.xc*
10
■Denver & Rio Grande Western—
Common stock (see text)__________________ ____
Pref stock 6% cum red 105 $17,000,000 auth_____
Ref & impt mtge g Series “A” red (text)_________ text
Gen mtge s f g (inc bonds until Feb 1 1929) red 105 text
Equip trust ctfs due $300,000 annually____ xxxc*
Bonds of old Denver & Rio Grande RR—
First consol M $42,000,000 now 1st M g.Us.xc*&r f 1,647
[1,647
Improvement M ($5,000 per mile) gold..Us.xc*&r 1,647
Rio Grande Western 1st M gold(V69,p284)-Ce.zc*
699
First cons mtge redeem at par (see text) g.G.xc*
699
Rio Grande Junction 1st Mtge guar_____ Ce.xc*
62
v-x-y Additional amounts held in treasury or by trust ees De

1896

$1,000 $1,117,000

4

1924
1924
1923

See text
100 15,764,400
2,000,000
100 &c 29,808,000
1,000 3,600,000

6g
5g
5^

[For abbreviations, &c., see notes on page 81

Road,

Par
Value

500 &c
1886
1,000
1898
500
1888
1889 1,000 &c
1899 1,000 &c
1,000
1S89
c. 31’2 5. viz.: v

Amount

Outstanding

v34,125.000
6,382,000
8,335,000
15,190,000
yl5.080,000
2,000,000

Rate
%

K

4g
4M g
6g
4g
ig
5g

When
Payable

F &

Last Dividend Places Where Interest and

and Maturity

A Aug 1 1936

Dividends Are Payable

Pa RR Co, Phila & N Y

A & O Oct 1 1974
F & A Aug 1 1955
M & S To Mar 1 1938 New York

& J Jan 1 1936
& J Jan 1 1936
& D Junel 1928
& J July 1 1939
& O Apr 11949
& D Dec 1 1939

National Park Bank.N Y
National Park Bank.N Y
National Park Bank.N Y
Guaranty Trust Co, N Y
Guaranty Trust Co, N Y
Maitland, Coppell, N Y

$1,445,000: y$l,395. 000.

Gen. Mtge. Bonds.—Limited to the total authorized amount of not ex
ceeding $30,000,000, maturing Aug. 1 1955 and bearing 5% int., payable
semi-ann. from Feb. 1 1924. Bonds will be secured by a mortgage subject
and subordinate to the ref. & impt. mtge. and co-extensive therewith as
to property and rights covered.
The general mortgage will contain further provisions to the effect that
(a) general mortgage bonds shall be redeemable, all or part, at any time
at 105 and interest; (6) new company shall pay, on or before May 1 in
each year, so long as any of the general mortgage bonds shall be out­
standing, an amount equal to 1% of the maximum amount of general
mtge. bonds at any one time issued and outstanding, such payments to be
required to be made only out of net income for the last preceding calendar
year (but to be cumulative) as a sinking fund, to be applied to the purchase
Gross---------------------$83,635,056 $86,727,184 $88,236,974 $74,622,344 at not exceeding redemption price, of gen. mtge. bonds, all bonds purchased
Operating income_____ $14,402,022 $15,328,663 $12,751,170 $6,046,287 or called for the sinking fund to be kept alive and the interest paid thereon
Coal department (net).. '______
Dr.164
418
43,847 from time to time to be added to sinking fund and applied in same manuc,
Other miscell, income... 6,608,530 5,700,507 6,320,878 10,757,928
The reorganization plan as modified provided that “Until Feb. 1 1929 the
mtge. bonds shall be income bonds, cumulative from Feb. 1 1924 , to the
Total net income_
$21,010,552
$21,029,006 $19,072,466 $16,848,062 gen.
extent of 5% per ann.; the payment of the int accruing on the gen.
Interest and rentals_
$6,539,379
$6,321,761 $6,068,514 $5,628,172 full
mtge.
bonds for the period from Feb. 1 1924, until Feb. 1 1929, shall not
Renewals & betterments
914,876
569,808
503,136
732,537 be mandatory
even if the same shall have been earned by the new company;
Miscellaneous debits__
40,978
38,377
122,814
11,425 but if earned and
whether prior to Feb. 1 1929, or thereafter, the
Dividends---------- 11,821,754
11,821,754 10,132,932 10,132,932 int. on the bonds available,
accruing during such 5-year period (including accumula­
tions, if any), shall be paid to the extent that in the reasonable discretion
Balance, surplus____ $1,693,564 $2,277,306 $2,245,069
$342,997 of
the directors of the new company such payment is not inconsistent with
For latest earnings, see “Railway Earnings Section” (issued monthly).
due regard for the protection of the property of the new company and the
maintenance
efficient service thereon. Commencing Feb. 1 1929, int.
OFFICERS.—Chairman Board of Managers, W. II. Truesdale: Pres., upon the gen.ofmtge.
bonds accruing from and after that date shall be a
John M. Davis; V.-P. & Gen. Mgr., E. M. Rine; V.-P. & Gen. Counsel
W. S. Jenney; V.-P., P. J. Flynn; Sec. & Treas., W. G. Van De Water; fixed charge of the new company.”
No
interest
payments
were made on May 1 1925, Nov. 1 1925 or May 1
Gen. Aud., R. B. Ferguson; Compt., G. E. Hustis.
1926.
DIRECTORS.—W. S. Jenney. Paul Moore, Wm. H. Truesdale. Geo. F.
directors on March 30 1926 authorized the payment on May 1 1926
Baker, Jr., M. H. Dodge, Beekman Winthrop, William Fahnestock, J. F. of The
the full amount of the sinking fund under the general mortgage for the
Talmadge, Samuel Sloan, P. R. Pyne, Henry B. Spencer, Roy C. Gasser,
Frank Rysavy, Clarence M. Wooley, Lowell R. Burch, Horace Havemeyer. two-year period ending Dec. 31 1926, amounting to $596,160.
Office, 90 West St.. New York.—(V. 122, p. 2179.)
STOCK.—Preferred Stock.—Authorized, $17,000,000 (par $100). En­
titled to receive cumulative dividenas at the rate of 6% per annum, payable
DELAWARE & NORTHERN RR.—East Branch to Arkvllle, 38 miles
quarterly. Dividends on the pref. stock shall accrue from Feb. 1 1924.
Incorp, in N. Y. Oct. 14 1911 as a reorganization of Del. & Eastern RR., Redeemable all or part upon 30 days’ notice at 105 and dividends.
foreclosed per plan V. 93, p. 588. Stock, common, $1,000,000; 6% cum
The reorganization plan provided chat a preferred stockholders’ com­
pref , $250,000; par, $l00. No bonds. The I.-S. C. Commission has mittee,
consisting of three members, shall be created. The members shall
placed a final valuation of $1,417,210 on the properties of the company, hold office
for 5 years. The pref. stockholders’ committee at any time when
as of June 30 1916.
as
many
as four quarterly dividends upon the pref. stock (whether or not
Pres., Andrew M. Moreland; Sec. & Treas., Howard Feist; Asst. Sec. & consecutive)
shall have accrued and be unpaid, may, and at the request in
Aud., H. G. Eckert. Office, Margaretville, N. Y.—(V. 122, p. 2646.)
writing of the holders of record of at least 10% of the then outstanding pref.
stock
shall,
appoint
an accountant familiar witn railroad affairs, a banker
DELAWARE RIVER RR. & BRIDGE CO.—Frankford Jot.. Pa., tc and a man of experience
in practical railroad work, who shall be given full
Haddonfield, N. J., and branches. 9.52 miles.
to the books and accounts of the new company and of its subsidiaries,
Capital stock, $1,300,000, all owned by Penn. RR., which guarantee? access
and
also
to
the
books
and
accounts of the Utah Fuel Go. Such appointees
bonds, prin & int., by end., and in April 1918 had arranged to take a least when so required oy tne oref.
stockholders’ committee, shall report their
of the property, paying as rental a sum equal to 6% on the stock, taxes an<i opinions
and
conclusions
concerning
the propriety of declaring dividends
fixed charges. V. 106, p. 2228; V. 63. p. 1062, 1159; V. 89, p. 1596.
uimn the pref. stock and the proper availability of moneys therefor, and their
opinions and conclusions as to the carrying out of tne policies prescribed for
DIVS.— ’06-’07- ’08. ’09-’10. ’ll. ’12-’13. ’14. 15. 1916-25
the new company.
Percent ____ 5 y’ly
6
6 y’ly
6
6 y'ly
4
4
6% yrl,
—(V. 101, p. 2071; V. 102. p. 1540; V. 106. p. 2228.)
Common Stock.— The common stock possesses full voting rights. The
reorganization plan provided for the creation, under a voting trust, of equal
DENVER AND RIO GRANDE WESTERN RR. CO. (THE).—Milea beneficial interests in the common stock, to oe vested in the Missouri
Road owned and operated____ 2,4551 Of the preceding:
Pacific and the Western Pacific, each of which owns 50% (150,000 shares)
Oper. under trackage rights
Standard gauge______________ 1,711 of such beneficial stock interests.
or contract________________ 1201 Narrow gauge only___________ 864
Total Oyeiateu____________ 2,5751
REPORT.—For 1925, in V. 122, p. 2638, showed:
1922.
1923.
1925.
1924.
HISTORY.—Incorp, in Dela. Nov. 15 1920 as suoow fo the Denver
S
$
Operating Revenues—
$
$
& Rio Grande RR.
__
... 26,062,655 25,107,743 25,309,886 25,036,212
On July 21 1922 a receiver was appointed for the Denver and Rio Grande Freight
5,585,624
5,789,354
5.151,130
... 4,879,229
Western RR. System by the U. S. Di(trict Court for Colorado in suits to Passenger. _
2,553,032
1,864,858
1,921,894
1,845,506
foreclose the 1st & ref. mtge. and the adjustment mtge. of the Denver and Mail, express, &c . ..
890,296
833,507
795,191
____ ,. .
800.050
Rio Grande RR. Co. (the old Denver company), and there were transferred Incidental
30,392
44,926
42,024
35,600
to the receiver at the same time cash and cash items and certain properties Joint facility ______
of the Denver and Rio Grande Western RR. Co. concerning which disputes
33,350,593
34,587,496
Total
oper,
revenues.
33,011,558
33,629,463
existed as to whether or not they were subject to the lien of said mortgages.
On Sept. 18 1924 final decree was entered by the court and on Oct. 29
Operating Expenses—
1924 the properties constituting the Denver and Rio Grande Western RR.
6,128,432
4,997,381
5,534,639
System were sold at public auction and were purchased by representatives Maint. of way & struct.. 5,742,197 9,151,008
7,570,119
9,653,291
of the reorganization managers under the reorganization plan. The. Maint. of equipment. _ 5,948,303
615,702
543,647
591,502
652,277
Traffic
.
_______
purchasers afterwards assigned all their rights to the railroad company.
12,698,471 11,615,142
Said sale was confirmed by the court on Nov. 20 1924 and at 12:01 a. m. Transportation _. . . 10,835,670 11,378,447
618,623
669,891
574,466
623,420
on Dec. 20 1924 the railroad company resumed possession and operation Miscellaneous operations
1,015,083
998,407
1,034,556
1,042,650
General__
...
of the property.
38,513
132,210
291,156
Transp. for invest.—Cr.
50,269
BONDS.—Refunding & Impt. Bonds.—To be secured by a mtge. which
Total oper. expenses. . 24,794,249 28,591,457 30,030,669 26,304,805
will be a lien (subject only to existing liens of underlying bonds and to liens
4,556,827
7,045,789
4,420,101
8,835,215
subject to which after-acquired properties may be acquired) on all of the rail­ Net revenue from oper
1,830,015
1,986,335
1,885,130
. . .. 2,316,092
road properties and equipment of the new co., including its interest in ter­ Tax accruals
7,706
9 837
8,137
7,385
minal properties, and such securities and (or) after-acquired property as the Uncollectible revenues..
reorganization managers shall determine. Bonds may be issued in separate
5,208,068
2,663,560
2,423,929
Total oper. income__ 6,511,738
series, maturing on same or different dates and bearing same or different
rates of int. and other provisions determined by directors at time of issuance.
Non-operating Income—
The mortgage securing the ref. & Impt. bonds shall authorize the issue
1,614,654
1,550,614
2,039,970
1,415,882
thereunder by the new company of such principal amount of bonds, at any Hire of fr’t cars- -rects
137,490
153,585
163,328
152,995
one time outstanding, not exceeding $150,000,000, as determined by the Rent from equipment__
434,837
423,874
456,252
432,024
directors. Of the bonds so authorized there shall be reserved to refund Joint facility rent income
49,035
57,372
58,807
72,759
underlying bonds a principal amount equal to 105% of the principal amount Miscell, rent Income__
18,154
16,270
16,147
15,406
Misc.non-op. phys.prop.
of underlying bonds (now $81,112,000) from time to time outstanding.
The I.-S. O. Commission on Nov. 1 1924 authorized the company to issue Income from unfunded
48,482
64,431
90,759
62,681
securities & accounts.
$3,000,000 ref. & impt. mtge. 6% bonds, series “A”; said bonds to be
347
270
409
510
sold at not less than par and interest. The bonds will be designated Miscellaneous in mi ae__
series "A,” will be dated Oct. 1 1924, will bear int. at rate of 6% per annum
2,754,184
2,282,576
2,306,026
Total non
• income 2,204,563
will be redeemable, in whole or in part, on or after Oct. 1 1934 at 10714and
5,417,744
7,514,094
4,706,504
Gross incom. ---------- 8,716,301
Int., and will mature Oct. 1 1974.

July 1909 paid special cash dividend 50% one-hall applicable, if desired,
to subscription of stock of new D. L. & W. Coal Co. selling agency: also
paid 15% stock dividend Aug. 2 1909. and In Dec. 1911 35% in 4% guar
stock of Lack. RR. of N. J. V. 89. p. 41. 224: V. 93. p. 1323: V. 94. p.549
On Aug. 20 1921 paid a stock dividend of 100%. V. 113. p. 531.
REPORT.—For 1925, in V. 122, p. 2223, showed:
Years ending Dec. 31— 1925.
1924.
1923.
1922.
Coal--------------------------- $17,757,554 $23,576,425 $25,151,010 $14,294,191
Merchandise freight____ 42,091,064 39,874,878 39,085,364 37,262,516
Passengers------------------- 13,628,673 13,600,454 14,185,914 13,960,681
Mail, express, &c______ 10,157,766 9,675,427
9,814,686 8,104,956




54

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Miles Date
Road Bonds

Denv & Salt L RR—Stock $1,750,000_____________
Receiver's (1st lien) ctfs ($1,500,000 g call at par_.
1st M $35,000,000 gold redeem 105.__ Ba xc*&r*
text
Do cash int: 3%, 3 yrs: 4%, 1 yr; then 5%__ x
text
Do cash int: 4 yrs, 1,2, 3 & 4%, resp, then 5%-x
text
Adjustment (income) bonds $2,000,000_________ x
Two-year notes $300,000 auth call 101__
Fra.y
For securities to be issued under Reorganization Plan, s ee text.
Denver Un Term Ry—1st M red 105 beg '19 text-CC 5,898
Oes Moines & Fort Dodge—See Minneapolis & St L
et Hillsdale & S W—Stock 4% rental NYC RR
65

Deductions—■
1925.
Hire of freight cars—
Payments___________ 1,563,526
Rent for equipment___
33,140
Joint facility rents____
181,417
Rent for leased roads__
107,301
Miscellaneous rents___
1,021
Int. on funded debt___ 3,619,230
Int. on adjust, mtg. bds.
Int. on unfunded debt,.
18,846
Misc. income charges-.
30,756
Income applic. to sk. fd.
298,080
Inc. applic. to red. equip,
trusts______________
300,000

Par
Value

Amount
Outstanding

$5

Rate

%

When I Last Dividend Places Where Interest and
Payable I and Maturity
Dividends Are Payable

$583,515
6g
Sept
859,468
6g
M&N
3,641.000
5
4,427,000 3-4-5 M&N
1,734,000 1-2-3-4-5 M&N
2,000,000 Up to5% M & N
F & A 15
217,000
6

1918
1913
1913
1913
1913
1915

$,£,fr,&c
$, £, &c
$. £, &c
$1,000
1.000 &c

1914

1,000

4,000,000

4^ B M &

100

1,350,000

4

1924.

1923.

1922.

1,583,938
29,628
171,246
413,223
964
5,321,926
677,419
74,422
38,458
253,064

1,837,359
47,914
174,863
447,212
1,111
4,974,658
700,000
52,805
36,739
261,500

1,546,402
104,427
174,805
425,609
1,029
4,835,440
700,000
55,588
39,258
260,962

310,000

240,000

Balance, sur. or def._sur2,562,986def4,167,784def3,356,410 def629,428
For latest earnings, see “Railway Earnings Section” (issued monthly.)
OFFICERS.—Chairman, William H. Williams, New York; Pres., J. S.
Pyeatt, Denver; Sec. & Treas., Rawson F. Watkins, Denver; Gen. Mgr.,
Irvin H. Luke, Denver; Gen. Aud., Edward R. Dickerson, Denver; Asst.
Sec., J. P. Howland, New York.
Directors.—Alvin W. Krech, William H. Williams. W. W. Aldrich, E. N.
Brown, F. H. Ecker, Matthew C. Brush, John J. Raskob, New York;
L. W. Baldwin, St. Louis; J. S. Pyeatt, Denver.
Offices, 12# Broadway, New York, and Equitable Bldg., Denver, Colo.
—(V. 122, p. 2646.)
DENVER & SALT LAKE RR —Incorp, in Colo. Dec. 1912 and took
over as of May 1 1913 (per plan, V. 95, p. 890) the Denver & Northwestern
& Pacific Ry., foreclosed. V. 95, p. 1683, 1603, 1331; V. 96, p. 135, 1296,
1364. Leases Northwestern Terminal Ry., Denver, till Jan. 1964. See
that company below.
Mileage operated: Denver to Craig, Colo., 255 miles; Steamboat Springs
to Craig. 41 miles.
The I.-S. C. Commission has placed a tentative valuation of $14,996,000
on the property of the company as of June 30 1919.
RECEIVERSHIP.—On Aug. 16 1917 Pres. Chas. Boettcher and W. R.
Freeman of Denver were made receivers. V. 105, p. 818, 1419.
Default having been made on interest payment due May 1 1916 and semi­
annually thereafter on the 1st mtge. 30-year gold bonds, the bondholders’
committee in 1917 urged deposit of the bonds. Committee: Edward R.
Tinker, Chairman; George H. Burr, Gerald Hughes, L. C. Phipps, Eugene
V. R. Thayer and Herman Walleck, with Charles D. Makepeace, Secretary,
115 B’way, N. Y. Depositaries, Seaboard Nat. Bank, New York, and
International Trust Co., Denver.
Default occurred Jan. 1 1918 on N. W. Terminal bonds and a protective
committee was organized; see that co. below and V. 108, p. 268.
Committee for Adjustment Bonds.—S. M. Perry, Chairman; W. M. Bond,
R. M. Perry, with R. M. Perry, Sec., Denver, ColoDepositaries.—International Trust Co., Denver, Colo., and Bankers
Trust Co., New York.
Reorganisation Plan Dated July 15 1925 (V. 121, p. 835).
The plan outlined below is promulgated by Gerald Hughes, Chairman,
Alexander Berger, and Lawrence C. Phipps Jr., reorganization committee,
and has been adopted and approved by (1) the committee representing
holders of 1st mtge. 30-year gold bonds, and (2) the committee repre­
senting holders of the 5% 30-year adj. mtge. bonds.
The plan was declared operative as of Nov. 20 1925.
What the Reorganization Plan Is Intended to Accomplish.
(1) The prompt foreclosure of the first mortgage and adjustment mort­
gage of present company.
(2) The termination of the receivership as soon as this reorganization
can be consummated.
(3) The elimination of the $10,514,000 1st mtge. bonds and the $2,000,000 adj. bonds now outstanding, with all unpaid interest thereon,
and in lieu thereof the issuance by tbe new company of income bonds
and stock in the amounts set forth in the plan.
(4) The creation of a new first mortgage by the new companv, and
the authorization for the immediate issuance of $2,500,000 Series A new
1st mtge. bonds and of $3,000,000 Series B new 1st mtge. bonds.
(5) The transfer to the new company of such property as is contemplated
by the plan and the creation, authorization and issuances of the bonds,
mortgages and stock provided for in the plan.
Bonds and Securities which May Be Deposited under Plan.—(a) 1st mtge.
30-year gold bonds (with May 1 1915 and subsequent coupons). (6) 5%
30-year adj. mtge. bonds (with all unpaid warrants and coupons attached).
Securities to Be Authorized by New Company.
New 1st Mtge. Bonds.—Unlimited as to the total authorized amount
unless the committee should limit the amount, but under no circumstances
to be less than the aggregate of the Series A and Series B bonds presently
to be authorized. Bonds may be issued from time to time in separate
series, to be dated and maturing on the same or different dates, bearing
the same or different rates of interest, and each series (except Series A
and B) may be of such principal amount, be redeemable in whole or in
part, at times, on notice and premiums, and with such conversion privileges
and other provisions as may be prescribed in this plan or determined by
the directors of the new company at the time of the authorization of each
series.
Series A shall be for $2,500,000, maturing 1950, bear int. at rate of 6%
per annum, payable semi-annually; denom. $1,000 each; red., all or part,
on any int. date on 60 days notice at 105 and int.
Series B bonds shall be for $3,000,000, maturing 1950, bear int. at rate
of 6% per annum, payable semi-annually; denom. $1,000 each; red., all or
part, on any int. date on 60 days notice, at 105 and int.




[Vol. 122.

RAILWAY STOCKS AND BONDS

J

&

Sept 10 1920
Mayl 1943
Mayl 1943
Mayl 1943
May] 1943
Feb 15 1917

May 1915 coup unpaid
do
do
do
do
New York
Prin. and int in default

Cont & Coni Tr&SB,Chlt
S Mar 1 1964
I
J Jan 1926
2% Farmers' L & Tr Co, N Y

Income Bonds.—Authorized $11,000,000; due 1960. Secured by an
income mortgage, which shall bo a lien on all of the property of the new
company covered by the new first mortgage, but subordinate thereto.
Income bonds will bear int. from such date as may be determined by
the reorganization committee, but not later than Jan. 1 1927, at the rate
of 6% per annum, payable only out of the net income of the new company.
Income bonds shall be preferred to the extent of interest at the rate of 6%
over the stock and the directors shall authorize the distribution and pay­
ments on account of interest on the income bonds of 75% of the net income
of the new company for any fiscal year within three months after the
close of such fiscal year, which 75% of net income shall be cumulative
as a charge in favor of the income bonds and as against the stock. Interest
on the income bonds if earned and payable at all, will be paid only in
multiples of 1% of the then outstanding income bonds, and smaller frac­
tional net income available for such interest shall be carried forward and
added to similar available net income for the ensuing year or years, and
to be applied to the payment of interest on income bonds.
Income bonds shall be red. in whole or in part on any int. date on 60
days notice at 102% of the principal plus the fair amount of any unpaid
installments of interest which may be due thereon at the time. Income
mortgage shall also provide that series of new 1st mtge. bonds other than
Series A and B shall not be authorized or issued until notice is given to
the holders of income bonds, and not then if 60% or more of the out­
standing income bonds shall in writing notify the new company of their
dissent from and disapproval of the issuance of such proposed series of
new 1st mtge. bonds.
Stock.—All of one class; shall possess all voting rights and shall consist
of 50,000 shares, or such other number as the reorganization committee
shall determine, and which shares shall have such par value or be without
par value as the reorganization committee may determine.
Treatment of Deposited Securities.
(а) 1st Mtge. Bonds.—For each $1,000 of 1st mtge. bonds accompanied
by May 1 1916 and all subsequent coupons, the holders of such bonds or
certificates of deposit therefor, shall receive at their option either: (1) Upon
payment in cash of $200, $200 of new 1st mtge. bonds, $1,000 of new in­
come bonds, and 2 shares of new stock; or (2) without any cash payment,
$666 2-3 of new income bonds and 1 share of new stock.
(б) Adjustment Bonds.—For each $1,000 of adj. bonds, accompanied
by all warrants or coupons appurtenant thereto, the holders of such bonds
or certificates of deposit therefor shall receive: Upon payment in cash
o j$200, $200 of new 1st mtge. bonds and 5 shares new stock.
Failure on the part of any holder of adj. bonds to pay the above amount
of $200 in cash will disentitle such holder to any participation under this
plan, and the holders of the adj. bonds or certificates of deposit therefor
will receive no shares of the stock of the new company, nor other securities
hereunder.
Holders of 1st mtge. bonds and adj. bonds or certificates of deposit
therefor will be required to pay 10% of the total payments required of
them on assenting to the plan and not later than Sept. 10 1925 (to be
returned if the plan shall not be declared operative) an additional 30%
of the total payments required of them within ten days after the plan is
declared operative, and without further notice, and the balance of the
total payments as and when called for by the reorganization committee
after the plan shall have been declared operative.
New Company Organized.—The Denver & Salt Lake Ry. Co. was in­
corporated under laws of Delaware on Nov. 3 1925 to acquire the property
of the Denver & Salt Lake RR. under reorganization plan outlined above.
NOTES.—On Nov. 11 1925 $600,000 1st mtge. 30-year 5% gold bonds
dated May 1 1913, with Nov. 1 1916 and subsequent coupons attached,
were sold at auction for $100,000 for the account of the Empire Trust Go.,
trustee, for $300,000 2-year 6% collateral gold notes.
REPORT.—For 1923, gross, $2,804,172; net oper. income, $67,395; other
Income, $25,431; int., rentals, &c., $162,360; bal., def., $69,534.
For latest earnings, see “Railway Earnings Section” (issued monthly.)
OFFICERS.—Charles Boettcher, Pres.; Gerald Hughes, Sec., Denver
Wm. Wadden, V.-P.; Ward E. Pearson, Treas.. N. Y.—(V. 122, p. 2187.)
(THE) DENVER UNION TERMINAL RY,—To take over the Union
Depot & Ry. Co. (V. 71. p. 343) and extend and Improve the passenger
terminals at Denver. Colo. Stock $30,000, equally owned by the Union Pa­
cific. Denver & Rio Gr. Western, Colo. & South., Chic. Burl. & Quincy.
Atch. Topeka & Santa Fe and Chicago Rock Island & Pacific which
guarantee the bonds ($10,000,000 auth. Issue), of which $4,000,000 were
sold to Union Pacific. V. 106, p. 2756; V. 97. p 1024. 1115: V 98. p. 762:
V. 99, p. 406 Pres., J. H. Bradbury: V.-P., G. H. Martin; Treas . J. O.
Houston; Manager, J. Keating; Sec. & Aud.. O. R. Hines.—(V. 107. p
1287).
DES MOINES UNION RAILWAY CO—ORGANIZATION.—Incorp,
in Iowa on Dec. 5 1884 to operate railway terminal property in Des Moines.
Iowa. Owned and controlled jointly by Wabash Ry. Co. and Chicago Mil­
waukee & St. Paul Ry. Co. Passenger facilities used by owners and by
Chicago Great Western RR. Co. and Chicago Burl. & Quincy RR. Co.
Owns 4.225 miles of terminal main track and 24.389 miles second main
track and sidings and bridge across Des Moines River.
BONDED DEBT.—$671,000 first 5s, dated Nov. 1 1887. due Nov. 1
1917. These bonds are owned by Wabash Ry. Co. and Chicago Milw. &
St. Paul Ry. Co.
CAPITAL STOCK.—Authorized, $2,000,000; outstanding, $400,000:
par, $100. This stock is owned by Wabash Ry. Co. and Chicago Mil­
waukee & St. Paul Ry. Co,
J. E. Taussig, Pres., St. Louis, Mo.; J. T. Gillick, V.-P., Chicago; T. S.
Ford, Sec.; C. H. Hueston, Treas., Des Moines, Iowa. General office,
Des Moines, Iowa.—(V. 112, p. 1617).
DETROIT CARO & SANDUSKY RY—(V. 121, p. 2269.)
DETROIT HILLSDALE & SOUTHWESTERN RR.—Owns Ypsi­
lanti to Bankers. Mich., 65 m. Leased in perpetuity in 1881 to L. S. & M.
8. Ry. (now N. Y. Cent. RR.); rental. $54,500—4% on stk.(V. 106. p. 601.)

May, 1926.]

55

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
{For abbreviations &c., see notes on page 8)

Miles Date
Road Bonds

Detroit & Ironton RR—See text
Detroit & Mackinac—Common stock $2,000,000 auth
Pref stock non-cum $1,000,000 auth (V 74, p 629)-“ First lieu" $1,500,000 gold_________________ Qxc* All'
"Mortgage bonds” $1,750,000 g red at par___ Qxc* All
Detroit Riv Tun—1st M $30,000,000 gu end-G.xc*r* 2.72
Detroit Tol & Ironton—Common stock $6,500,000Pref stock (p & d) non-cum 4% & partic $6,000,000First M gold red 105_____________________ N.yc* 393.32
Toledo-Detroit RR 1st & Ref gold bonds_________
22
Equipment gold notes due $25,000 J & D callabledo
do
due $56,300 annually__________
do
do
due $37,500 annually__________
U S Govt notes due $100,000 annually___________
Det & Tol Sh L—1st M $3,000,000 g gu___ Ba.xc*&r
48
Equipment gold notes due $33,400 yearly...............Q
Dover & Rockaway—Stock 6% rental 990 years___
Dub & Sioux City—See Illinois Central—
Duluth & Iron Range—First mortgage___ Mp.zc&r
538
Duluth Missabe & Northern—
General mortgage gold s f, red 105_________ Nxc*
361
Duluth Rainy Lake & Winnipeg—See Dul Win & Pac
Duluth So Sh & Atl—Marq H & On gen M^. Ce.zc*
Duluth South Shore & Atlantic 1st M g.’. Ce.xc&r
First consol mtge gold interest guar . _Ce.zc*&r
Income certificates held by CanadiamPacific_____ z
Equip trust gold certif Series “A”due $44,000 ann..

1895
1895

1911

1914
1915
1917
1920
1920
1923
1903
1920

Par
Value

Amount
Outstanding

$100 $2,000 000
100
950 000
1,000 1.500, 000
1,000 1,250 000
1,000 18,000, 000
100 6.500, 000
100 5,989, 948
1 ,ono 2,819 000
1,000
376 000
1,000
50 000
100
563 000
112 50b
100.000
400 000
1,000 3,000 OOP
300. 000
100
150 000

Rate
%

4S
4g

Places Where Interest and
Dividends Are Payable

When

Payabh

Jan 2 1920 2)4 H K McHarg, New York
Jan 3 1921
do
do
J P Morgan & Co, N Y
J & D Junel 1995
J & D Junel 1995
do
do
Office of Treasurer, N Y
g M&N Mayl 1961

5g
5g
5H
6
6
6
4 g
6g
6

J & J
M & S
J & D
J & .1
May
F & A
J & J
J & J 15
A & O

Mar 1 1964
Septi 1940
To June 1 1927
To July 15 1935
To May 1 1929
To Mar 1 1930
Jan 1 1953
To Jan 15 1935
Apr 1926 3%

New York Trust Co
Com G Tr & S Bk, Tol, O
New York Trust Co
Guaranty Trust. Co, N Y
U S War Department
Farmers L & Tr Co, N Y
Bankers Trust Co, N Y
Guaranty Trust Co, N Y
143 Liberty St, New York

1,000 &c

8,151.000

5

A & O Oct 1 1937

Office Empire Bldg, N Y

1,000

7,701,000

5g

J

J Jan 1 1941

Company’s office, N Y

1,000 1,077,000
1,000 3,816,000
1,000 15,107.000
3,000.000
1,000
352,000

6
5g
4g
4
5g

A & O Apr 11935
J & J Jan 1 1937
F & A Aug 1 1990
Matured
F & A To Aug 1 1934

&

64 Wall St. New York
do
do
New York or London
Held by Canadian Pacific
Minneapolis Trust Co

REPORT —For 1925, in V. 122, p. 2036, showed:
DETROIT & IRONTON RR.—Organized in 1920 by Henry Ford who
acquired control of the Detroit Toledo & Ironton RR. on July 9. 1920 by
Calendar Years—
1925.
1924.
1923.
1922.
the purchase for cash of approximately 98% of the Adjustment Mortgage Gross earnings_________ $13,911,371 $11,995,758 $10,417,412 $9,004,474
bonds and the Pref. and Common stock. The price paid was $600 for each Net oper. income______ 3,614,644
2,554,761
1,786,924 defl58,984
$1,000 bond and $5 and $1 for each share of the Pref. and Common stock Other income__________
144,595
84,337
363,130
66,872
respectively (V. Ill, p. 492, 294).
Deductions...................... 2,620,666
918,114
733,018
926,630
The I.-S. C. Commission in May 1921 authorized the company to con­ Net income___________ 1,138,574 1,729,984J ,417,036 df.1,018,742
For latest ea.-nings see "Railway Earnings Section” (issued monthly).
struct a standard-gauge steam railroad, approximately 15 miles long, ex­
tending southward from Springwells or Fotdson, Mich., 8 miles west of the
OFFICERS.—Pres., Henry Ford; V.-P., E. G. Liebold; Sec. & Treas.,
Detroit city hall, to a connection with the Detroit Toledo & Ironton RR. G. R. Brubaker; Gen. Mgr., F. L. Rockelman.
This road will connect with the Detroit Terminal RR. on the north, which
Directors.—Henry Ford, W. O. Cowling, E. C. Kanzler, G. R. Brubaker
will give it a connection with the other steam railroads at Detroit. The F. L. Rockelman, Edsel B. Ford and E. G. Liebold. Office. Dearborn,
company was authorized to issue $1.000.000 capital stock for the purpose Mich.—(V. 122. D. 2646.)
of building the road. The authorized capital stock was increased from
DETROIT AND TOLEDO SHORE LINE RR. CO. (THE).—Extends
$1,000,000 to $15,000,000 in 1925.
The I.-S. C. Commission on Aug. 1 1924 authorized the company to from Toledo to (suburbsof) Detroit, 47.49 m.; 2d track, 34.88 m.; sidings,
construct a line of railroad extending from a connection with the line of the 61.08 m.; trackage rights, 3.21 m.; total track, 146.66 miles.
Detroit Toledo & Ironton RR. at Malinta, Henry County, O., in a northerly
The I.-S. C. Commission has placed a tentative valuation of $2,650,100
and northeasterly direction through Henry and Fulton counties, O., and on the owned and used properties of the company as of June 30 l9l7.
The Grand Trunk Western Ry. and the New York Chicago & St. Louis
Lenawee and Monroe counties, Mich., to a connection with the Ironton
at Durban, Monroe County, Mich., a distance of approximately 55.71 miles. RR. own the entire $1,428,000 stock and jointly guarantee the bonds, prin.
Authority was also granted to issue an initial series of $7,500,000 1st and Interest, by endorsement. See form of guaranty, V. 76, p. 653. First
Mtge. gold bonds. Series “A,” 5%, for cash at par for the purpose Of pro­ dividend, 4%, paid from earnings prior to June .30 1908; in fiscal year
1908-09. 6%. and In 1909-10. 1910-11, 1911-12 1912-13 and 1913-14. 8%:
viding funds for the proposed construction.
The company has applied to the I.-S. C. Commission for authority to and in 1913-14 $630,000, from accumulated surplus paid In IstM 4s)’
acquire control of the Detroit Toledo & Ironton RR. and the Toledo-Detroit 1914-15, 8% and 6% extra: 1916 to 1921, 8% yearly. In 1922 paid 8%
RR., through the purchase of 63,763 shares of common and 59,325 shares and special dividend 39.014%. In 1923 paid 8% and special div. of 8%.
of preferred stock, that being a majority of all stock outstanding. Com­ In 1924 paid 8%; 1925, 8%.
Equipment trusts issued to Director-General for rolling stock allocated
pare V. 121, p. 2399.
to this company. See article on page 3 and V. 114. p. 1286; V. 118, p. 793.
DETROIT AND MACKINAC RY. CO.—Owns from Bay City, Mich.,
Year ended Dec. 31 1925, gross, $4,270,835; ry. oper. income, $1,855,100;
to Cheboygan, 196 miles; Au Sable division (formerly A. 8, & N. W. RR.), other income, $47,002; int., rentals, &c., $1,253,604; bal., before divs.,
60 m.; Rose City Branch, 31 m.; Prescott Branch, 12 m.; Lincoln Branch, $551,134.
15 m.; Au Gres Branch, 8 m.; Alabaster Branch, 4 m.; Hillman Division,
For latest earnings, see‘‘Railway Earnings Section” (issued monthly).
Alpena to Hillman, Mich., 23 m.; Rogers City Branch, 14 m.; Rockport
OFFICERS.—Pres., Walter L. Ross; V.-P., H. E. Whittenberger;
Branch, 14 m., total Dec. 31 1925, 378 m. Henry K. McHarg and asso­ Gen. Mgr., James P. Main; Aud., Bryan Thomas; Sec. & Treas., Wm. C.
ciates control.
Tomkins. Office, Detroit, Mich.—(V. 118, p. 793.)
DOVER & ROCKAWAY RR. (N. J.).—Total, 5.12 miles. Operated
BONDS.—"Mortgage bonds” for $500,000 were reserved for betterments,
under lease by Central RR. of New Jersey.
&c., at not over $50,000 per year. V. 74, p. 629.
DULUTH
AND IRON RANGE RR. CO. (THE).—Owns Duluth to
DIVIDENDS.—On pref., 2H% July 1 1903; since to Jan. 1921,5% yly
Winton Minn.. 132,40 m.: Tower Jet. to Tower. 1.56 m.: AlleD Jet. to
On common. In 1911 to Jan. 1919, 5% yearly (except July 1915 and July E.
Virginia.
49.93
m.; McKinley to Largo, 22.13 m.; Waldo to Mile 49 on
1917 none; also in July 1918 and 1919, none; Jan. 1920, 214%; none since. Main Line to Winton,
15.01 m.; Mesaba to Argo, 17.64 m.; Robinson to
Burntside Lake, 3.26 m.; other branches, 26.22 m.; operated under trackage
REPORT.—For calendar years:
rights, 7.32 m.; industrial tracks, 63.42 m. Secona track, 71.71 m.; yard
Cal. Year—
Gross. Net aft. Tax. Tot. Inc. Int.,Rent,&c. Balance.
1925 __________ $1,697,184
$66,890 $216,950 $116,659 sur.x$100,291 tracks and sidings, 134.83 m.
The I.-S. C. Commission has placed a tentative valuation of $28,583,609
1924 . .................. 1,925.509
196.567
276.194
119,065 sur.157,129
on the company’s property as of June 30 1919.
1923 .................
1,924.863 52,487
176,193
116,904 sur.*59.289
1922 -.................. 1,868,154
45,755
54.322
111,384
def.57,052
STOCK, &c.—Stock, auth., $10,000,000; out., $6,500,000. Minnesota
Iron Co. (see D. S. Steel Corp.) owns the stock. First mtge., authorized,
♦Before deducting $140,416 spent for add’ns & betterm’ts to property
$25,000 per mile for construction and $7,000 for equipment. Dividends
x Before deducting $314,366 for appropriations for investment in physical since 1904: 1905, 65%: 1906, 40%; 1907, 80%: 1908, 80%; 1909. 145%; In
property.
fiscal year 1909-10, 100%; 1910-11, 135%; 1911-12 and 1912-13, 90%;
For latest earnings, see “Railway Earnings Section” (Issued monthly).
1913-14, 75%; 1914-15. 20%: 1915-16. 50%: 1916. 25%: 1917, 12%: J918
OFFICERS.—Pres., H. K. McHarg; Sec.-Treas., Jas. McNeil. Offices, 7%: 1919. 30%; 1920, 15%; 1921, 15%; 1922,20%; 1923,25%; 1924.15%
1925, 15%.
East Tawas, Mich., and 40 Wall St., New York.—(V. 122, p. 2325.)
REPORT.—For year ending Dec. 31 1925, showed’ Gross, $6,813,655,
DETROIT RIVER TUNNEL CO.—Owns double-tube tunnel and ap­ net operating income, $1,555,359, other income, $470,512, interest, &c.,
proaches under the Detroit River, with terminals, all leased for 999 yeari $622,437, divs., $975,000. bal., sur., $428,435.
from Jan. 1 1907 to Michigan Central RR. Co. (N. Y. Central System),
For latest earnings see ‘‘Railway Earnings Section” (issued monthly).
which owns the entire $3,000,000 stock aDd guarantees, prin. & int., of the
OFFICERS.—Pres.,_____________ Sec. & Treas., Chas. E. Wachtel.
bonds and 6% on the stock. Of the $30,000,000 bonds, $12,000,000 are Offices, Wolvin Bldg., Duluth, and 71 Broadway, N. Y.—(V. 122, p. 2642.)
reserved under restrictions for additions and improvements, interest rate 1919, 70%, 1920, 75% 1921, 75% 1922, 75% 1923, 100%; 1924, 80%;
not to exceed 5%.—(V. 122, p. 2795.)
1925, 80%.
DULUTH MISSABE AND NORTHERN RY. CO.—Owns from Stony
DETROIT TOLEDO & IRONTON RR.—Road from Detroit, Mich., to Brook
to Mountain Iron, Minn., 51.74 m.; Missabe Jet. to Columbia Jet.,
Ironton, via Lima, 342.66 m., and 59.82 miles of trackage; branches, King- 29.49 m.,
numerous branches; total of all track owned, 720 m. Also
man to Sedalia, O., 31.10 m.; Jackson to Cornelia, 17.43 m., and Lisman leases fromwith
Spirit Lake Transfer Ry. (V. 104, p. 664) and Interstate Transfer
Jet. to Bartles, O., 2.13 m.; total, 488.83 m.: coal mine tracks, sidings, Ry., 24.96 miles,
3.43 miles branches and spurs and 14.97 miles yard
&c., 212.96 miles. Incorp, in Dela. Mar. 1 1914 as successor, per plan tracks and sidings.with
extensive ore docks at Duluth. Entire $4,112,500
V. 97, p. 1821, of the Railway, foreclosed. Toledo-Detroit RR., Toledo, stock controlled by Owns
U.
S. Steel Corp.
O., to Dundee, 22.23 miles. V. 103, p. 60.
I.-S. C. Commission has placed a tentative valuation of $45,780,030
Control of this road was taken over by Henry Ford on July 9 1920 by onThe
the company’s property as of June 30 1919.
the purchase for cash of approximately 98% of the Adjustment Mortgage
BONDS.—Of the Gen. 5s of 1906, additional bonds may be Issued at not
bonds and the preferred and common stock. The price paid was $600 for over
$30,000 per mile for additional single main track and $20,000 for
each $1,000 bond and $5 and $1 for each share of the preferred and common second,
third and fourth main tracks and for not over 75% of cost of im­
stock, respectively. V. Ill, p. 294, 492.
The Detroit & Ironton Ry. was iucorp. to lease and take over the opera­ provements. &c. Sink. fd. 2% yly, (incl. bonds in slnk.fd.) retires by lot at
tion of the road. Minority stockholders in Aug. 1920 brought suit to 105 Dec. 31 1925 $6.271.000 in sink. fd. V.88.p.822: V.98.p.1693,1844.)
DIVIDENDS paid in recent years: 1916,100%; 1917, 50%: 1918, none
prevent the proposed lease V. Ill, p. 895. The lease was upheld by
Supreme Court Justice Finch on Oct. 8 1920 and the decs on was later
REPORT—For 1925, in V. 122, p. 2643, showed:
affirmed by the Appelate Div of the.Supreme Court. V. Ill, p. 1472,2041;
Years end. Dec. 31—
1925.
1924.
1923.
1922.
V. 114, p. 1178; V. 122, p. 2646.
Gross oper. revenues__ $18,054,509 $13,856,039 $22,253,554 $14,976,811
6,548,599
3,857,198 10,676,232
8,187,883
BONDS, &C.—The issue under the first mortgage is not limited, but Net earnings_________
647,892
529,785
788,024
797,564
$1,000,000 thereof has been disposed of solely to rehabilitate the property Other income.
1,006,083
971,024
1,128,140
and provide for equipment and payment of equipment liens, and an addi­ Int., rent, Fed. tax, &c. 2,098,077
Sinking, &c., reserves__
1,061,245
tional $1,000,000 solely for improvements and additional facilities. Fur­ Dividends
4,112,500
3,084,375
3,290,000
paid_______
3,290,000
ther 1st M. bonds may only be Issued thereafter from time to time, under
6,083,483
2,987,925
384,198
Balance, surplus.
2,536,125
carefully guarded restrictions, for Improvements, &c.—V. 102. p. 2341
For latest earnings, see "Railway Earnings Section” (issued monthly).
All of the outstanding adjustment mtge. 40-year 5% gold bonds dated
OFFICERS.
—
Pres.
&
Gen.
Mgr.,
Wm.
A.
McGonagle;
1st
V.-P..
Mar. 5 1914 were called on April 1 1925 at par and interest.
E. Carlson; Sec. & Aud., Joseph Seifert; Treas., Joseph Kempton.
The Toledo Detroit. RR. (purchased Jan 2 1918) has $400,000 bonds Chas.
Offices,
Wolvin
Bldg.,
Duluth,
and
71
Broadway,
N.
Y.
—
(V.
122,
p.
2643)
outstanding. Called for payment March 1 1926.
DULUTH & NORTHERN MINNESOTA RR —(V. 115. p 73. 1209.)
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 1407.
DULUTH SOUTH SHORE AND ATLANTIC RY. CO. (THE).—
The I.-S. C. Commission on Oct. 9 1923 authorized the company to issue Operates Superior to Sault Ste. Marie, 410 miles; “Soo* Junction co St.
not exceeding $1,000,000 of investment certificates, or certificates of Ignace, 43 miles; other, 138 miles; total, 591 miles. Including 26 miles of
Indebtedness to employees. V. 117, p. 2108: V. 118, p. 1135: V. 119, p. 578. trackage; owned but not operated, 24 miles.
V. 121, p. 326.
Tentative valuation as of June 30 1916, $17,967,191. V. 115, p. 182.




56

[Vol. 122.

RAILWAY STOCKS AND BONDS
RAILROAD COMPANIES

Miles Date
Road Bonds

[For abbreviations, &c., see notes on page 8]

Dul Winn & Pac—1st M deb stk gu by Can Nor Ry
Durham & So Car—IstM $300,000 gred 105- MeBa.x
Durham Union Station—1st M $75,000 g-G.xc*&r
Dutchess County RR—See Central New England Ry
East Broad Top RR & Coal—1st M ext 1908---------2d mortgage incomes______________________ ,____
Shade Gap 1st mortgage___ '----- ------- - ---------- .c*
East Carolina Ry—First mortgage $300,000 gold-.x
East Mahanoy RR—Stock----------- --------------------East Pennsylvania—Stock 6% gu 999 yrs Phila & R.
First mtge gold guar p&ibyP&RRR (end) -kvc*
East Tennessee Va & Georgia—See Southern Ry
East Tenn & W No Car—1st M g (V 81 p 1723)GuP.zc*
Eastern Ry of Minnesota—See Great Northern
Edmonton Dunv & Br Col—1st M deb stk gu see text
1st M (on extensions) $2,420,000 g $20,000 pm
El Paso & Southw Co—Stock ($50,000,000 auth) -El Paso & S W RR—1st & Ref M g $25,000 pm___ F
El Paso Union Pass Depot—1st M g $240.000sf.E j.x
Elgin Joliet and East—1st M ($10,000,000)g-Cexc*
Elgin Eq Tr due $120,000 annually_____________
Joliet Eq Tr due $125,000 annually__________ Us

Par
Value

1909 _____
£1,439,383
42 1911
$1,000 See text
$60,000
190o 1,000 &c

1888

1,000
100 &c
500
1,000
50
50
1,000

500,000
464,400
92,500
300,000
497,750
2,126.900
495,000

36 1905

1,000

500,000

357 1912
121 1916

£1 &c
1.000
None
1,000
1,000
1,000

1908

1908

1908
1906

458 1915
281 1905
236 1891

1920

1923

CAPITAL STOCK.—Common, $12,000,000; prof. 6% non-cum., $10.000,000; par, both $100. On Dec. 31 1925 the Canadian Pacific owned
$6,100,600 common and $5,100,(C0 preferred stock.
BONDS, &c.—Abstract first mortgage, V. 45. p. 274.
The first consolidated mortgage of 1896 has interest at 4%, guaranteed
by Can. Pac., which Dec. 31 1925 held the entire outstanding issue ($15,1C7.000) in Its treasury as security for its 4% debenture stock; consols for
$4,893,C00 are reserved for prior bonds, and additional amounts may be
issued at $20,000 per mile of new lines. Canadian Pacific Ry. Dec. 31 1925
also held $3,060,000 overdue income certificates.
The Marquette Houghton & Ontonagon RR. gen. mtge. 6% bonds due
April 1 1925 were extended to April 1 1935 at the same rate of interest.
Equipment trusts, Dec. 31 1925, 14th series, $42,000.
Equipment trusts. Series “D,” V. 119, p. 942.
REPORT.—For 1925, showed:
Cal. Year—

Gross.

Goer. Inc.

Otherlnc.

Charges.

Balance.

1925________ $5,808,935
$861,105 $162,955 $1,142,772 def$118,712
1924................ 5,905,360
1,118,989
196,217
1,559.530 def244,325
1923________ 5.861,203
818,513
96.166
1,095,175 defl 80,496
1922____
4.492.354
135,902
59.983
923 095
def727,210
For latest earnings, see “Railway Earnings Section” (issued monthly)
OFFICERS.—Pres., C. T. Jaffray; Sec., W. R. Harley; Treas., W. J.
Ellison. Office, Marquette. Mich. New York office, 64 Wall St.—(V
122, p. 2705.)
DULUTH WINNIPEG & PACIFIC RY.—Owns entire #2,000,000 stook
of Duluth Rainy Lake & Winnipeg Ry., Virginia, Minn., north to the Cana
dian Northern at International Falls, 98 miles. Capital stock auth.
$6,000,000; par, $100 Controlled by Canadian National Rys. V. 98, p.
1601; V. 102, p. 152
SECURITIES.—Tbe first mtge. 4% deb. stook of 1910 is guar., p. & 1. bj
the Canadian National Rys Of the $10,500,000 auth. issue, £1,439,383 is
outstanding; $1,525,000 was issued to retire existing securities, $2,066,600
was reserved to retire the Duluth Rainy Lake & Winnipeg bonds (extended
in 1916 to 1921), the remaining bonds to be available for further exten­
sions, &c. The D. R. L. & W. stock is vested with the trustees, the
National Trust Co. of Toronto and the British Empire Trust Co. V. 102.
p. 152 V. 90. p. 1490; V. 91. p. 164 1322
Earnings.—For latest earnings, see "Railway Earnings Section” (issued
monthly)
DURHAM & SOUTH CAROLINA RR.—Durham, N. C., south 42
miles to Duncan on Norfolk Southern
Stock. $500,000 ($256,000 com­
mon and $250,000 5% preferred); par, $100. Of the $300,000 1st mtge
bonds, about $100,006 are in sinking fund, leaving about $200,000 outstand­
ing. The road was acquired by the Norfolk Southern RR. in 1920 and is
leased by that road for 99 years from May 26 1920. V. 110, p. 2387
The I.-S. C. Commission has placed a final valuation of $466,796 on
the property of the company as of June 30 1917.
Pres., Ernest Williams; Aud., R. S. Harris, Lynchburg, Va.—(V.
119, p. 1843.)
DURHAM & SOUTHERN RY.—East Durham to Dunn, N. C., 57 m.
Durham East to Durham, 2 m. The I.-S. C. Commission has placed a
tentative valuation of $946,000 on the property of the company as of
June 30 1917. Stock authorized, $2,000,600; out., $1,350,000; par, $100.
Divs. of 24% were paid in 1910-11; in 1911-12, 24%; in 1912-13, 14%;
in 1913-14, 11%; 1915, 7^%; 1916, 7%; 1917, 8%; none since.
Pres., B N Duke; Sec., W C. Parker. Office. Durham, N. C.—
(V 122. p. 1022.)
EAST BROAD TOP RR. & COAL CO. (Pa.).—Owns from Mt. Union.
Pa., to Alvan, Pa., 32.54 miles; Orbisonia to Neelyton, Pa., 9.60 miles
Rocky Ridge to Evanston. Pa., 4.90 m.: Coles to Midvalley. 2.49 m.
Neelvton to Stanton. 1.53 m.; Shirleysburg .Clay Quarry, 0.90 m.; total
51.96 m. A coal road opened in 1874, V. 97, p. 1663, 18 2.
The I.-S. C. Commission has placed a tentative valuation of $1,645,085
on the total owned and $1,649,685 on the total used properties of the com­
pany as of June 30 1917.
Stock, $938,700 (par $50), of which $246,750 in 6% non-cum. pref. Sec­
ond mtge. 4% income bonds, $464,000, due Jan. 1958, given in 1908 for back
int. from 1885. Year ended Dec. 31 1925. Total railway operating reve­
nues, $634,763; total operating expenses, $490,452; railway tax accruals,
&c., $10,685; net operating income, $133,626; other income, $18,009; gross
Income. $151,635. Deduct: Interest on funded debt, $42,276; income to
reserve fund, $3,117; rentals, &c., $1,100. Other deductions, $11,856.
Balance, $93,286. Pref. divs. (15%), $37,012; common divs. (15%),
$103 792.
Change in Control.—The Rockhill Coal & Iron Co. early in 1920 acquired
substantially all of the outstanding bonds and capital stock of the company
(V. 122, p. 1022.)
Office, 260 South Broad St., Philadelphia.—(V. 121, p. 1904.)
EAST CAROLINA RY.—Owns ramoro to Hookerton, N. O., 38 miles
Incorporated in North Carolina July 1 1898. Leased to Pres. Henry C
Bridgers for 4% yearly on stock, payable Dec. 10. Stock auth. $200,000;
outstanding, $55,500; par, $100. Bonds, see table above. Pres., Treas. &
Gen. Mgr., Henry C. Bridgers; Sec.. A. D. Fowlkes. Office, Tarboro
N. O.—(V. 108, p 480.)
EAST MAHANOY RR.—Owns from East Mahanoy Junction to 81
Nloholas and branches, 8.67 m.; 2d track, 6.90 m.: total track 20.67 m
Re-leased Deo. 1 1896 for 999 years to Little Schuylkill Nav. RR. & Coal Oo
at 5% on stock, and lease assigned to Phila. & Read. Ry.—(V. 106, p. 923.)
EAST PENNSYLVANIA RR.—Owns Reading, Pa. to Allentown, Pa.,
35.84 miles; miles 2d main track, 34.24; all track, 105.52 in. Leased for 999
years from May 1 1869 to the Phila. & Reading RR. at a rental of 6% per
ann. on the stock & int. on bonds & taxes. Lease assumed in 1896 by
Phila. & Read. Railway Co. Of the stock, $1,275,300 is owned by Reading
Co.

EAST TENNESSEE & WESTERN NORTH CAROLINA RR.—A
narrow gauge road from Johnson City, Tenn., to Cranberry, N. C., 34 in.;
also Johnson City to Valley Forge, Tenn., 12 m., third rail. Controlled




Amount
Outstanding

Rate
%

4
5
o
4
4
4
4
5
6
4

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

g
g

J & D Junel 1939
M & S July 1 1941
M & N Mayl 1955

g

J &
J &
J &
J&D
J &

J
J
J
J
15
J
M & S

J

g

5g

£1,438,356
4
2,420,000
4K g
25,000.000 See text
16.969.000
5
108.000
5g
10,000.000
5g
1,440,000
lg
2,000,000

&

Jan 1 1958
260 So Broad St, Phila
July 1 1958
do
do
July 1 1958
do
do
July 1 1936
Safe Dep & Tr Co, Balt
June 15 '26 2 Reading Term, Phila, Pa
Jan 151926 3%
do
do
Mar 1 1958
do
do

M & N Nov 1 1935

E & A 16
A & O 22
Q—J
A & O
.1 & J
vl & N
A & O
J & J

London or Toronto
Merc Tr & Dep Co, Balt
Guaranty Trust Co, N Y

Guar Tr & S D Co, Phila

Lloyds Bank, Ltd. Lond
National Park Bank, N Y
See text
Farm L & Tr Co, N Y
Apr 1 1965
To Jan 1 1935 Equitable Trust Co, N Y
Mayl 1941
71 Broadway. New York
To Apr 1 1938
July 1 '26 to '41
Feb 16 1942
Oct 22 1944

by Cranberry Iron & Coal Co. V. 96, p. 1156, 1296. Tentative valuation
as of June 30 1916 $1,614,287.
Capital stock, $490,800. Dividends, 4% paid since 1908-09; In 1909-10
8%: 1910-11, 9% & 10% extra: 1911-12. none; 1912-13, 18%; 1913-14.
17%: 1914-15, 15V6%; 1915-16, 131S% 1917. 4%: 1918. 13%; 1919, 18%;
1920, 12%; 1921, 3%; 1922-23, 12%; 1924, 15%; 1925, 5%. For year end.
Dec. 31 1925, gross, $289,306; net, $55,789; other income, $9,284; deduc­
tions, $25,591; surplus before dividends, $39,482. Dividends (5%), $24,540 paid out of surplus. Pres., Edgar P. Earle; V.-P. & Treas., J. E. Vance,
Sec., Hammond Prosser. Office, Johnson City, Tenn.—(V. 115, p. 2572.)
EDMONTON DUN VEGAN & BRITISH COLUMBIA RY.—Road runs
from Edmonton in a northerly direction 130 miles, then northwesterly to
Spirit River: branch line from Rycroft to Grande Prairie Main line,
358 miles; branches, 65.42 miles; leased, 4.36 miles; total, 427.86 miles. Con­
nection E. D. & B. C. Ry. with Strathcona Terminals, Canadian Pa. Ky.
at Edomoton, 6.65 miles. Sidings, 52.50 miles. The 30-year 4% deben­
ture stock (at present limited to $7,000,000, at $20,000 per mile, on said
350 m.), is guaranteed, prin. & int., by the Province of Alberta. The
$2,420,000 1st M. 4J^s of 1916, with same guaranty, cover 121 miles of
'"•tensions
V 103. p 938
See V 95 o. 1273: V 96 p 419 1422
The company has also issued $2,400,000 6% debentures to J. D. McArthur
Corp., Ltd., and Royal Bank to cover indebtedness (interestu npaid). Ad­
vance by Provincial Government to re-condition road, $2,740,065, at 6%
(interest unpaid). Operation of the road has been assumed by the Canadian
Pacific Ry. The latter company is to receive as remuneration 15% of
receipts in excess of working expenses out of any surplus revenue after fixed
charges. The operating agreement is subject to three months’ notice of
termination by either side. Pres., D. C. Coleman; V.-P., Charles Murphy:
Sec., C. E. Stockdill; Treas., E. J. Bulgin. Main office, Winnipeg, Man.,
Can.—(V. 115, p. 307.)
For 1925, gross, $941,116; net operating income, $60,513; other income,
$22,565; interest, rentals, &c., $1,335,652; bal., def., $1,252,574.
EL PASO & SOUTHWESTERN CO.—The I.-S. C. Commission on
Dec. 26 1923 approved and authorized:
(1) The acquisition, through the exchange of securities, of direct control
by the El Paso & Southwestern Co. of certain of its subsidiaries con­
trolled indirectly; (2) the acquisition by the El Paso & Southwestern RR.
of control of certain subsidiaries of the El Paso & Southwestern Co. by ex­
changing its capital stock for the capital stock of subsidiaries: (3) the acqui­
sition by the El Paso & Southwestern RR. of control of the properties of
certain subsidiaries of the El Paso & Southwestern Co. by lease; (4) granted
authority to the El Paso & Southwestern RR. to issue not exceeding $12,570,000 capital stock and not exceeding $11,914,000 First & Ref. Mtge.
bonds in exchange for stock and bonds of certain subsidiaries of the El Paso
& Southwestern Co. and in part payment for equipment to be purchased
from that company. The bonds have been or will be issued for the following
purposes: (1) To refund: (a) 1st mtge. 5% bonds of Dawson Ry., $3,000,000; (6) 1st mtge. 5% bonds of El Paso & Northeastern Ry., $2,700,000;
(c) 1st mtge. 5% bonds of El Paso & Rock Island Ry., $2,500,000; (d) 1st
mtge. 5% bonds of Alamogordo & Sacramento Mountain Ry., $372,000.
and (e) 1st mtge. 6% bonds of Arizona & New Mexico Ry., $1,294,000.
(2) In part payment for equipment purchased from El Paso & Southwestern
Co., $2,048,000, and (3) to refund $5,055,000 1st mtge. 5% bonds which
matured Jan. 1 1923 (refunded and now outstanding), $5,055,000; total,
$16,969,000. Compare V. 118, p. 906.
On June 20 1924 an agreement was entered into by and between El Paso
& Southwestern Co. and Southern Pacific Co. whereby, subject to the
approval of the I.-S. C. Commission, it was agreed that in exchange for
stocks, bonds and other assets owned by El Paso & Southwestern Co,,
having ah aggregate value of not less than $57,400,000 over and above
the $9,100,000 of bonds outstanding in the hands of the public, and repre­
senting that company’s ownership of and interest in the El Paso & South­
western RR. System, and also in the Nacozari RR. and in the TucsonPhoenix & Tidewater RR., the Southern Pacific Co. would issue and
deliver $28,000,000 common stock, as well as $29,400,000 20-year 5%
(collateral trust) gold bonds.
The securities and other assets to be acquired by Southern Pacific Co.,
either direct or indirect, under said agreement, are as follows:
(а) All the issued and outstanding capital stocks and all, except approxi­
mately $9,100,000 of the issued and outstanding funded debt of (1) El Paso
& Southwestern RR.; (2) El Paso & Southwestern RR. of Texas; (3) Burro
Mountain RR.; (4) Arizona & New Mexico Ry.; (5) El Paso & Northeastern;
(6) Dawson Ry. & Coal Co.; (7) Dawson Ry.; (8) Alamogordo & Sacramento
Mountain Ry.; (9) El Paso & Northeastern Ry.; (10) El Paso & Northeastern
RR., and (11) El Paso & Rock Island Ry., whose lines form the El Paso &
Southwestern system of railroads; as well as all the issued and outstanding
capital stock of the Nacozari RR., which owns a line extending from Agua
Prieta to Nacozari, Mexico, and of the Tucson, Phoenix & Tidewater Ry.,
which owns certain real estate, franchises, and rights of way in Phoenix,
Arizona and elsewhere, and
(б) All book accounts, claims against, and other interest in said companies
owned by the El Paso & Southwestern Co.; and all other property of any
kind whatsoever owned by or held in trust for the El Paso & Southwestern
Co.
The operation of the properties of the system was formally taken over
by the Southern Pacific Co. on Nov. 1 1924.
Stock.—The proposed change of the El Paso & Southwestern Co. stock
of $100 par value to no par value stock was approved by the l.-S. O. Com­
mission on July 18 1921. While certificate has been filed with the Secretary
of State of New Jersey, no action has been taken as yet to make the exchange
Pres. T. M. Scdumacher; Sec., Geo. Notman. N. Y. office, 99 John Si
—(V. 119, p. 2176 )
ELPASO UNION PASSENOER DEPOT CO.—Owns depot at El Paso.
Tex., which was completed about Nov. 1 1905. Leased by El Paso North
eastern, El Paso Southwestern, Galveston Harrisburg & San Antonio (Sou,
Pac. Sys.). Atch. Top. & Santa Fe. Texas & Pac. ana Mex. Cent, railroads
on a wheelage basis providing for maintenance and all charges. Stock
auth., $240,000; outstanding, $88,800. Owned equally by six roads
named. Of bonds (see table above). $12,000 mature Jan. 1 yearly, begin­
ning 1916. V. 78, p. 104; V. 81, p. 1043.—(V. 112, p. 161.)

May, 1926.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Elmira & Williamsport—Stock com 5% rental--N.c
Preferred stock 7% rental 999 years Northern Cent.
First mortgage extended 1910__________________kv
Income bonds 999 years to run. . _____
___ zc*
Erie & Kalamazoo (leased) stock Toledo to Palmyra.
Erie & Pittsburgh—Stock 7% rental 999 yrs Penh Co
Special guaranteed betterment stock $7,500,000__
General mtge fnow 1st) $4,500,000 gold guar.Un.k
Gold debentures______
_ ______
______ .
Erie Railroad Co—Common stock $189,000,000 auth
Second pref stock 4% non-cum redeemable at par..
First pref stock 4% non-cum redeemable at par___
A—Old Bonds Assumed—Roads Consolidated—
N Y & Erie 1st M Pierm to Dun ext 1897 gold xc*
Second mortgage (ext ln 1919) gold call 110 ..zc*
Third mtge (ext in 1883 & 1923) gold red 105, .zc*
Fourth mtge (extended in 1880 and 192o) g.xxxc*
Fifth mortgage (extended in 1888) gold .
. xc*
Erie Ry 1st M Buff Br Hornellsv to Attica gold .zc*
First cousol mtge $30,000,000 gold $ or £ F.zc*
N Y L E & West first consol mortgage gold.
zc*
Buff& S W 1st M gold ext 1918 at 6% red 105g..xc*
Newburg & N Y 1st M gold extended in 1889. .vc*
Chic & Erie 1st M g (Marion O to Ham’d Ind) .Cezc*
Erie & Jersey 1st M gold s f red text____ G.c*&r*
Genesee River 1st M gold s f red text
G.c*&r*
Chicago & Atlantic Term 1st M ext 1918 gold.-Ce.z
B—Erie Railroad Company Bonds—
Second mtge on Buff & S W gold ext 1918----- G.xc*
First consol mortgage of 1895, securing—
(1) Prior lien bonds $35,000,000 gold
-F.xc*&r
(2) General lien $140,000,000 gold..__ F.sc*&r
Penn coll trust M $36,000,000 g s f (text). Ba.xc&r
General mortgage fSeries A $10,600,000 . G.sc*&r
convertible,
(Series B $12,000,000 __ xc*&r
$50,000,000 .(Series D $28,000,000 . ..xc*&r
Refunding & impt M $500,000,000 g Scr A & B..Ba

Miles Date
Road Bonds

$50 $ 500,000
50
500,000
1,000
963.000
500
570.000
300,000
50
50 2,000,000
50 2,933.150
1,000 3,540,000
818,514
$100 112,481,900
160 16,006.000
100 47,904,400

73
73
73 I860
1863
22 ___
83
83
83 1890

447
447
447
465
465
60
526
526
67
12
250
39
32

Amount
Outstanding

Par
Value

1,000

67 1895

ELGIN JOLIET AND EASTERN RY. CO.—Owns from Waukegan.
Ill., on Lake Michigan, via Joliet, to Porter, Ind., 129.94 miles, and
branches: main line owned, 194.86 m.: spurs to coal mines, &c., 43.69 m.:
trackage, 248.88 m.; 2d track, 41.59 m.; side and yard tracks owned,
185.40 m.; total, 714.42 m. Also leases Chic. L. S. & East., 16.05 miler
with 350.00 miles branches and spurs and 14.85 miles 2d track, and 126.01
yard tracks and sidings, for 60 years from June 1 1909, and, with the U. S
Steel Corp., guar, its $9,000,000 4)4% bonds, p. & i. V. 89, p. 141b.
Leases from miscellaneous foreign roads, branches and spurs to mines and
industries 1.82 miles; yard tracks and sidings, 2.42 miles. Controlled by
U. S. Steel Corp.
The I.-S. C. Commission has placed a final valuation of $34,660,000 on
the company’s properties owned and used, and used but not owned, as of
June 30 1914. The report also covers the properties of the Chicago Lake
Shore & Eastern Ry. and the Blue Island Ry.
STOCK.-—$10,000,000, as increased from $6,000,000 in Juen 1909; par
$100. Dividend, 4% yearly (in Dec.) in 1899 to 1922; paid 6% in 1923,
4% in 1924 and 4% in 1925.
Ntis#
REPORT.—For calendar year 1925: Gross, $25,006,966; net railway
oper. income, $4,017,843; other income, $336,340; interest, rentals, &c.,
$3,042,655; dividends, $400,000; bal., sur., $911,527.
Ml
For latest earnings see “Railway Earnings Section” (issued monthly).
OFFICERS.—Pres., A. F. Banks; V.-P., S. M. Rogers; Sec. & Treas.,
F. L. Koontz. Offices, 208 So. La Salle St., Chicago, and 71 Broadway,
New York.—(V. 120, p. 698.)
ELKIN & ALLEGHENY RR.—This company was chartered early in
1920 with $1,000,000 authorized capital stock to take over, operate and
extend the road or the same name sold at receiver’s sale in the summer of
1919. V. 109, p. 2074. The line, projected from Elkin to Sparta, N. O.,
about 40 miles, has been completed and is in operation between Elkin and
Veneer, 16 miles. Beyond the latter point, it is said that about 20 miles
of grading have been done, and the new company intends to continue con­
struction not only to Sparta, but to Jefferson, N. C., a total distance of
about 75 miles. Those interested in the plan are H. C. Chatham. C. B.
Penny, Winston-Salem. N C-: J. Clinton Smoot. North Wilkesboro, N.C.,
R. A. Doughton, Sparta, J. F. Hendren, G. T. Roth and others on Elkin,
N. C.
The I.-S. C. Commission has placed a final valuation of $335,046 on
the owned and used, and $34 on the used but not owned properties of the
company as of June 30 1915.—V. 121, p. 1904.
ELMIRA & LAKE ONTARIO RR. CO.—Owns from CanandaiguaN. Y., to Chemung Jet., 64.19 m.; Sodus Point to Stanley, 34.06 m.; other.
1.66; total, 99.91 m. Leased to the Northern Central, which owns all the
$1,500,000 stock. Penn. RR. assumed lease in 1914. Lease may be termi­
nated on 30 days’ notice. Rental, net earnings. The $500,000 Sodus Bay
& Southern RR. 1st gold 5% bonds, due July 1 1924, were purchased at
maturity by the Northern Central Ry. Co. at par
ELMIRA & WILLIAMSPORT RR. CO.—Owns from Williamsport, Pa.
to Elmira, N. Y., 73.49 m. Leased to the Northern Central Ry. for 999
years from May 1 1863. Lease was assumed in 1914 by Penn. RR. Co. as
of Jan. 1 1911. The divs. on the common stock are 5% and on the pref
7%, less taxes, making div. on common 4.60%. and on pref 6.44%. The
$663,000 1st 6s due Jan. 1 1910 were extended at 4%. V. 89, p. 1667.
ERIE & KALAMAZOO RR.—Vulcan near Toledo to Palmyra. 21.82 m
Leased in perpetuity in 1849 to Lake Shore (now N. Y. Central RR.) at
$30,000 Der ann. Dividends 1913 to 1916. 954% per ann; 1917, 9)4%:
1918 to 1924, 9% yearly—(V. 106, p. 817.)
ERIE & PITTSBURGH RR.—Owns New Castle. Pa., to Girard, Pa..
79.56 miles; branch to Erie docks, 3.43 m.; total operated, 82.99 miles.
Leased to Penn. RR. for 999 years in 1870 at 7%on stock and int. on bonds
and since Jan. 1 1918 operated directly by it. Under agreement of Nov. 1
1905 the Penn. RR. provides sinking fund installments required by the gen.
mtge., the E. & P. to deliver its 3)4 % debentures at par for such advances
and at maturity of the gen. mtge. bonds to exchange new mtge. bonds
therefo .
STOCK.—The special betterment stock ($7,500.(11)0 auth.) is suDordlnate
to the old stook, but guaranteed 7% dividends. Dividends on old stock are
subject to a 4-mlll tax on assessed value, on special betterment, tax-free
EARNINGS.—For 1925, gross income, $520,604; deductions, $176,004;
dividends, $345,320; bal., def., $721.—(V. 121, p. 1566.)
ERIE RAILRoam CO.—(See Map.")—Embraces trunk line from jersey
City to Chicago, Ill., and branches, 2,323 miles; restricted trackage rights,
123 miles; owned and leased to other companies, 12 miles; leased and re­
leased to other companies, 2 miles; total, 2,466 miles; second track, 1,425
miles: third track, 36 miles; fourth track, 36 miles
Miles.

Piermont, N. Y,, to Dunkirk.. 447
Buffalo to Jamestown, N. Y__
66
Buffalo to Corning, N. Y_____ 140
Hornell to Buffalo___________
92
Other branohes______________ 101
Stock all (a) or nearly all (b) owned.
aChlcago & Erie RR_________ *250
aJefferson RR_______________ *45
N. Y. & Greenwood Lake RY.. *54
Erie * Wyoming Valley RR__
80
aNypano Railroad__________ 424
bTloga Rai troad_____________
42
Other lines__________________ 154

Leased Lines—

Miles

Avon Gen. & Mt. Morris_____
Montgomery & Erie_________
Northern RR. of New Jersey..
Goshen & Deokertown_______
Rochester & Genessee Valley..
Other lines__________________
Leased to Nypano RR.—

*15
*10
*26
*12
*18
50

Cleve. & Mahoning Valley RR. *123
Sharon Railway______________ *33
Trackage_____________________
141

Lines ln system______________2,323
N. Y. Susquehanna & Western. *223
New Jersey & New York RR.. *46
Frontier Electric RR.. V 106. p 1900
HISTORY.—On Deo. 1 1895 succeeded, per plan ln V. 61. p. 368, the
N Y Lake Erie & Western RR. Co., sold ln foreclosure under its second con­
solidated mtge. The oompany holds ln fee or through ownership of all or
practically all the stook of the subsidiary companies the line from New
York to Chicago (including the Nypano RR. and Chlo. & Erie companies).
• See this company.




Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

M&N See text
5
Broad St Station Phila
J&J See text
7
do
do
J&J Jan 1 1950
4
do
do
5
A&O Oct 1 2862
do
do
Text F&A See text
Lincoln Nat Bank, N Y
Q—M June 10 ’26 154 AmerExchNatBank.NY
7
Q—M June 10 ’26 154
7
do
do
Penn RR Agent, Phila
3)4 g J&J July 1 1940
Treas office, Erie, Pa
3)4 J&J July 1 1940
April 1907 2% J P Morgan & Co, N Y
April 1997 2%
do ~
do

1,000 2,482,000
4 g M&N Mayl 1947
1847
1849
1,000 2,144,000
5 g M&S Sept 1 1939
1,000 4,616,000
1853
4)4 g M&S Mar 1 1933
1,000 2,912,000
1857
5 g A&O Oct 1 1930
500 &c
709,500
1858
4 g J&D Junel 1928
200 &c
182,400
4 g J&J July 1 1931
1861
1,000 yl5,566.000
1870
7g M&S Sept 1 1930
500 &c z2,005,o00
1878
7 g M&S Sept 1 1930
50 &c 1,500,000 (5) 6 g J&J July 1928
1877
1,000
250,000
1868
5g J&J Jah 1 1929
1,000 12,000,000
1890
5 g M&N May] 1982
1,000 7,063.000
1905
6 g J&J Juyl 1 1955
1907 1,000 &c 5,725,000
6 g J&J July 1 1957
1,000
300,000
1888
5g J&J July 1928

1,000
1895
1,000
1895
1901 l,0i0 &c
1903 1,000 &c
1903 1,000 &c
100 &c
1903
500
... 1916
w Additional $937,000 pledged, y Additional $1,29 4,000 pledge d. z Ad
r t u Further amounts owned by company as folio ws: Of r $19, 217,000
X D’CI
$5,923,000 unpledged: ti $8,199,000 pledged. $1,158,9 OOunp 1 edged

Lines Owned in Fee—

57

RAILWAY STOCKS AND BONDS

W63.000

5g

35,000,000
4g
r35,885,000
4g
x34,000,000
4g
10,000.000
4g
U11015.000
4g
U19627.100
4g
tNone Dec' 25--------

J&J July 1928
J&J
J&J
F&A
A&O
A&O
A&O

Jan
Jan
Feb
Apr
Apr
Apr

1 1996
1 1996
1 1951
1 1953
11953
1 1953

50 Church St, New York
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do,
do
do
do
do
do

50 Church St, New York

50 Church St, New York
do
do
do
do
do
do
do
do
do
do

ditional $1, 694,000 pledged.
pledged, $2 .000 unp ledged, t $34,077,000 pi edged.
udes $19,34 5,000 bel d in sink ins: fund.

OOAL PROPERTY.—The allied coal properties at last advices aggre­
gated 12,400 acres of anthracite, of which about 9.000 acres, and 53,000
seres of bituminous coal lands were held by allied companies. 14.000 acres
of bituminous held under mineral rights. Pennsylvania coal properties ac­
quired in 1901 are additional. V. 82. p. 1322.
Merger Plan Rejected.—The proposed unification of this road with the
New York Chicago & St. Louis RR., Hocking Valley, Chesapeake & Ohio
and Pere Marquette roads was rejected by the I.-S. C. Commissionton
March 2 1926. Compare V. 122, p. 1249.
STOCK.—Prior and General Lien bonds of 1895 have 10 votes for each
$1,000 of principal. Provisions of pref. stock were In “Supplement” of
April 1897. page 3. V. 66, p. 335, 573.
DIVIDENDS (cash) %1 '01. ’02. ’03. ’04. ’05. ’06. 1907. 08 to 1925:
On flrst preferred____ f 1)4 33)44
4
4
Apr., 2
0
On second preferred__ J__ .. .. .. 2
4
Apr., 2
0
BONDS.—First Consol, mtge. of 1895 for $175,000,000 (Farmers
Joan & Trust Co., trustee)—see abstract, of deed, V. 62, p. 89, secures the
136,000,000 Prior Lien (V. 103, p. 1032) and $140,000,000 General Lien
tonds. Both series have voting power: see "Stock" above
Or the $140.000.000 7 onsoi to } en Lien is. $92,668 000 were reserved for
iltlmate acquisition of bonds and guaranteed stocks left undisturbed on
various Darts of the system (see list, V. 62, p. 89), and $17,000,000 were
reserved for new construction, betterments, additions, &o. after 1897—
aot over $1,000,000 to be used in any one year On Dec. 31 1925 $55,104.100 Gen. Lien bonds had been issued, of which $35,885,000 were in hands of
tne public and $19,219,000 owned by Erie RR. (on Dec. 31 1925 $19,217,000
of these had been pledged). V. 102, p. 2077; V. 97, p. 1898; V. 100, p. 1168.
The collateral trust 4s of 1901 are secured by 51% of the entire N. x
Susq. & Western stook ($26,000,000 total issue), all of the Pennsylvania
Goal Co. stook, and the stook of the Erie & Wyoming Valley RR.. Scranton,
Pa., to Lackawaxen, 80 miles, and Delaware Valley & Kingston RR.
Sinking fund of 10c. per ton of coai mined from mines of Penn. Coal Co.
V 71, p. 121y, 1311: V. 72, p. 44. ana circular, p. 36, 632, 257; V 79, p.
212; $19,345,000 included in the $34,000,000 “outstanding" were ln sinking
fund Dec. 31 1925.
The Gen. M. Convertible 4s of 1903 ($50,000,000 authorized) cover the
entire system subject to prior liens, and when issued were convertible Into
common stock, but the conversion period has expired for all except series
’D” bonds which till Oct. 1 1927 are exchangeable at option of holder for
lomraon stock at 50 ($200 par value of stock for $100 of bonds). There
is no Series “O.”
The shareholders on Dec. 1 1916 authorized a Refunding and Improve­
ment mortgage, limited to $500,000,000 (maturing as to Series A at
Dec. 1 1936), to provide for refunding existing funded debt and for
accessary capital expenditures over a long period of years. V. 103, p. 412.
In Nov. 1917 authority was obtained to Issue $15,000,000 6% Series A
kef. Jk Impt. Mtge. bonds and forthwith pledged $8,750,006 thereof as
collateral security for a short-term loan aggregating $5,666,660, with the
right to use the remaining $6,250,000 as security for other and additional
loans, upon the basis of not more than $175 in amount of bonds for oach
$100 in amount of loan. On Dec. 31 1925, $13,500,000 pledged, $1,650,066
unpledged.
In May 1918 was authorized to amend the mortgage so as to make possible
(be extension of the old (underlying) bonds.
In July 1918 obtained permission from the New York P. S. Commission
to Issue further $12,500,000 6% series “B” Ref. & Impt. Mtge. bonds as
security for not over $12,600,606 notes issuable on account of improvements
and additions made and to be made. V. 107, p. 82, 181, 291; V. 106, p.
1577, 1900, 2559. In March 1919 $5,400,000 of “B” bonds were pledged
is part collateral for the $15,000,000 note issue. V. 108, p. 1060. An
additional $4,300,000 Series "B” was noth, in Aug. 1920. V. 111. p. 588.
On Dec. 31 1925 $25,000,000 Series “B” bonds had been’issued, of which
$20,727,000 were pledged and $4,273,000 in treasury.
in Feb. 1915 sold $7,460,000 Erie & Jersey (closed) 1st M. and $6,000,000
Gsnesee River 1st M. bonds. Both Issues are subject to call as a whole or
In part to July 1 1920 at 110, and thereafter at 115. Cumulative annual
sinking fund for each issue. Both roads have been merged in the Erie RR.
Co. V. 100. p. 474. 481 397. 555, 641.981.1437; V 104. o 863.
N. Y. Lake Erie & Western Docks & Impt. Co. 1st 5s (extended) are re­
deemable at 105. V. 96. p. 1422, 1772; V. 97. p. 54, 370.
As to extension of bonds (three issues), due July 1 1918. see V. 106, p.
$756; extension of Jefferson RR., $2,800,000 5% bonds in 1919 at 5)4%.
See V. 108, p. 1165. (Extension of N. V. & Erie. $2,149,000 2d M.
5s. callable at 110. See V. 109. p. 370.
J. P. Morgan & Co. on behalf of the company offered to extend the
$2,926,000 N. Y. & Erie RR. 4th Mtge. Extended 5% bonds from Oct. 1
1920 until Oct. 1 1930, at 5% per annum, and to pay $142 50 per $1,000
bond to such holders as presented their bonds for extension on or before Sept.
20 1920. The extended bonds are subj. to redemption at 105% & int. on
xny Int. date on 30 days’ notice, and interest is to be paid without deduction
for any taxes which the company may be permitted or required to pay
thereon or to deduct therefrom (except such part of any Federal income tax
is may be in excess of 2%). The present mortgage security is to remain
unimpaired.
In Aug 1920 offered to extend $16,891,000 consol, mtge. 7s of 1870 and
$3,699,S60 N. Y. L. E. & Western RR .1st consol. 7s of 1878, whicn became
due Sept. 1 1920 to Sept. 11930 at 7% interest, a payment of $10 per $1,000
bond to be made to assenting holders. The extended bonds are redeemable
at 110. Announced on Sept. 1 1920 that a sufficient amount of the bonds
had been deposited to permit the company to carry out the plan of extension.
Y. Ill, p. 588. 692, 792, 895, 990.
In April 1922 offered to extend $1,100,000 N. Y. L. E. & W. Coal & RR.
1st mtge. 6% gold bonds due May 1 1922 to May 1 1942 at 5)4% and to
pay $40 for each $1,000 of bonds so extended. The bonds were extended
as series A bonds and will have the guaranty of the Erie RR. as to principal
and interest. Red. all or part on any int. date at 105 if called for redemp­
tion on or before May 1 1932: plus a premium of 2)4 % if called for redemp­
tion after May 1 1932, but on or before May 1 1937; and thereafter at )4 %
less than that premium for each 12 months or part thereof which shall

R A IL W A Y S T O C K S A N D B O N D S
[V ol 121




May, 1926.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Miles Date
Road Bonds

Erie RR (Concluded)—
Secured gold notes_____________________________
Collateral notes to Secretary of Treasury of U S and
Director-General of Railroads_________________
Equipment trust certificates—See table in text
AvonGeneseo & Mt Morris and Rochester & Genesee
C— Bonds on properties controlled by ownership—
Bergen Co 1st M Ruth Jet to Ridgewood extended.x
cGoshen & Deck’ton 1st & 2d Ms ($60,000 are 2d)..z
cMont & Erie 1st & 2d mtges ($40,500 are 2d)..—z
Jefferson 1st & 2d Ms ext (Honesdale Branch)____
1st M Carbon to S depot g ext ’19 red 105- FP.xc*
Long Dock Co cons M g (now 1st M) (see text).xc*
cN Y & Greenw L prior lien M $1,500,000 gold-.Nx
Tioga RR first mortgage________________________
N Y L E & W O RR 1st M ser A (ext) guar p & i
red (text)____________________________ Mp.zc*
NYLE&WD&ICo exg '13red text(V96,p 1776) F.xc*
N Y Pa & Ohio prior lien mtge gold $ or £__ F.zc*
422
Do Leased lines—see separate statements for Cl evelan
N Y Susquehanna & Western—Northern New Jersey —New
Essex Terminal Ry Co—First mortgage___________
22
Est Railroad Co of France—See text
Evansville Indianap & Terre Haute Ry—Com stock

Par
Value

1924

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

J&J July 1 1926

$10,000,000
20,299.450

When
Payable

6

----------- 1930-1931-1936 ................... ........................

A&O
Various
Various
J & J
A & o
A & o
M & N
M & N

Apr 1 1931
1928-1929
1927-1956
July 1 1927-29
Apr 1 1929
Oct 1 1935
Mayl 1946
Nov 1 1935

50 Church St, New York

1882
1,000 1,016,000
6)4
1883
1,000 3,396,000
5g
500 &c 8,000,000
1880
4)4 g
d & M ahoning Valley RR and Shar
Jersey & New York—See each co
206,000
5

M & N
J & J
M & S
on Ry
mpany
J&J

Mayl 1942
July 1 1943
Mar 1 1935

do
do
do
do
J P Morgan & Co, N Y

’•EE"......... 1917 4)4 A&O
368,000 To Apr 1 1927
184,000 s..a.
•FF”_____ 19216 M&N 1,840 000 To May 1 1930
230,000 s -a.
“No. 29”...1920 6 J&J 15 3,700,900 To Jan 15 1935
300.100 ann.
“GG"............ 19225)4 J&J
3,450,000 To July 1 1937
150,000 s. a.
“HH"........... 1922 5 M&N 2,240,000 To Nov 15 1937
93,000 s.-a
"11”............ 1923 5)4‘A&O
720,000 To Apr 1 1938
30,000 s.-a.
“JJ” ........... 1923 6 M&N
6,288,000 To May 1 1938
262,000 s.-a.
•■KK”........... 1923 6 A&O
1,250.000 To Oct 15 1928
50,000 s.-a.
“LL”_______1926 4)4 M&S
2,190,000 To Mar. 1 1941
73,000 s.-a.
U. S. Govt-1921 6 June
450,000 To June 1 1931
90,000 ann.
do
1921 6 Aug
180.000 To Aug 1 1931
30,000 ann
do
1922 6 Mar
135,000 To Mar 1 1932
22.500 ann
Equipment trusts issued to Director-General f»r roiling stock ai
located to this company. See article on page 3
Government loan, V. Ill, p. 792, 895. 2041;V.113.p.l052:V.114.p.521.

REPORT.—For 1925, in V. 122, p. 2356, showed:
Operating Revenues—
1924.
1925.
1923.
Merchandise_________ ______ ______ $71,501,650 $66,555,067 $73,207,913
Coal____ ______________
23,170,636 28,909,949 35,543,085
Passenger__________________________ 13,750,260 13,957,951 14,696,897
Mail, express, &c__________________ 10,120,910
9,673,889
9,530,580
Gross operating revenues_______ $118,543,456$119,096,856$132,978,455
13,730,008 14,307,569
29,554,255 36,054,579
2,027,674 1,942,234
46,080,879 51,319,167
616,862
631,727
3,893,356 3,905,408
Cr.118,259 Cr.90,539

Total railway operating expenses..$93,238,535 $95,784,775$108,070,145
Net operating revenue_____________ 25,304,920 23,312,081 24,908,310
Railway tax accruals_______________ 4,750,791
4,521,873 4,269,003
Uncollectible railway revenue______
44,695
91,659
109,189
Operating income________ ______ $20,509,435 $18,698,549 $20,539,117
Net hire of equip, rents deb. balance. 3,179,110
1,479,509 2,021,156
Net joint facility rents deb. balance.. Cr.200,295
146,863
197,548

Net railway operating income____ $17,530,619 $17,072,177 $18,320,413

Non-Operating Income—

Dividend income__________
$3,177,537 $7,002,537 $6,027,537
Claim under Government guaranty. .
_____ Dr.25$,975Dr.2,107,386
Miscellaneous rent income_________
457,929
471,757
401,608
Income from funded securities______
164,657
185,562
162,588
Income from unfunded secs. & accts.
210,346
205,965
216,071
Income from lease of road_________
59,579
75,783
75,781
Miscellaneous income______________
97,750
27,119
15,117

Total non-operating income_______ $4,167,799 $7,709,746 $4,791,317
Gross income_____________________ $21,698,418 $24,781,924 $23,111,730
Deductions—
Rent for leased roads_______________ $2,450,472 $2,461,540 $2,426,681
Miscellaneous rents________________
319,5$0
364,889
352,134
Miscellaneous tax accruals_________
105,897
108,859
97,547
Interest__________________________ 11,989,179 12,154,900 11,669,440
Amortization of discount__________
63
1,948
42,035
Miscellaneous_____________________
103,921
88,158
88,620
Applicable to sinking fund, &c________________ 1,146,915
1,238,262
1,217,063
Balance, surplus________________ $5,582,391 $8,363,367 $7,218,208
OFFICERS.—Pres., F. D. Underwood; V.-P., Wm. A. Baldwin; V.-P. &
Gen. Counsel, G. F. Brownell; V.-P., David L. Gray; V.-P. & Sec.,
George H. Minor; Treas., ------------------- ; Comp., Chas. P. Crawford.
Office, 50 Church St., New York.
DIRECTORS.—Geo. E. Marcy, Arthur M. Anderson, Stephen Birch.
Frank L. Polk, F. D. Underwood, Wm. Wrigley, Jr., B. A. Eckhart, L. F
Loree, Geo. F. Baker, Mitcheli D. Follansbee, Robert W. Pomeroy,
Grenville Kane, Geo. G. Mason, Geo. F. Brownell, Henry S. Sturges.—
George M. Moffett.—(V. 122, p. 2489.)
ESSEX TERMINAL RY. CO.—Owns road from Grand Trunk Ry. to
Amherstburg, Ont., 19 miles. Entire $400,000 capital stock acquired
Feb. 1918 by the Canadian Steel Corp., Ltd., a subsidiary of the U. S. 8teel
Corp., which in 1918 was constructing works at Ojibway, Can. Of
$420,000 1st M. bonds, $206,000 are outstanding in hands of public and
$214,000 are held in the treasury of the U. S. Steel Corp, subject to sale.
—(V. 108, p. 1274.
EST RR. CO. OF FRANCE (COMPAQNIE DES CHEMINS DE FER
DE L’EST).—The company operates 3,124 miles of track. It serves an
industrial region characterized by the numerous metallurgical concerns in
the neighborhood of Nancy and the mines of the Briey Basin.




Rate
%

stocks —see the se companie
(c) lea se:
1881
$1,000
200,000
’68-’69
246.500
’66-’67
170.500
’67-’69 $500 &c
300,000
1889
1,000 2,800,000
1,000 7,500,000
1885
1896
100 &c 1,481,900
1852 500-1000
239.500

Oar Trust Series, Gold (Denomination $1,000 each).
Date. Interest.
Outstanding.
Mature in Installments.

Maintenance of way and structures.. 13,442,522
Maintenance of equipment_________ 27,653,902
Traffic___________________________ 2,036,706
Transportation___________
45,669,835
Miscellaneous operations__________
604,666
General__________________________ 3,961,317
Transportation for investment_____ Cr.130,413

Amount
Outstanding

'20-’21 -----------

have elapsed between May 1 1937 and any subsequent date fixed for
redemption. Compare V. 114, p. 1891.
In Feb. 1923 offered to extend the N. Y. & Erie RR. 3d Mtge. Extended
bonds to March 1 1933 at 4)4%, subject to prior redemption, as a whole
only, at 105 and int. the present lien of the mtge. indenture securing such
bonds to remain unimpaired.
The company agreed with Drexel & Co. and White, Weld & Co. to
provide them with funds for the payment to the holders of the bonds of the
sum of $42 50 for each $1,000 or bonds so extended. V. 116, p. 720.

Operating Revenue—

59

RAILWAY STOCKS AND BONDS

100

50 Church St, New York
Fidelity Trust Co, Phila
50 Church St, New York
J P Morgan & Co, N Y
do
do
50 Church St, New York

July 2 1942

4,290,000

The first of its three most important lines connects Paris with the region
of the Ardennes, with Belgium and with Luxembourg, by way of Rheims
and Charleville; the second connects it with Alsace and with Lorraine by
way of Chalons-sur-Marne, Bar-le-Duc and Nancy; the third connects it
with Switzerland and by way of Troyes, Vesuol, Belfort and Basle. The
geographical situation of its system assures it, therefore, a large freight
traffic, because, on the one hand, it serves one of the most important indus­
trial regions of France, and, on the other hand, it provides the avenue for the
exchange of commodities with the countries of Central Europe.
CAPITAL STOCK AND BONDS.—The company’s balance sheet dated
Dec. 31 1925 (compare V. 122, p. 2489) showed shares and debentures
issued amounting to Frs. 4,635,615,732. Dividends have been paid on the
common stock without interruption since 1846.
In January 1925 Dillon, Read & Co., Marshall Field, Glore, Ward & Co.,
White, Weld & Co., Cassatt & Co., New York, and Union Trust Co., Cleve­
land, sold at 87)4 and Interest, $20,000,000 7% External Sinking Fund
Gold bonds. Dated Nov. 1 1924, due Nov. 1 1954. Interest payable
M. & N. Denom. $1,000 and $500 c*. Principal and interest payable in
U. 8. gold coin of the present standard of weight and fineness at the office
of Dillon, Read & Co., New York, without deduction for any French taxes
present or future. A sinking fund is provided, beginning May 1 1925,
which is calculated to retire the entire issue by maturity, by purchase in the
market at or below 100%and interest; or if not so obtainable, by call by lot
at 100% and interest. Redeemable as a whole at 105 and int. on Nov. 1
1929 or any interest date thereafter.
GUARANTY OF FRENCH STATE.—The convention between the
French Government and the principal French railway companies signed on
June 28 1921 and approved by the Law of Oct. 29 1921, secured to the Est
RR. (with the other principal railway companies) the payment of its working
expenses and the interest on and amortization of its loans of every kind, and
dividends on and amortization of its capital stock. In the event of receipts
proving insufficient to meet these charges the deficit has to be borne by a
“common fund” formed for the benefit of all the large systems. Into this
fund excess receipts of all the systems are paid and tariffs have to be adjusted
to meet the requirements of the fund, but if this adjustment of tariffs should
not produce sufficient income for the purpose, the deficiency has to be made
good by the French Treasury. Further, at the expiration of the concession,
the payment of interest on and amortization of any bonds which may be out­
standing will be borne by the State. These guarantees are identical to those
under which all other issues of the principal French railway companies have
been made pursuant to the above law.
PROVISIONS OF ISSUE.—This issue of bonds will be the direct obliga­
tion of the company, rank pari passu with all other issues of the company
now outstanding, and the company agrees that it will not place any mort­
gage, lien or other charge on any of its properties or revenues or on any of
the rights accruing to the company under the convention dated June 28 1921
and the law of Oct. 29 1921 confirming the said convention, without causing
the above issue to share ratably in the security created by such mortgage,
lien or charge.
The company covenants that it will not while any of the bonds of this loan
are outstanding, be instrumental in, or give its consent to, any change in the
convention with the Government of the French Republic approved by the
law dated Oct. 29 1921, which would curtail any security, guaranty, benefit
or advantage accruing to the Est RR. in respect of the bonds of this loan,
or through it to the holders of the bonds of this loan under said convention
or said law of Oct. 29 1921.
The company has obtained assurance from the Government of the French
Republic that, while any of the bonds of this issue are outstanding, no ob­
stacle will be placed in the way of the railroad company to fulfil its obliga­
tions in respect thereof.
EARNINGS —
Results of Operations Years Ended December 31
1924.
1925.
Gross receipts, all sources_______________ Frs.1,443,173,189 1,273,219,845
Operating expenses________________________ l,l58,189,800 1,002,907,287
194,939,903
Interest and sinking funds_____________________ 235.363,615
Cr.471,534
Various disbursements, participations, &c____
821,922
9,052,000
Dividends________________________________
9,052,000
25,305,905
Premiums________________________________
25,108,362

Total______________ ________________ Frs. 1,428,535.699 1,231,733,561
Profit to be contributed to railroad com. fund.
14,637.491
41,486,284
—(V. 122, p. 2489.)
EVANSVILLE INDIANAPOLIS & TERRE HAUTE RY.—Organized
in Indiana to carry out the plan and agreement dated Feb. 19 1920 for
the reorganization of the Evansville & Indianapolis RR. Owns road from
Evansville to Terre Haute via Worthington, 140 miles. Trackage rights,
6 miles.
Under the reorganization plan, the company entered into agreement
with the Cleveland Cincinnati Chicago & St. Louis Ry. Co., whereby the
"Big Four” was to operate the E. & I. RR. for the benefit and at the risk
of the New Company formed under the plan, for a test period of not to
exceed three years, with the option at any time during that period of
purchasing the entire capital stock of the New Company for the sum of
$1,000,000, payable in cash, or, at the election of the Big Four," In bonds
of the “Big Four” issued under its Refunding and Improvement Mortgage
dated June 27 1919. The “Big Four” in April 1921 received authoritv from
the I.-S. C. Commission to acquire the entire stock. It is propoM d to
operate the property as the Evansville Division of the “Big Four.” V.
112. p. 1399, 1977. Government loan, V. 112, p. 2536. Tentative v. luatlon, V. 113, p. 1052;
BONDS.—All of the outstanding $1,500,000 1st mtge. 7% gold binds
dated May 1 1920 were redeemed on Nov. 1 1925 at 102 and int.
REPORT.—For 1925: Gross, $2,471,268; net, oper. Income, $766,116
other income, $8,334; interest, rentals, &c., $613,970; bal., $160,480.
For details of reorganization plan, compare V. 1.10, p. 1186.—(V. 121,
p. 1225.)

60

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
(For abbreviations, &c., see notes on page 8]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

[Vol. 122.
Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

Interstate T & B Co,N O
$500,000
Fernwood Columbia & Gulf RR—First M $500,000
44 1911
$1,000
7g M & N Mayl 1950
1921
J & J Jan 1 1932
Ref & mtge bonds due $5,000 yly ’22 to '31 $300,000
See text
6
Fitchburg RR—Bonds—See Boston & Maine RR ab ove.
Florida Central & Peninsular—See Seaboard Air L ine Ry
Bankers Tr Co ,New York
617 1909 1,000 &c 12.000,000
Florida East Coast—IstM $12,000,000g-Ba.xxc*&r*
4X g J & D Junel 1959
New York
1st & ref mtge Series "A” red (text)___ Baz.c*&r*
100 &c 45,000,000
856 1924
6 g M & 8 Sept 1 1974
Equipment trust certs ser B (auth $1,000,000) due
1917
1,000
200,000
6
A & O Oct 1 ’26 to '27 U S Mtge & Tr Co, N Y
$100,000 yearly______________________________
1923
1.000 1,600,000
J & J To July 1 1933 Bankers Trust Co, N Y
5
Equip trust certs ser C due $200,000 yearly____ zc*
1924
1,000 1.750,000
5 g J & J To July 1 1939 J P Morgan & Co, N Y
do
Series D due $125,000 ann________ Bazc*
do
do
1925
1,000 1,120,000
do
Series E due $80,000 ann___________Bazc*
4X M & S To Mar 1 1940
1925
1,000 1,350,000
F & A To Aug 1 1940
do
Series F due $90,000 ann__________ Bazc*
4X
1,000
700.000
1925
do
Series G due $70,000 ann_________ Bazc*
4X A & O To Oct. 1 1935
1,000 2,700,000
do
Series H due $180,000 ann________ Bazc*
... 1926
4X g M & S To Mar 1 1941 Bankers Trust Co, N Y
Florida West Shore—See Seaboard Air Line.
100 2,500,000
Aug 15 ’13 2% Checks mailed
Fonda Johnstown & Gloversville—Common stockdo
100
500,000
Q—M Mar 15 ’26 IX
6
Pref stock 6% cum call at 105 $1,000,000 auth___
1,000
N Y Trust Co, N Y
500,000
First consol refunding mtge $500,000 gold.N.xc*
26 1897
4X g J & J July 1 1947
do
do
1,000
800,000
26 1900
General refund mtge $800,000 (V 71, p 34)--N.xc*
4 g J & J July 1 1950
New York Trust Co, N Y
1,000 5,700.000
First cons gen ref M $7,000,000 g red 120- -N.xc*&r
75 1902
4 X g M & N Nov 1 1952
Ful Co N Bk.Glov’Ue.NY
1,000
.1 & J July 1 1933
50,000
4 1893
Johnstown G & Kingsboro 1st M assum ext 1913-_z
5
100 2,634,000 See text
See text
Fort Dodge Des M & So—Common stock__________
1.363,100 See text
See text
Preferred stock 7% cumulative__________________
100 &c 5,450.000
152 1913
5 g J & D Dec 1 1926-38 New York
1st M g red 105 $50,000 due serially Dec 1 to 1937.
New York Trust Co, N Y
412.000
7g J & D Junel 1933
Debenture gold bonds Series A red 105__ Nk.xxxc*
... 1923 500-1000
Fort Smith & Western—See text
Central Union Tr Co, N Y
1,000 1,000,000
1891
Fort Street Union Depot—1st mtge gold_____ Ce.x
4X g J A J Jan 1 1941
100 2.291 ,416
Fort Wayne Sr Jackson—Pref stock 5 X % rental__ _ 97.53
5X M & S Mar 1 1926 2X Farmers' L & Tr Co, N Y
Office, 32 Nassau St, N Y
1,000 8.173,000
454 1881
Ft Worth & Den City—1st M g $18,000 p m.Ba.zc*
5X g J & D Dec 1 1961
6
J & J 15 To Jan 15 1935
1920
136,700
Eq tr No 20 (U S RR Admin) due $33,900 ann.-.G
1.000 See text
74 1905
5 g M & N Nov 1 1935
Gainesville Midland—First M $1,000,000 gred at 110
Prin and int in default
100 &c
Q—J Oct 1 1922
325,000
6
1913
Notes $400,000 auth extended to Oct 1 1922______

FERNWOOD COLUMBIA & GULF RR.—Owns Fernwood to Colum­
bia, Miss., 44 m. Stoca outstanding, $100,000. Bonds, see table above.
The I. S. C. Commission in April 1921, authorized the company to issue
and sell $200,000 6% ref. & mtge. bonds. V. 112, p. 1865. For cal
year 1925, gross, $342,065; net oper. income, $75,760; interest and rentals,
$65,634; bal., sur., $10,126. Pres., A. F. Wortman: V.-P., N. E. Ball;
Sec., J. L. Bentz: Treas., J. M. Fush. Office, Fernwood, Miss.—(V.
112, p. 1875, 1977.1
FITCHBURG RR.—See Boston & Maine RR.
FLORIDA EAST COAST RY. CO.—Owns from Jacksonville, Fla., via
Moultrie to Key West, 503 m.; branches, 339 m.; trackage, 7 m.; total,
849 m. Forms connection to Southern and Eastern Florida and thence t>
Cuba for the Atlantic Coast Line, Southern Ry. and Seaboard Air Line
Car ferry service from Key West to Havana. 96 miles. Is now operated by
Florida East Coast Car Ferry Co. V. 97. p. 1115. 1281. 1583; V. 99
p. 406; V. 100, p. 140; V. 102, p. 1346. Final valuation, $46,964,196 as of
June 30 1916. V. 118, p. 2179. New construction authorized, V.
116, p. 295.
STOCK.—The I.-S. C. Commission on Sept. 23 1924 authorized the com­
pany to issue $25,000,000 capital stock, par $100, said stock to be delivered
upon the surrender and cancellation of a like amount of gen. mtge. income
5% bonds. This increased the outstanding capital stock to $37,500,000.
BONDS, &c.—The 1st M. 4Xs ($12,000,000 auth.) are a first lien on 617
miles. V. 88, p. 1620; V. 94, p. 1185; V. 98, p. 1993.
1st & Ref. Mtge.—The total amount of bonds authorized to be outstanding
under this mortgage at any one time is limited to $150,060,000. Bonds
may be issued in series under the mortgage, each series bearing such rate
of interest, maturing on such date and subject to redemption before maturity
at such time and at such price as the company may determine in regard
to each series.
The Series “A” bonds are redeemable, all or part, on 90 days’ notice on
any int. date, as follows: On or after Sept. 1 1944 and prior to Sept. 1 1971,
at 105 and int.; on or after Sept. 1 1971, at 100 and int. V. 119, p. 1509;
V. 120, p. 1605.
REPORT.—For 1925, in V. 122, p. 2323 and 2487, showed:
19251924.
1923.
1922.
Gross oper. revenue____ $29,132,738 $20,106,910 $16,023,998 $13,427,625
Net oper. revenue______ 7,687,340 5,511,463
3,896,031 3,220,341
Other income__________
715,955
373,974
475,602
96,991
Deductions____________ 4,562,925 2,367,945
1,613,959 1,325,460
Net income___________ 3,840,370 3,517,492 2,757,672 1,991,872
For latest earnings, see “Railway Earnings Section” (issued monthly).
Pres., W. R. Kenan Jr.; V.-P. & Treas., L. C. Haines; Sec., C. D. Boice.
General offices, St. Augustine, Fla. New York office, 120 Broadway.
—(V. 122, p. 2795.)
FONDA JOHNSTOWN & GLOVERSVILLE RR. CO.—Owns Fonda
to Northville (steam), 25.47 m.; Gloversville to Schenectady (electric),
32.47 m.; Gloversville to Fonda (electric), 8.70 m.; Belt line in Amsterdam
(electric), 3.78 m.; Belt line in Gloversville (electric), 3.84 m.; Hagaman
line (electric), 2.29 m.; second track (electric), 22.75 m. Operates under
lease branch line Broadalbin Jet. to Broadalbin, 6.15 m. (steam); also local
line Gloversville to Johnstown (electric), 4.08 m.; yards and sidings, 14.88
m.; trackage, 3.98 m.; total, 86-78 m. of road (128.39 m. of track).
Owns entire $105,000 common stock of Coal Co. of Fulton Co
DIVIDENDS.—On com., 2%. July 20 1910; July 10 1911. 2%: Aug
1912 and 1913 2%; none since. Pref. div. paid regularly 6% per ntnum
BONDS.—Consol. 4Xs, $7,000,000 auth.; $1,300,000 is reserved to re­
tire prior liens. See V. 115, p. 2158. Guarantees $30,000 GloversvilleJc.
Broadalbin 5s and $50,000 Johnstown Glov. & K. 5s and $50,000 8%stk.
REPORT.—For 1925, in V. 122, p. 2487, showed;
Years— Gross. Net aft. Tax. Oth. Inc. Int.. Ac.
Pref. Div.
Surplus.
1925--$1,245,843 $338,487 $85,534 $381,067 (6%)$30,000 $12,954
1924.-$1,279,865 351,748
81,138 377,588
(6%) 30,000
25,298
1923.. 1,471,220 477,811
83,918
392,259
(6%)3(j,000 139,469
1922.. 1,409,648 502,903
68,754
382,643
(6%)30,000 159,014
OFFICERS.—Pres., J. Ledlie Hees; V.-P., James P. Argersinger; Sec.,
Frank Burton; Gen. Supt., Judson Zimmer; Aud. & Treas., Geo. A. Harris.
Office, Gloversville, N. Y.—(V. 122, p. 2487.)
FORT DODGE DES MOINES & SOUTHERN RR.—Own? from Des
Moines, la., to Fort Dodge, Boone, Ames and Rockwell City, 128X mJ
also extension to Lehigh and Webster City. 25 miles: total. 152.02 miles.
Originally a steam line but now electrically equipped, v. 97. n 1357,
1426, 1583; V. 106. p. 393. Acquisition of bus lines, V. 121, p. 1225.
DIVS.—
1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925'
On common____
665500000
On preferred____
7
7
7
7
*3X 0
5X7
7
* Of which 1 X % was paid in acrip.
BONDS.—Open mtge., V. 101, p. 1272, 1972. Due serially on Dec 1,
$60,000 yearly. 1916 to 1937. both Inclusive, and remainder In 1938, but
redeemable all or part on any interest date at 105 and Int. Additional
bonds Issuable only for 80% of cost of additions, &c., when annual net earr­
ings are IX times interest, including bonds proposed V. 106. p. 395
Debenture gold bonds. Series A, V. 116, p. 2883.
Government loan. V. 112, p. 1519
EARNINGS.—Year ending Dec. 31 1925, gross, $1,630,404; net oper.
Income, $232,737; other Income, $137,342; int., rentals, &c., $367,361;
pref. divs., $95,417; bal., def., $92,995.
Pres. & Gen. Mgr., O. H. Crooks; Sec., Treas. & Aud.. F. M. Johnston
—(V. 122. p. 2647.)
FORT SMITH & WESTERN RY.—Operates Fort Smith, Ark., to Guth­
rie, Okla., 216 miles, of which Coal Creek, Okla., to Guthrie, 196 in., is
owned and Ft. Smith to Coal Creek, 20 m., is Kansas City Southern track­
age. In Oct. 1915 contracted for use of M. K. & T. tracks, Fallis to Okla­
homa City, 30 miles. V. 10’. p. 1553.
I




The I.-S. C. Commission has placed a tentative valuation of $4,908,300
on the total owned and $4,914,060 on the total used properties of the
company, as of June 30 1919.
On Oct 9 1915 Gen. Mgr. Arthur L. Mills was made receiver, but retired
on April 15 1921. being succeeded by Chas. T. O’Neal, of Washington, D. C.
V. 101, p. 1272. Sold in Jan. 1923 to A. C. Dustin of Cleveland, repre­
senting the bondholders, for $50,000, plus $800,000 of receivership in-

The property of the old Ft. Smith & Western Railroad on Feb. 1 1923
was acquired by Fort Smith & Western Railway, a Delaware corporation,
organized in the interests of the bondholders or the old Railroad Co. In
exchange for the bonds of the old Railroad Co. (substantially all of which
were in the possession of a bondholders’ protective committee), such pro­
tective committee received all the securities issued by the new Railway Co.,
to wit:
$1,500,000 20-year 1st mtge. 6% bonds;
3,744,000 20-year 2d mtge. 5% bonds (Income bonds for first 10 years);
62,400 shares no par common stock.
The new Railway Co., In addition to the railroad itself and the equip­
ment, receive current assets and inventory amounting to $545,000 and
assumed current and other liabilities of the receiver amounting to approxi­
mately $800,000. These liabilities are prior in lien to the above-mentioned
bonds. Feb. 1 1925, all receiver’s debts, excepting Govt loan of $156,000
due Dec. 1925, had been paid
Pres. Alton C. Dustin in Feb. 1923 stated that the bondholders com­
mittee (the protective committee of the old bondholders) will continue to
function for at least another year in order to pay its debts and the receiver's
debts before it will be in a position to make any distribution to the old
mortgage bondholders, and that it was impossible at the time to give any
estimate as to what the old bondholders will receive.
REPORT.—For calendar years;
1925.
1924.
1923.
1922.
Gross rev. from oper___ $1,896,725 $1,909,118 $1,590,871 $1,692,267
Other income__________ def69,932
def89,532
defl,355 def28,515
$1,819,586 $1,589,516 $1,663,752
Total________ .______ $1,826,793
$1,416,219 $1,370,250 $1,352,542
Operating expenses____ $1,382,872
140,549
151,640
Rentals and taxes-------153,439
149,863

Total-.......................... $1,536,311 $1,566,082 $1,521,890 $1,493,091
Net income............. ..
$290,481
$253,504
$67,626
$170,661
For latest earnings, see “Railway Earnings Section” (issued monthly).
Pres., A. O. Dustin, Cleveland. O.—(V. 120, P- 3183.)
FORT STREET UNION DEPOT.—Owns passenger station with ap­
proaches, 2.8 miles of main track; leased for 990 years from Dec. 10 1889 to
Wabash, Pere Marquette and Canadian Pacific for rental equal to 5% of
total cost of property and current expenses. Incorp, in Mich. Aug. 24 1889.
Stock, $1,000,000. of which Pere Marquette owns $515,800; par. $100
The I. S. C. Commission has placed a final valuation on the property of
the company of $1,919,102 on its owned and used property as of June 30
1915; $286,677 on property owned but not used, and $304,234 on property
used but not owned. Pres., F. H. Alfred, Detroit.— V. 121, p. 836.)
FORT WAYNE & JACKSON RR.—Owns Jackson. Mich., to Fort Wayne
(nd. 97.53 miles. On Aug.24 1882 leased perpetually to Lake Shore & Michi­
gan Southern (now New York Central at a rental of $126,027. equal to
5X% on the pref. stock (see V. 66, p. 812). and after 1887 any net earnings
over 8% on pref. stock to be paid on com., but not exceeding 2% a year.
Common stock. $436,132. V. 106, p. 601.
FORT WORTH AND DENVER CITY RY. CO.—Ft. Worth, Texas, to
Texline, 454 miles. Owns securities of Ft. W. & Den. Term. Ry.
The I.-S. C. Commission has placed a tentative valuation of $17,975,310
on the total owned and $18,856,348 on the total used property of the com­
pany as of June 30 1918.
STOCK, &o.—Colorado & South. Ry. Dec. 31 1925 owned al) but $3,452
of the $9,375,000 capital stock, the latter including $6,835,008 common
and $2,539,992 stamped stock. V. 63, p. 1063, 75
Payments under stamped stock agreement of Oct. 12 1895, 4% per annum..
BONDS.—Abstract of mortgage V. 45, p. 440. Certfs of indebtedness
owned by Colo. Sou. Dec. 31 1925, $299,917. Equipment trust. V 82,
D. 1101: V. 84, p. 508; V. 114, p. 2115. Ft. Worth & Denver Terminal Ry.,
$2,500,000 20-year 6% bonds (Bankers Trust Co., N. Y., trustee), subject
to call at 105, of which $728,000 have been issued, $300,000 sold and $428.
000 held by Ft. W. & D. C. Ry. V 86, p. 52, 1100. 1589: V. 87. p. 949.
The company in Nov. 1921 offered to extend the $8,176,000 1st mtge.
6s, due Dec. 1 1921 to Dec. 1 1961. at 5X%. Plus $40 in cash for each
$1,000 bond extended. The bonds, as extended, will be redeemable, as a
whole but not in part.on or after Jan. 1 1935, at 105 during the 5 years
ending Dec. 31 1939: 104 during the next 5 years: 103 during the next 5
years: 102 during the next 5 years, and 101 thereafter until Sept. 30 1961
tplus interest in each case). Compare V. 113, p. 2185.
Equipment trusts issued to Director-General for rolling stock allocated
co this company. See article on page 3
REPORT.—For 1925 showed:
Cal.
Gross
Net (after
Other
Interest, Dividends Balance,
Yrs. Earnings.
Taxes).
Income. Rents, Ac.
(8%).
Surplus.
1925 .$11,504,381$3,621,238$616,089 $1,021,903 $1,378,656 $1,836,768
1924 . 11,170,306 3,838,128 424,931
854,124 1,378,656 2,030,279
1923 - 9,625,851 2,501,792 671,183
746,985 1,378,656 1,047,336
1922 - 9,717,038 2,552,094 355,287
903,109
916,466 1,087,806
For latest earnings, see "Railway Earnings Section” (issued monthly).
Pres., Hale Holden, Chicago; V.-P. & Gen. Mgr., F. E. Clarity; Sec. &
Treas., W. O. Hamilton, Fort Worth, Tex.—(V. 122, p. 1758 )
GAINESVILLE MIDLAND RY.—Owns Gainesville, Ga., to Athens, 42
miles, standard gauge, and Belmont to Monroe, 32 miles: gauge now
standard. V 79. p. 151. 269. 500. 627. Stock, all outstanding. $550,000
Gordon C. Carson of Savannah and W. B. Veazey of Gainesvihc were
appointed receivers in Feb. 1921. V. 112, p. 849. The sale of the road
was confirmed by Judge William H. Barrett, of the U. S. District Court at
Augusta, Ga., March 17 1926.

May, 1926.]

61

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
IFor abbreviations, Ac., see notes on page 8]

Miies Date
Road Bonds

Par
Value

Amount

Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Galv Harrlsb & San Ant—1st & 2d M g 1 gr ext_ c*
256 •71-'8O $1,000 $5,728,000
Various 1935
6g
Western Division 1st M (Mex & Pac ext) gold__ x
671 1881
1,000 13,418.000
5g M & NMayl 1931
do
do
2d M “stamped” guar p & i____
2.539.000
J_ & J July 1 1931
5
1881
1910
1,000 10 000.000
6
J
D June1 1940
Galveston-Victoria Div 1st M $10,000,000 auth__
1,000 2,122,000
Qalv Hous & Hend RR Co—1st M g Col yc*&r*
50 1913
5g A&O Apr 1 1933
M&S Mar 1 1938
1,000 1,106,000
6
Galveston Term’l—1st M $5,000,000 gu (text).Ba.x
1908
1,000
Galveston Wharf Co—1st (r e) M gold s f_____ zc*
1882
424,000
6 g J&J July 1 1932
1,000
First series (wharf & railroad) gold 5s sink fund.zc*
1890
877.000
5g A&O Apr 1 1940
Second series (wharf & railroad) gold 5s s f____ zc*
1901
1,000
258,000
5 g F & AAug 1 1926
*16 1899
1,000
Genesee & Wyoming RR—1st M gold $500,000--Col
484,000
6g A & O.Apr 1 1929
Geneva Corning & Southern—See N Y Central RR
Georgia & Alabama—Georgia Carolina & Northe rn—S ee Sea board Ai r Line Ry.
100 5,250,000
Georgia & Fla—Common stock $15,000 per mile__
100 3,500,000
Pref stock non-cum partic $10,000 per mile_______
*53 1905
Millen & South 1st M_____________________ Col.x
1,000
212,000
ig A & O Apr 1 1955
800.000
Receivers’ certificates________________________
......... Man 31 1927
1924
_______ I Jan 31 1927
400,000
Receivers' certificates________________________
1924
5
500 &c *6,220,000
Georgia & Florida mtge $12,000,000 gold_____ axe*
284 1907
5 g M&N Nov 1 1956
500 &c 2,000,000 See text F&A Feb 1 1932
1912
Gen M g (cum inc for 10 yrs) red par____ FBa.xc*
"2 1910
1,000
200,000
6
J&J July 1 1930
Georgia & Florida Term M____________________ x
Georgia Florida & Alabama—Equip trust cert Ser A
1,000
750. 000
1925
due s-a red 102____________________ PeP.xxxc*
5)4 M&N Nov '26-Nov '40
1,000 1,650 000
98 1896
3 g A&O Apr 1 1946
Georgia Midland Ry—1st M g $1,650,000 int gu-x
Q—J Apr 15 1926 2)4
100 4,200 000
10
307
Georgia Railroad & Banking Co—Stock--------------1,000 1,000, 000
4
J&J Jan 1 1947
1907
Bonds not mortgage currency (V 87, p 226. 285) .zc
1,500, 000
6
A&O Oct 1 1951
1921
Bonds refunding not mortgage currency_________
100 2,000, 000
Georgia Southern & Florida—Common stock----684, 000 See text M&N May 27 ’26 2)4
100
First pref stock 5% & partic non-cum red________
100 1,084, 000 See text M&N May 27 ’26 2)4
Second pref 5% & partic non-cum $1,084,000___
1,000 4,000, 000
5g J&J July 1 1945
285 1895
First mortgage gold $4,000,000________ MeBa.xc*
1,000 2,000, 000
4 g J&J July 1 1952
First consol mortgage $10,000,000 gold__ N.xc*&r
391 1902
386. 272
5
1924
A&O Apr 1 1952
Debenture bonds red 102 )4______________________
1,000 1,195, 000
1924
Equipment trust Series F due semi-ann________ ct
4K g M&N Nov '26-Nov'39
♦ About 10% of these bonds owned by company andp 1 edged as collat eral for flo a ting deb t.

The I.-S. C. Commission has placed a final valuation of $1,174,665 on the
company’s property owned and used for carrier purposes, as of June 30 1915.
Of the 1st 5s of 1905 ($1,000,000 auth.), $661,000 has been sold and $14,000 is reserved to retire old 6s; $26,000 treasury bonds and $192,000 issued
to cover broadening gauge of 32 miles are pledged to secure an issue of
$400,000 3-year 6% coupon notes of 1913. These notes also have as addi­
tional security the following, pledged by individual owners: $645,000 1st M.
bonds (1905 issue), $514,000 out of $550,000 cap. stock. Of these notes,
$325,000 are Series A, having a prior lien on the collateral and $75,000 Series
B, $250,000 of Series A have been issued and installments paid thereon to
the extent of $213,285; Series B is all out. The Series A and B coupon
notes of 1913 were extended to Oct. 1 1919 and again to Oct. 1 1922. Prin­
cipal and interest since Jan. 1921 in default.
The Chatham Bk. & Tr. Co. is mtge. trustee. V. 81. p 1375. 1550.—
(V. 119. p 2176.)
For year ended Dec. 31 1924: Gross, $236,422; net, $36,299; other Ino..
$8,016; charges of receiver, $40,265; net inc. of receiver, $4,050.—(V. 122,
p. 1915.)
GALVESTON HARRISBURG & SAN ANTONIO RY.—(See Map Souther,
Pacific )—Owns Galveston via Houston, Tex. to east bank of Rio Grandt
River, 825 miles; Beeville to Damon, 167 miles: San Antonio to Pori
Lavaca, 136 miles; branches, 235 miles; owns Jointly 2 miles; trackage, &c.
17 m.; total. 1.380 m. Southern Pacific Co. owns $27,075,900 of the $27,
084,400 stock (par $100). V. 79, p. 2642; V. 81. p. 211, 668. 1242; V. 83
p. 1528.
The stockholders of the San Antonio & Aransas Pass Ry. on Dec. 15
1924 authorized the leasing of the road to this company. The lease was
approved by the I.-S. O. Commission on March 25 1925.
BONDS.—See V. 92. p. 1636: V. 94. p. 130; V. 96, p. 1772; V. 107
. 1482. Western Divs. 2ds $2,539,000 are “stamped" with a guaranty by
outhern Pacific Co. of payment of principal and interest as reduced from
8% to 5% from Jan. 1 1915. V. 100, p. 397. Equip, bonds. $1,558,000 6s
owned by Southern Pacific. V. 76, p. 1300; V. 77. p. 2160. The Sou. Pac,
Co. owns $444,000 out of a total of $2,539,000 Mex. & Pac. ext. 2d M. lit
and all of the $4,728,000 G. H. & S. A. East Div. 1st 6s (ext.), due Aug. 1
1935. $1,000,000 2nd M. 6s. and $10,000,000 Gal. Victoria Div. 6s.
REPORT.—For 1924, gross, $26,354,995: net oper. income, $5,056,351;
other income, $581,955; deductions. $4,124,173 bal., supp., $1,514,134.
For latest earnings, see “Railway Earnings Section" (issued monthly).
—(V 120 p 1877 i
GALVESTON HOUSTON & HENDERSON RR. CO. OF 1882.—Owns
from Galveston, Tex., to Houston, Tex., 50 miles. See V. 61. p. 1013.)
ORGANIZATION.—The M.-K.-T. RR. Co. of Texas (formerly The
M. K. & T. Ry. Co. of Texas) and International-Great Northern RR. Co.
have had trackage rights since Dec. 1895 under a contract providing for
payment to Irving Bank-Columbia Trust Co., as mortgage trustee, of $106,100 yearly to meet interest on G. H. & H. bonds. See V. 61, p. 1064;
V. 63, p. 697. Dividends, May 1904 to 1906, 4% yearly; none since. Of
the 1st gold 5s ($5,000,000 auth. issue), $1,000,000 is reserved for not over
90% of cost of new equipment. Redeemable at 105 on any int. day. V. 98,
p. 839; V. 102, p. 1987.
Stock, $1,000,000; par, $100.—(V. 114, p. 305.)
GALVESTON TERMINAL RY.—Owns extensive terminals at Galveston
Tex., used by Trinity & Brazos Valley Ry., Colorado Southern and Chic.
R I. & Pacific, which own practloally all the stock. V. 87, p. 950. Owns
« large freight depot and warehouse and about 14 blocks along Galveston
water-front. Operates 49 miles of main line and 20.33 miles of sidings
Stock, $25,000. Of the 1st 6s ($5,000,000 authorized issue), $1,106,000
guar, jointly by the Ch. R. I. & P. and Col. & Sou. V. 86, p. 1100, 1589;
V. 87, p. 1478; V. 103, p. 2428, 1980. Pres., J. A. Hulen, Houston, Tex.;
V.-P., Chas. Fowler; Sec. & Treas., E. R. Cheesborough, both of Galveson. Tex.—(V. 100, p 2085.)
GALVESTON WHARF CO.—Owns wharf properties extending from
10th to 41st Sts., Galveston, Texas, and 12.8 miles main line switching
tracks in city, with yard tracks and sidings. Incorp, in Texas Feb. 24 1854.
The I.-S. C. Commission has placed a tentative valuation of $13,645,000
on the property of the company as of June 30 1917. Stock outstanding
$2,626,600; par, $100. Dividends in 1904, 3)4 %; 1905, 4)4%; 1906 to
1908, 5% yearly; 1909, 4)4 %; 1910 to 1913, 5)4%; 1914, 5)4%; 1915, 4)4%;
1916, 4%; 1917, 4)4%; 1918, 3%; 1919, 3%; 1920, 3)4%; 1921, 6%; 1922,
6%; 1923, 6%; 1924, 5%: 1925, 5%.
For 1925, gross, $1,540,754; net, $204,709; other Income, $116,903;
deductions, $87,243; dividends, $131,330; bal., sur., $103,039.
For latest earnings, see “Railway Earnings Section" (issued monthly).
Pres., John Sealy; V.-Pres., Geo. Sealy; Gen. Mgr., E. E. Gossrau; Sec.,
C. W. Branch. Office. Galveston, Tex.—(V. 122, p. 1758.)
GAULFY & EASTERN RY.—V. 113. p. 1772.
GENESEE & WYOMING RR.—Retsof, N. Y., to Pittsburgh & Lehigh
Junction, 11 miles; Retsof Junction to Griegville, 4 miles; branch, 2 miles;
total, 17.52 miles. The I.-S. C. Commission has placed a tentative value
of $434,810 on the property of the company as of June 30 1917. Stock,
$500,000; par, $100. Dividends since 1909: August 1910, 1)4%;
Nov., 1)4%; 1911, 5%, paid 1)4% Q.-J.; 1912 and 1913, 5% (Q.-F.); 1914,
Feb. and May, 1)4%; Aug. 1914 to Aug. 1916, 1)4.% quar.; Nov. 1916, 2%
1917, 10%, 2% Q.-F. with a special div. of 2% paid in Aug. 1918; Feb. &
May, 2% quar.; Nov., 4%; 1919 to 1922 paid 10% yearly; 1923, 15%; 1924,
6%; 1925, 10%. Year ended Dec. 31 1925, gross, $571,790; net oper. in­
come, $226,035; other income, $11,307; int., rentals, $132,445; divs., $50,000; bal., sur., $54,897. Pres., M. B. Fuller, Scranton, Pa.; V.-P. & Gen.
Mgr., H. C. Finch, Retsof, N. Y.; Sec., II. J. Osborn; Treas., W. H. Bar­
nard, 2 Rector St., New York.—(V. 121, p. 455.)
GEORGIA AND FLORIDA RY.—Owns from Augusta, Ga., to Madi­
son, Fla., 250 miles; branches, 156 miles; total, 406 miles. Also owns entire
stock of the Statesboro Northern Ry., 40 miles, which is separately operated.
V. 119, p. 693. A consolidation in Aug. 1907. V. 82, p. 1211; V. 85.p.
345; V. 87, p. 480, 936, 1533; V. 88, p. 681. On Mar. 27 1915 three re­

S




Owned by Sou Pac Co
So Pac Co, 165 B'way. NY
do
do
do
do
Irv Bk-Col Tr Co, N Y
Bankers Trust Co, N Y
Nat City Bk, N Y, or Gal
do
do
do
do
Irv Bk-Col Tr Co, N Y

Hanover Nat Bk, N Y

Int unpaid since May ’13
Fidelity Trust Co, Bait

Pep or Chase Nat Bk, N Y
J P Morgan & Co, N Y
Augusta, Ga
Am Exch Nat Bk, N Y
M T & D Co, Balt: & NY
do
do
do
do
do
do
do
do
Pa Co for Ins on Lives,Ph

ceivers were appointed, and resigned in July 1921. John Skelton William's
Richmond, Va., took charge as sole receiver July 15 1921. In Oct. 1919
purchased Augusta Southern RR., all operations being merged from Jan. 1
1920. Sale or road was ordered in Feb. 1920, but was revoked by court
order. V. 110, p. 464. Government loan, V. 119, p. 454.
The Inter-State Commerce Commission has placed a tentative valuation
of $4,815,313 on the properties as of June 30 1918. V. 117, p. 208
The I.-S. O. Commission in April 1924 authorized the company to issue
$1,600,000 receiver’s certificates, $800,000 of which were pledged with the
Secretary of the Treasury as security for a Government loan of $792,000, due
Jan. 31 1927, and the remainder sold or otherwise disposed of.
Protective Committee for 1st M. os of 1907; Franklin G Brown. 33 Pine
St., N. Y., and others. Depositaries, Baltimore Trust Co., Central Union
Trust Co. of New York, and Richmond Trust Co. V. 102, p. 712. In July
1919 the Richmond (Va.) Trust Co. was made trustee under 1st M. of 1907.
In March 1918 John F. Lewis, Pres, of the Citizens Bank of Valdosta,
Ga., and E. B. Lewis, of Montezuma, having purchased the large interest
in the property neld by the Baltimore Trust Co., succeeded S. C. Row­
land and D. H. Gordon on bondholders' committee. V. 106. p. 1344,1461.
BONDS.—Of bonds of 1907, $6,220,000 are in hands of public and in
treasury. V. 85, p. 221, 530; V. 95, p. 1472. No interest on these bonds
has been paid since May 1 1913. V. 98, p. 155; V. 97, p. 1024, 1504;
V. 104, p. 2452.
General mortgage bonds, see V. 94. p. 630, 826, 911,1118: V. 104. p. 2452.
REPORT.—For 1924 showed: Gross oper. revenues, $1,780,888; net
oper. revenues, $455,196; net oper. income, $225,664. Receiver’s report
to bondholders, dated April 6 1926, showed results for the 9 months ended
Mar. 31 1926 as follows: Gross oper. revenue, $1.619,006; net oper. revenue,
$522,985; balance after interest charges, $114,384. Compare V. 122, p.
2036, 2187. Report to special committee (Dec. 1925), V. 121, p. 3000.
For latest earnings see “Ry. Earns. Section” (issued monthly).—(V. 122,
p. 2187.)
GEORGIA FLORIDA & ALABAMA RY.—Owns Richland, Ga., to
Tallahassee, Fla., 131.22 miles; Tallahassee to Carrabelle, on the Gulf of
Mexico, 49.68 miles; branch, Havana, Fla., to Quincy, 11.23 miles; total.
192.13 miles. The I.-S. C. Commission has placed a tentative valuation of
$2,775,000 on the wholly owned and used property of the company as of
June30l9l7. Stock, $2,685,000; par, $100. It was announced in March
1926 that a group of New York banking firms headed by Freeman & Co.
had secured control of the company. V. 122, p. 1452. Report for 1925:
Gross oper. rev., $1,120,201; net oper. inc., $273,151; other inc., $9,874;
int. and other deductions, $101,090; dividends, $40,275; surplus, $141,660.
Pres., J. L. Nisbet; Sec.-Treas., L. G. Papy, Bainbridge, Ga.; Gen. Mgr.,
R. B. Coleman, Bainbridge, Ga.—(V. 122, p. 1452.)
GEORGIA MIDLAND RY.—Owns road from Columbus to McDonough.
Ga., 98 miles Leased from July 1 1896 for 99 years to the Southern Rail­
way Co. for $49,500 annual rental (being Interest on the Orst mtge. bonds.
<Sso.) and $2,500 for Columbus terminal property. Stock Is $1,000,000.
owned by Southern Railway Co.—(V. 63, p. 361: V. 82. p. 751.)
GEORGIA RR. AND BANKING CO. (THE).—Georgia R. R. Augusta
to Atlanta, 171 m.; branches to Washington and Athens, 58 m.; Macon &
Augusta RR. (proprietary road). Camak, Ga., to Macon, Ga., 74 m.:
trackage, 4 m.; total, 307 m. Owns 50% stock of Western Ry. of Ala.
Tentative valuation, $17,521,976 as of June 30 1916.
Lease.—In 1881 road leased for 99 years to W. M. Wadley et al tor the
Cent, of Ga. and the Louisv. & Nashv., at $600,000 oer year, but in April
1899 the Louisv. & Nashv. was held to have acquired all rights under the
lease; Atlantic Coast Co. 1899 acquired half Interest. V. 68, p. 722. Owns
majority ($981,900) stock “Ga RR. Bank.”
In Mar. 1920 announced that the Georgia RR., the Atlanta & West Point
RR. and the Western Ry. of Alabama would in future be operated in close
organization rather than independently. The three properties will be
directed as to operation from Atlanta.
The $1,500,000 6% bonds of 1921 provided for the retirement of $300,000
6% bonds and $1,200,000 5% bonds due Jan. 1 1922. V. 113, p. 960.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3, and V. 113. p. 1471.
DIVS.— 1’83-’87. ’88. ’89 to Jan.'ll Apr. 11 to Apr.’24. July'24 to Apr .’26.
Regular. J 10 yly. 10)4 11 yearly. 12% yrly. (Q.-J.)
2)4% quar.
Extra (from bank earns.). Jan. 1917, 1%; Jan. 1920. 1%

REPORT for year ended Mar. 31 1926: Gross income $639,556; divs.:
(10%), $420,000; interest and discount, $132,500: taxes & misc., $63,967;
bal., $23,089. total profit and loss surplus, $1,994,361. Pres., Chas. H.
Phinizy, Augusta, Ga.—(V. 118, p. 2703.)
GEORGIA SOUTHERN AND FLORIDA RY. CO.—(See Map of
Southern Ry.)—-Owns from Macon, Ga., to Grand Crossing, Fla. (near Jack­
sonville), 257 miles; Valdosta, Ga., to Palatka, Fla., 134 miles; trackage,
11 miles; total, 402 miles. V. 60, p. 928; V. 79, p. 551. Also owns oneeighth of stock of Jacksonville Terminal Co. , and one-third of stock of Macon
Terminal.
The I.-S. C. Commission has placed a final valuation of $9,451,992 on
the property of the company as of June 30 1915.
DIVIDEND on (1900-05. 1906. 1907-20. 1921-22. 1923. 1924. 19251st & 2d pref__ (%)i4yrly. 4)4 5 yrly.
None
2)4
5
5
Paid in 1926: May 27, 2)4%.
STOCK.—Southern Ry. Co. owns $177,700 first pref., $478,200 second
pref. and $1,691,500 common stock.
BONDS.—First mtge. of 1895 (Abstract, V. 61, p. 429) provides that the
$684,000 first pref. stock shall be a lien second only to the bonds and coupons
The First Consol 4s of 1902 are for the authorized amount of $10,OOP,000
of which $4,684.000 are issuable to retire the $4.000.000 5s and $684,000 Is*
pref stock and ?3 316.000 are reserved for future need®
V 75 p 980
The I.-S. C. Commission on June 5 1924 authorized the company to issue
$438,000 debenture 5% bonds to be exchanged for certain first mtge. bonds
of the Hawkinsville & Florida Southern Ry. Compare V. 118, p. 2948.

62

[Vol. 122,

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 81

Georgia Southw & Gulf-—Albany & Nor 1st M g..c
G S W & Gulf mortgage
-— _ Ce
Gettysb & Harris—Con(nowlst)M$565,000g(text).x
uouverneur & Oswegatchie—See N Y C & H R RR
Grand Rapids & Indiana Ry—Stock $6,000,000---First mtge mostly land grant gold ext in 1899___ zc*
First mtge extended gold guar by Penn RR------- zc*
Second mortgage $5,000,000 gold____ —
.xc*
Muskegon Grapd Rapids & Ind—First mtge g_ -Ce.x
Traverse City RR—-■ irst mortgage gold_________ z
Great Northern—Stock $250,000,000-- ------------Gt Nor 1st & Ref M g red 105 beg 1941-Ba.xc*&r*
do
gen mtge Series A _____
__ zc*&r*
do
do
Series B _ ______________ zc*&r*
do
do
Series C_________ ________ zc*&r*
Equipment trust notes due $286,300 yearly---------do
do
due $101,000 ann beg Aug 1 1926
do
do
Series B due $575,000 ann___ c*
do
do
Series O due $300,000 ann_____
do
do
Series D due $283,000 ann_____
Old Underlying Divisional Bonds—
St P M & M consol mtge Know 1st M) gold—Cezl
for $50,000,000____ J(V 91, p 518) sink fund.zl
Montana Ext 1st M ($25,000 p m) gold___ Ce.zc*&r
Pacific Extension M £6,000,000 goldCe.zc*&r
E of M No Div M call 105 beg 1928 ass’d_Ba.zc*&r
Mont Cent 1st M g ($6,000,000 are 6s) aas’d Ce.zc&r
Willmar & Sioux Falls 1st M g assum (end)Ce.zc*&r
Spokane Falls & North 1st mtge g assum.-Ba.xc*
x y z Add’l amts, pledged, viz.: x $36,332,000 under

Miles Date
Road Bonds

36 1896
36 1909
42 1891
367
367
41S
37
27

1869
1869
1896
1886
1883

7,397
7,635
7,635
7.635

1911
1921
1922
1923
1920
1921
1923
1924
1925

Par
Value

Amount
Outstanding

$1,000
100
1,000

$400,000
76,800
565,000

Rate
%
5g
5g
5

$100
1,000
1,000
1,000
1,000
1,000
100
1,000 &c
100 &c
100 &c
100 &c

$5,791,700
918,000
4,455,000
5,000.000
177,000
135,000
248,923,250
x35,668,000
115,000,000
30,000,000
15,000,000
2,576,700
606,000
7,475.000
4,200,000
3.967,000

4
3)4
4)4
4g
5g
3g
5
4)4
7g
5)4
5g
6
6)4
5g
4)4
4)4

1.000
1,000
1,000
1,000

2,542
2,542
2,542
833
849
284
247
304
130

1,000
1883
1,000
1883
1,000
1883
1,000
1887
1890 £100 &c
1898 1,000 &c
1887 1,000 &c
1,000
1888
1.000
1889
Gt. N or.Ry. Co. Gen.

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

J&J Jan 1 1946
J&J Jan 1 1959
A&O Oct 1 1926

See text
B J&J July 1 1941
g J&J July 1 1941
A&O Oct 1 1936
J&J July 1 1926
J&J Jan 1 1933
F&A Feb 1 1926 2)4
g J&J July 1 1961
J&J July 1 1936
g J&J Jan 1 1952
J&J Jan 1 1973
J&J To Jan 15 1935
F&A To Aug 1 1931
M&S To Sept 1 1938
g M&S To Sept 1 1939
J&J To Jan 1 1940

13,344,000
6g
20,798,000
434 g
7,828,000
4g
ylO, 185,000
4g
z28,383,515
4g
9,695,000
4g
10,000,000 5 & 6 g
3,625,000
5g
229,000
6
M.; y $11,5 02,000 u

J&J July 1 1933
J&J July 1 1933
J&J July 1 1933
J&D Junel 1937
J&J July 1 1940
A&O Apr 11948
J&J July 1 1937
J&D Junel 1938
J&J July 1 1939

New York and Baltimore
Co’s office, Albany, Ga
Reading Terminal, Phila

Office, Grand Rap, Mich
Winslow,Lanier&Co, NY
do
do
Philadelphia, Pa
Winslow, Lanier & Co
do
do
32 Nassau St, New York
do
do
New York
New York
New York
Guaranty Trust Co, N Y
First Nat Bank. N Y
First Nat. Bank, N. Y.
First Nat Bank, N Y
First Nat Bank, N Y
First Nat Bank, N Y
do
do
do
do
do
do
N Y & Lon, Baring Bros
32 Nassau N Y ;Lee, H ,Bos
32 Nassau St, N Y
do
do

nder Pac . Ext. M.; z £14 5,900 und. 1st & Ref. M

its railroad transportation business. At the same time articles of incorpora­
tion were filed for the Great Northern Transit Co. and the Minnesota
Transportation Co., with authorized capitalization of 10,000 shares (par
100) each, to be used in launching passenger and freight bus service. V.
120, p. 2811. .
Net rev. from oper__ $2,333,923
$773,806
$1,568,266 $1,217,157
ORGANIZATION.—In 1907-08 absorbed St. Paul Minn. & Man.. &c..
Taxes & uncollec. rev__
377,178
220,734
239,621
205,527 » 85. p. 600,1209; V. 86. p. 168. 794: V. 106. p. 1577.
Equip. & jt. facil. rents.
557,814
486,619
173,740
344,515
STOCK.—“Single class, with uniform rights." V.83. p.1469; V.84.P.749
Ry. oper. income___ $1,398,391
$394,539
$860,916
$633,021
DIVS.—
1 ’92-’96 (incl.) ’97. ’98. ’99. ’00. ’01-’21. ’22. ’23. ’24. ’25.
Other income. ______
52,891
46,945
19,961
30,465 Percent-------- 1 5% yearly 5K 6X 7
7 7 y’rly 5X 5
5
5
Paid in 1926: Feb. 1. 2)S%.
Total gross income__ $1,451,282
$652,982
$425,003
$907,861
Also in 1898 60% In Seattle & Mont, stock, which was then exchanged
Deducs. from gross inc. .
106,305
18,944 at 80 In payment or 40% of subscription to additional Gt. Nor. pref. V. 66.
30,721
15,972
Int. on mtged., bonded
p. 1044. 1188; V. 74. p. 829. In May 1901. )4% and in Nov. 1907 1M%
& secured debt______
341,197
287,982 was paid from earns, of Lake Superior Co., Ltd., and In Dec. 1906 unit for.
295,947
245,327
Div. on preferred stock. (5%)88,400
88,400
44,200
unit, shares in Great Nor. Iron Ore Properties.
BONDS.—The 1st & ref mtge. closed at $72,000,000, of which, on
Income balance_____
$915,380
$492,792
$347,483
$118,078 Dec.
31 1925, $35,668,000 were in hands of public, and $36,332,000
For latest earnings, see “Railway Eamine’s Section” (issued monthly).
were pledged under general mortgage. These bonds (in hands of pub­
OFFICERS.—Pres., Fairfax Harrison, Washington, D. C.; Sec., C. E. lic)
a first lien, directly or through deposit of stock, on 2,622.97 miles of
A. McCarthy, New York; Treas., E. F. Parham; Compt., E. H. Kemper, roadare
at $13,441 per mile and a general lien (subject to existing liens of
Washington, D. C.—(V. 122, p. 2639.)
$21,812 per mile) on 4,773.89 miles; total mileage covered, 7.396 86 also
GEORGIA SOUTHWESTERN & GULF RR. (Albany & Northern ecured by equipment at the time of the mortgage costin g $59,073,180:
Ry.).—Projected to extend from Albany, Ga., southwest to St. Andrews
upon $46,200,068 of which it is a first lien. V. 92, p. 1499; V. 93, p. 871,
Fla., on the Gulf of Mexico. In Feb. 1910 acquired the entire capital stock V. 98. p. 698.
of the Albany & Northern Ry.. Albany to Cordele. 35 miles; trackage rights,
St. Paul Minn. & Man. consol, mtge. ot 1883. for $50,000,000. Is now a
0.64 miles. V. 90, p. 109, 502. The I.-S. C. Commission has placed a first lien on both land grant and 2,542.83 miles of road. V. 91, p. 518; V.
tentative valuation of $9,700 on the total owned and $459,700 on the total 64. p. 518: V. 86. p. 229; V. 87. p. 1533; V. 88. p. 295, 624. 1061, 1372.
used property of the company, as of June 30 1918. G. S. W. & S. stock
Montana Extension mtge. Is limited to $21,687,000 on 833 miles In State
auth., $4,000,000; issuable at $20,000 per mile; outstanding, $14,700. The of Montana; $10,185,000 are In hands of the public and $11,502,000 with
$4,000,000 mortgage is secured by pledge of $350,000 capital stock of trustee of Pacific ext. mtge. to secure to that mtge. first lien on tracks
Albany & Nor. Ry., &c.; bonds issuable at $20,000 p. m. For year end. Pacific Jet. to Idaho State line, 417 mllee
Dec. 31 1925, gross, $189,011; net oper. income, $58,496; other income,
Pacific Extension mtge., £6.000.000, at £6,000 per mile In Montana and
$3,314; int. & rentals, $57,8l5; bal., sur., $3,995. Pres, and Gen. Mgr., £7,000 per mile west of Montana. V. 66. p. 1044. 1188; V. 80. p. 1111.
W. M. Legg, Albany, Ga.; V.-P., Sec. & Treas., H. J. Bruton, Bainbridge, 1174; V. 90. p. 383. See abstract of mtge.. V. 52. p. 82.
Ga.; Acting Aud., A. D. Daniel, Albany, Ga.—(V. 121, p. 3000.)
On Dec. 31 1920 Gt. Nor. and Nor. Pac. owned $107,613,500 of the
GETTYSBURG & HARRISBURG RY.—Carlisle to Gettysburg, Pa.,31 18 *110,839 100 Chioago Burl. & Quincy RR. stook. exchanged for their
Joint 20-year 4% gold bonds (secured by deposit of the stock In trust),
m.: branch to Round Top, Pa.. 2.96m.; branch Pine Grove Furnace to Hun
ter’s Run, 7.46 m. The I.-S. C. Commission has placed a tentative valua­ on basis of S200 In bonds for each 5100 stock. See oircular, V. 72, p. 871.
tion of $1,047,475 on the owned and used property of the company, as of 1034, 1135, and application tol.st, V. 73, p. 294, 903; V.85, p.600. Through
June 30 1917. The Reading Co. owns $575,250 of the $600,000 capital the declaration or a stock dividend by the C. B & Q. of 54.132% ($60,000,stock. For cal. year 1925: Gross, $445,067; net after taxes, def., $16,905; 000) to stockholders of record Mar. 31 1921, these holdings were increased to
other income, $1,948; deductions, $79,923; bal., def., $94,980.—(V. 122, $165,867,400 out of a total of $170,839,100.
In April 1921 a syndicate headed by J. P. Morgan & Co. and First Nat.
p. 606.)
Bank, New York, offered an issue of $230,000,000 Northern Pacific-Great
GRAND RAPIDS & INDIANA RY.—(See Maps of Pennsylvania RR.)— Northern
15-year 6)4% convertible gold bonds (C. B. & Q. collateral)
Owns from Fort Wayne, Ind., to Mackinaw City, 367 m.; branches, due July 1joint
at 96 J4 and Int. The C. B. & Q. collateral joint 4% bonds
110 m.; total owned, 477 miles; operates Cin. Richmond & Ft. Wayne due July 1 1936,
1921,
with final coupon attached, were accepted in payment at
R. R., 86 m. On May 1 1917 purchased the property of the Muskegon
and Int. to date of payment on allotments
Grand Rapids & Indiana RR. and Traverse City RR.; trackage, all lines, 100Bonds
are
to
be
Joint obligations of the Northern Pacific Ry. and of
13 miles. See V. 106, p. 2644; V. 76. p. 811; V. 82, p. 988,1098. Successor the Great Northernthe
Ry., and are secured by pledge of the following collateral
Aug. 1896 of RR. Co. foreclosed (V. 63, p. 153.)
valued at an amount in excess of 120% of the principal
The stockholders on Dec. 22 1920, approved the lease of the road and conservatively
of this issue:
properties to the Pennsylvania RR. effective Jan. 1 1921. The lease Is amount
1.658,674 shares of the capital stock of the Chic. Burl. & Qiuncy RR.
for a term of 999 years and upon the general basis of paying a rental suffi­ $33,000,000
North. Pacific Ry. Ref. & Impt. M. 6% bds., ser. B, due 2047.
cient to cover fixed charges and a dividend of 4% on the stock.
Great Northern Ry. Gen. M. 7% bds., ser. A, due 1936.
The Pennsylvania Co. offered to purchase the minority stock, giving In $33,000,000
The bonds are redeemable as a whole or in amounts of not less than
payment par for par second mtge. 4% bonds of the Grand Rapids & Indiana $5.000
000
at
103)4 and int.
Ry. V. Ill, p. 1949: v 112, p. 61. 927; V. 115, p 645.
In the indenture securing the bonds the Northern Pacific and Great
The I.-S. C. Commission has placed a tentative valuation of $22,533,087 Northern
Ry. cos. have covenanted that, in the event of any mortgage
on the company’s property as of June 30 1917.
placed on the properties junior, respectively, to the Northern Pacific
STOCK.—Stock, $5,791,700 out. Pennsylvania Co. owns $5,773,200. being
Ref. & Imp. M. and to the Great Northern Gen. M., such new mortgages
BONDS.—The first mtge. bonds extended at 4)4 % are endorsed with the will
secure the Joint 6 )4 % bonds outstanding by a lien pari passu with that
guaranty of the Penn. RR. Co. to purchase the coupons as they mature,and securing
such new bonds.
the bond Itself at maturity. See guaranty, V. 56, p. 649; V. 69, p. 1193
The indenture also provides that if the amount of that issue is reduced
Of the 2ds, $2,039,000 are owned by the Pennsylvania Company, which through
conversion or retirement the bonds and stock deposited as collateral
company guarantees prin. & int. on $1,038,000 2d Mtge. bond®.
be withdrawn proportionately by the respective companies.
REPORT.—For 1925, gross income, $745,967; deductions, $514,299; may
The bonds are convertible into Northern Pacific Ref. & Imp. M. 6%
dividends, $231,668.
bonds,
Series B, due 2047. or into Great Northern Gen. M. 7% bonds.
Pres., Samuel Rea, Phila.; Treas., T. H. B. McKnight. Pittsburgh, Pa. Series A,
due 1936. part of which issues are deposited as collateral and of
—(V. 119, p. 455.)
which an additional amount is reserved, sufficient to provide for the con­
GREAT NORTHERN RY. CO.—(See Maps.)—Operates a line from St. version of the Joint 6)4% bonds.
Paul and Duluth. Minn., via Spokane, Wash., to Seattle, Wash., and Van­
The conversion may be exercised by the holder of Joint 6 )4 % bonds with
couver, B. C., with trackage rights Into Portland, Ore., and numerouf a view to obtaining a like principal amount of bonds, either all in the Ref.
branches In Minnesota, Iowa. North and South Dakota, Montana, Idaho, & Imp. M. 6% bonds. Series B, of the Northern Pacific, due 2047; all In
Washington, Manitoba and British Columbia. Total miles of road in sys­ the Gen. M. 7% bonds, Series A, of the Great Northern, due 1936, or In
tem Dec. 31 1925. 8,222 miles; add mileage owned but not operated as part bonds of both issues in any ratio between the two which the holder may
of system, 6 miles, total, 8.228 miles, viz.:
desire, but not more than $115,000,000 of either of such bonds will be
Lines owned in fee—
Miles
Leased Companies—
issued in conversion.
St. Paul to St. Vincent, Minn_ 393
Wat. & Sioux Falls Ry________ 102
As Joint 6)4 % bonds are presented for conversion, the trustee will with­
Minneapolis to Seattle, Wash_ 1,807 Minneapolis Western Ry_____
2 draw from the deposited collateral a proportionate amount of O. B. & Q.
Everett, Wash., to Int. Boundary 90
Trackage—
stock and will deposit such stock with the trustee of the Northern Pacific
Other lines owned In fee to Su­
Seattle to Vancouver, Wash__ 173 Ref. & Imp. M., or the trustee of the Great Northern Gen. M., as required
perior, Butte, Sioux City, &C.4.807 Various other lines___________ 209 by the demand for conversion, and will deliver such Northern Pacific or
Total road owned____________ 7,097 Second, &c., tracks & sidings..3,492 Great Northern bonds, as the case may be, in exchange for the Joint 6)4%
Controlled Companies—
Miles.
bonds presented for conversion. At the time of conversion an adjustment
Vancouv., Vic. & East. Ry.&N. 231
of accrued interest will be made between the Joint 6 )4 % bonds presented
Other lines__________________ 414
for conversion and the mortgage bonds issued In exchange. Compare
New terminal companies 1917, V. 104, p. 660; V. 106, p. 174.
V. 112. p. 1866
Owns jointly with Northern Pacific the Spokane Portland & Seattle Ry..
The G. N. Ry. Co.’s portion, $115,000,000, has been converted into a
*66 miles. V. 85. p. 1273: V. 86. p. 1529.
like amount of gen. mtge. 7 % bonds and proportionate amount of Burling­
In Dec. 1908 Chic. Burl. & Quincy (jointly held with Nor. Pac.) acquired ton stock has been released from lien of the joint indenture and pledged
control of Colo. & Southern. V. 87, p. 1664. Uses jointly Northern under the gen. mtge. The remaining outstanding joint convert, bonds
Pacific line. Seattle to Vancouver. Wash.. 173 miles. V. 88, p.1372.
(the Northern Pacific’s portion not converted) were called for redemption
Controls Midland Ry. of Manitoba jointlywith Nor. Pac. Ry. V.95.P.236. July 27 1922 at 103)4 and int. V. 114, p. 2240.
Tentative valuation, $395,353,655, as of June 30 1915. V. 116, p. 1649,
The Gen. Mtge. bonds are secured by a mortgage covering the entire
railroad property of the Great Northern Ry. in the U. S., subject to existing
1760, 2965.
President Ralph Budd on May 21 1925 announced that the co. would go debt. and. in addition, by pledge of $36,332,000 Ref. M. bonds secured by
into the bus transportation business in Minnesota to supplement and protect the same mortgage under which the $35,668,000 Great Northern Ref. M.
REPORT.—For 1925, in V. 122, p. 2639, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Gross oper. revenues... $6,749,302 $5,180,128 $5,319,344 $4,518,016
Total oper. expenses
4,415,379 3,611,860
4,102,187 3,744,211




Mat, 1926.]

Mites Date
Road Bonds

RAILROAD COMPANIES
IFor abbreviations, &c., see notes on page 8]

Gt Nor Ry of Can—See Canadian North Quebec Ry
Green Bay & Western RR—Stock (see text)_____
Debenture Class A incomes text non-cum_____ zc’
Class B incomes after 5% on stock non-cum_.zc’
Greene RR (New York)—Stock guaranteed______
1st & ref mtge_________________________________
Greenwich & Johnsonville—lstM$500,000g.Gzc«S:r
Groveton Lufkin & Northern Ry—-First mtge gold.
Guantanamo & West—1st M $600,000 gold..Col.x
Refunding mortgage $6,000,000................... ........ Col
Car trusts as of June 30 1925 (Series 4)_________
Gulf Mobile & Nor RR—Common stock (vot tr ctfs)
Pref (p & d) (vot tr ctfs) 6% cum from Jan 1 1920..
First mtge Series “B” red (text)____ Usm.wc*&r-<'

1896
1896
1923
1909
1909
1918
Var.

433 1925

Par
Amount
Value Outstanding

Total oper .revenue . $114,924,960$l 10,243,104$l 20,077,771 $103,452,937
Maintenance of way. . ..$14,297,715 $13,888,267 $15,255,041 $13,153,323
Maint. of equipment.
17,200,491 17,102,587 21,723,923 19,585,290
Traffic_____________
1,628,315
2,354,083
2,086,736
1,821,171
Transportation______
38,406,298 39,064,820 45,146,275 42,179,201
Miscellaneous_______
1,220,617
1,449,468
1,240,693
1,273,839
General____________
2,662,601
2,474,455
2,624,708
2,525,819
Transp. for inv.—Or.
605,162
543,368
795,752
996,144

Total oper. expenses..$75,827,288 $75,212,058 $86,750,523 $79,636,038
Net rev. from ry. oper..$39,097,672 $35,031,046 $33,327,248 $23,816,899
Railway tax accruals... 9,801,946 10,257,741
9,113,227
8,097,725
Uncoil, ry. revenues___
7,844
12,267
20,982
15,534
Ry. operatingincome.$29,287,882 $24,761,037 $24,193,040 $15,703,640
Equipment rents_______ De&726,135 De6304,269 0806,631 01,799,023
Jt. facil. rents (net deb.)
285,564
255,481
267,679
226,065

Netry. oper. income.$28,276,183 $24,201,287 $24,731,992 $17,276,598
Non-oper. Income—
Inc. from lease of road..
$4,582
$163
$35,543
$1,459
Miscell, rent income___
590,914
512,659
451,785
508,119
Misc. non-op. phys. prop
56,365
69,917
24,666
58,025
Dividend income______ 9,310,875
9,287,584
,403,519 8,527,119
Inc. from funded securs.
439,221
807,706
1,137,523
552,287
Inc.fr.unfd.sec. & accts.
438,911
459,541
440,670
929,518
Miscellaneous income__
205,343
200,901
344,641
82,835

Grossincome------------$39,704,431 $35,855,165 $35,045,252 $27,763,604
Tni' ___

Rent for leased roads... ' $119,727 $123,324
Miscellaneous rents____
8,904
9,727
Miscell, tax accruals___
75,820
80,458
Int. on funded debt___ 17,591,927 17,187,797
Int. on unfunded debt..
155,490
182,257
Amortization of discount
on funded debt______
236,803
202,737
Miscell, income charges.
80,364
127,264

$116,623
$106,413
16,301
12,990
100,837
125,846
16,348,339 16,242,953
212,483
236,009
123,495
59,226

112,277
61,445

Net income-------------- $21,435,396 $17,941,600 $18,067,947 $10,865,672
Inc. applied to sinking &
other reserve funds
$6,291
$8,285
$11,123
$20,520
Div. approp. of income. 12,369,145 12,473,617 12,473,605 13,097,264

Balance------------------- $9,059,960 $5,459,698 $5,583,220df$2,252,112
*Incomefromfund. secs,
elim. from this acct.
int. on S. P. & S. Ry.
bonds (accr. in 1921),
still unpaid_________
_____
_____ Dr5,227.721
______

Into™rofitandeiossn^f.‘ $9,059,960 $5,459,698
$355,498df$2,252,112
* The charge of $5,227,721 to “income from funded securities” should
not be considered in determining the amount earned by the company
during the year 1923, as it is solely a book adjustment having no effect
on the cash account. The net income earned during the year was $18,
067,947, which is a return of 7.24% on the outstanding capital stock.
For latest earnings see "Railway Earnings Section” (issued monthly).
OFFICERS.—Chairman, Louis W. Hill: Pres., Ralph Budd; V.-Pres. &
Asst. Sec., E. T. Nichols; V.-Pres. Exec. Dept., G. R. Martin and L. C.
Gilman: V.-Pres. & Gen. Counsel, M. L. Countryman; V.-Pres. Oper. Dept.,
C. O. Jenks; V.-Pres. & Dir. of Traffic, W. P. Kenney; Sec. & Treas.,
F. L. Paetzold; Comp., G. H. Hass Jr. New York office, 32 Nassau St.
DIRECTORS.—L. W. Hill, R. Budd, F. E. Weyerhaeuser, W. P.
Kenney. St. Paul; A. L. Ordean, Duluth; F. L. Paetzold, Joseph Chapman,
A. C. Loring, Minneapolis; E. T. Nichols, E. E. Loomis, Arthur Curtiss
James; one vacancy.—(V. 122, p. 2641.)
GREEN BAY AND WESTERN RR. CO.—Owns Green Bay, Wis., to
East Winona, 213 miles; branches, &c., 38 m.
Tentative val., $5,298,582. V. 113, p. 628. 1573.
SECURITIES.—There are no fixed charges on the property other thaD
taxes, nor can any be placed thereon or the property be sold or leased
without consent of 75% of stock. Class A debentures are entitled to 2% %
Interest, if earned, then common stock to 2%, then the two share ratably
qut after 5% on both, class B is entitled to all surplus earns. V. 61, p. 471.




Rate
%

5
$100 $2,500,000
600.000
5
1,000
1.000 7.000,000
$900,000
$100
6
207,000
5
1,000
6g
500,000
1,000
5g
437,000
1,000
600,000
lg
See text
42,000
6
100 10,994,100
100 11,413.400 See text
5X e
1,000 4,000,000

4 % bonds, due 1961, now outstanding in the hands of the public, were
issued in 1911 and subsequently. They will be additionally secured by
such shares of stock of the C. B. & Q. RR. as are released by the trustee
of the joint indenture as a result of the conversion of the Joint 6>S % bonds
into the Great Northern Gen. M. 7% bonds. Bonds are not subject
to redemption before maturity.
As to offering of $30,000,000 gen. mtge. 5'x6% Series B gold bonds, dm
Jan. 1 1952, compare V. 114, p. 626; for offering of $15,000,000 Series “C”
5% gold bonds, due Jan. 1 1973, compare V. 118, p. 2572.
Eastern Ry. of Minnesota.—Nor. Div. mtge. of 1898 limited to $9,700,000
are red. at 105 after April 1 1928. V. 66. p. 471: V. 88. p. 1002. 1253.
Equipments trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1360.
REPORT.—For 1925, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Freight revenue...$90,098,763
$86,144,671 $93,672,147 $78,065,563
Passenger revenue_ 13,955,742
13,683,383 15,305,242 15,112,453
Mail and express_ 5,029,651
5,608,259
5.886,976 5,559,582
Other transportation...
1,879,541 2,050,589
2,101,005 2,105,746
Incidental______ 3,724,766
2,740.487
3,103,278 2,608,682
Joint facility (net)____
236,497
15,714
9,123
911

Tipihipt^ fnim

63

RAILWAY STOCKS AND BONDS
When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Yearly Feb 8 1926 5%
Yearly Feb 8 1926 5%
Yearly Feb 8 ’26
%
J A D June 1926 3%
M & S 1974
J & D Dec 1 1943
J & J Jan 1 1939
M&N15 Nov 15 1929
F & A Feb 1 1948
F & A Various

Office 40 Wall St, N Y
do
do
do
do
D L & W, 90 West St
do
do
Office, 32 Nassau St,N Y

Irv Bk-Col Tr Co, N Y
do
do

Q—J July 1 1926 1^ U S Mtge & Tr Co. N Y
A & O Oct 1 1950
do
do

DIV8.&INT. T3. ' 14. '15. '16. T7. T8. T9-’21. '22. •23. ’24. •25. •26.
Glass “A" debs. 5
5
6
5
5
5
5
5
5
5
5
5
Capital stock.. 5
6
6
5
5
5
6
5
5
b
5
6
Glass “B" debs. 1M
i
M
x
X
REPORT.—For 1925, gross $1,578,446; net, $332,976; other income,
$88,679; taxes, rents, &c., $140,277; other deductions, $150,414;; divs.
paid, $125,000; bal., sur., $4,964. V. 120, p. 3063.
For latest earnings see ‘ ‘ Railway Earnings Section (issued monthly).
OFFICERS.—F. B. Seymour, Pres., Green Bay, Wise.; Edgar Palmer,
V. -Pres.; Charles W. Cox, Sec. & Treas., 40 Wall St., N. Y.; J. C. Thurman,
Gen. Aud., Green Bay, Wise.—V. 122, p. 2647.
GREENE RR.—Owns road from Chenango Forks to Greene, N. Y., 8
miles. Leased to Delaware Lackawanna & Western for term of charter
for 6% on stock. The stockholders in Mar 1924 authorized all issue of
$300,000 bonds V. 118, p 1267, 2179; V 119, p 1732. Stock, $200,000,
par, $100—(V. 119, p. 1732.)
GREENVILLE & NORTHERN RY.—Organized In Jan. 1920 to take
over and operate the Greenville & Western Ry. Operated for freight ser­
vice only between Greenville, S. C., and River Falls, S. O., a distance of
23 miles. Pres., Walter A. Graff: V.-P., Ramsay Webster, Duluth. Minn.;
Sec.. L. Carlson, Greenville, S. C.—(V. 113, p. 2720.)
GREENWICH & JOHNSONVILLE RY.—Owns from Northumberland,
N. Y., to Johnsonville, N. Y., 21.46 m. Stock, $225,000. all owned by Del.
& Hudson Co.; V. 90, p. 790. For year end. Dec. 31 1925, gross, $177,543;
exp. & taxes, $136,429; other income, $5,537: int., rentals, &c., $66,204;
bal., def., $19,553. Pres., L. F. Loree, N. Y.; V.-P.. W. H. Williams,
N. Y.; V.-P., J. T. Loree, Albany, N. Y.; Sec., J. W. Coon, N. Y.; Treas.,
W. H. Davies, N. Y.; Compt., W. E. Eppler, N. Y.—(V. 117, p. 2889.)
GROVETON LUFKIN & NORTHERN RY.—Owns Veitch to Valr.
Tex., 21.15 miles; trackage. Groveton to Veitch. 1.25 m., and Valr to
Lufkin, Tex., 13.6 m.; total, 36 miles. The I.-S. C. Commission has placed
a final valuation of $291,840 on the property of the company as of June
30 1919. Stock, $50,000; par $100. Bonds, $437,000: see table above
(V. 90, p. 100). Pres., J. S. Joyce. Chicago. Office, Groveton, Tex.—
(V. 122, p. 1452.)
GUANTANAMO & WESTERN RR CO —Owns from Guantanamo Bay
on south coast of Cuba, via San Justo and La Maya to San Luis, with
branches to various sugar mills; total mileage, incl. sidings and yards, 108.42
miles. Incorp, in Maine. A reorganization after foreclosure Mar. 1 1910
per plan in V. 88. p. 294.
Stook authorized and issued, oommon, 82,750,000:1st pref. 7% non-oum.,
12,750,000, and 2d pref. 5% non-cum., $250,000 (in treasury $232,300,
$233,600 and $153,000 respectively); par of all shares, $100 each. On
June 30 1925 paid an initial dividend of 6%% on the 1st pref. stock.
The Refunding Mtge. for $6,000,000 was executed Feb. 1 1918 knd sub­
sequently to June 30 1925 $4,300,000 6% bonds were issued, of which
82.421.500 were held in the treasury and $1,878,500 outstanding
For year ending June 30 1925, gross, $1,105,715; net, $317,884; other
income, $82,789; deductions, $198,907; balance, surplus, $201,765. V. 121,
p. 3145.
OFFICERS.—Antonio San Miguel, Pres.; F. Bartes, Treas.; M. J.
Manduley, Sec. Main office, 1 Amargura St., Havana, Cuba. Corporate
office, 57 Exchange St., Portland, Me. New York agency. Peat, Marwick,
Mitchell & Co., 40 Exchange Place.—(V. 121, p. 3145.)
GUAYAQUIL & QUITO RY.—(V. 120, p. 2681.)
GULF MOBILE AND NORTHERN RR. CO.—Owns or controls and
operates 466 miles, viz.: Mobile, Ala., to Jackson, Tenn., 409 miles (main
line); McLain Jet. to Piave, Miss., 25 m.; Union, Miss., to Meridian, Miss,
(leased), 32 m.
ORGAN.—Successor Jan. 1 1917ofNew Orleans Mobile & Chicago RR.
foreclosed. V. 100, p. 1078; V. 103, p. 2238; V. 104. p. 256, 764.
Owns entire capital stock and bonds or Meridian & Memphis Ry. Co.,
onerating 32 miles of standard gauge railroad between Union and Meridian.
Miss. Also owns all of the outstanding funded debt ($400,000 first mtge.
6% bonds due March 1 1927 and $400,000 income mtge. 4)^% bonds due
April 1 1947) of the Birmingham & Northwestern Ry. Co., owning 48 miles
of road, operated independently.
STOCK.—The pref. stock was 6% non-cumulative until Jan. 1 1920,
and cumul. thereafter. Stock outstanding as shown in table above.
BONDS.—The company executed on Oct. 1 1920 its first mtge. to U. SMtge. & Trust Co., trustee, to secure an issue of $15,000,000 bonds. There
have been issued under the said mortgage $4,000,000 5 >6% Series “B”
gold bonds. (An additional $2,000,000 of such bonds have been issued and
are in company’s treasury.) The entire series, but not a part thereof, red.
upon 60 days, notice on any int. date on or before April 1 1943 at 107)^ %
and int., and thereafter on any int. date at their principal amount plus a
premium equal to X % for each six months between the redemption date
and the date of maturity. Bonds are to be issued under the 1st mtge.
dated Oct. 1 1920 and will be secured by a direct 1st mtge. on all of the
lines of railroad and appurtenances thereto, including equipment, now owned
and upon all property hereafter acquired by the issuance of 1st mtge. bonds.
Authorized amount limited to $15,000,000, of which $4,000,000 bonds
(the present issue) will be the total amount presently outstanding. Balance
of the authorized amount may be issued from time to time under the
conditions provided in the mortgage, for the purchase, acquisition or con­
struction of additional properties, for additions, betterments and improve­
ments chargeable to capital account, for the acquisition of eauipment or
to reimburse the treasury of the company for expenditures made for such
purposes. V. 120, p. 1582.
Divs.—An initial div. of 1 % on the preferred stock was paid Nov. 15 1923,
same amount paid Feb. 15 1924; May 15 1924 to Nov. 15 1924 paid 1J4%
quarterly; Feb. 16 1925 to Nov. 22 1925 paid 1>£% quar.; Jan. 1 1926 paid
% % and 3)f % on account of accumulations, reducing the latter to 20%;
April 1 and July 1 1926 paid 134s % quar.

RAILW AY STOC KS AN D BO ND S
[Y ou 122.




M a t , 1926.]

R A IL W A Y S T O C K S A N O B O N O S




05
Ol

RAILROAD COMPANIES
[For abbreviations, Ac., see notes on page 8]

First Ref & Term Mtge gold sink fund._N,xc*x&r*
Gulf Term, Mobile—IstM $700,000 g gu(text)xc*&r*
Gulf Tex & West—1st M $ 10,000,000 g red 105.Mp.x
Hancock & Calumet—See Mineral Range RR
Hannibal & St Joseph—See Chicago Burl & Quincy
Harrisburg Ports Mt J & Lane—See Penna RR
Hartford & Connecticut Western—Stock.----- .
First mortgage extended in 1903 and 1923 ____ z
Henderson Bridge Co—See Louisville & Nashv RR
Hibernia Mine RR—Stock_______________________
Hocking Valley Ry Co (The)—Stock
----- --Columbus & Hocking Val first mtge gold ext- .xc*
Col & Tol 1st M gold ext 1905 (V 81, p 211)..G,xc*
First consolidated mortgage $20,000,000 gold ..Cex
General mortgage $50.000,000__ _____________ Eq

Six mos secured gold notes dated Mar 1 1926-Eq.zc*
Equip notes gold Series 32 due $89,700 ann
__ G
do
do
Series 32A due $99,300 ann__ G
do
do
Series of 1923 due $268,000 ann.G
do
do
Ser of 1924 due $116,000 ann.__ c*

Miles Date
Road Bonds

Par
Value

124
124 1883

100
1,000

$100
100
500 &c
119 1867
1,000
121 1875
346 1899 1,000 Ac
1,000
1919
1921
l.ooo
1926
1,000
1920
1,000
1920
1,000
190.3
1,000
1924

4K

in V. 122, p 1753, snowed:
1922.
1923.
1922.
1925.
$5,667,036 $5,392,374 $5,192,875 $4,117,478
449,248
Passenger___________
515.544
400,869
461,310
146,497
164.544
Mail, express, Ac___
168,839
179,727
54,824
Incidental revenue_____
71,586
73,401
65,507
Total oper. revenue.. $6,321,033 $6,088,030 $5,944,549 $4,768,C47
Operating expenses—
$687,747
$907,224
Maint. of way & struc. $927,246
$948,756
768,995
1,020,982
Maint. of equipment.
963,358
1,014,371
171,718
Traffic_____________
212,989
286,766
264,238
1,653,992
Transportation______ 1,861,110
2.110,081
1,886,358
5.593
Miscell, operations__
188,649
General expenses____
211,659
294,046
255.847
Crl0,l79
Transp’n for investin'!
CV2.983
Cr3,284
Cr.77

$4,338,042 $4,366,287 $4,459,952
Net operating revenue. . $1,982,991 $1,721,743 $1,484,896
Railway tax accruals, Ac
326,799
483,044
346,696

$3,460,922
$1,307,124
306,537

$1,403,048 $1.375,048 $1,157,707 $1,000,587
Rent from equip., &c__ (deb.103,977 deb.16.3,071 deb.202,490 deb.155,835
Miscellaneous_______ _ .
16,020
97,373
20,712
22,1.31
10,266
Inc. fr. unf. secs. & accts
10,359
14,280
13,167
33,750
Inc. from funded securs.
33,750
107,994
52,222
$1,538,037 $1,300,610 $1,090,597
33,750
.33,750
33,750
125,172
187,347
12.3,022
179
11,340
20,966
4,549
648

$913,788
114,345
16,456

.3.000

228,136
598,932
Balance, surplus__
$782,088
$299,262
$712,361
$523,291
x The operations of the Meridian & Memphis Ry. were taken over by
the company under an operating contract as of Jan. 1 1923. and such
revenues and expenses are included in the income account for 1923, 1924 and
1925. The year 1922 has been restated for purposes of comparison.
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—John W Platten, Chairman & V.-P., N Y ; I. B Tigrett*
Pres., Mobile; P. E. Odell, V.-P. A Gen. Mgr., Mobile; R. F. Brown.
V.-P., Sec. & Asst. Treas., N. Y.; H. F. Ricker, Treas. & Asst. Sec., MobileOffices, 71 Conti St., Mobile, Ala., and 55 Cedar St., N. Y.—(V. 122, p1753.)
GULF & SHIP ISLAND RR.—Owns from Gulfport, on Mississippi oounC*
nu'f of Mexico io Inokson

998,788

Miss.. 160.50 m : Maxletc Mendenhall '04 v

m.; Saratoga to Laurel, 41.75 miles; total 307 miles. The I.-S. C. Commis­
sion has placed a final valuation of $9,034,850 on tne owned and used
property of the company, as of June 30 1916.
The l.-S. C. Commission on Dec. 3 1924 approved and authorized the
acquisition bj the Edward Hines Yellow Pine trustees of control, by lease
for a period of 15 years, of that part of the line of road owned, extending
from Lumberton to Maxte, a distance of approximately 16 miles, in Lamar.
Pearl River and Forrest Counties, Miss.
The I.-S. C. Commission in June 1925 approved conditionally the
acquisition by the Illinois Central RR. through the Mississippi Valley Co.

of the control of the Gulf & Ship Island RR. by purchase of capital stock.
V. 121,p. 71.
.DIVIDENDS—1903 to 1910. 4% yrly: ’ll. 4%: ’12-T3. 2%: ’17. 47, *
BONDS.—Of the first 5s outstanding in Dec. 1924, $2 098,000 bonds were
In sinking fund. See V. 74, p. 426, and application to list. V. 74, p. 1257
V. 81. p. 264.
REPORT.—For year ending Dec. 31 1924:
Cal. Yrs.—
Cross.
Net.
Other Inc.
Charges. Bal., Surp
1924......... ---$3,582,994
$607,000
$48,908
$424,017 $231,891
1923......... .. $3,319,005
$622,313 , $50,277
$440,185
$232,406
1922............... $2,947,651 $1,180,081 $205,686
$395,934
$989,833
1921..... .......... 2.852.960
"
def406,252
-------______
41.218
266,742 def631.776
For latest earnings, see Railway Earnings Section” (issued monthly).
OFFICERS.—Pres., C. H. Markham, Chicago; Sec., B, A. Beck,
Chicago; Treas., O. F. Nau, Chicago.—(V. 122, p. 1022.)
GULF PORTS TERMINAL RY.—Chartered by State of Florida Id
1916. The line to Mobile is under construction. Distance from Pensacola
to Mobile, 60 miles; 46 miles in operation and grading and bridging dons
on additional 18 miles. Branch to Muscogee. Fla.. 11 m?’~The I.-S. C. Commission has placed a tentative valuation of $460,000 on
the owned and used properties of the company, as of June 30 1917.
OFFICERS.—Pres., Elwood McLaughlin; V.-Pres., W. G. Prather;
Sec., L. G. Wilkinson; Treas., W. J. Forbes. Office, Pensacola, Fla.—
(V. 121, p. 2871.)
GULF TERMINAL CO., MOBILE.—Owns union passenger station and
approaches at Mobile. Ala., leased by the Southern Ry. and Mobile & Ohio
RR.,which own the stock and guarantee the bonds.Jointly and severally,
p. & i., by end. The I.-S.C. Commission has placed a final valuation
of $495, 148 on the company’s property owned and used, as of June 30
1915.—(V. 119, p. 2176.)
GULF TEXAS & WESTERN RY.—Seymour to Salesville, Tex., 99
miles. Has trackage agreement for freight trains to Weatherford, 31 m ,
and for passenger trains to Mineral Wells, 9 m., giving entrance via Weath.
Mineral Wells A N. W. and Texas & Pacific to Dallas and Fort Worth.
W. Frank Knox. Sec. & Treas.. was appointed receiver in Jan. 1921. V.
112 p. 652.
The I.-S. C. Commission has placed a final valuation of $1,668,000 on
the total owned and used properties of the company as of June 30 1917




Amount
Outstanding

Rate
%

When
Payable

$100 $7,013,100 See text
5g J & J
307 1902 1,000 Ac 2 886 .000
1,000
600,000
4g J & J
1907
1,000 2,000,000
5g MAN
99 1909
See text

REPORT.-

Rent for leased roads__
Interest on funded debt.
Int. on unfunded debt..
Misc. income charges__
Maint. ofinv. organ___

[Vol. 122.

RAILWAY STOCKS AND BONDS

66

2,967,000
2
FA A31
J A J
700,000
6
200.000
A A O
3
10,999,500 See text Q-J 31
A A V
1,401.000
4 g
2,441.000
4 g F A A
16,022.000
4^ g J A J
Pledged
6g
1.665.000
6
6,000.000
Sept 1
5g
807.300
6 g J A J 15
893,700
6 g J A J 15
A A O
3,216.000
5
1,624,000
5g J A J

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

In 1917 4%
Feb 1 1952
Jan 11957
Nov 1 1939
30 years

Gulfport. Miss
Chat A Ph N B A Tr. NY
Bank of America N Y
Chat A Ph N B A Tr, NY

See text
July 1 1933

Hartford, Conn
do

See text
Apr 30 ’26 6%
Oct 1 1948
Aug 1 1955
July 1 1999
Jan 1 1949
1931
Sept 1 1926
To Jan 15 1935
To Jan 15 1935
To Apr 1 1938
To July 1 1939

See Central RR of N J
J P Morgan A Co, N Y
do
do
do
do
do
do
J P Morgan A Co, NY
Guaranty Trust Co, N Y
do
do
Un Tr, Clev; JPMor.N Y
Un Tr, Clev; JPMor, NY

Stock auih. and outstanding, $500,000; par of shares. $100. Of the Is*'
6s ($10,000,000 auth. issue), $2,000,000 have been issued «>n the first 99
miles. V 89, p. 933, 1223; V. 90, n 109 V. 93. p. 44; V. 99. P 406,
For 1925, gross, $407,088; net. inc., $111,925: other income. $5,544, Int..
rentals. Ac.. $59,298: bal., $58,179. Receiver, W. Frank Knox, Dallas,
Tex.—(V. 120, p 2265.)
HAMPDEN RAILROAD CORPORATION.—Owns Springfield to
Bondsville, Mass., 14.82 miles; completed, but is not yet operated. The
Massachusetts State Senate in Feb. 1921 passed a bill extending until
luly 1 1924 the time within which the company’s line must be completed
■ do put In operation Stock auth.. $1,400,000 V. 100, p 1509 Bonds,
not Issued. $1,900,000. Notes, about $2,000,000 6s. V. 99, p. 537. On
July 2 1914 suit was filed against B. & M. to enforce alleged “contract lia­
bility" amounting to $3,798,000, the approximate cost of road.
The Boston & Maine reorganization plan of Nov. 1918 made no provision
for the Hampden RR., as the Court had ruled that it has no valid claim
against the B & M . but see V 107, p. 1919, 2008; V. 109. p. 172, 477; V.
112. p. 849, 1282.
William E Gilbert, Pres, of the Union Trust Co., Springfield Mass was
appointed receiver in March 1921. The road was to be sold June 3 1926.
Compare V. 122, p. 2795. •
HARRIMAN & NORTHEASTERN RR.—Harriman to Petros. Tenn : 20
miles In Nov. 1902 entire ($600,000) stock acquired in interest of Cine.
New Orleans * Tex. Pao. Ry..but Is operated separately V. 76. p.157, 212.
HARTFORD & CONNECTICUT WESTERN RY.—Hartford. Conn to
Rhinecliff, N. Y., 109 miles, and branch 13 miles. Leaped till Aug. 1940
to Central New England Ry (now controlled by New York New Haven &
Hartford RR.), the rental paying charges and 2% on stock.
The I.-S. C. Commission on Oct. 20 1923: (1) authorized the company
to extend from July 1 1923 to July 1 1933 the date of maturity of $700,000
1st Mtge. bonds, and to Increase the rate of interest from 4 X to 6%, and
(2) authorized the Central New England Ry. to assume obligation and
liability in respect of the $700,000 bonds. Compare V. 117, p. 1883.—
(V. 117, p- 2323.)
HAWAII CONSOLIDATED RY. LTD.—Owns Paaulllo to Puna,
T H., 57 miles: Olaa Mill to Glenwood, 17 m.; branches, 7 m.; total, 81 m ,
Successor In April 1916 of Hilo RR., sold under foreclosure and reorganized,
per plan in V. 101, p. 1713, 2071, with authorized issues as follows: (a)
$2,500,000 1st M. 5s; (6) $2,575,000 7% cum. first pref stock- (c) $679,960
6% non-cum. 2d pref. stock; (d) $400,000 com. stock. Of the bonds,
$58,300 have been redeemed and $150,000 are held in treasury, leaving
$2,291,700 outstanding. Report for calendar year 1925 showed: Gross,
$943,690; net, $187,275; other income, $60,099; interest, Ac., $133,993;
bal., sur., $113,381. Pres., J. R. Galt. Office, Honolulu, Hawaii.
—(V. 120, p. 3063.)
HIBERNIA MINE RR,—Owns Rockaway to Hibernia Mines, N. J.
4.2 m.. leased to Cent, of N. J. to Oot. 1930 at $6,000 yly.—<V.91,p.l766.)
HOCKING VALLEY RY. CO. (THE)—The company’s main line ex­
tends from Rockwell to Columbus, 120 miles; Columbus to Athens, 76 m.;
Oldtown to Pomeroy, 81 m. total main line, 277 miles, with trackage
(Toledo Term. RR.) Toledo to Walbridge, 3.5 m.; (N. Y. C. R.R.)
Toledo to Rockwell, 2.5 m.; Columbus and Athens, 0.8 m.; total main line
and trackage, 284 miles. Branches, 44 miles; leasee W. A J. B. Ry..
Dundas to Jackson, 17 m.; Pomeroy Belt Ry., Pomeroy, O., 4 m,; total,
349 miles; 2d track, 133 m. Owns part Interest in Toledo Terminal RR
V 99 p 1210.
HISTORY, Ac.—Successor Feb. 25 1899, per plan V. 68, p. 231, of
Columbus Hocking Valley & Toledo Ry. foreclosed. Decision In Ohio
State anti-trust suit, V. 105, p. 997, 909, 818. Appeal filed In coal company
decision V 112. p. 2305
MERGER PLAN REJECTED.—The proposed unification of this road
with the New York Chicago & St. Louis RR., Chesapeake A Ohio, Pere
Marquette and Erie railroads was rejected by the I.-S. C. Commission on
March 2 1926. Compare V. 122, p. 1249.
LATE DIVS.— f ’12. ’13. ’14. ’15. ’16. ’17. ’18. '19. '20. ’21. *22-’25.
Percent------------- -4 7>£ 12
7
3
4 5^ 4
4 4
2 4 yrly.
Paid in 1926: Apri. 30, 2% quar. and 4% extra.
STOCK.—Chesapeake A Ohio Ry. owns $8,837,900 stock.
BONDS.—The consols ($20,000,000 authorized), besides a lien on the
entire property, subject only to $3,842,000 prior bonds, have a first lien on
the coal lands of the Buckeye Coal A Ry. Co.; $3,842,000 consols are reserved
to retire the existing bonds (the latter may be extended at maturity). V. 72,
p. 338; V. 74,p. 1038; V. 86, p. 229, Substantially all of the bonds and
stock of the Wellston A Jackson Belt Ry., 18 miles, are deposited under
said mortgage, see V. 101, p. 370; V. 68. p. 823; V. 102, p. 2167.
The Gen. Mtge. of 1919 is limited to $50,000,000 and it Is also provided
that the outstanding bonds including underlying issues must not exceed
three times the outstanding capital stock. None of the gen. mtge. bonds
are outstanding in the hands of the public; $7,500,000 series "A" are
pledged to secure the aforesaid notes; $3 153.000 are pledged as security
for U. S. Govt, loans. Additional bonds within the amount above stated
may be issued hereafter at par, for refunding purposes, for additions to and
betterments of, and for other capital expenditures, and also to the extent of
80% of the cost thereof for equipment, but with a sinking fund of 5% p. a.
for 20 years in each case upon the amounts issued for equipment, v. 108,
p. 784
Equipment trusts issued to Director-General for rolling stock allocated
'o this company See article on page 3.
REPORT—For 1925, in V. 122, p. 2071, showed:
Revenues
1925.
1924.
1923.
1922.
Freight_______________ 17,094,153 15,021,470 15,156,748 11,637,209
Passenger-----------------816,865
898,984
1,113,924 1,076,466
Mall_________________
85,003
87,651
81.790
78,762
Express_______________
151,011
138,329
176,312
129,018
Miscellaneous_________
1,512,681 1,296,964
1,034,628
934,009
Total_______________ $19,659,712 $17,443,399 $17,563,402 $13,855,464

May, 1926.]
RAILROAD COMPANIES

[For aftbreriuzv/ns, Ac.. see notes on page 8]

Miles Date
Road Bonds

Par
Value

HousBelt&Ter—lstM$5.000.000gredl05 text Ce.xc*
49 1907
$100
100
Hous & Brazos Val—1st M (trus Merc Tr Co, St L) 28.40 1907
1,000
Hous E & W Tex—1st M gu p & i by So Pac.Ce.zc* 1 192 (1893
1,000
First mortgage $3,000,000 gold not guaranteed__
11893
453 1890
1,000
Hous & Tex C RR—IstM I gr g redl 10lntguCe.zc*&r
Waco & N W Div 1st M g $25,000 p m__ Ce.zc*&r
55 1900
1,000
1,000
106 1891
Austin & N W (merged) 1st M g gu p & i.Mp.zc*&r
1,000
94 1910
Out-of fist M $3,000,000 auth (V 94. p 131)_____
Hudson & Manhattan (Hudson River Tubes)—
100
Common stock_____ _________________________
•___
100
Preferred stock 5% non-cumulative____________
1,000
1902
New York & Jersey first mtge red 110____ Usm.xc*
First mortgage convertible____ __________ Q.xc*&r
1907 $, £ or fr
First lien & ref M $65,000,000 g red 105-Ce.xc*&r*
1913
100 &«•
Adj inc M $33,574,000 red par cu beg ’2O..G.xc*&r
1913
500 &<•
Real estate mortgages

67

RAILWAY STOCKS AND BONDS

______ ______________

50
74.11
50
74.11
First mortgage extended Series A____________
74.11 1920 500-1000
500
Second mtge old 7s extended Series B_______ GP.x 74.11 1857
1,000
Third mtge consol extended______________ GP.xc* 74.11 1865
1 .000
Equipment trusts due a bout..$15,000 per year.. PeP
1918
do
do
due $10,000 semi-annually.
1921
500 &r

Huntingdon & Broad Top—Common stock_

Preferred stock 7% non-cumulative__________

Amount
Outstanding

Rate
%

$1,181,000
420.000
2,696.000
301.000
1,383.000
1,105.000
1.920.000
2.383.000

5g
5g
5g
6g
5g
6

When

Payable

J & J
J & J
M & N
M & N
J & J
M&N
&
& D

Last Dividend Places Where Interest md
Dividends Are Payable
and Maturity

July 1
July 1
Mayl
Mayl
July 1
Mayl
July 1
Junel

1937
1937
1933
1933
1937
1930
1941
1940

39.994.945 See text See text June 1 1926 IX
5.242.1.39
F & A 15 Feb 151926 2X
5
5.000.00(1
5g F&A Feb 1 1932
& A Feb 1 1957
944.000
4)S g
37.521.234
&
Feb 1 1957
P
33,10’’ 000
See text Feb 1 1957
75 ono
1.371,750
Jan 28 1904 1%
2.000,000 See text Text Aug 1 1922 1%
416,000
h A&O Apr 1 1940
367,500
A&O Apr 11940
1,497,000
A&O Apr 11940
30.000
To Jan 1928
6 g J&J July ’26 July'36
210,000

Is

Centra lUnion Trust.N Y
Mercantile Tr Co, St L
165 Broadway .New York
do
do
do
do
do
do
do
do
do
do
U S Mtge & Tr Oo. N Y

Guaranty Trust Co, N Y
Chase Nat Bank, N Y
do
do
do
do
Hud & Man RR Co, N Y
Phila office, Packard Big
Phila office, Packard Big
Phila office, Packard Big
Philadelphia
w1* 1
Pa Co for Ins on L, Phila

Hearne, 58 m.; other, 43 m.; Trackage rights over San Antonio & Aransa4
Pass 38 m.; Texas & Pacific Ry.. Fort Worth to Dallas, 31 m. Oth*
lines, not classified. 8 miles. Total operated Dec. 31 1924, 929 miles
STOCK.—Stock, $10,000,000; par, $100, all owned by Southern Pacific
Co. In 1902-03 6% was paid out of accumulated surplus: in 1910-11, 20%;
1912-13, 3%; then none until Jan. 1925, when 6% was declared, payable
3% on Jan. 10 1925 and 3% on July 10 1925; on April 10 1926 paid 2)4 %.
BONDS.—The 1st M. 5s are being gradually retired at or below 110 with
Total_______________ $14,309,397 $13,178,503 $14,027,189 $10,747,133
Net revenue___________ 5.350,315 4,264,896
3,536,213
3,108,331 land sales. Theftrsf mtge. was for $8,634,000. See abstract of mtge. In
Railway tax accruals__
1,220,004
1,219,610
1,074,399
978,009 V 62. p. 242. With the exception of $1,149,000 consol. M. 6s (on which
Uncollectible railway rev
441
984
1,709 no Interest Is paid) deposited with the trustee as part security for the gen­
1,534
eral 4s, all of the consolid. 6s have been retired with proceeds of land sale*.
Operating income___ $4,128,776
$3,044,845 $2,460,830 $2,128,613 Southern Pacific Oo. owns $450,000 Lampasas Extension 1st M. 5s, $400,Equipment rents (net).. Dr.579,937 Cr.399,144 Dr .95,699
Cr .31,541 000 Waco & N. W Div. 6s and $2,303,000 Cut-Off 6s. Unsold land
Joint facility rents (net) _
70.375
88,936
84,914 grant Dec 31 1924 16.267 acres.
74,091
For year 1924, gross. $15,627,314; net oper. income, $2,521,887;
Other income_________
656,817
656,817
289,558
253,261
Less rents, &c________ deb.56.244
deb.84,856 deb.81,309 deb.75,348 other income, $99,589; deductions, $461,997: bal., sur., (before divs.),
$2,159,479.
For latest earnings see “Railway Earnings Section” (issued monthly).—
Grossincome_______ $3,853,464 $4,090,041 $2,662,317 $2,422,980
Interest on debt______
1,785,717
1,759,957
1,739,476
1,737,018 (V. 122, p. 345.)
Dividends__________ (4%)439,983 (4%)439,980(4%)439.980 (4%)439,980
HUDSON & MANHATTAN RR. CO.—Owns and operates double-tube
tunnels opened In 1908 from Sixth Ave. and 33d St., New York
Balance, surplus____ $1,627,767 $1,890,104
$482,861
$245,982 electricunder
the Hudson River to the D. L. & W. RR. station, Hoboken,
The income account for 1924 contains a credit of $453,631 for the amount City,
N
J.,
and
also southwardly through the Erie and Pennsylvania RR.
received from the U. S. Government in full and final settlement of the stations in Jersey
City and under the Hudson River to the Hudson Terminal
guaranty, for the six months' operation from March 1 to Aug. 31 1920, under Buildings on Church
St. (one block west of Broadway), extending from
Sections 209 and 212 of the Transportation Act, 1920; also a net credit of
$66,578 on account of adjustments of reserves and other accounts for the Cortlandi to Fulton St. Mileage operated, 8.50 miles. Also affords
through service between Newark and New York City, using Pennsylvania
same period.
liK tracks from Jersey City to Newark. V. 90. p. 635, 1041. Owns
For latest earnings, see "Railway Earnings Section” (issued monthly)
Hudson Terminal Bldgs. Fare increases, V. 106, p. 212$, 2757; V. 107, p.
OFFICERS.—<). P Van Sweringen Chairman of Board, Cleveland;
W. J. Harahan. President. Columbus. O.; G. B. Wall, V.-Pres.; H. Fitz­ 82.181 401: V. 110, p 970. 1526, 1748: V. Ill, p. 294, 792, 1183.
patrick, V.-P. & Gen. Counsel; F. M. Whitaker, V.-Pres. in charge of traffic,
DIVIDENDS.—An initial div. of 2)4% on the pref. stock was paid
Columbus, O.; R. N. Begien, V.-P. in charge of operation, Columbus, O.; Aug 15 1923; same amount paid semi-annually to Feb. 15 1926. On
A. Travvett, Sec.-Treas., Cleveland, and F. D. Hodgson, Compt., Colum­ common stock, paid initial dividend of 1X% on June 1 1925; same amount
bus, O. General offices, Columbus, O.; executive offices, Marshall Bldg., paid Dec. 1 1925 and June 1 1926.
Cleveland, O.—(V. 122, p. 2187.)
BONDS.—Under the readjustment of Jan. 14 1913 (without fore­
HOOSAC TUNNEL & WILMINGTON RR.—Hoosae Tunnel, Mass,
closure) (V. 96, p. 208) fixed charges were reduced from $3,021,660 to
to Wilmington. Vt., 24 miles. Made standard-gauge in 1912. V. 95. n. 11,851,750. The plan was assented to in 1913 by about 98)4% of the
1541. The I.-S. C. Commission has placed a final valuation of $641,864 1)4% bonds and 95)4% of stock. Application to list, V. 98. p. 393-8,
on the company’s property as of June 30 1916. Company is controlled by First Lien & Ref. Mtge. $65,000,000 (Auth.) issued, 5% callable any interest
Deerfield Valley Paper Co. through ownership of entire common stock. The
at 105_________ ______ --------------------------------------------- $37,521,234
bond issue, $214,000 1st mtge., matured Sept. 1 1922, but are unpaid. date
(interest rate not to exceed 5%) for—
Stock, $250,000; par, $100. Divs.: In 1903, 2%; year 1905-06, 3%; Reserved
G) Retirement of N. Y. & Jersey BK. 1st 5s car trusts and
1910-11 and 1911-12, 10%; none to 1923; 1924. 5%. Earnings for 1924,
real
estate
mortgages, not over________________________ $9,536,000
gross, $118,085; oper. def., $4,160; other Income, $3,323; fixed charges,
(2) Additions, betterments and equipment; also for exten­
$29,688; bal., def.. $30,525.—(V. 119, p. 1843.)
sions free from prior encumbrances, provided the annual net
HOUSTON BELT & TERMINAL RY.—Owns a terminal line in and
income of the company Is 1 )4 times the Interest upon the
around Houston, Tex., 20 miles, with large freight and passenger ter­
new 1st M bonds. Incl. those then about to be Issued, say. 11,942,766
minals. Controlled by four proprietary roads, viz., Beaumont Sour Lake
(3) Extension to Grand Central Station on same conditions. 6,000,000
& Western Ry.. Gulf Colo. & Santa Fe (Atchison System). St. Louis Adjustment Income Mortgage Bonds—Int. payable out of surplus
Brownsville & Mexico Ry. and Trinity & Brazos Valley Ry.. which each
income and cum. from Jan. 1 1920 (V. 98, p. 209), Issued____ 33,102.000
own 25% of the $25,000 stock and, under the terms of an agreement dated
Reserved for exchange for remaining 1st M. bonds________
472.000
July 1 1907. agree to pay, under a pro rata wheelage basis, operating exINTEREST ON INCOME BONDS.—2% yearly 1913 to Oct. 1916 Ind.,
enses, and, on a one-fourth basis, lnt. on bonds and annual sink, fund of beginning
April
1917,
none,
pending
establishment
of
$1,000,000
% of bonds Issued. The Terminal Co. has leased from Gulf Colo. & for contingencies; April 1 1921 paid 2%; Oct. 1 1921 paid 2)4%; Aprilreserve
1 and
Santa Fe Ry. for 99 years from July 1 1907 all of Its property In Houston, Oct.
1 1922 and April 1 1923 paid 2)4% and an additional 1% on account
Tex., and the Terminal Co. has agreed to pay monthly rental and maintain
accumulated int., these payments cleaning up all accumulations.
the property. The I.-S. C. Commission has placed a tentative valuation of
of $4,872,868 on the total used and $3,917,500 on the total owned property Oct. 1 1923 to April 1 1926, paid 2)4% semi-annually.
First Mortgage 4)4 %.—Outstanding, $944,000. The balance of the Issue
of the company as of June 30 1916. Pres., F. G. Pettibone.— V. 120,
($66,204,000) is deposited with the trustees of the first lien and ref. mtge.
p. 2939.)
HOUSTON & BRAZOS VALLEY RY. CO.—Owns Anchor to Freeport and the adjustment income mtge. In accordance with the terms thereof.
REPORT.—For 1925, in V. 122, p. 1754, showed:
and Bryanmound, 28.40 m.; Freeport to Sulphur Docks mouth of Brazos
1922.
Calendar Years—
1925.
1924.
1923.
River, 2.07 miles; Hoskins Jet. to Hoskins, 12.56 m.; total mileage, 43.03.
$8,393,835 $8,228,523 $7,862,420
Switches and sidings, 13.93 m. The I.-S. C. Commission has placed a Gross oper. revenue___ $8,680,111
5,356,214 5,148,189
4,659,404
tentative value of $667,733 on the total used properties of the company, Net operating incom__ 5,515,891
264,154
Other income_________
308,957
296,397
279,245
as of June 30 1917.
264,192
212,187
233,219
247,444
In May 192$ the M. K. & T. reorganization committee disposed of the Deductions..............
2,168,535
2,168,535 2,168,535
2,168,535
interests of the M. K. & T. Oo. In the H. & B. V. properties to the Freeport Bond interest_________
Int. on adj. inc. bonds._ 1,655,100
1,655,100 1,655,100
1,655,100
Texas Co. and associates. New York.
392,923
262,039
131,006
In Feb. 1924 the receiver was dismissed under an order in the form of a Preferred dividends____
999,745
----------------judgment which allowed claims in the sum of $1,130,639 to be divided Common dividends____
equally between the Freeport Texas Co. and the Southern Pacific lines.
Balance, surplus____
$396,357 $1,333,717 $1,225,349
$835,731
V. 118, p. 794.
The I.-S. C. Commission on March 28 1924 authorized the acquisition
OFFICERS.—Pres., Oren Root; V.-Pres., J. V. Davies; Treas., Wesley
of the company by the New Orleans Texas & Mexico Ry. by purchase of S. Twiddy Sec., Robert B. Kay; Compt., Thos. N. Willins. New York
stock and other securities of and claims against the Houston company. office, 30 Church St.—(V. 122, p. 1754.)
Compare V. 118, p. 1772.
HUDSON RIVER CONNECTING RR. CORP.—Incorporated In
Stock authorized, $120,000; outstanding, $24,000.
Income account cal. year 1924, gross, $339,636; ry. oper. income, $105,- N. Y. State March 19 1913 to build for the New York Central RR., which
154; equipment and joint facility rents, $29,778; net ry. oper. income, $75,- owns the entire $250,000 capital stock, a high-level railroad bridge across
the Hudson River between Castleton and Shodack Landing, about 22 miles
376.— V. 120, p. 2939.)
of Albany. The I.-S. O. Commission on Nov. 14 1924 authorized th*
HOUSTON EAST & WEST TEXAS RY.—(See Map of Southern Pacific.) south
N. Y. Central RR. to acquire control of the lines of railroad of the corpora­
Owns from Houston, Tex., to Sabine River at Logansport, 192 miles
Stook $1,920,000, of which $1,919,000 owned by So. Pac. Co., which has tion, and the franchises and facilities appurtenant thereto by lease. V.
guaranteed $2,696,000 of the bonds, prin. and int., by endorsement, re­ 119, p. 2407.
HUNTINGDON & BROAD TOP MT. RR. & COAL CO. (THE).—
serving the right to call them at 105 & lnt. V. 70, p. 841; V. 71, p. 236.
Div., 16% paid In 1902-03, 30% In 1907-08, 10% In 1909-10, 11% In Owns from Huntingdon, Pa., to Mount Dallas, Pa., 44 miles; branches, &c.,
1911-12 and 4% 1912-13, to 1915-16, Incl. 6%; 1917, 6%; 1918, 6% 34 miles.
1919. 6%; 1920, 4%; 1921, 6%; 1922, 5%; 1923-24, nil.
DEPOSIT OF STOOK.—Over 75% of stock was deposited with 5
REPORT.—For 1924, gross, $3,201,870; net oper. Income, $133,549; trustees (Drexel & Co., Phila., depositary) under agreement limiting the
sale of the stock, the pref. to not less than $50 and the com. to not less
other income, $6,249; deductions, $241,906; bal., def., $102,108.
than $25 per share. In 1923 the trust was extended till April 1 1928.
For latest earnings, see "Railway Earnings Section” (issued monthly).
HOUSTON & TEXAS CENTRAL RR. CO.—(See Map of Southern V. 106. p. 1230; V. 96. p. 420, 1021. 1297. 1488
BONDS.—The company, in Jan. 1925, approved and made operative a
Pacific.)—Owns from Houston, Tex., to Denison, Tex., 338 miles; Hemp­
stead, Tex., to Llano, Tex., via Austin, 215 miles; Bremond to Ross. Tex . plan of readjusting the financial structure of the company, made necessary
65 m.; Garrett to Ft. Worth, 53 m.; Mexia to Nelleva, 94 m.; Giddings to by the maturity of its first, second and consolidated mortgages. Under this
Expenses—
1925.
Maint. of way & struc_ $2,478,769
Maint. of equipment__
5,383,978
Traffic________ ______
175.995
Transportation_______
5.815.393
General_______________
472,895
Transp. for invest—Cr.. Cr.14,633

T




1924.
$1,896,334
5,337,946
168,161
5,344.105
433.978
2,022

1923.
$1,734,736
6,476,072
159,443
5,219.253
442,915
5,231

1922.
$1,381,538
4,157.351
139,832
4,706.930
372.361
10.849

68

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, Ac., see notes on pane 81

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Illinois Central—Common stock S123.552.000_____
$1001
____
Convertible preferred stock Series A red (text)____
10G
__
Leased line 4% stock guaranteed (see remarks)___ z
100
First mtge of (Sterling bond old 6s ext in 1895__ z'
£200
1875
1,000
1 8 7 4 for Bonds extended in 1905 as $ bonds.
1875
$15,000,000 4s of 1886 due 1951 gold___ zc*&r
1,000
706 1886
secures all 3)4sof 1886 due 1951 gold..zc*&r
1886
1,000
£200
equally .Us 3sof 1895 due 1951 gold____ zc*&r
1895
(V 83, p 76) [3)4s of 1903 due 1951 gold____ c*&r
1903 $l,000&<
Trust bonds sterl (sec by Ch St L & N O cons) . Us.z
£200
1886
1.000
Springf Div 1st & ref M (V 66, p 1237) g___ Us.c*&r
111 1898
Cairo Bridge bonds gold (see remarks)___ Us.zc*&r
1,000
1892
St Louis Div & Term M $10,000,000 gold-.Us.c*&r
9 J1897
500 &<•
1,000
do
$5,000,000 (see V 65, p 1173) g-_Us.yc*&r
11897
1,000
Underlying St L Divl St Louis South IstM g.Ba.c*
>1 886
1,000
& Terminal mtge. (Carb & Shaw 1st mtge gold.c*
7 1887
Purchased lines 1st M $20,000,000 gold-.Us.xc*&r
8 1904 1.000 &<•
Ref M (Nor Lines) $120,000,000 g red.__ G.xc*&r*
7 1908 1.000 &<■
Collateral trust bonds gold $_____________ Us.zc*&r
7 1888
500 &<•
Coll trust $25,000,000 gold on L N O & T.Us,zc*&r
8 1892
500 &<•
Secured gold bonds__________________ F.xxxc*&r*
1921
500 &<•
1,000
Western lines first mortgage gold________ Us.zc*&r
8 1895
1.000
Ch St L & N O cons M ($18,000,000) g lnt gu.xc*&r
7 1881
1,000
do
guaranteed principal and Interest___ x
7 1881
Joint 1st ref M (Southern lines) $120,000,000—
500 Ac
Series A callable 110 after Dec 1 1918..F,yc*r*
2 1913
2 1913 £100 &<■
Series B callable at 110 after Dec 1 1918_______
$1.000
Memphis Div 1st M gold guar p & 1 (end)..Us.zc*
) 1889
500 Ac
Louisville Div & Term M $25,000,000 g..Us.c*&r
1 1897
) 1900 1,000 &c
Omaha Division 1st M gold $5,000,000___ Us.xc*&r
1.000
Litchfield Division IstM gold $4,000,000____ F.xc*
1900
1,000
Sec gold bds call 101 on or after Jan 1 ’24- Fvvv.c*&r*
1919
Yazoo & Miss Val gold impt $25,000,000_________
a Includes $5,266,000 consol 5s pledged to secure Illinoii s O en tral colla

plan the first and second mortgages were extended under an agreement
Which will secure to the bondholders of both mortgages an equality of lien
Upon the properties of the railroad company. Bonds under the first mort­
gage [$416,000 outstanding, due March 31 1925 and bearing 7% int.)
Were designated as “Series A” and were extended for a period of 15 years
with int. at the rate of 6% per annum. There was also created an annual
Sinking fund of $10,000, applicable to the retirement of the bonds of this
Bonds under the second mortgage [$367,500 outstanding, due Feb. 1 1925
and bearing 4% int.) were designated as “Series B” and will participate
with the "Series A" bonds in an equal lien upon the property, and wea-e
Extended for a period of 15 years at the rate of 6% per annum.
Bonds under the consolidated mortgage [$1,497,000 outstanding, due
March 1 1925 and bearing 5% Int.) were extended at the rate of 5% per
annum for a like period or 15 years, under the same lien and conditions as
recited in that mortgage.
DIVS. ’98. ’99. 00. 01. ’02. ’03. XM. ’05. ’06. ’07. ’08. ’09-'20.’21- 25
Oommon 00000610000
0
See
Preferred 5 5 X 7
5
fl
7
65X7X73X
0
text
On Feb. 15 1921 resumed divs. on pref. stock with payment of 1 )4%;
on Aug. 1 1921. Feb. 15 1922 and Aug. 1 1922, paid 1% each; none since.
REPORT.—For 1925 showed:
1922.
1924.
1923.
Calendar Years1925.
$677,758
$990,081
$804,707
Operating income_____
$786,783
58,849
35,626
152,919
Other income__________
36,029
$713,384 $1,143,000" $863,556
Total incom_______
$822,812
686,682
747.763
Operating expenses, &c_
620,031
794,103
303.875
181,674
807,522
Interest, deprec., &c__
299,618 __________
Balance____________ loss$96,836 loss$180,820 sur$45,021 loss$65,881
Chairman, W. L. Haehnlen; Sec., J. D.Gormley.—(V. 122, p. 2795.)
Idaho Central rr.—(V. H3, p. 628.)
ILLINOIS CENTRAL RR. CO.—(See Map.)—ROAD.—Operates from
Chicago. 111., southerly to New Orleans. La., and westerly to Sioux City,
la., ridth numerous branches, viz.:
Line Owned—

First
Main
Track.

Second
Main
Track

Add'l Yd. Track
Main
and
Track
Sidings

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Q—M June 1 1926 1 &
$124921392
7
M&S Mar 1 1926 3%
29,194,400
6
J&J July 1 1926 2%
9.989.700
4
2.500,000
4 g A&O )pr 1 1951
1.000,000
3)4 g J&D Dec 1 1950
1,500.000
4 g J&J Ian 1 1951
2,499.000
3)4 g J&J Ian 1 1951
£500.000
3 g M&S Mar 1 1951
$3,000,000
3)4 g A&O \pr 1 1951
5,266,000
3)4 g J&J luly 1 1950
2,000.000
3)4 g J&J Jan 1 1951
3.000,000
4 g J&D Dec 1 1950
8,377.000
3)4 g J&J luly 1 1951
4.998.000
3 g J&J luly 1 1951
538.000
4 g M&S Septi 1931
241 .000
4 g M&S Mar 1 1932
12.000.000
3)4 g J&J luly 1 1952
54.187.000 4 & 5 g M&N Nov 1 1955
15.000.000
4 g A&O \pr 1 1952
24.929,000
4 g M&N Nov 1 1953
8.000.000
6)4 g J&J luly 1 1936
5.425.000
4 g F&A Aug 1 1951
al6.635.000
5 g J&D 15 June 15 1951
1.359,000
3)4 g J&D 15 June 15 1951
48.473.000
5 g J&D Dec 1 1963
218,250
5g J&D Dec 1 1963
3.500.000
4 g J&D Dec 1 1951
23.732.000
3)4 g J&J July 1 1953
5.000.000
3 g F&A \ug 1 1951
3,235.000
3 g J&J Jan 1 1951
16,000.00(1
5)4 g J & J fan 1 1024
483,000
5 g J&J June 11934
reral trust bonds of 1886.

32 Nassau St, N Y,& Lon
do
do
do
do
Baring Bros, London, Eng
32 Nassau St, New York
do
do
do
do
Baring Brothers, London
32 Nassau St. New York
Baring Brothers, London
32 Nassau St, New York
do
do
do
do
do
do
do
do
do
do
assau St, New York
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Baring Bros, Lon & N Y
32 Nassau St, New York
do
do
do
do
do
do
do
do

LATEl'018ept.'04. '05 to’12. '13. ’14. ’15. ’16. 1917. Mar.’18-June'25.
DIVS.| 6 yearly
7 yearly
6
6
6 6)46 & 1 ex 7%p.».(l« Q.-M)
BONDS.—Cairo bridge see adv. In “Chronloie,” May 7 1892.
The Trust Bonds of 1886 are secured by deposit of <5,266,000 Chicago St. L.
Sc New Orleans consols of 1881; also bv a lien on the road See V 86. D 1343Collateral Trust bonds of 1952 cover by pledge of $16,350,000 5% 1st M.
bonds 863 miles of subsidiary lines. V. 55. p. 550; V 102. p. 1346.
The $25,000,000 collateral trust bonds of 1953 are secured by pledge of all
She Louisv N. O. 4 Texas (now Yazoo A Mississippi Valley RR.), $16,900.000 1st 4s, except $68,000. and $9,104,000 mtge. Incomes. V. 6l. p.112
Chicago St. Louis A New Orleans 5s have their interest guaranteed (by
endorsement) until the principal Is paid. Tbe 3 Hs of 1897 are guar., prin­
cipal and Interest, by endorsement—see guaranty. V. 65, p. 1071.
Western Lines Loan of 1895, see “Supplement” of Jan. 1899. Total auth.;
$10,000,000; $5,425,000 outstanding and $4,675,000 owned by company
on Dec. 31 1925.
The St. Louis Division A Terminal bonds are for $15,000,000 authorized.
Abstract ofmtge. in V. 66. p. 138. See also V. 66 p. 133; V. 71. p. 546.
Louisville Division A Terminal mtge. Is for $25,000,000; of the bond
$1,112,000 were reserved to purchase the 46 m. (Cecilia br.) from Louisville
4 Nashville and to retire the L. & N bonds thereon. Cbloago St. Louis &
i4ew Orleans took title to the Louisv. Div. and joined In making mtge. See
V 66, p. 136. for abstract; also "Supplement” of Jan. 1899. V. 65. p 367,
516 V 66 p. 133 V 67. p. 581 V 75 d «71 V 97 p 887. 1024
Of Purchased Lines 3)4s of 1904. $14,662,000 were Issued on 748 miles of
subsidiary branch lines purchased, of which $2,662,000 were canceled in
Jan. 1911 and ref. bonds substituted therefor. (See V. 71. p. 288; V. 79,
p. 1273, 1642, 2588; V. 81, p. 1105 )
Refunding Mtge. Oold Bonds of 1908 (auth. $120,000,000) are subject to
call at 107)4 and int., M. & N. V. 104, p. 863; V. 87. p. 1357, 1420; V. 88.
p. 295: V. 92, p. 261, 527. 1636: V. 97. p. 1024; V. 98. p. 1459, 1608; V. 99.
p. 1300. Cover main line, Chicago terminals, so-called purchased lines,
Springfield Div., the St. Louis Div., &c., a total of 2,174 m., subject to
bonds aggregating $61,766,000, Incl. $2,500,000 Chic. Havana & West. 5s
and Rantoul RR. 5s pledged under 4s of 1952. Of the outstanding bonds,
$13,447,000 are 5s, issued in Feb. 1923. (See V. 116, p. 822.) Of the
unissued bonds, $57,588,000 are reserved to retire a like amount of prior
lien bonds and $8,225,000 are pledged as part collatral for 6)4% secured
gold bonds due 1936
The Illinois Central and Chic. St. Louis & New Orl. RR. Joint First Re­
funding M. bonds ($120,000,000 auth. Issue) are Issuable in series bearing
interest at not to exceed 5% and are secured on about 1,512 miles of the
Southern lines, including tbe main line from Cairo, Ill., to New Orleans,
La.. Ac., and comprising all the system lines south of the Ohio River except
tbe Chicago Memphis & Gulf RR.. the Monticello Branch (52 m. and 21 m.
respectively) and the Yazoo & Miss. Vail. RR. V. 97, p. 1822, 1733, 1204:
V. 98. p. 1459. 1608: V. 99. p 1300: V. 100, p. 397, 474. 1852; V. 106.
p. 2757: V. 107. p. 696; V. 118. p. 663.)
Purposes for Which Said $120,000,000 Joint Bonds Were Issuable.
[Dec. 31 1925 amount Issued, $69,861,250 ($69,643,000 Series A and
$218,250 Series B). of which the Illinois Central RR. owned $21,170,000.
leaving $48,691,250 outstanding in the bands of the public.)
(a) To purchase and improve railroads, terminal properties.
Ac., covered by this mortgage, all sold___________________ $33,348,10*
(5) To refund or retire a like amount of prior mortgages-------- 50,132,000
(c) For future improvements, construction, etc-------------------- 36.519.900
The $16,000,000 5)4 % Secured Oold Bonds, Issued In 1919 on account of
Improvements and additions, were secured by pledge of the following
securities: (a) $17,350,000 Illinois Central RR. and Chicago St. Louis £
New Orleans RR. Joint First Ref. Mtge. 5% bonds. Series A, due Dec. 1
1963; (6) $4,575,000 Western Lines 1st M. 4% gold bonds, due Aug. 1 1951.
V. 108 p. 578, 2629.
The $8,000,000 6)4% Secured gold bonds due July 1 1936 are secured by
deposit of $8,225,000 Illinois Central RR. Ref. Mtge. 4s due Nov. 1 1955
and $3,820,000 III. Cent. RR. & Chic. St. L. & N. O. RR. Joint Ref. Mtge.
5s due Dec. 1 1963. V. 113. p. 71.
Equipment Trusts.—V. 96, p. 135, 553; V. 102, p. 608, 345; V. 99, p.
1748. 48; V. 100. p. 1257. Series E is subject to call, all (but not part)
on or after Nov. 1 1922 at 102)4 and div. V. 106, p. 189, 1577, 2123;
Series F, V. Ill, p. 1752: Series G. V. 112. p. 849. 1024: Series H. V. 114.
p. 1286; Series J, V. 116, p. 1893; Series K, V. 119, p. 2407; Series L, V. 121,
p. 2748.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1471.
REPORT.—For 1925, in V. 122, p. 2345, showed:
1925.
1924.
1923.
Average miles operated____________
6,243
6,218
6,208

(а) Original charter Line:
628.81
Chicago, 111., to Cairo, Ill________ 364.73 362.78 165.91
29.55
222 85
Central Jet., Ill., to E. Dubuque. Ill 340.77
Total................................................. . 705.50
705.50 392.33 165 91
851 66
1,548.65
(б) Lines subsequently acquired__ ___ 1,548.65
75.38
7.87
566.35
9.49
1.75
2.86
Lines jointly owned____________
Total owned_____________________ 2,263.64 469.46 173.78 1,420 87
Lines oper. but owned by proprietary,
21.97,21.97,
11.54
corp, and not formally leased_____________
9.18
919 41
Operated under lease_______________ 1,505.38
1,605.38 361.90
85.31
5.33
Operated under contract or agreement. 887.03
9.79
320 11
Trackage rights____________________ 196 64
38.56
6.37
0.99
Total mileage oper. Dec. 31 1925...4,874.66 886.79 275.25 2,670.56
Yazoo & Mississippi Valley RR. Co.
Total mileage operated Dec. 31 1925. .1,379.91
45.67
__
490.88
HISTORY, LEASES, &C.—Chartered on Feb. 10 1851. The
___ —
Chieago St. L. & N. O. Is leased tor 400 years from July 1 1882 at 4% per annum
on its $10,000,000 capital stock deposited to secure the leased line stock and
interest on bonds.
Owns all the cap. stock ($20,000,000) of Central of Ga. Ry. but road is
operated independently. See that co. above.
Substantially all of the stock or^he Yazoo & Mississippi Valley RR..
1.380 miles, is owned in the Interest of the Illinois Central, the latter also
owning nearly all of the bonds.
Owns entire stock of Chicago Memphis & Gulf RR. and Dubuque & Sioux
City RR.; also leases those roads. V. 96, p. 420, 716; V. 116, p. 720.
Gwns $1,600,000 stock of Madison Coal Corp. See V. 105, p. 1899. On
Nov. 17 1924 acquired control of the entire outstanding capital stock of the
Gulf & Ship Island RR. Co.
The stockholders of the Alabama & Vicksburg Ry. and the Vicksburg
Shreveport & Pacific Ry. on April 1 1925 approved the lease of the roads
to the Yazoo & Mississippi Valley RR. under the guarantee of the Illinois
Central. (Authorized by I.-S. O. Commission in May 1926. V. 122,
p. 2943.)
The I.-S. C. Commission in June 1925 approved conditionally the acquisi­
tion by the Illinois Central through the Mississippi Valley Co. of the control
of the Gulf & Ship Island RR. by purchase of capital stock. V. 121, p. 71.
The I.-S. O. Commission has placed a tentative valuation of $347,680,187
on the property of the company as of June 30 1915.
OAPITAL STOCK.—The leased line stock Is secured by deposit of $10.000.000 Ch. St. Louis & New Orl. stock. V. 65, p. 1071: V. 106. d. 395.
In Dec. 1925 Union Pacific owned $24,750,000 common and $6,976,000
Railway Operating Revenues—
$
preferred stock, in addition to $3,486,420. common and $1,936,900 preferred
Stock of Railroad Securities Co., the latter company owning the equity Rail-line transportation:
Freight------_____
131,613,651
In $10,120,000 common and $2,852,000 preferred additional.
Bridge tolls & miscell. freight_____ 5.554,479
The stockholders on April 19 1922 approved an authorized issue of
Passenger_______________________ 27,777.205
$50,000,000 preferred stock, to be issued from time to time as the company’s
Bridge tolls & miscell. passenger----421,785
needs require. The pref. stock may be issued in one or more series and
Excess baggage_________________
183,137
shall be entitled to receive non-cumulative divs. at rates not exceeding 7%
Parlor and chair car______________
80.284
per annum. Pref. stock shall have full voting rights. Pref. stock or any
Mail__________________
2,558,406
Series thereof may, if the directors so determine at time of the Issuance, be
Express_________
4,044,107
convertible Into com. stock within such period and at such rate, taking the
Milk__________________
582,219
pref. stock at par and the com. stock at not less than par, as the directors
Other passenger-train____________
525,334
shall determine at the time of the issue of such pref. stock. The directors
Switching. _ ___________________ 2,072,123
may at the time of issuance provide that the pref. stock, or such series there­
Special service train_____________
71,662
of, shall be subject to redemption as a whole at a premium which shall not
exceed 15% and dividends. V. 114, p. 738, 1765.
Total rail-line transport, revenue 175,484,398
The Series “A” stock is convertible into common stock, share for share,
Total incidental oper. revenues______ 2,657,766
and Is redeemable after Sept. 1 1927 at 115 and divs.
27,461
Common stockholders of record Oct. 22 1925 received the right to sub­ Total joint facility oper. revenue-___
scribe, at par to additional preferred stock, Series A, to the extent of 10%
Total railway oper. revenue_______ 178,169,625
of holdings, payment in full being due Dec. 10 1925. V. 121, p. 1674.




[Vol. 122.

i

$

$

126,785,948 136,270,307
5,383,383 6,451,349
28,698,324 30,951,847
422,318
418,986
200,090
209,165
66.317
52,475
2,496.374 2,478.802
4,189,524 4,145,522
647,202
675,362
433,909
322,645
2,029.009 2,038,783
75,061
94,030
171,427,465 184,109,280
2,377,262 2,605,344
33,403
48,541

173,838,131 186,703,166

May, 1926.]




RAILWAY STOCKS AND BONDS

69

70

[Vol. 122.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
IFor abbreviations, Ac.. see notes on page 8]

Miles Date
Road Bonds

Par
Value

When
Payable

Last Dividend Places Where Interest and
Dividends Are Pagable
and Maturity

Amount
Outstanding

Rate
%

$1,000
$825,000
1,000 7,370.000
1,000 3,240,006
1,000 2,387,000
1,000 5.316,000
1,000 14.003,000
1,000 12,082,000
1,000 9,240,000
5,823,900
1,240,407

5g
7
6)4
6)4
4}4
5
4)4
4)4
668

2,500,000
1,725,000
2,500.000
180,000
330,120
720,000
325,000

4g
4g
6g
4)4
6g
5g
5g

J&J July 1 1957
Grand Gent Term, N Y
J&J July 1 1957
do
do
J&J Jan 1 1927
do
do
J&J Jan 1 1931
Oomra’l Trust Co, Phila
J & J 15 To Jan 15 1935 Guaranty Trust Co, N Y
J&D To June 1 1938
do
do
J&D To June 1 1939

1,000 4.000,000
1915
1922 1,000 &c 4,000.000
100 7,500.000
100 &c 17.250.000
1922
100 &c 17,000,000
1922
1,000 2,400,000
1924

5g
5g

J&J Jan 1 1965
J&J Jan 1 1965

Pennsylvania RR Co, 85
Cedar Street, N Y

6g
6g
6g

J&J July 1 1952
Text July 1 1952
M&S Mar 1 1930

Apr 1 1926 paid 4%
New York

Illinois Central (Concluded)—

Equip certs—

Ser E due 8275,000 s-a call '22 102)4% gu.CPyc*
Ser F due $737,000 yearly beg Oct 1 1926____ CP
Ser G due $324,000 yearly_________________ CP
Ser H due $217,000 annually___________ CPxxx
Ser I due $443,000 annually______________ CP.c*
Ser J due $1,273,000 ann beg May 1 1928__ xxxc*
Ser K due $863,000 ann__________________ xxxc*
Ser L due $616,000 annually_______________ yc*
Govt equip trust due $647,100 yearly___________G
Equip contract—The Pullman Go_____________
Illinois Tunnel Co—See Chicago Subway Co.
Indiana Decatur & West—See Cin Ind & Western
Ind Harbor Beit—Gen M $25,000,000 g_ G.xc*&r*
do
do
do
________
Chic Ham & W 1st mtge gold assumed_____ xc*&r
Equipment trust certificates $540,000____________
do
due $36,680 annually_______________ G
do
due $60,000 annually_____________ G.c*
do
due $25,660 annually_______________ G
ndiana Illinois & Iowa—See N Y Central RR
ndianapolis & Louisville—See Chicago Indianapolis & Lou
Indianapolis Union—
Gen & Ref M $10,000,000 g gu red text__ F.c*&r*
do
Series B g gu call (text)______ F.c*&r*
International-Great Northern Ry—Stock------1st mtge gold bonds Series A red 107)4--Eq.yc*&r*
Adjust mtge gold bonds Ser A red par____ Col.yc*
Secured gold notes red 100__________________ Coly

I

Railway Operating Expenses—
1925.
Maint. of way and structures______ 26,355,918
Maintenance of equipment_________ 38,657,682
Traffic----------------------------------------- 3,061,282
Transportation—rail line___________ 62,476,986
Miscellaneous operations_____________ 1,317,242
General---------------------------------------- 4,450,948
Transp. for investment—Cr_______
937,533

1917
1920
1921
1922
1922
1923
1924
1925
1920
1922

1907 1,000 &c
1907
1897
500 &c
1916
1,666
1920
1923 500-1000
1924

M&N Nov '26-Nov’27
A&O To Oct 1935
F&A To Feb 1 1934
F&A To Feb 1 1036
A&O To Oct 1 1937
M&N May 1 '28 to ’38
F&A To Aug 1 1939
A&O To Oct 1 1940
J&J To Jan 15 1935
A&O April 1932

New York
New York

N Y off or Bk of N A &T
New York
New York
Guaranty Trust Co, N Y

isville

1924.
1923.
23,921,030 29,012,992
39,359,635 43,737,749
2,792,407 2,694,603
63,404,919 69,934,258
1,189,397 1,137,609
4,328,427 4,367.123
970,897
861,060

Total Railway operating expenses. 135,382,526 134,024,920 150,023,276
Net rev. from railway operations.. 42,787,098
Railway tax accruals---------------------- 12,729,951
Uncollectible railway revenues_____
38,344

39,813,211 36,739,890
12,722,492 11,048,431
56,902
27,396

Railway operating income----------- 30,018,802
Additions to Ry. Oper. Income—
Rent from locomotives_____________
334,226
Rent from passenger train cars__ ,__
725,228
Rent from floating equipment_______
6,200
Rent from work equipment________
158,260
Joint facility rent income___________ 2,265,837

27,033,816 25,664,062
233,429
658,888
3,500
114,998
2,169,618

206,602
820,266
3,500
95,177
2,219,745

are apportioned each month to the interested roads on the basis of property
use and are debited or credited to the appropriate joint facility account in
accordance with classification of Inter-State Commerce Commission.
BONDS.—The General and Ref M of 1916 will secure not over $10.000.000 bonds maturing Jan. 1 1965, to bear rates of interest as may be
hereafter determined, to be guar, jointly and severally, prin. and int., by the
companies above named; a sufficient amount is reserved to redeem the
4)4s of 1886, and remainder for future purposes $8,000,000 have been
issued as 5s ($4,000,000 Ser. A and $4,000,000 Ser. B). and are outstanding
in hands of public. The guarantor companies and also N. Y. Chic. & St. L.
RR., Cine. Ind. & Western, Chicago Indianapolis & Louisville Ry. and Illi­
nois Central RR. have contracted to use the property perpetually as their
main passenger terminal. The using companies in addition to paying
expenses of operation and maintenance pay a rental based on the total
valuation of the property. The bonds are redeemable as a whole or in
series 15 years after date, or any int. day thereafter at 103; sink, fund be­
ginning 1926, 1% of outstanding bonds. Farmers' Loan & Tr.' Co., N. Y.,
and Union Trust Co., Indianapolis, trustees. V. 100, p. 1257, 555; V.
101, p. 1272; V. 116, p. 295.—(V. 119, p. 2282.)

INTERNATIONAL-GREAT NORTHERN RR. CO.—Successor, as
per reorganization plan outlined below, of the International & Great
Northern
Ry. Total system Dec. 31 1925, 1,159.5 miles, viz.:
Total add’ns to ry. oper. income__ 3,489,752 3,180,435 3,345,292
Lines owned—
Miles. I Lines owned (concl.)—
Miles.
Deductions from Ry. Oper. Income—
Long
View
Jet., Tex., to Houston 232]Magnolia Park Terminal________10
Hire of freight cars—debit balance__
1,168,392 Cr.295,580
1,795.582 Palestine to Laredo___________ 413 Sundry branches_______________ 129
Rent for locomotives_______________
36,318
31,428
38,191 Spring to Ft.Worth, T.&P.Conn.272] Joint Trackage—
Rent for passenger-train cars_______
608,180
635,005
611,207 Houston to East Columbia breh. 50[Galv. Houston & Henderson,etc.53.5
Rent for floating equipment_______
8,971
1,7120
4,117
Rent for work equipment___________
20,943
22,610
25,228
In June 1924 the New Orleans Texas & Mexico Ry. acquired 74,991
Joint facility rent deductions_______
1,738,805
1,714,596
1,658,584 shares of common stock of the company, the sale of which was approved
by the stockholders in March 1924, and by the I.-S. O. Commission in Dec.
Total deduce, from ry. oper. income 3,581,612 2,112,178 4,145,915 1924. V. 118, p. 2948, 3077, 3197; V. 119, p. 2757.
Tentative valuation, $38,178,650, as of June 30 1917.
Net railway operating income____ 29,926,943 28,102,073 24,863,439
The reorganisation managers. J. & W S digman & Co. and Speyer & Co.,
Total non-operating income_______
3,623,813
3,577,826 4,907,859 in June 1922 prepared a reorganization plan (V. 114, p. 2468). The plan
was
declared operative on July 5 1922.
Gross income___________________ 33,550,756 31,679,899 29,771,298
BONDS.—Is/ Mtge. Bonds.—Total authorized amount, $40,000,000, at
Deductions from Gross Income—
Rent for leased roads_______________ 1,770,245
1,758,574
1,704,438 any one lime outstanding. Interest, payable s.-a , at such rate as may
Miscellaneous rent deductions______
7,930
8,610
9,345 from time to time be determined at the time of issue.
Bonds may be issued in separate series maturing on the same or different
Miscellaneous tax accruals__________
2,034
1,903
2,338
Separately operated properties—loss.
51,974
213.786 dates, and any series may be made redeemable all or part at times, on
149,546
Interest on funded debt;__ ,_______ 13,609,364 12,922,536 12,192,088 notice and at premiums, and may have such conversion privileges, as may
Interest on unfunded debt.._______
156,568
223,201
127,504 be determined by the directors at the time of issue. The company may
have the right to retire any series, all or part, and to issue for such purposes
Amort, of disc’t on funded debt_____
364,083
331,508
Maint. of investment organization__
660
‘"300 like aggregate principal amount of bonds In another series, bearing the same
1,363
Miscellaneous income charges______
36,152
34,097
36,423 or different rates of interest, &c.
Series A 6% 30-year gold bonds, dated and carrying interest from July 1
Total deductions___
------------- 15,999,013 15,431,341 14,286,225 1922, maturing July 1 1952. are redeemable as a whole only at 10714 and
Int. On Dec. 31' 1925 $21,809,000 had been issued, of which $.3,250,000
Net income..-------- -------------------- 17,551,742 16,248,557 15,485,073 were pledged as collateral and $1,309,000 were held by or for the company.
The remaining $18 191,0410 l-i viige ooiiils, mthorizeU, wiJi be
Note.—Figures include Yazoo & Mississippi Valley RR. Co.
Issued or reserved for Issue under the regulations provided in the 1st mtge.,
OFFICERS.—Pres., Chas. H. Markham; Senior V.-Pres., Albert E.
o me extent of not exceeding 1(3.191,000 bonds to be issuable to a principal
Clift; V.-P., J. L. Beven, J.J.Pelley, F. B. Bowes, Albert C. Mann, G. J. amount equal to the entire cost, and beyond that amount of bonds to 80%
Bunting; Gen. Counsel, W. S. Horton: Sec., D. R. Burbank: Treas., R. E. of, the cost of new equipment. Improvements, betterments, additions, new
Connolly. General offices, Chicago, Ill.; New York office, 32 Nassau St.
m'leage or property, or (If permitted by law) stocks or bonds representative
of new mileage or property, whether constructed or acquired by the
DIRECTORS.—John W. Auchincloss, William Averell Harriman. R. W
company or by some subsidiary company.
Goelet, Cornelius Vanderbilt, Stanley Field, Vincent Astor, Chas. A.
(2) Adjust men/ Mortgage Bonds.—Total authorized amount, $25,000,000,
Peabody, John G. Shedd, R. S. Lovett. H. W. De Forest, David R.
Burbank, Chas. H. Markham, and, ex-officio, Hon. Len Small. Governor at any one time outstanding. Secured by mtge. to Irving Bank-Columbia
Trust
Co., as trustee, on the properties embraced In the new First Mtge. and
of Illinois.—(V. 122, p. 2943.)
from time to time becoming subject thereto. Subject to the First Mtge. and
to the prior payment out of the mortgaged property of all bonds at any time
ILLINOIS SOUTHERN RY.—See Missouri-Illinois RR.
issued and outstanding under the First Mortgage, interest payable annuINDIANA HARBOR BELT RR.—Owns Whiting, Ind.. to Blue IslanO.
illy or semi-annually as may be provided, at such rate as may from time to
Ill., 14 miles; McCook to Franklin Park, Ill., 10.5 m.; Argo to Union Stock
ime be determined by the directors at the time of issue, but required to be
yards, Chicago, 11 m.; State line to Grasseli, Ind., 5.5 m.; branches, 5 i»
paid (except as to arrears, if any, of cumulative interest payable on matotal owned, 45.5 miles; trackage. 71 m.; total. 116 miles
■urity of the principal), only out of net income as defined in the mortgage.
Stock outstanding, $5,000,000, of which N. Y. Central and Mich. Central
They may be issued in separate series maturing on the same or different
V. 106, p. 2018). which guarantee the bonds, own 60% and C M A St P
lates, and any series may be made redeemable, all or part, on notice and at
and Chic. & Northw., 40%. * V. 93. p. 164; V. 105. p. 2183. Of the bomb premiums,
as may be determined by the directors at the time of issue, but
($25,000,000 auth. issue), $2,500,000 are reserved to retire Chic Ham A
all cases with accrued cumulative interest. Payment of installments of
W. 6s; $579,000 have been pledged as security for Govt, loan; $2,500,000 in
interest for any period on Adjustment Mortgage bonds of different series
bonds out. V. 86, p. 108.
Equipment trusts Issued to Director-General for rolling stock allocated carrying different rates of interest shall be made in amounts which in all
to this company. See article on page 3 and V 114 n 854. Equipmen' cases bear to each other the same proportions as the respective maximum
of Interest carried by such respective series bear to each other.
trusts of 1921, V. 112, p. 1282. Equipment trusts of 1923, V. 117, p. 1461 • rates
Under the Adjustment Mortgage the new company may reserve the right
Govt. loan, promissory notes. &c.. V. 112, p 744.
o retire any series, all or part, and to issue for such purposes like amounts
REPORT.—For 1925, gross, $11,210,774; net oper. income, $3,109,181; of bonds in another series, bearing same or different rates of interest, &c.
other income. $430,587; interest, rentals, &c., $2,099,913; bal., sur.,
The Adjustment Mortgage will provide that the net income applicable
$1,439,855.
to the payment of interest on the Adjustment bonds shall be deemed to be
For latest earnings, see “Railway Earnings” Section (issued monthly).
its net income as that term is defined in the accounting rules of the I.-S. O
OFFICERS.—Pres., P. E. Crowley; Sec., E. F. Stephenson: Gen. Treas., Commission from time to time In force, hut without deduction in ascer­
taining net income for interest on the Adjustment Mortgage bonds; and
H. G. Snelling; Compt., W. O. Wishart.—(V. 122, p. 2147.)
only such portion of the net income for each year beginning Jan. 1 as direc­
INDIANAPOLIS UNION RY.—Owns 1.77 m. of road. 1.76 m. 2d main tors may determine, but not less than 50% of such net income for each such
year ending prior to Jan. 1 1928 shall be required to be applied (to the extent
track and 10.73 m.yard tracks and sidings, with terminals at Indianapolis
necessary) to the payment of Interest on the Adiustment bonds, and that
Ind.;leases for 999 years the Belt RR. of Indianapolis—14.18 m.(which ■’ee)
Cleve. Cine. Chic. & St. Louis and Pittsburgh Cincinnati Chicago & St. any remaining net income for any such year prior to Jan. 1 1928 to the
extent of any difference between the full interest on the Adjustment bonds
Louis RR. are proprietors, having invested in i t$l 189,625 to Dec. 31 1925
Ownership evidenced by certificates of ownership. Elevation of tracks and the interest actually paid thereon, shall be carried into a separate
account which shall be available for capital expenditures or other corporate
completed. V. 109, p. 676.
but shall not In any year be a part of surplus available for the
REPORT.—For 1925, gross, $420,899; net operating deficit, $328,977: purposes,
of dividends on any class of stock at the time outstanding.
other income, $1,138,019; deductions, $545,735; balance, surplus, $263,307. payment
After Jan. 1 1928 the interest on the Adjustment bonds at the rate
Note.—The company is a switching and terminal line operated for joint borne will be cumulative, and at the maturity of the principal all arrears of
benefit of connections at cost. Operating expenses and operating revenues cum. int. shall be payable, but accumulations of interest shall not bear int.




May, 1926.]

Miles Date
Road Bonds

RAILROAD COMPANIES
[For abbreviations. Ac. see notes on page 8]

International Rys of Cent Am—Ordinary shares..
Preferred stock 5% and partic see text______
Preferred dividend notes______________________

Preferred dividend notes___________________

Par
Value

1917
1923
1923

1894
1917
1921
1921
RR.
1867
1889
1910

Q—F 15 Mayl5’261)4%

f & a Feb 15 1927
j at d 15 June 15 1936

A&O Apr 1 1931
J&J Jan 1 1972
M&N Mayl 1972

Office? 17*Battery Pl .NY
do
do
do
do
do
do
EmplreTrCo,NY,Lon,4tc

Henry Schroder Bkg Corp
M&N May 1 1941
Dec 19 1913 4% London
do
Nov 14 1912 2%
See text
M&S15 Sept 15 1950
London
See text
See text

5g
5)4
6)4

1,000
1,000
1,000
1,000

400,000
100.000
1.100.000
2,000,000

5g
5
6g
5g

J&J July
J&J July
J&J July
J&J July

1,000
1.000
1,000

300.000 4)4 & 6 J&J July '27-Jan ’29 Fidelity Trust Oo Phila
Erie RR, New York
2,800.000
5)4 g A&O Apr 1 1929
Phil Tr S Dep & Ins Oo
650,000
4)4 g M&N Mayl 1940

$3,263,975
485,295
602,754

$2,393,816
392,817
682,611

Total_________
$1,326,720
Operating income_____
2,239,278
Non-oper. Income_____
94,910

$1,374,288
2,571,920
102,261

$1,088,049
2,175,926
160,453

$1,075,428
1,318,388
133,967

Gross income_______ $2,334,189
Deductions from income
27,727
Int.on fixed charge oblig. 1,179,000
Int. on adjust, mtge. 4s.
680,000

$2,674,181
29,454
1,191,314
680,000

$2,336,379
41,133
1,183,734
680,000

$1,452,356
24,071
1,180,767

Balance of income___
$447,461
$773,413
$431,511
$247,518
For latest earnings see “Railway Earnings Section” (issued monthly).
OFFICERS.—Chairman, William H. Williams: Pres., L. W. Baldwin
Exec. V.-P., H. R. Safford: V.-P.. Sec. & Treas., A.R.Howard. Offices,
Union Station Bldg., Houston, Tex.; 120 Broadway, New York, and
Railway Exchange Bldg., St. Louis.—(V. 122, p. 2323.)
INTERNATIONAL RAILWAYS OF CENTRAL AMERICA.—Owns
597.137 miles (main line and branches) of 3-ft.gauge railway; sidings. 60.878
miles; under construction. 193 miles; construction contemplated, 108 miles.
Incorporated In New Jersey June 8 1904 as Guatemala Ry , name eeing
changed In April 1912 and Guatemala Central RR (V 79. p 902, 903:
taken over. For concessions and subsidy, see Issue for Feb. 1918
Stock authorized, as increased from $7,500,000 in April 1912, $30,000,000
common and $10,000,000 5% pref.: par $100 Pref. is entitled to share
equally in all dividends paid In any year after 5% has been paid on both
stocks. V 95. p. 544. First quar div. on pref., 1 M %. paid Aug 15 1912
Nov. 15.
1913. 5%; 1014. Feb.. May & Aug. 16. 1 W%
On Feb 16
1917 provision was made for the pavrannt of all dividends due to that date
(12)4%) with $1,250,000 6% div. notes due Feb. 15 1927 V 107. p. 398
The comnany in June 1923 offered to holders of the 5% Pref. stock in
payment of the 2 X years' interest in arrears, accrued from Feb. 1 1921 to
May 1 1923, 6% dividend notes due June 15 1936 at the rate of $11.25 per
$100 Pref. share. V. 117, p. 86. Cash payments were resumed Aug. 15
1923 when IW”) was paid: same amount paid quar. to Mav 15 1926
BONDS.—For 60-vear gold ,5s of 1912 (£6,000,000auth. issue), see V. 94,
p. 1449: V. 96, p. 1488: V. 118, p. 1664: V. 120, p. 1323.
The $2,500,000 bonds issued by the International Rys. covering all lines
as a second lien bore interest at 2% the first year, 3% the 2d year, 4% the
3d year and 5% thereafter; $239,000 purchased and in treas. Dec. 31 1925.
The $2,500,000 Guatemala Central 1st M. tts due Apr l 1916 were ex­
tended till 1931: $181 OOP nnrch and In treas. Dec 3| 1925.

The 1st mtge collateral 6% gold notes due May 1 1941 are secured by
deposit of first mortgage bonds of a principal amount equal to at least
150%, and of a market value equal to at least 110%, of the principal of all
notes outstanding. V. 122, o. 2647.
REPORT.—For 1925, in V. 122, p. 2792, showed:
Calendar Years—
1925.
1924.
1923
Railway operating revenues_______ $6,097,012 $5,120,571 $4,271,923
Railway operating expenses______ __ 3,677,562
2,816,024
2,392,198
Railway tax accruals______ __
209,672
137,092
242,150

$1,742,633
49,028
38,610

Gross income ___
_________ $2,462,255 $2,198,679 $1,830,271
Interest on bonds and notes _ _
$789,031
$798,440
$848,897
7,504
Amortization of discount__ . .
7,504
7,504
Income applicable to Occidental RR.,
minority interest_____
___ __
49
57
578

Net Income__
___
___ _____ $1,605,797 $1,402,094
Sinking fund reserve .
.
____
$44,333
$29,333
Dividends, preferred stock________
500,000
500,000

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

75 000
900.000
672.000

$3,946,208
555,456
818,832

$2,094,874
83,722
20,082

When
Payable

1,000

Net oper. revenue___ $3,565,998
Taxes________________
516,138
Other oper. charges___
810,582

$1,050,979

x500,000

Balance, surplus________________$1,061,464
$872,761
$550,979
x Of this amount, $250,000 (or 2)4%) was paid in 13-year 6% dividend
notes and $250,000 (2)4%) In cash.
OFFICERS.—Minor C. Keith, Pres.; Henry B. Price, 1st V.-P.; Henry
H. Hanson, V.-P. & Compt.; Edward S. Hyde, Sec. & Treas. N. Y.
office, 17 Battery Place—(V. 122, p. 2792.)




Rats
%

1911-12 Sept 15 1950
M&N30 Nov 30 1950
J & D 15 Jan 1 1984
A&O April 1 1927
J&J July '26-Jan '38
M&N Nov’26-May'38

Series A 6% 30-year adjustment bonds dated July 1 1922 and carrying
interest from Jan. 1 1923, maturing July 1 1952, have been issued to the
extent of $17,009,000. Red. at par and accrued accumulative interest.
The New Orleans Texas & Mexico Ry. in Feb. 1925 offered to guarantee
to holders of adjustment bonds a minimum distribution at the rate of
4% per annum in respect of interest thereon for the interest period beginning
Jan, 1 1924 and ending Dec. 31 1927, in consideration of the grant by the
owner of each such assenting adjustment bond of an option to New Orleans
Texas & Mexico Ry. to purchase such assenting bond at any time at the
following prices: (a) If the date designated for such delivery be before
Jan. 1 1928 at 85% of the face amount thereof with interest on such face
amount to the delivery date at the rate of 4% per annum from Jan. 1 1924
or as the case may be, from the later Jan. 1 beginning the interest period
next succeeding the last interest period for which interest on the adjustment
bonds. Series “A,” has been declared due and payable: (b) if the delivery
date be on or after Jan. 1 1928 at the face amount thereof together with
accrued and unpaid cumulative Interest thereon to the delivery date (but
only to the extent that coupons for such interest shall be surrendered with
such bond) and also if interest for the year ended Dec. 31 1927 shall not
theretofore have been declared due and payable, together with interest for
the year at the rate of 4% per annum.
REPORT.—For 1925, in V. 122,
2323, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Operating revenues......... $17,083,748 $16,901,448 $15,806,608 $14,674,116
Operating expenses____ 13,517,750 12,955,240 12,542,633 12,280,300

$2,177,299
187,696
97,261

Amount
Outstanding

$100 $30,000,000
100 10,000.000
5
1917
720 300
6
1921
2,429.500
6
74 1886
1.000 2,319.000
6g
1,000 2.261.000
1912
5
458 1912 £, fr, &c I 5.099.494 1 5g
1 £983,460
1926
1,000 3,500,000
6g
StOCK £1,400.000 See text
__
Stock £1,000,000 See text
— ....
£1,150.000
4
£1,700,000
£100
£469.459
7
£100 £1,300.000
4)4
£100
£400.000
... ....
5

Interoceanic Ry of Mex—1st pref stk 5% non-cum..
Second preferred stock 4% (V 87, p 1160) non-cum.
4% debenture stock sub] to call at par £1,150,000Ordinary stock_______________________________
Debenture stock 7% “B” subj to call 120 cum____
Second debenture stock red at 105 since 1911____
Mex E deb stock £450,000 guar red 105 since 1914
interstate RR (of Va)—
Equip tr ser B due $75,000 yearly call 101_____ Ph.
Equip tr ser D due $40,000 s-a red 102)4___ FP.c*
Equip tr ser E due $28,000 s-a red 102)4___ FP.c*
Iowa Central—See Minneapolis & St Louis
Jacksonville Term—1st M gold guar_____ Mp.xc*
31
1st & gen M gold gup&i (end) $3,500,000. . US.c*
Ref & ext mtge series B red (text)_______ US.c*&r*
do
Series A_______________________________
Jamestown Franklin & Clearfield—See New York Oenti
Jefferson—1st & 2d Ms ext in '87 & '89 (H’dale Br) __c
8
1st M g ext. 1908 & again 1919 red 105 gu p & 1 FP.C*
37
Joplin Union Sta—1st M gu j’tly red 105 af 5 yrs.xc*
Junction (Philadelphia)—See Pennsylvania RR

Railway operating Income.
Net income from miscellaneous oper
Non-operating income_______

71

RAILWAY STOCKS AND BONDS

1
1
1
1

1939
1967
1967
1967

Philadelphia

Guaranty Tr Co, N Y
U S Trust Co, New York
do
do

INTEROCtANIC RV. OF MEXICO. LTD.—Vera Cruz to Mexico City,
Mex., 338 miles; Los Reyes to Puente de Txtla 123 miles; Los Aroos to
Ouautla, 102 m,; 3 branohes, 30 m.: Mexican Eastern Ry (V. 73, p. 1263)
141 miles; leases Mex Southern Ry., 313 miles total, 1,047 m
Conces•Ions end Feb. 1982. after which road passes to State at a valuation
Nat. Rys. of Mexico (which see) owns £1,038.450 of the 2d debenturev,
fl .310 500 ordinary and £244 800 pref stock About Ang 16 1°14
Mex. Govt, took possession, the lines being returned on Jan. 1 1926. V.
100, p. 55. See Nat. Rys. of Mexico.
•GtCURfTlES.—Th. debeu stockholder® In 1914 approved a plan (V.99.
p. 48, 674) for deferring Interest payments. The moratorium has been
extended from time to time and is still in operation.
DIVIDENDS on 1st pref., 4)4% 1908 ano 1909, 5% 1910 and 1911
5% each (M AN) In 1912. Nov 5%; 1913, Dec , 4°£. On 2d pref..
1% 1909: Nov. 1910, 4%; Nov. 1911. 4%: Nov. 1912, 2%: none since.
REPORT.—Report of directors for 12 months ended June 30 1925 says:
Since the last report no change has occurred with regard to the position
of the company’s railway and its leased lines—the Mexican Eastern and
Mexican Southern Railways—which still remain in the hands of the Gov­
ernment of Mexico.
No accounts have been rendered nor has any compensation been paid,
and as a consequence the directors are not in a position to present any
revenue statement or balance sheet.
During the year £2,500 was received from the National Rys.. of Mexico
on account of the administration and moratorium expenses of this company
and its leased lines.
The debit balance against net revenue account, mainly in respect of
accrued interest on debenture stocks and rentals of leased lines, had Increased
from £2,892,939 at June 30 1924 to £3,239,943 at June 30 1925.
With the consent of the debenture stockholders’ committee appointed in
May 1923, and with the acquiescence of the leased lines, the moratorium
granted to the company In 1915 has been extended from time to time and
is still in operation.
N. Y. office, 25 Broad St.—(V. 121, p. 3000.)
INTERSTATE RR. (OF VA.).—Stonega to Miller Yard, Va., with
branches, sidings, &c., 81 miles. lncorp. in Va. in 1896. The Inter-State
Commerce Commission has placed a tentative valuation of $1,802,200 on
the co.’s property as of June 30 1916. Proposed extension, V. 112, p. 1144;
V. 113, p. 182. No funded debt other than equip, trust ctfs. which are being
retired annually. The lines have direct connection with the Southern
Ry., the Louisville & Nashville RR., the Norfolk & Western Ry. and the
Carolina Clinchfield & Ohio Ry. Equip, trusts of 1913 and 1917 (V. 95,
p. 1608; V. 104, p. 1045) guaranteed by the Virginia Coal & Iron Co. (V. 91,
p. 1636), which owns 99% of the capital stock. Equip, trusts of 1923,
V. 115, p. 2684; V. 116, p. 2007. Gross (year ending Dec. 31 1925),
$1,367.771; net oper. inc., $32,058; other income, $860,916: interest, rentals,
&c., $353,201; balance, $539,773; dividends (7)4%), $615,989. Chair­
man, Otis Mouser; Pres., Harry L. Miller, Andover, Va.; Sec., Lafayette
Lentz; Treas., Russell Thayer Jr., Land Title Bldg., Philadelphia.—(V.
122, p. 477.)
JACKSON & EASTERN RY.—(V. 122, p. 1915.)
JACKSONVILLE TERMINAL CO.—Owns passenger depot, shops. 8
locomotives, &c., at Jacksonville, Fla., Including 39.89 miles of track
used by Atlantic Coast Line RR. Co., Florida East Coast Ry. Co., Sea­
board Air Line Ry. Co., Southern Ry. Co.. Georgia Southern & Florida
Ry. Co., which own entire capital stock of $375,200. These lines meet the
cost of operation of the terminal company on a car handled basis.
The 1st & Oen. Mtge. dated Jan. 1 1917 authorizes the Issuance of
$3,500,000 of bonds, $500,000 to be used to retire the 1st mtge. bonds,
balance for construction of new stations. &c As to guaranty see above
The ref. & ext. mtge. is limited to an authorized amount of $4,000,000
bonds. Of the authorized amount, $500,000 bonds are reserved to retire
prior lien bonds and $2,000,000 5% bonds. Series A, were used to take up
and retire a like amount of first and gen. mtge. bonds. The $1,100,000
8erles B bonds are redeemable as a whole only on and after Jan. 1 1937 at
107 )4 and Interest.
Principal and interest guaranteed unconditionally and Jointly and sevetally, by endorsement, by Atlantic Coast Line RR., Florida East Coast
Ry., Southern Ry. and Seaboard Air Line Ry. V. 114, p. 1407.
OFFICERS.—Pres. & Gen. Mgr., J. L. Wilkes; V.-P., H. N. Rodenbaugh; Sec. & Treas., F. C. Sawyer; Aud., O. E. Christman. Office,
Jacksonville. Fla.—(V. 121. p. 582.)
JEFFERSON RR.—Owns LanesDoro, Pa., to Carbondale, Pa.. 37 miles
louble track; branch. West Hawley, Pa., to Honesdale. Pa.. 8 miles. Leased
n perpetuity for $154,940 per annum to Erie RR., owner of $2,095.700 stock. Used by D. & H. to reach Carbondale. The $2,800,000 5%
bonds due In 1919 were extended 10 years at 5)4 %- 8ee V. 108, p. 1166.
JONESBORO LAKE CITY & EASTERN RR.—Owns Jonesboro to
Barfield, Ark., 63.1 miles; Dell to Victoria, Ark., 23.6 m.; total, 86.7 miles.
The I.-S. C. Commission has placed a final valuation of $1,117,328 on the
owned and used property and $36,657 on the used properties of the com­
pany, as of June 30 1916. Stock, $600,000. Bonds, $724,000 outstanding,
of which $50,000 are pledged as collateral. The St. Louis-San Francisco
Rv. Co. in July 1925 acquired control and leases the road. V. 121, p. 2035.
Office, Jonesboro, Ark,—(V. 121, p. 2035.)
JOPLIN UNION DEPOT CO.—Owns union freight and passenger station
in 26 acres at Joplin, Mo., oompleted In 1911, used by the Atohlson, Topeka
A Santa Fe, Kansas City Southern. Missouri Kansas & Texas and Missouri
A North Arkansas, whloh Jointly own the $40,000 stook and Jointly
and severally guarantee the bonds, prin. and int. Of the bonds ($70,000,
auth.), $650,000 sold. Total stock auth., $750.000.—(V. 90, p. 502.
827: V. 107. p. 802.)
KANAWHA BRIDGE & TERMINAL CO—Owns bridge across the Great
Kanawha River near Charleston, W. Va., used for railway, street railway
and general traffic. Stock, $400,000, owned by Ches. & Ohio, which op­
erates property. Bonds, see table and V. 91, p. 1629.

RAILWAY STOCKS AND BONDS
RAILROAD COMPANIES
[For abbreviation , Ac., see notes on page 8]

Miles Date
Road Bonds

Kanawha & Mich—Stock $10.000,000___ _________
1st M $15,000 per mile g guar p & i---------- Ce.xc*
164
Second mtge $2,500,000 auth gold red par_.G.xc*
--Equipment g $69,000 annually________________Q
—
Controlled Company—
Kanawha A West Va—First mortgage g see text-.c*
38
Kansas City Belt—See Kansas City Terminal Ry
Kansas City Fort Scott & Memphis Ry—
Ref M $60,000,000 gold guar p & i ehd__Ba.xc&r 1,085
Kan City Ft Scott & Memphis RR cnos M-NB.xc*
715
82
Current River RR 1st M $20,000 p m guar_.NB.x
Kan C & M Ry & Bdge 1st M g s f drawn at llO.xc*
3
Kan O Mem & Birm gen M $4,500,000 cur.-OB.xc
285
Income non-cum. No fixed int coupons.OB.xc
285
do . stamped fixed interest redeemable text.-X
285
Kansas City Memphis & Birmingham—See Kansas City F
KC& Memphis Ry & Bridge Co—See Kan City .Ft Scott
Kansas City Mexico & Orient—Stock see text----Two year gold notes $6,000,000 red par-------- Col.c
Kansas City & Pacific—See Missouri Kan & Texas Ry be
Kansas Citv St Jos & Council Bluffs—See Chicago Burlin
Kansas City Shrevep & Gulf Term—1st M red 105-Z
-Kansas City Southern—Common stock $30,000,000
__
Preferred stock 4'^ non-cum $21,000.000_______
__
First mortgage $30 000.000 gold. - .. Ba xc&r
Ref A Impt M $21 000 COO gob' red 105 xe*Ar N
Pt Arthur Canal & Dock 1st M Ser “A” gu p&i c*&r*
--do
do
1st M Ser “B’r gu p&i
—
Texarkana & Fort Smith Ry 1st mtge Series “A”
__
guar prin & int redeemable 107)-$_______ xxxc*&r
___
Equip notes due $63,600 yearly ___ _j______ G
do
Series E due $108,000 ann_____ xxxc*

1890
1907
1920

1905

Par
Value

1901 l.OOO&c
1888
1,000
1887
1.000
1889
1.000
1894
500 &c
1894
500 &c
1894
500 &c
S& M emphls.
& Me mphis.
100
1914
low.
gton & Quincy.
500
1897
100
100
1900 1,000 &c
1909 1.000 Ac
1923
500 &c
1923

1925
1920
1923

Rate
%

$100 $9,000,000 See text
1,000 2.469,000
4g
1,000 2.500.000
5g
621.000
6g
1,000 1,477,000 JLBg

Total mileage............................ 168.80
9.31
18 44
131 31
327 86
During 1919 acquired 4.001 shares each of the pref. and the com. stock
of the New Oauley Coal Corp. V. Ill, p. 1469.
In Oct. 1916 had agreed to assume the SI,477.000 bonds and car trust
Ctfs. of Kan. & W. Va. RR. (entire capital stock owned), a line extending
from Charleston, W. Va., to Blakely, 33 m., with branch, 4 m. V 106
D. 2221; V. 103, p. 844: V. 104. p. 2005. In Peb. 1920 the Kanawha &
W. Va. RR. acquired the Oauley & Eastern Ry. Co. V. 113. p 1768.
The I.-S. C. Commission has placed a tentative valuation of $14,711,881
on the total owned and $15,088,604 on the total used properties of the com­
pany, as of June 30 1918.
HISTORY *o.—Reorg. In April 1890 of K. * O. Ry. foreclosed (st®
V. 50, p. 451,483). Toledo & Ohio Central Ry. (V. 100, p. 1251) acquired
In 1915 $8,947,900 of the $9,000,000 capital stock. V. 105. p. 818. 998
V. 99, p. 1052: V. 98, p. 912, 1537: V. 96, p. 63. Leased to N. Y. Centra)
RR. for a rental of fixed charges and taxes and 6% on its stock. V. 113.
p. 2614: V. 115. p. 543.
Govt, loan, &c., V. Ill, p. 2520; V. 112, p. 162.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3.
For 1924, total Income, $788,562: interest and rentals, $332,982; divs.
(5%), $450,000; balance, sur., $5,580.
Pres., P. E. Crowley: Sec., E. F. Stephenson; Gen. Treas., Harry G.
Snelling; Compt., W, C. Wishart.—(V. 121, p. 1457.)
KANSAS CITY CLINTON & SPRINQFIELD RY.—Owns from
Olathe, Kan., to Ash Grove, Mo., 154 miles. V. 107, p. 2476. Stock,
$1,775,400. Bonds were guaranteed by the Kan. City Ft. Scott & Mem.
RR. (old co.). Tentative valuation as of June 30 1917, $2,936,553.
By authority of I.-S. O. Commission granted in October 1924, theKansas
City Ft. Scott & Memphis Ry. Co acquired all outstanding stock of
K. C. O. & S. Ry. Co., and St. Louis-San Francisco Ry. Co. leased the
property of the K. C. C. & S. Ry. Co. for a term expiring June 12 2000;
now operated as part of Eastern Division. St. L.-S. F. Ry.
Pres., J. M. Kurn; Aud., E. H. Bunnell; Sec. & Treas., F. H.Hamilton.
St. Louis, Mo.—(V. 119, p. 2064.)
KANSAS CITY FORT SCOTT & MEMPHIS RY.—Operates Kansas
City Mo., to Memphis, Tenn.. and branches. 925 miles. Also has s
controlling Interest in stock of the Kansas City Memphis & Blrm RR
owning line from MemDhls. Tenn . to Birmingham. Ala . with branoh. 290
miles, and of Kansas City & Memphis Ry. & Bridge Co., owning bridge
across Mississippi River at Memphis. 3 miles. Total, 1,215 miles.
The K. C. Memphis & Birmingham was leased Dec. 17 1903 for 99 years
from Jan. 1 1904 but terminable upon 6 months' notice from either party:
rental is net earnings, after payment of Interest on bonds, taxes, organiza­
tion expenses and cost of additions and betterments. This superseded the
old traffic contract. Kansas City Fort Scott & Memphis Ry. owns entire
capital stock (V. 10-1. p 2340.)
The I.-S. C. Commission, in Oct. 1924, authorized the company to
acquire control of the Kansas City Clinton & Springfield Ry. through stock
ownership. V. 119, p. 2064.
ORGANIZATION.—V 72. p 1237. See V. 72. p. 438 , 532, 675. 988
The St.L. & San Fran. RR owned the entire stook and leased the road, guar
antering the bonds of 1901, prin and int., and 4% on pref. stook trust oertiThe reorganization by which the St. Louis-San Francisco Ry. Co. was
formed (V. 102. p. 896) left undisturbed the lease and outstanding bonds
Of this system. Provisions In the new Frisco mortgages allow that company
to make improvements, extensions, Ac., on the Kansas City Fort Scott
a Memphis Railway system and buy equipment and deal with obliga­
tions of the system, and for these purposes to issue and renew bonds un­
der any existing mortgage of this system, and to issue new bonds of this
company, or of the new Frisco Company, secured on this system, or any
part thereof. In priority to the existing lease of this system and to any
lien of the new Frtsco mortgages on this system, but the aggregate prior
mtge debt on this system must not at any time exceed $75,000,000
STOCK.—Common, authorized, $45,000,000; issued, $16,660,000; all
owned by St. Louis-San Francisco Ry. and pledged under its prior lien mort­
gage; pref. stock pledged under prior lien mortgage, $14,939,500.
BONDS.—Of the Refunding bonds of 1901 <$60,000,0001, $25,941,000 were outstanding Dec 31 1925. $26,324,270 were reserved for ex­
change against the face amount of underlying bonds and the remaining
$7,734,730. as well as any bonds not used or required for refunding purposes,
are reserved for issue for additional lines and extensions, at not exceeding
$22,500 per mile thereof As to guaranty, see “organization," above.
V. 76. p 853. See V. 87. p. 414; V. 91. p. 38. 154: V. 92, p. 1311; V. 93
p. 45: V 94. p. 279
The interest on ail except $53,280 of the $4,454,780 Kan. City Memphis
& Blrm Income bonds is guaranteed by the Kan. City Ft Scott A M Ry.
OsMay 20 1918 holders of these unguaranteed Incomes received on account
of coupon due Sept. 1 1916 1198% and on coupon due Sept. 1 1917 5%
.On Sept. 3 1921 coupons due Sept. 1 1918. 1919. 1920 and 1921 were paid
V. 113, p- 1156; V 106, p. 2229; V. 74, p. 477, 577; V. 103, p. 2340. As to
K. O. Mem, Ry & Bridge .see V. 78, p. 1549; V. 99, p. 1597; V. 102. p. 800
—(V. 119, p. 2064.)

When
Payable

Quar.
A & O
J & J
J & J30
J

&

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

See text
Apr 1 1990
July 1 1927
To Jan 15 1935

J July 1 1955

J P Morgan & Co, N
Central Un Tr Co, N
J P Morgan & Co, N
Guaranty Trust Co, N

Y
Y
Y
Y

Scranton (Pa) Trust Co

25.941.000
13.736.000
1.508.000
1.998.000
3,323.390
53.280
4,401,500

4g
6
5
5g
4
5
5

A & O
M&N
A & O
A & O
M & S
Sept.
M & S

20.000,000
5,640.200

6g

A & 030 Apr 3cTl9i6

Prin & Int over-due

4

F

Treas Off, Kan City, Mo

150.000
29 959,900
21.000.001
30.000.000
21 ono.oon
2,000.000
500.000

500 &c 10,000,000
572,400
1,000 1,404,000

KANAWHA & MICHIGAN RY.—(See Map N. Y. Central R.R.)—
Mileage Dec. 31 1924:
2d Indus- Yd. Track
Miles
A SidTotal
trial
Main
of
Road. Track. Tracks. ings. Ac. Mileage
Corning to Hobson Jet., Ohio_ 56.62
1.39
44.54
108 02
5.47
Kamauga to State Line_______
1.85
4.42
2.57
State L. to Oauley Bdge, W. Va. 94.85
3.84
15.91
194 90
80.30
Drakes to Carrington, Ohio.
2.92
2.92
Glouster to Drakes. Ohio_____ 8.20
820
Smithers to Marling, W. Va.__ 4.36
...
1.14
3 90
9.40




Amount
Outstanding

[Vol. 122.

Oct 1
Mayl
Oct 1
Oct 1
Mar 1
Mar 1
Mar 1

1936
1928
1927
1929
1934
1934
1934

& A Aug 1 1927

Company, 120 Broadway
Bank Trust, N Y; & Bost
Old Col Trust Co. Boston
Bank Tr Co N Y; & Bost
Old Colony Trust Co
do
do
do
do

Checks mailed
New York Trust Co, NY
g
do
do
g
[Ladenburg, Thalmann&
g
1 Co and Nat City Bk, NY
g
(Ladenburg, Thalmann&
1 Co and Nat C’y Bk, NY
5J4 g F & A Aug 1 1950
6
J & J15 To Jan 15 1935 Guaranty Trust Co. N Y
5X g M & S To Sept 1 1938 Nat’l City Bank, N Y

4
3
5
6
6

Q—J
A & O
I & J
F & A
F & A

Apr 15 1926 1%
Apr 1 1950
\br 1 1950
Feb. 1 1953
Feb 1 1953

KANSAS CITY KAW VALLEY & WESTERN RY.—(V. 119, p. 693.
KANSAS CITY MEXICO AND ORIENT RY. (THE)—Rood
honed (incl. K. C. M. A O. Ry. o! Texas Securities Owned). Miles.

vtohlta. Kan., to Alpine, Tex. (Including trackage St. Louis * San
Francisco RR., Foley to Ewing, Okla.. 12.74 miles___________ 737.95
Marquez Mex., to Tobalaopa___________________________________ 86.77
Mlnaca to Sanchez. Mex. (74.28 m.); El Fuerte to Topolobampo.
62.23 miles)________________________________ ________________ 136.51
Moohls, Mex.. to Mochls Junction. Mex____ _____________________ 2.92
ORGANIZATION.—In April 1917 W. T. Kemper of Kansas City was
appointed receiver. V. 104. p. 1591; V. 103, p 1508. 1301: V. 99. p. 119:
V. 98. p. 1920. S. W. Rider Is receiver for the lines In Mexico.
Government loan, V. Ill, p. 1566; V. 113, p. 2504. To build In Mexico.
V. 111. p. 1852.
The receivers on Sept. 29 1920 filed application with the I.-S O. Comm,
for authority to issue a receiver's certificate to the amount of $2,500,000,
bearing Interest at 6% and maturing Dec 1 1921, to pledge and hypothecate
It as collateral security for a loan of like amount from the Government.
Sale of Road.—The road was sold at public auction at Wichita, Kansas,
on Mar 27 1924 to Clifford Hlsted, General Counsel for the road, for
$3,000,000. Compare V. 118. p. 1520. The sale was approved on Mar. 24
1925 by Federal Judge John O. Pollock.
Reorganization Plan.—A plan of reorganization for the road was filed
Feb. 7 1925 In Topeka at tne office of the Clerk of the Federal Court.
Under the proposed plan, the Government would be called upon to grant
a 15-year extension on the $2,500,000 loan which the Orient now owes the
Government. The extension would run from Dec. 1 1921 and ending In
1936. The new money which the road would acquire, according to the plan,
would be $2,250,000: $1,000,000 to be advanced by the Government as an
equipment Ioan and the balance to be advanced by Mr. Histed.
The Government would take prior lien on the Orient properties under
the 15-years extension on the $2,500,000 loan now due the Government
aud under the proposed $1,000,000 advance in the reorganization plan.
It was proposed that the new operating company for the Orient be
organized with a capital of $7,500,000. [The new company was chartered
in Kansas on or about April 1 1925]. In return for the advance of $1,250,000, 35,000 shares or stock valued at $3,500,000 Is to be delivered
to Mr. Hlsted.
<
The remainder of the $4,000,000 In Common stock is to be allotted
among the noteholders for subscription. The subscription price shall be
$80 per share, payable in cash and installments without Interest, as follows:
20% in cash to accompany the subscription. 25% on or before Sept. 1 1925,
25% on or before Dec. 1 1925. The remaining 30% on or before March 1
1926. Compare also V. 120, p. 2142.
Capital Stock.—In addition to the $20,000,000 capital stock outstanding
there is also outstanding $1,000,000 stock of Kansans City Mex. & Orient
Ry. Co. of Texas.
Notes. Ac.—The $5,640,200 2-year gold notes are secured by deposit of
$31.000,000 adjustment gold 5s, due July 1 1964. Funded debt of Kansas
City Mex. & Orient Ry. Co. of Texas, $9,116,633.
Committee for First M. 4j (old Co.)—Lord Monson (Chairman); Columbia
Trust Co., N. Y., and Glyn, Mills, Currie A Co., London, depositaries.
Of the $21,409,000 In the hands of the public, $19,545,000 had been de­
posited in June 1914. V. 94. p. 767, 911, 1566; V. 97. p. 443; V. 98. p.
763. 1244. 1767.
Note Committee —Chairman J. N. Wallace and H. Bronner, N. Y. City:
Jozach Z. Miller, Kansas City; Henry Sanderson, of O. D. Barney &Oo.
of N. Y., William J. Gray, Detroit; Herbert F. Hail, P. W. Goebel, W. S.
McLucas and Clifford Histed of Kansas City, and O. M. Sigler. 54 Wall St..
N. Y. City, Sec'y. Central Trust Co., N. Y., and Commerce Trust Co..
Kansas City, Mo., depositaries. V. 102, p. 1436, 1896, 2166.
EARNINGS.—For 1925, gross, $5,600,308; net oper. income, $532,608;
other income, $249,316; int. and rentals, $1,140,728; bal., def,, $358,805.
For latest earnings see “Railway Earnings Section” (issued monthly).
OFFICERS.—Pres., Wm. T. Kemper; V.-P. & Gen. Counsel, Clifford
Histed; Sec., W. 8. McLucas; Treas., R. O. Kemper.—(V. 122, p. 2795.)
KANSAS CITY SHREVEPORT & OULF TERMINAL CO.—Owns
union depot at Shreveport, La., Including 1.16 miles of yard and terminal
track. Stock, $150,000, all owned by Kansas City Southern Ry. Bonds,
Pioneer Trust Co., Kansas City, trustee. Office, Kansas City, Mo.
KANSAS CITY SOUTHERN RY. CO. (THE).—(See lap.) Operates
a line extending from Kansas City, Mo., to Port Arthur, Texas., thence
by its ship canal, 7 miles, to deep water on Gulf of Mexico, with branches
and extensive terminals used by various roads entering Kansas City.
Lines Owned—
Miles. I
Lines Owned—
Miles.
Kansas City, Mo., to Belt Juno.. 12[Branches to Fort Smith, De
Grand View, Mo., to Port ArQuincy, La., etc------------------61
thur, Texas________________ 7651 Trackage—To Gr. View, Mo., etc. 16
Miles of 2d track, 15; yard, terminal and side tracks, 456; total track
mileage in system. 1,345.
The I.-S. C. Commission on Feb. 25 1926 approved the acquisition by the
company of control, by lease, of part of the railroad of the Texarkana &
Fort Smith Ry. V. 122, p. 1306.
__—
The company owns a substantial interest In the St. Louis Southwestern
Ry. Co., acquired from the Chic. R. I. & Pac. Ry. Co. in October 1925.
VJ_121t_p1_lgO5. 2035.
_
_
, _ ____
“Ai80*ownTentlre $656^00(5each of stock and‘ bonds of Arkansas Western
Ry., Waldron to Heavener, Ark., 32 miles, operated separately; also con­
trols K. C. Shreve. & Gulf Terminal Co. V. 83. p. 38.492.

May, 1926.]




RAILWAY STOCKS AND BONDS

73 ’I

'74:

RAILROAD COMPANIES
IFor abbreviations, &c., see notes on page 8]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Kansas City Term Ry—Stock auth $50,000,000___
$2,200,000
1st M red as a whole on or aft Jan 1930 at 105 & int.x
1910 $l,000&c 50,000.000
1,410.000
Kansas Oklahoma & Gulf Ry—Govt lien notes___ 314.42 1920
Mortgage bonds Series A________________________ 314.45 1919
100 &c 2,831,095
Income bonds Series B_________________________
1919
100 &c
281.920
do
do
Series O_________________________
1919
100 &c 5,753,750
Equipment trust notes__________________________
1919
371,517
Equipment trust certifs Series A_________________
1923
22.530
Ken & Ind Term RR—IstM guar (see text). G.xc *&r
1911 £100&$1000 f £1,351.000
t $467,000

ORGANIZATION.—A reorganization of Kan. C. Pitts. & Gulf RR., fore­
closed in 1900 per plan in V. 69, p. 1012, 1062. V. 73. p. 1356; V. 74, p. 94;
V. 80, p. 1971; V. 81, p. 559; V. 84, p. 1366; V. 88, p. 375.
Valuation, V. 118, p. 2948; V. 119, p. 74, 197, 1952; V. 120, p. 699;
V. 121. p. 1225, 2035.
Proposed Merger.—L. F. Loree, Pres, of the Delaware & Hudson, in March
1926 announced that he was preparing to present to the I.-S. C. Commis­
sion a petition for consolidation of the Kansas City Southern, MissouriKansas-Texas and St. Louis Southwestern raliroads. V. 122. p. 1915, 2647.
SECURITIES.—As to the $21,000,000 “ref. & impt. bonds of 1909”
see V. 88, p. 1128, 1253, 1437; V. 89, p. 104; V. 90, p. 167; V. 92, p. 322,
395, 461. 795; V. 95, p. 1472, V. 100, p. 1832; V. 101, p. 2144; V. 119, p.
2643. Decision on Kansas City Suburban Belt Ry. notes, V. 97. p. 1663:
V. 98, p. 1459. Guaranty of $2,000,000 1st mtge. 6% gold bonds. Series A
and $500,000 Series B of Port Arthur Canal & Dock Co., V. 117. p. 1245:
V. 120, p. 827. Guaranty of $10,000,000 1st mtge. 5J^% gold bonds,
Series A, of Texarkana & Fort Smith Ry. V. 122, p. 1452.
DIVIDENDS —First div. on pref. stock. 4%. paU July 1 1907 out of
earns, for 1906-07; Oct., 1%; 1908 to Apr. 15 1926, 4% p. a. (Q.-J.).
Equipment crusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
REPORT.—For 1925, in V. 122, p. 2485, showed;
[Kansas City Southern Ry., Texarkana & Fort Smith Ry.l
Operating Revenues—
1925.
1924.
1923.
1922.
Freight.............................. $17,439,572 $16,927,685 $18,086,262 $16,336,125
Passenger____________
1,749,399
2,201,624
2,054,819
2,422,776
Mail, express, &c_____
1,684,725
1,602,246
1,632,050
1,447,440
Incidental & joint facility
375,991
291,459
439,262
344,011

$21,024,012 $22,485,099 $20,361,180
Operating Expenses—
Mamt. of way & struc__ $2,843,100 $2,972,755 $3,547,641 $2,562,346
Maint. of equipment__ 3,473,567
4,100,872
3,858,494
4,274,864
Traffic_______________
634,671
502,350
577,128
533,644
Transportation_______
6,607,757
7,023,099
6,794,325
7,401,645
Miscellaneous operations
18,067
5,121
34,113
17,655
General______________ 1,040,909
902,220
1,037,122
954,668
Transports, for invest.. Cr.32.267
Cr.17.410
Cr.21,306
Cr.12,548
Net revenue____________ $6,579,352
Taxes------------------------ 1,350,568
Uncollectible revenues..
9,713

$15,256,529 $16,708,811 $15,083,460
$5,767,484 $.5,776,287 $5,277,720
1,315,676
1,280,811
1,435,907
5,292
10,310
5,524

Operating income___ $5,219,070
$4,481,381
Rent
__
------from equipment
‘
89,259
99,913
Joint facility rent income
165,754
172,996
Inc. from lease of road. _
935
880
Miscell, rent income___
9,383
9,785
Misc. non-op. phys. prop
22,688
28,190
Dividend income______
168,750
Inc. from funded secur. _
11,388
960
Inc. from unfund. seem1.
and accounts_______
77,535
157,335
Miscellaneous income__
347
293

$4,330,070 $3,956,520
99,150
97,259
171,018
145,171
891,302
1,252
10,144
8,429
28,985
42,377
2,113
Dr.1,543

110,388
427

94,900
1,672

Total non-op. income. $553,683
Gross income_________ $5,772,753
Deductions—
Hire of fr’t cars, deb.bal. $568,712
Rent for equipment___
107,863
Joint facility rents____
311,324
Rent for leased roads__
161,578
Miscellaneous rents___
611
Misc. tax accruals_____
2,832
Int. on funded debt___ 2,062,832
Int. on unfunded debt..
421,368
Misc. income charges__
22,333

$462,710 $1,312,174
$4,944,091 $5,642,244
$673,293
$547,180
107,941
112,152
227,550
277,692
125,414 . 30,637
654
983
106
119
1,899,587
1,856,527
31,130 Cr. 103,652
22,724
21,059

$391,714
$4,348,234
$465,274
80,797
254,294

Total deductions____ $3,659,454
Net income____________ $2,113,299
Preferred divs. (4%)__
840,000

$2,962,287
$1,981,803
840,000

Cr.2,592
1,864,308
79,027
20,596

$2,868,810 $2,761,703
$2,773,434 $2,586,531
840,000
840,000

Income balance trans­
ferred to prof. & loss $1,273,299 $1,141,803 $1,933,434
$746,531
For latest earnings, see "Railway Earnings Section” (issued monthly).
OFFICERS.—Chairman. L. F. Loree; Pres., J. A. Edson; V.-P. in charge
of traffic, J. F. Holden; V.-P. & Asst, to Pres., A. M. Calhoun; V.-P. & Gen.
Mgr., C. E. Johnston; V.-P. & Sec., G. C. Hand; Treas., I. C. McGee;
Comp. & Asst. Sec., L. J. Hensley. New York office, 25 Broad St. General
offices, Kansar City. Mo.—(V. 122, p. 2647.)
KANSAS CITY TERMINAL R Y.—Owns 27 miles of road, with passen­
ger depot and freight and passenger terminals at Kansas City. Mo. Con­
trolled by 12 proprietary cos., viz.; Chic. R. I. & Pac.. Atchison Topeka
& Santa Fe, Chic. Milw. & St. Paul, Chlo. & Alton, St. Louis-San Fran.,
Union Pacific, Wabash, Chio. Burl. & Quincy, Mo. Pac., Missouri-Kan.Tex., Kan. City Southern and Chlo. Gt Western, which will pay equally
any excess of fixed charges. V. 89, p. 1671. Has 150 miles now built of
main andi ndustrlal railroad tracks. 6 local freight sub-stations, passenger,
freight and switching yards. &c., and union passenger station. V. 107.
p. 2008 V 90 p 627 630; V 91. p 1386: V 98 p 1244: V 99. p. 1130.
On Feb. 15 1919 put in operation double-decked viaduct over Kaw
Valley bottoms to connect with (1) Union Pac. and Oh. R. I & P. Rys.
(2) Mo. Pac. and Oh. Grt. West. V. 103. p. 1980; V. 106. p. 1126.
BONDS.—1st 4s ($50,000,000 auth. and outstanding), V. 90, p. 627
V. 91, p. 1386; V. 92, p. 395; V. 93, p. 164; V. 96, p. 135, 202; V. 98, p.
1244, 1316; V. 100, p. 733; V. 106, p. 296; V. 107, p. 2008.




[Vol. 122.

RAILWAY STOCKS AND BONDS
Rate
%

4g
6
6
6
6

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
amd Maturity

J&J Jan 1
Marl
J&J Jan 1
J&J Jan 1
J&J Jan 1

1960
1925
1937
1949
1949

A&O
6
4^ g J&J Jan 1 1961

N Y, Boston & Chicago
St Louis, Mo
do
do
do
do

j P M"& Oo. N Y; & Lob

The 10-year 6 % secured gold notes of 1921 were redeemed on Jan. 1
1926 at 102.
The 3-year 5>£ % secured gold notes of 1923 were redeemed on Nov. 15
1925 at 101 and interest.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company ($83,500 in April 1926). These have been called for pay­
ment July 15 1926. See article on page 3 and V. 113, p. 1471; V. 114, p. 854.
—V. 122, p. 2795.)
KANSAS OKLAHOMA & GULF RY.—This company was organized
as the “new company” provided for in the plan of adjustment of the Mis­
souri Oklahoma & Gulf RR. System, dated Dec. 31 1918 (V. 108, p. 1936).
The plan was approved bv the Director-General of Railroads during the
period of Federal control. In accordance with the plan the company
acquired the properties that were subject to the receivership and was au­
thorized by the I.-S. O. Commission to Issue bonds, capita) stock and equip­
ment trust notes as below, for the purpose of further execution of the plan.
The Missouri Okla. & Gulf Ry. owned and operated 203.31 miles of main
track and 41.3 miles of sidings, extending from Wagoner to Red River,
Muskogee and Henryetta; Dewar to end of track, 9 m.; Junction to Bormide, 4 m.; Missouri Oklahoma & Gulf RR. (V. 96, p. 1022), Wagoner Okla.,
to Baxter, Kan., 98.2 miles. Mo. Ok. & Gulf Ry. of Texas owned and
operated 9.1 miles Red R’ver to Denison.
The company was authorized to issue, as of March 1 1920 the following
securities: $2,994,750 series A 6% bonds, due Jan. 1 1937, $285,478 6%
series B income bonds; $6,120,5006% series C bonds, due Jan. 1 1949;
$9,120,500 pref. stock; $729,640 common stock; $743,034 equipments
trusts. The bonds are to be subject and inferior to the Government’s lien
mortgage dated March 1 1920, under which $1,410,000 Govt, lien notes
have been issued.
Compare V. 112, p. 469.
Receivership.—H. W. Gibson and H. L. Traber of Muskogee, Okla., were
appointed receivers on June 6 1924. V. 118, p. 2949. H. L. Trober re­
leased as co-receiver Aug. 1 1925.
The Muskogee company has been incorporated under laws of Delaware
as a holding company to own a controlling interest in the securities of the
Kansas Oklahoma & Gulf Ry., upon its reorganization and foreclosure.
V. 121, p. 1225.
Readjustment Plan (V. 122, p. 744).—A plan for the readjustment of
securities of the company bas been prepared by the following committee:
Charles E. Ingersoll, Chairman, Philadelphia; H. H. Ogden, (First National
Bank) Muskogee,,Okla.; A. A. Jackson (Girard Trust Co.), Philadelphia,
Pa., and F. J. Lisman (F. J. Lisman & Co.), New York, Owners of series
A, B and C bonds and general creditors were requested to deposit the bonds
and assignments of their claims with First National Bank, Miskogee, Okla.,
or Girard Trust Co., Philadepha, depositaries.
To Create New Bonds Prior to Existing Bonds—Exchange of Existing Bonds
for Pref. Stock.—The plan formulated proposes that the company issue a
new 6% first mortgage and that the present series A, B and C bonds be
exchanged, par for par, for 6% preferred stock of three series, A, B and C,
series A to be cumulative from Jan. 1 1926, series B and C to be non-cumu­
lative, each series to be issued in the same amounts as are the princ-pal
amounts of the present A, B and C bonds, and otherwise to have the same
relative priorities with respect to earnings and distribution of assets in
liquidation as have been A, B and C bonds.
Government to Cancel Lien Notes Totaling $1,410,000 and Accept Company
Notes.—It is further proposed that the Government cancel its Government
lien notes totaling $1,410,000, the interest thereon to be paid, and accept
in lieu thereof new 6% 6-year notes of the company in the same principal
amount and secured by the deposit as collateral of $2,001,000 new 6% first
mortgage bonds.
To Sell $1,999,000 New Bonds to Provide Working Capital.—It is planned
that $1,999,000 of this new first mtge. be presently sold, the proceeds tobe used for the rehabilitation of the property and other corporate purposes.
Equipment Trust Certificates.—The committee will endeavor to secure an
extension of the equip, trust obligations totaling approximately $370,000.
The holders of a majority of the present preferred stock, if this plan be
made operative, have agreed to purchase at par $1,999,000 of the proposed
new 1st mtge. bonds.
Listing Securities.

Exchange of Old for New Securities.
Outstanding. ------------------------TF1K Receive6% Notes. 6% Pref.A. 6% Pref.B. 6% Pref.C.

Government lien notes-_$l,410,000 $1,410,000
_____
_____
_____
Each $1,0001,000
Mtge. bonds series A___ 2,785,478
27,854 shs.
10 shs.
Each $1,000________
2,819 shs.
Income bonds series B__
281,920
10 shs.
Each $1,000________
56,651 shs.
Income bonds series C__ 5,665,100
10 shs.
Each $1,000________
a Gen.creditors(priorA)each$l,000.
10 shs.
a Other gen. creditors each $1,000_
_____
a Unsecured creditors total about $100,000.

EARNINGS.—For cal. year 1925, gross, $2,518,478; net oper. income.
$151,787; other income, $31,898: int., rentals, &c., $426,526; bal., def.,
$242,842. For latest earnings, see “Railway Earnings Section” (issued
monthly).—(V. 122, p. 2943.)
KENTUCKY & INDIANA TERMINAL RR. CO.—Owns 2-track steel
bridge over Ohio River at Louisville and 10.44 miles main track and
54.33 miles yard tracks and sidings in and about Louisville. Sou. Ry.. Balti­
more & Ohio and Chic. Ind. & Loulsv. own the $75,000 capital stock, and
under new lease from Jan. 3 1911, pay monthly. In proportion to can
handled, any deficit In operations, rentals, taxes and Int. Bonds. £2.000.000 auth Issue, of which £1,446,961 guar by the three proprietary cos.,
were Issued to retire the $2,136,600 old bonds and for new construction: re­
mainder reserved for future purposes. Of the outstanding amount, $467,000 are payable in U. S. gold coin. Of the sterling bonds, 9,585 bonds are
endorsed, payable in New York in U. S. gold coin at the fixed rate of $10.95

May, 1926.]

75

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see note on page 8]

Miles Date
Road Bonds

Par
Value

Amount
Outs anding

Rate
%

When
Payable

Last Dividend Places Wher Interest and
Dividends Are Payabl
and Maturity

Keokuk & Mam Bondholders Co—Stock_______
$10 $1,000,000
Secured notes callable any int date______________
1915
384,800
A & O 1945
6
La Crosse & S E Ry—1st M $1,000,000 g red 105__ z
41 1904
1,000
300,000
5g A & O Oct 1 1944
4
Lackaw RR of N J—Stk auth $12,000,000 gu 4% div
10,750,000
Q—J July 1 1926 1%
L E Prank & Clarion RR—1st M g call 1918 105-FP
31 1913
D Dec 1 1953
1,000
970,000
5g J
Lake Erie & Detroit River—See Pere Marquette RR
Lake Erie & Pittsburg—Stock rental guaranty___ 100 4,300,000
Text See text
5
First mtge $15,000,000 g guar unissued-_G.xc*&r*
28 1915 1,000 &c 3,540,000
4)4 g J & J July 1 1965
Lake Shore & Michigan Southern— See New York Centr al RR.
Lake Sup & Ishp—
Munsing Marquette & Southeastern—1st M g__ xx
162 1903
1,000 1,000,000
J & D Junel 1933
5
Leavenworth Terminal Ry & Bridge—1st mtge gold
due $40,000 yearly_____________________________
2.70 1923
1,000
280,000
5)4 g M & N To May 1 1933
Lehigh & Hudson River—Stock $5,000,000 auth__
100 4,707,000 See text Text Dec 31 '25 4%
Lehigh & New England—Stock____________________
50 6,800,000 See text Various See text
First mortgage $1,000,000 gold_____________ FP.x All
1,000 1,000,000
1895
5 g J & J July 1 1945
Gen mtge ser A g red 105____________ GuP.kc*
1,000 4.000,000
196 1914
5 g J & J July 1 1954
do ser B g red 105______________ GuP.kc*
196 1914
1,000 1,250.000
5g J & J July 1 1954
Equip tr ser Cguar gold redl02)4 $35,000 ylyGuP.x
1,000
1913
70,000
4)4 F & A Feb 1927 to ’28
do ser D due $40,000 yearly guar_____ PeP.xc*
1914
1,000
120,000
4)4 M & S Mar 1927 to ’29
do ser E due$55,000 yly (gu) (V 103,p 1405)PeP
1916
1,000
275,000
4)4 A & O Apr 1927 to ’31

per coupon, leaving a balance of 3,925 bonds payable in pounds sterling,
V. 92, p. 187; V. 91, p. 589, 214, 38: V. 92, p. 201,1032; V. 93, p. 469; V. 95.
p. 1403; V. 102, p. 437; V. 118, p. 85.
Pres., H. R. Kurrie; V.-P., A. P. Humphrey; Treas., H. D. Ormsby;
Sec. & Aud., E. K. Scott.—(V. 121, p. 1905.)
KEOKUK & HAMILTON BONDHOLDERS’ CO.
Incorporated in May 1914 to acquire (per plan V. 99, p. 1920) the bonds
of the Keokuk & Hamilton Bridge Co., which owns bridge across Mississippi
River at Keokuk, la., used by Toledo Peoria & Western and Wabash RRs.
and foot passengers, and assist it in rebuilding the bridge.
The $1,000,000 30-year convertible non-cum. income debentures, to bear
interest at not to exceed 2)4 % per annum, were exchanged $ for $ for the
Bridge Co. bonds. These debentures have since been exchanged for an
issue of stock for like amount.
Supreme Court Justice Francis Delehanty on April 7 1925 signed a writ
of attachment for $2,794,494 In a suit brought by the New York Trust Co.
as trustee under a collateral trust indenture of the Keokuk & Hamilton Bond
Holders' Co., Inc., against the Bridge Co. to recover the amount sued for,
alleged to be due for interest and principal of $1,000,000 bonds of the
Bridge Co. V. 120. p. 1878.
The directors of the Keokuk & Hamilton Bridge Co. in March 1926
authorized the payment to the Keokuk & Hamilton Bondholders’ Co., of
a sum sufficient to pay up the past due coupons on the 6% secured notes
of the Bondholders’ Co. Holders were requested to enter for collection
coupons Nos. 18, 19, 20, 21 and 22, which were paid with accrued interest.
This took care of coupons due Oct. 1 1923, April and Oct. 1 1924, and
April and Oct. 1 1925.
DIVIDENDS.—July 1918 paid 2.25%; July 1919. 1.25%; July 1920,
2.20%; July 1921, 1.20%; July 1922. 1.20%; none since.
EARNINGS of Keokuk & Hamilton Bridge Co. year ending Dec. 31 1925,
gross, $110,969; net after taxes, $38,040; interest (accrued), $80,000; net
(deficit), $41,960. Treas., Theodore Gilman Jr., 55 William St., N. Y.
—(V. 122, p. 1915.)
LA CROSSE AND SOUTHEASTERN RY. CO.—Owns La Crosse and
Southeastern Jet. to Viroqua, Wis., 40-81 miles; trackage La Crosse and
S. E. Jet. to La Crosse, 1.8 miles; total, 42.61 miles. Stock authorized
$1,000,000; outstanding, $955,000; par, $100. Bonds, $1,000,000 auth..
outstanding, $300,000. Wisconsin Trust Co. of Milwaukee, trustee
Year ending Dec. 31 1925, gross. $102 954; net, $8,140; int., taxes, rentals
Minn.; 1st V.-P., A. S. Cargill, Minneapolis, Minn.; Secretary, Cargill
MacMillan, Minneapolis, Minn.; 2d V.-P. & Gen. Mgr., P. Valier, La Crosse
Wis.; Treas., John H. MacMillan Jr., Minneapolis, Minn.; Aud., R. J.
Semsch, La Crosse, Wis. Office, 300 Main St., La Crosse, Wis.—(V. 80,
p. 222.)
LACKAWANNA RR. OF NEW JERSEY—Owns from Hopatcong
N. J., to a point near Portland, Pa., 27.44 miles, opened Dec. 1911. D. L
& W. leases the road for a guaranty of 4% on the stock. V. 93, p. 1324
1786; V. 92. p. 656; V. 90, p. 557; V. 88, p. 558; V. 86, p. 543. Stock out,
standing, $10,750,000, was distributed in Dec. 1911 as a dividend to the
D. L. & W. stockholders.—(V. 106, p. 601.)
LAKE ERIE & EASTERN RR.—Struthers to Brier Hill, Ohio, 7.05
miles. Stock (V. 106, p. 2011), authorized, $8,000,000; outstanding
$6,903,000, all owned by New York Central System.—(V. 105, p. 2184;
V. 106, p. 2011; V. 107, p. 291; V. 108, p. 171.)
LAKE ERIE FRANKLIN & CLARION RR.—Owns Summerville to
Clarion, Pa.. 15 miles; branch. Strattonville to Mill Creek, Pa., 3.10 m..
Other branches. 8)4 m.; trackage, Sutton to Franklin. Pa., 47.9 m.; total
74.75 miles. Capital stock $1.000.000, par $60 1st M. bonds auth. $1,.
000,000. Callable at 105 and interest. Government loan. V. 112, p. 2414.
For calendar year 1923, gross, $323,208; net, $46,721; other income.
$36,520; fixed charges, $69,361; bal., sur., $13,880. Pres., Gen. Charles
Miller, Franklin, Pa.; V.-Pres., T. J. Odell, N. Y.; Treas., H. H. Hughes.
—(V. 121, p. 455.)
LAKE ERIE & PITTSBURG RY.—Owns 27.76 miles between Marcy
at a connection with Cleveland Short Line Ry. (now N. Y. Central RR.)
and Brady Lake Jet. on Penna. RR.; was opened Oct. 16 1911. V. 98
p. 1241. Jointly owned by N Y. Central RR. and Pennsylvania Co.
which have trackage rights over the road, rental providing for interest and
5% on stock. Stock auth $6,000,000, as increased in May 1911; outstand
Ing, $4,300,000, of which the Pennsylvania Company and N. Y. Central
RR. each own about $2,150,000. In June 1918 new bonds were issued
$1,770,000 each to Penna. Co. and N. Y. Central, but are not guaranteed
V. 101. p. 694: V. 103. p. 320 —(V. 115. p. 436.)
LAKE SUPERIOR & ISHPEMING RR.—The new company was
lncorp. Aug. 17 1923 for the purpose of consolidating and operating as one
railroad the properties of the Lake Superior & Ishpeming Ry. and the
Munising, Marquette & Southeastern Ry, both Michigan corporations,
operating a continuous line of railroad between Ishpeming in Marquette
County, and Munising, in Alger County, with connections at Marquette.
Its authorized capital stock Is $1,500,000 (par $100). The agreement of
consolidation approved by the stockholders Oct. 30 1923 provides that the
constituent companies are thereby consolidated into one corporation, which
shall possess all the powers, rights and franchises held by those companies,
or either of them, and transact all business theretofore carried on by said
companies, or either of them, in the same manner and to the same extent
in all respects as they, or either of them, might have done prior to the
execution of the agreement.
The l.-S. C. Commission on Jan. 22 1924 authorized the company to issue
15,000 shares of capital stock (par $100) and to exchange 10,000 shares for
a like number of shares of $100 par of the Lake Superior & Ishpeming
Ry., and to exchange 4,280 shares for 18,700 shares of $100 par each of
the Munising Marquette & Southeastern Ry. (V. 117, p. 2770), the 720
remaining shares to be held by the co. until further order of the Commission
The I.-S. C. Commission has placed a tentative valuation of $4,831,350
on the total owned and $4,832,572 on the total used properties of the
company, as of June 30 1916*




See text
La Crosse, Wis
Del Lack & Western RR
U S Mtge & Tr Co, N Y
Treasurer’s office. N Y
Union Trust Co, Cleve

J P Morgan & Co, N Y
Warwick, N Y
Philadelphia office
437 Chestnut St, Phila
do
do
do
do
Guar Tr & S D Co, Phila
Penn Co for Ins, &c, Phil
do
do

Year ended Dec. 31 1925: Gross, $2,252,532; net oper. inc.. $646,5441
other inc., $55,015; Int. and rentals, $100,685; divs., $285,600; balance
sur., $325,274.
For latest earnings see “Railway Earnings Section” (issued monthly).
Pres. Wm. G. Mather, Cleveland, O.; Gen. Mgr., H. R. Harris, Marquette,
Mich.—(V. 121. p. 2399.)

LARAMIE, NORTH PARK & WESTERN RY.—(V. 118, p. 31974
LEAVENWORTH TERMINAL RAILWAY & BRIDGE.—Owns high
way and railroad bridge (opened Jan. 1 1894), 1,112 ft. long, over Mlssour
River at Leavenworth. Kan., and valuable terminal property in that city
In July 1910 the Chicago Great Western acquired the entire stock. V. 9L
p. 214, 397. Kansas City St. Joseph & O. B. (Chicago B. & Q.) and Chitfe
R. I. & P. use the bridge at an annual rental of $16,000 each, under a 30-year
extension from Mar. 14 1922, by exercise of their option, of a contract of
Mar. 14 1894. Chicago Great Western RR. also uses tne bridge under a
20-year contract dating from Jan. 1 1923, at an annual rental of $18,000k
Stock 60,000. A new first mtge. of $400,000 was made May 1 1923. ana
bonds Issued as of that date.—V. 116, p. 2255.—(V. 118, p. 1910.)

LEAVENWORTH & TOPEKA RY.—Leavenworth to Topeka. 57
miles. Including 11 miles trackage at terminals. The railway was bid in at
foreclosure sale on May 10 1918 for $80,000 by residents along the line and
turned over to the present company. Incorporated In Kansas on May 15
1918, with $100,000 stock in $10 shares.
.
_
The I.-S. C. Commission has placed a tentative valuation of $900,401
on the total owned and $900,000 on the total used properties of the company
as of June 30 1916.
The I.-S. O. Commission on Jan. 16 1925 authorized the company tp
issue not exceeding $64,000 1st mtge. 6% bonds, $48,000 of the bonds to
be sold at par and the proceeds used for retiring a like amount of 1st mtge.
7s which were redeemed on Feb. 1 1925, and $16,000 of the bonds to be
deposited with the Central Trust Co. of Topeka, Kan., for the purpose of
creating a sinking fund as required by the laws of Kansas.
OFFICERS.—Pres., J. E. Waddell, Kansas City; V.-P., Otto B. Gutter,
Topeka; Treas., George W. Hanna, Clay Centre; Sec., S. C. Porter, Leaven­
worth, Kan.—(V. 121, p. 975.)
LEHIGH & HUDSON RIVER RY. CO. (THE).—Owns from Maybrook
on Central New England Ry. to Belvidere, N. J., on the Penn. RR., 73.9
miles, and from Phillipsburg, N. J., to Easton, Pa., .70 m.; trackage, Penn.
RR., Belvidere to Phillipsburg, 13.3 m.; D. L. & W. trackage, Andover
Jet. to Port Morris, N. J., 8.7 m.; total op. 96.6 m.
The I.-S. C. Commission has placed a tentative valuation of $5,090,000 ,
on the owned and used property of the company as of June 30 1918.
STOCK.—The stockholders voted Sept. 10 1920 to Increase the author­
ized capital stock from $1,720,000 to $5,000,000. Stockholders were given
the right to sutjcribe at par to $2,987,000 new stock to the extent of 173.7 %
of holdings. Proceeds were used to pay and discharge the principal of
the entire mortgage debt of $2,587,000, and to pay and discharge all the
debenture bonds of $400,000, the remainder of such increased capital of
$293,000 to be held in the treasury.
The stockholders prior to such Increase were to have the option and right
to take and pay f»r at par a pro rata amount of such Increased stock In
proportion to the number of shares of stock held.
DIVIDENDS.— I 1912. 1913. 1914. 1915. 1916. 1917. 1918-25.
Percent_______ J 4
4
4
8 8&6 extra 12
See text
On Jan. 1 1918 paid a stock dividend of 28.36%. to represent surplus
dxpended on the property prior to April 1912, thus Increasing the capital
stock to $1.720,000. V. 106, p. 2335. In Dec. 1918 a dividend of 6% was
declared and paid on Fen. 10 1919; June 1919 and Dec. 1919 paid 6%
Oct. 1920 paid 6%; Mar. 1921 paid 6%; June 1921 paid 4% and 6% on
new stock from date of Issue to June 30: Dec. 1921, 4% on increased cap­
italization; June 30 1922, 4%: Dec. 29 1922, 4%; June 30 1923, 4%; Dec. 29
1923, 4% and 2% extra; April 15, June 30 and Sept. 30 1924, 2% each;
Doc. 23 1924. 2% and 2% extra; Mar. 31 1925, 2%; June 30 1925, 2%;
Dec. 31 1925, 4%.
REPORT.—For 1924, in V. 120, p. 2008, showed:
„
Dec. 31 Year. Gross.
Net.
Tot. Inc. Int., Ac. Dividends. Bal., Sur.
1924......... .$3,146,657 $906,560 $780,480 $293,305 $470,700
516,475 ,
1923......... $3,117,709 $924,670 $870,745 $245,802 $470,700
$154,242
1922........... 2,412.760 465,032 348,640 209,998 376,560 def.237,918
For latest earnings, see "Railway Earnings Section" (Issued monthly).
OFFICERS.—Pres. & Gen. Mgr., Morris Rutherfurd; Sec. & Treas..
William H. Sayer. Office, Warwick, N. Y.—(V. 122, p. 1759.)

LEHIGH AND NEW ENGLAND RR. CO.—Main line, Hauto, Pa.
to Hainesburg Jet., N. J., 66 miles; Swartswood Jet., N. J., to N. Y
State line, 21 m.; branches, 89 m.; total owned, 176 miles: leased, 8 m.
trackage rights, 36 m.; total, 219 m.
Tentative valuation, $11,791,083, as of June 30 1919.
SECURITIES.—Stock auth., $7,500,000; outstanding Dec. 31 1925.
$6,800,000. nearly all owned by Lehigh Coal & Nav. Co.; par, $50.
DIVIDENDS.— 1918 1919 1920. 1921.1922.1923. 1924. 1925.
Percent................... 8%
8%
6%
10% 10% 3% 15%
10%
Bonds. Ac.—Of the Gen. M. 5s of 1914 ($15,000,000 auth.), $1,000,000
were reserved to retire the 1st 5s. V. 102, p. 976, 1060; V. 99, p. 49, 674.
REPORT.—For 1925 showed: Gross, $5,295,382; railway oper. income,
$1,054,504 other income, $162,191; deductions, $541,992; dividends,
$680,000; bal., def., $5,297. V. 122, p. 2795. For latest earnings see
“Railway Earnings Section” (issued monthly).
Pres., Samuel D. Warriner; V.-P. & Gen. Mgr., Rollin H. Wilbur;
V.-P. & Gen. Counsel, Wm. Jay Turner; Sec. & Treas., Henry H. Pease;
437 Chestnut St., Philadelphia, Pa.—(V. 122, p. 2795.)

76

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Lehigh Valley—Common stock $80,000,000 _. -Op
Preferred stock 10% (V 79, p 151, 269)___
Op
First mortgage extended in gold in 1898..GP.xc&r
Consol M originally $40,060,000 outstanding annuity $2,538,000 4^s $10,062,000 6s_______ FPx
General consol mtgel$15O,O0O,O0O gold—GPxc*&r
do
do
j
do
do
Bonds of Controlled Properties—
Lehigh & N Y 1st M gold guar p & i___ ftlp.xc*&r
Lehigh Valley Ry 1st M g gu p & i (end).GP.xc*&r
Lehigh & Lake E 1st M $3,000,000 g—Usm.xc*&r
Lehigh Val Term 1st M g guar p & i end..Ce.xc*&r
Easton & Nor 1st M g guar by Leh Val..GP.xc*&r
. Middlesex Valley 1st mtge $600,000 gold—Ce.zc*
Pa & N Y Can & RR—Cons gu (text) (end)-.GP.xr
L V Harbor Term Ry 1st M g 5% series guar p & i
red (text)__________________________ fcxxxc*&r*'

Miles Date
Road Bonds

___
264 1868

278
278
278
278
115
514
11
27
13
29
123

Par
Value

Amount
Outstanding

Rate
%

$50 $60,501,700
50
106,300
1,000 5,000,000

7
10
4g

1,000 12,600,000 4J6 &
1873
1903 1,000 &c 26,953,000
4g
1903 1,000 &c 20,697,000
4H
1903 1,000 &c 12,000,000
5g
1,000 2,000,000
1895
4g
1890
1,000 15,000,000
4H
1907
1,000 3,000,000
4H
1891
1,000 9,999,000
5g
506 &c
1895
50.000
4H
1892
1,000
190.000
5g
1888
1,000 8,500,000 4, 4X,
4
1906
1,000 In treasury
1924

500 &c 10,000,000

LEHIGH VALLEY RAILROAD CO.—Main line extends from Jersey
City. N. J. to Buffalo, N. Y. Oper. Dec. 31 1925. 1.364 miles viz.:
Owned_______________________ 2791 Leased_______________________ 142
Controlled by ownership of entire
| Trackage_____________________ 45
capita, stock________________ 8981
Second track, 615 miles; 3d track, 102 miles; 4th track, 45 miles; industrial
track, 309 miles; yard tracks and sidings, 1,098 miles.
By an agreement with the Pennsylvania BR. Co., Its passenger
terminals at New York and Jersey City are used by this company.
Tentative Valuation.—The I.-S. O. Commission has placed a tentative
valuation of $90,367,116 on the owned and used properties and $200,618,202
On the used but not owned properties of the company as of June 30 1917.
HISTORY . ETC.—V «1 p. 276
Black Tom decision. V. 107, p. 2008; V. 108, p. 973, 2122; V. 110 P
1089, 1816; V. 112. p. 2305. 2748; V. 113. p. 2185. Coal rate case, V 120.
D. 2739
The company on Feb. 7 1923 filed with the U. S. District Court for the
Southern District of New York an amended plan for the segregation of its
coal properties pursuant to a decree of the Court entered Feb. 24 1921
(V. 112, p. 849). The plan is a modification of the original plan filed with
the Court in Oct. 1921 (V. 113, p. 1574). to which the Attorney-General
of the United States filed several objections (V. 113, p. 1674, 1987). A
final decree was signed by Federal Judge Learned Hand on Nov. 7 1923.
The plan, given in full in V. 116, p. 576, and as supplemented by the final
decree. V. 117. p. 2109, provided as follows:
1. The Lehigh Valley'Coal Co. will create a new $40,000,000 50-year
mortgage carrying 5% Interest and protectee by adequate sinking fund
arrangements. This mortgage until Jan. 1 1933 will be a second mortgage
on a small part of the coal company’s properties, and thereafter will be a
first mortgage on all its properties. Of the bonds $15,000,000 will be sold
at once and the proceeds paid over to the Lehigh Valley RR. in satisfaction
Of all indebtedness on account of advances for capital expenditures and
otherwise in the past. The proceeds will be devoted by the railroad com­
pany to the improvement of the railroad properties pledged under its gen­
eral consolidated mortgage of 1903, the Income from said fund, however.
In the meantime to be received by the railroad company and used for general
purp™
remaining $25,000,000 of bonds provided for by the new Lehigh
Valley Coal Co. mortgage will be reserved for the purpose of retiring the
present outstanding bonds of the Lehigh Valley Coal Co. when due—that is,
on Jan. 1 1933—to the extent not provided for by the then existing sinking
fund. The Lehigh Valley Coal Co. bonds now outstanding amount to
*11,514,000. and it is estimated that the sinking fund, which now amounts
to $2,871,000 par value of securities therein, will by Jan. 1 1933 with
accumulations and additions have a value of at least $5,000,000, so that
the bonds then to be paid off from new funds will not amount to more than
*6,500,000 This will leave approximately $18.500.000 of the new mortgage
bonds of the coal company available for improvements or other capital
Expenditures by the coal company as occasion may demand.
2. The ($9,465,000) stock of the Lehigh Valley Coal Co. is pledged with
the Girard Trust Co. of Philadelphia, as trustee under the railroad com­
pany's general consolidated mortgage of Sept. 30 1903, which mortgage
matures in 2003
The railroad company sold for $1,212,160 all of Its
right, title and interest in the equity of redemption which it owns in said
Stock, also voting rights and dividends payable thereon, to a new trustee
Issued certificates for 1,212,160 shares of interest therein carrying
voting rights and dividends, thus making certificates on tbe basis of one
Share of interest In Lehigh Valley Coal Co. stock for each share of Lehigh
Valley RR. stock, both common and preferred. The shareholders of
the railroad company were given the right by said new trustee to subscribe
to said shares of interest at the rate of $1 per share. Shares of interest not
subscribed for on or before Jan. 15 1925 were sold by the new trustee
to the 1 ebi«»h Vnllev Goal Co. at the rate of $1 per share.
Shareholders of the railroad company who bought and buy shares of
interest as aforesaid will be obliged to dispose of their said shares of interest
On or before Dec 31 1927 unless in the meantime they shal) have disposed
Of their railroad company stock. Neither the railroad company nor any
corporation controlled by It, nor any person acting la its interest, shall
acquire by purchase or otherwise any of said shares of interest
3. All certificates for shares of Interest as above stated were, at the time
of sale, registered by the Lehigh Valley Coal Co. In appropriate form,
in the names of tbe purchasers or their nominees, upon Information furnished
by the trustee and thereafter transfer may be made ouly on the books of
the coal company
4. The Girard Trust Co., as trustee under the general consolidated mort­
gage, holds the legal title to all of the coal company stock and gives the
railfoad company a proxy to vote the same, the giving of this proxy being
dependent upon there being no existing default under the mortgage After
the sale of tne railroad company's equity in the coal company's stock, at
Stated above, the trustee holding said equity will exercise Its voting power
for the benefit of and at the direction of the owners of the shares of Interest
that is to say, the registered owners of the coal certificates as shown by the
ansfer book of the coal company will exercise their voting power exuslvely through their trustee
6. Upon the maturity or termination of the general consolidated mort
gage, the stock of the Lehigh Valley Coal Co. will be available for dis­
tribution to the then owners of said certificates of interest and will be
distributed to them accordingly, each certificate of Interest entitling the
holder to a pro rata share of the coal company’s stock.
6. The ($2,910,150) stock of Goxe Brothers & Go., Inc., will remain
In pledge under the collateral trust agreement of Nov. 1 1905 until the
maturity of that agreement on Feb. 1 1926, except that the voting power
In the meantime will oe assigned to a trustee to be appointed by the District
Court. At the maturity of the collateral trust agreement, the stock will
he sold by the Lehigh Valley RR.
7 The [$1,500,0001 stock of the Delaware Susquehanna & Schuylkill
RR. will remain in pledge under the collateral trust agreement also until
the maturity cf the agreement on Feb. 1 1926, tbe voting power in the
meantime to be assigned to a trustee to be appointed by the District Court.
■In tbe meantime application will be made to the Inter-State Commerce
Com nission for authority to merge and consolidate this company with the

S




[Vol. 122.

RAILWAY STOCKS AND BONDS

5g

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

Q—J Apr 1 '26 1 % %
Q—J Apr 1 '26 2H%
J&D Junel 1948
6 J&D Irredeemable
M&N May 1 2003
g M&N Mayl 2003
M&N May 1 2003
M&S Sept 1 1945
g J&J July 1 1940
g M&S Mar 1 1957
A&O Oct 1 1941
g M&N Nov 1 1935
M&N Nov 1 1942
5 A&O Apr 1 1939
F&A Feb 1 1956
F&A Feb 1 1954

Checks mailed
do

Go’s office, 228 So 3d St
Phila, and J P Morgan
& Co, New York

Of.Phil.&JPM&Co.NY
do
do
do
do
Of.Phil.&JPM&Co.NY
do
do
do
do
Lehigh Valley RR, Phila

New York & Philadelphia

Lehigh Valley RR., In accordance with the provisions of the Inter-State
Commerce Act which permits authority to be granted notwithstanding
the status of the petitioners under the Federal Anti-Trust Laws.
8. The Lehigh Valiev Coal Sales Co will negotiate and enter Into a
lawful sales contract with the mining companies (Lehigh Valley Coal Co.
and Ooxe Brothers & Co., Inc.).
Diva
j 0d. 06. 07-10. Tl-'14. 1915 to 18 '19 20-'25 ’26.
Percent-------- i 4
4
6 y'ly. 10 yrly.
10 yrly 814 7 yrly. text
In Feb. 1912 also an extra cash dividend of 10%. applicable If desired
to subscription for stock of new Leh. Val. Coal Sales Co. In July 1919
the common dividend was reduced from 2)4% to 1X% quarterly. Oct.
1919 to April 1926. lii% quar.
BONDS.—Gen. Consol. Mtge. of 1903 is for $150,000,000 bonds, bear­
ing not to exceed 5% int.. covering the entire road the stock of the Lehigh
Valley Coal Co. and other stocks owned. In April 1926 there were out­
standing in the hands of the public $20,697,000 4>4s, $26,953,000 4s and
$12,000,000 5s; pledged, $15,000; held in treasury, $38,091,000; re­
served to retire underlying bonds, and bonds of subsidiaries, $52,264,000.
Old bonds may, however, be extended, if necessary, for not over 2 years.
Provision may be made at time of issue of bonds thereunder for right to
convert into stock at pleasure of holder not over $25,000,000 at any one time
outstanding. V. 103, p. 586; V. 102, p. 1346, 1436; V. 97, p. 1823, 1898,
V. 99, p. 477; V. 77, p. 824; V. 78, p. 287; V. 79, p. 1642; V. 82, p. 1380,
V. 86, p. 1343; V. 88. p. 1372; V. 81. p. 211: V. 108. p. 2241; V. 119, p. 578.
GUARANTIES.—Lehigh Valley Hall Way Co.—Ownea Buffalo, N. Y.,
to near Sayre, Pa., 174.48 miles, double track, and branches, 340.43 miles,
in all 514 91 m.. covered by $15,000,000 mtge. of 1890, but in 1903 and
1905 consolidated with other sub. cos. ana In 1907 absorbed the Lehigh A
Lake Erie. Stock, $11,745,000, all owned by Lehigh Valley RR. Mortgage
ibstraot, V 51. p. 114; V. 77. p. 147. 972: V 81, p 784: V. 84. p. 1366.
Lehigh Valley RR. Co. of New Jersey.—Owned double-traok road from
Phillipsburg, N. J., to Jersey City, and branches, with about 125 acres at
Jersey City and a large water front, &c. Total mileage, 121 miles. Stock
outstanding. $29,433,000. all owned by Lehigh Valley RR.. which In 1914
teased road for 99 years. V. 77, p. 972: v od p. 640 880; V. 81. p. 784:
V. 83. p. 703; V. 98. p. 1845. 1920
Penn. A N. Y. Canal A RR.—Leased for 99 years from Dee. 1 1888 to
behlgh Valley, which has assumed its debt and owns all its stock. Consols
iaoiude $4,000,000 5s. $3,000,000 4s. $1,500,000 4 Hs. V 22 p. 950
Seneca County Ry.. $500,000 gu. bds.; none sold Dec.31 1925. V.79, p.1271.
Lehigh A Latte Brie mortgage ($3,000,000; covers 11 m. double-track ter­
minal road at Buffalo. V. 81. p. 211: V. 83. p. 702. Now a part of the
tehlgb Valley Ry. Co. V. 84. p. 1248: V. 85. p 312: V. 87 p 817.818.
Lehigh Valley Harbor Terminal Ry.—Incorp, in N. J. in 1916 to provide
additional terminal facilities upon New York harbor. The first mtge.
bonds of 1924 are redeemable, all or part, on 60 days’ notice at a premium
of 5% on Feb. 1 and Aug. 1 1944, and thereafter on any int. date, said
premium to be reduced by H of 1% commencing Feb. 1 1945, with a like
additional reduction commencing on Fel). 1 of each year thereafter until
maturity, in each case with accrued int. A lease, which will be for a term
extending beyond the maturity date of these bonds, will provide for an
annua] rental sufficient to cover expenses and interest charges of the ter­
minal co., and will provide that the Lehigh Valley RR. shall maintain the
property and equipment in good condition and shall pay all taxes assessed
against it See V. 118. p. 202.
REPORT.—For 1925, in V. 122, p. 1447, showed;
1925.
1924.
1923.
1922.
Average miles operated.
1,370
1,375
1,374
1,449
OpcrcitiTiQ Revenues—~
Anthracite coal freight..$17,888,896 $13,148,359 $26,392,972 $15,425,980
Bituminous coal freight. 1.696.396
1.722.397
2.233.608
1.907,568
Merchandise freight___ 41,157.064 38.681.551 34.496.241 33,279,173
Passenger_____________ 8,034,040
7,688.392
7,406.346
7,022,954
Mail_________________
305.265
304.396
298.641
310,438
Express____ _____
1,444.285
1.139.562
1.370.422
1,213,697
Other transp. revenue.. 2,715.050 2.671.466
2,661.686
2,307,799
Incidental revenue____
1,189,577
1,018,683 1,075,237____ 951,280
Total oper. revenue..$74,430,573 $76,374,805 $75,935,154 $62,418,889
Operating Expenses—
Maint. of way & struc.. $8,574,787 $8,421,393 $7,812,892 $7,070,757
Maint. of equipment... 15,910,834 18.609.488 23.762.227 19,759,604
Traffic expenses______
1,491,868
1,400.377
1.176.966
1,241.057
Transportation expenses 29,361,230 30.558.447 32,140.661 29,152,786
Miscellaneous operations
373,274
345.476
302,707
293,004
General expenses______
1,735,378
1,647,798
1,563,962
1,514,445
Transp’n for invest.—Cr
13,981____ 15.012______ 5,202______ 7,714
Total operating exp..$57,433,390 $60,967,969 $66,754,214 $59,023,940
Net operating revenue..$16,997,183 $15,406,837 $9,180,940 $3,394,989
Total tax accruals, &c.. $3.621,582
3,217,086
2,327,243
1,985,950
Operating income___ $13,375,601 $12,189,751 $6,853,697 $1,408,999
Dividend income______
1,251,159
2,238.328
8,681.062
3,081,922
Miscellaneous income... 1,241,072
1,019,629
902,232
1,750,719
Total other income... $2,492,232 $3,257,957 $9,583,294 $4,832,641
Total income................... 15,867,833 15,447.708 16,436,991
6,241.640
Income Charges—
Hire of equipment........... $1,154,456
$944,061
$428,675 $1,066,941
Joint facility rents____ Cr273,835 Crl45.859 Crl48,099 Cr248,027
Rent for leased roads__ 2,345.825
2,301.307
1,870.970
1,939,802
Miscellaneous rents___
298,496
336.057
315,893
331,406
Miscell. tax accruals___
386,986
455,139
528,067
322,884
Interest on funded debt. 3,552,588
3,802,695
4,407,731
4,483,531
Int. on unfunded debt..
36.457
107.330
115.066
51.030
Misc. income charges__
320,296
294,941
332,072
285,318
Total deduc. from inc. $7,821,269 $8,095,669 $7,850,377 $8,232,886
Net income__________
8,046,564 7,352,038
8.586,612df$l,991,247
Divs. shown in profit and
loss account________
4,245,749 4,245,749
4,245,749
4,245,749
For latest earnings, see "Railway Earnings Section* (Issued monthly).

May, 1926.]

77

RAILWAY STOCKS AND BONDS

RAILROAD CO SPANIBS
(For abbreviations. &c.. see notes on page 8]

Miles Date
Road Bonds

Lexington Union Station—Pref stock (see text)___
Ligonier Valley RR—1st M $300,000-__ ____ x
16
Lime Rock—Consolidated refunding mortgage gold._
12
Litchfield & Madison—First mtge $1,000,000 gold.x
44
Little Miami—Stk original gu 8% 99 yrs P C & St L_.
Special guaranteed betterment stock ($5,000,000)-General mortgage $10,000,000____________ ____ z
Little Rock & Hot Sp West—See Missouri Pacific an d Chic
Little Schuylkill Nav RR & Coal—Stk (rental guar)
32
Live Oak Perry & Gulf RR—First mortgage_____ x
83
Long Island Railroad Co (The)—
Consol mortgage (gold) ($3,609,500 are 5s)___ Ce.v
156
General mortgage gold...................................... Ce.vc*
163
Stewart Line mtge of 1932 for $500,000 gold--Ce.v
18
Debenture ($1,500,000) gold not subject to call—z * ...
Bklyn&Mont 2d M assu BusSta to E'tp’t&brs Ce.xc*
76
L 1 City & Flushing M gold assumed__ Ce.vc*
19
New York Bay Extension 1st M ass’d $200,000___ z
6
Montauk Extension $600,000 1st M assumed___ z
21
Unified M gold callable at 110 $9.673.OOO-Usm.xc&r
316
Refund mtge $45,000,000 gold gu p & L-Eq.xc*&r
316
Deben call aft Nov 1 '22 at 102 % . Usm.yyxc*&r*
No Sh Br con M (ass’d) $1,425,000 gu p & 1-Ce.vc*
30
N Y & R B 1st M (ass’d) $984,000 guar p&i___ Ce
N Y B & Man B 1st cons M $1,726,000 assumedCe.v
19
Equipment trust Series B $94,000 due yearly_____
do
do
Series C $138,000 due yearly--FP
do
do
Series D due $98,000 ann------- FP
do
do
Series E due $114.000 yrly.FP.c*
do
do
Series F due $125 000 yrly FP.xc*
do
do
Series O due $73,000 yearly___
do
do Series H due $82,000 yearly_______
—do
do
(iss to Govt) due $314,934 yrly G
Los Angeles & Salt Lake RR—
First mortgage $70,000,000—........... .......... —...... G.x 1,038

1913
1904
1912
R I &
1912

1881
1888
1892
1894
1888
1887
1893
1895
1899
1903
1917
1892
1887
1885
1917
1920
1922
1923
1924
1925
1926
1920
1911

Par
Value

Amount
Outstanding

$100
1,000
1,000
1,000
50
50
1,000
Pac
50
1,000

$390,600
75,000
400,000
1,000,000
4,837.300
4,908,300
1,070,000

Rate
%

4
6
4g
5g
8 3-5
4
4

U & J
M&N
J&J
M&N
Q—M 10
Q—M 10
M&N

Jan 1 1926 2% Office, Lexington, Ky

Mayl 1943
July 1 1929
Nov 1 1934
See text
See text
Nov 1 1962

See text

TreasPenaRR.N Y ;&Lon
Q—J Jqly 1 1931
J&D Junel 1938
do
do
J&D Junel 1932
do
do
do
do&Lon
J&D Junel 1934
J&D Junel 1938
do
do
M&N Mayl 1937
do
do
J&J Jan 1 1943
do
do
do
do
J&J Jan 1 1945
do
do&Phll
M&S Mar 1 1949
do
do&Phll
M&S Mar 1 1949
do
do&Phll
M&N Mayl 1937
do
do
Q—J Oct 1 1932
M&S Sept 1 1927
do
do
Treas Penn RR Co. N Y
A&O Oct 1 1935
F&A To Feb 1 1927 Fidelity Trust Co, Phlla
F&A To Aug 1 1932
do
do
J&D To June 1 1932
do
do
do
do
M&N To May 1 1938
do
do
A&O To Apr 1 1939
do
do
J&J To Jah 1 1940
M&S To Mar 1 1941
J & J 15 To Jan 15 1935

J&J July 1 1901

4g

.
OFFICERS.—President, E. E. Loomis; Vice-Pres., J. A. Middleton;
V.-Pres., F. L. Blendinger; V.-P. & Gen. Counsel, E. H. Boles; V.-P. &
Compt., C. E. Hlldum; Sec., D. G. Baird; Treas., A. F. Bayfield.
DIRECTORS.—H. 8. Brinker, Fred M. Kirby, Alfred H. Swayne, Ed­
ward S. Moore, S. Brinckerhoff Thorne, William C. Sproul, Henry B.
Coxe, Harry O. Trexler, Morris L. Clothier, George T. Slade, J. F. Bell,
J. Wm. Robbins, E. E. Loomis (ex-officio). Office Philadelphia, Pa.—
(V. 122, p. 2493.)
LBX1NGTON & EASTERN RY.—See Louisville & Nashville.

LEXINGTON iKV ) UNION STATION CO.—Owns passenger station
Oommon stock, $15,000, owned twothlrds by Louisv. & Nashv. and onethird by Ches. & Ohio. There has been authorized $500,000 of 4%
ourcnilaHv** • non voHh#
*.|
hv mtr** find
nair
by above-named roads on basis of passenger cars. The I.-S. C. Com­
mission has placed a final valuation of $776,498 on the owned and used
properties of the company as of June 30 1917. Pres., W. A. McDowell.
LIGONIER VALLEY RR.—Latrobe to Ligonier, Pa.. 10.3 miles; Ligo
nler to Fort Palmer. Pa.. 6.7 m.; total. 10 miles.
The I.-S. C. Commission has placed a tentative valuation of $689,150 on
the total owned and used properties of the company as of June 30 1917.
Stock, $500,000: par $50. Divs. paid in recent years: 1917, 8%: 1918 to
1922. 10% .vearlv: 1923 to 1925, 6% yearly. Bonds see table above. For
1925, gross, $217,486; net oper. income, $92,021; other income, $14,055;
decuctions, $33,775; divs., $30,000; bal., sur., $42,300. Pres., J. R.
Mellon; V.-P., T, A. Mellon; Sec., R. B. Mellon; Treas., R. K. Mellon.
Office, Ligonier, Pa.
LIME RUCK RR.
. , —Owns road in and around Rockland, Me., 11 m.,
total. 12 m. Stock. $450,000:
trackage. 1 m.; total.
controlled by the Rookland
Rockport Lime Co. of Maine (V. 92, p. 960). Div. in 1905-06, 5%: 19065%, of which 3% from accumulated surplus; 1907-08, 214%; 1908^09,
,; 1909-10. 4)4%; 1910-11, 3W%; 1911-12. 2M%: 1912-13. 4M%:
13-14. 1K%; 1914-15. 1W%; 1915 16. 114%; 1916-17. 3%: 1917^18,
none; 1918-24. none. Office. Rockland. Me.—(V. 82. p. 1380.)
LITCHFIELD & MADISON RY.—Owns Litchfield Jet. to Madison
Hl., 44 m.; trackage, 1 m.; total, 45 m. The I.-S. C. Commission has placed
a tentative valuation of $1,518,175 on the wholly owned and used proper­
ties of the company as of June 30 1916. Stock, common, $500,000; pref.,
4% non-cum., $500,000; par $100. Pres., James Duncan, Alton, Ill.;
Treas., S. D. Wheeler.—(V. 122, p. 2943.)
LITTLE MIAMI RR. CO. (THE).—(See Maps Pennsylvania RR.)—Owns
Cincinnati, O., to Springfield, O., 84 m,; branch, Xenia, O., to Dayton,
O., 15 m.; Dayton, O., to Ind. State line, 36 m.; leases Columbus & Xenia
RR.. Xenia, O., to Columbus, O., 52 m.; Cin. St. Con. RR., 2 m.; Rich­
mond & Miami RR.. Indiana State line to Richmond, 5 m.; total, 199 miles
LEASE.—Ob Deo. 1 1869 teased to Pittsburgh Cincinnati * St. Louis
(now Pittsburgh Cln. Chicago A St. Louis RR.) for 99 years, renewable for
ever. The Penna. RR. Co. is a party to the oontraet and guarantees ltt
fi\l*bful execution Rental Is 8% on $4,943,100 original stock, 4% on bet
tnment stock and lnt. on debt; $105,800 stock is in treasury. V. 84, p. 51.
815 V. 86. p. 857; V. 104, p. 73.
Beginning Dec. 1899, 1-5% extra paid on com. stock each Dec. and
June, and with 1912 1-5% also in Sept., from surplus Invested funds
making div. 8 3-5% yearly.
BONDS.—Tbe General 4s of 1912 ($10,000,000 autn. issue; Cent. Tram
Se Safe Dep. Co. of Cincinnati, trustee) are to bear not over 4% lnt., and
have a first lien. V 112 p 562
For 1925, gross income, $816,638; deductions, $196,586; dividends.
$612,331; bal.. sur., $7,721.—(V. 112, p. 562.)
LITTLE SCHUYLKILL NAVIGATION RR. & COAL—Owns from Por
Clinton to Tamanend and Reevesdale. 31.44 miles; 2d track, 26.47 m.; total
91.71 miles. Re-leased on Dec. 1 1896 to Phlla. & Read. Ry. for 999 yea s.
DIVS.— 1 ’13. ’14. ’15. ’16. ’17. T8. '19. ’20. ’21. ’22. '23. ’24. ’25.
Percent_____ J 5 5)4 555555 4)4 5545
Paid In 1926: Jan. 15, 2%.
Lessee pays taxes and organization expenses.—(V. 121, p. 2748.)
LIVE OAK PERRY & GULF RR.—Owns Live Oak to 72.5 Mile Post.
Fla., 72.5 miles; Mayo Junction to Alton, Fla., 14.41 m.; Springdale Jet., to
Springdale. Fla., .78 m.; trackage 1.5 m.; yard tracks, &c., 9.62 m.; total.
98.81 m. Stock auth., $2,000,000; outstanding, $600,000; par, $100.
Bonds, see table. 'For calendar year 1925, gross, $269,646; net operating
Income, $70,678; other income, $34,242: interest, rentals. &c., *40 629
bal., def., $6,491; divs., $24,000; income applied to sinking fund, $20,000.
Pres., W. T. Hargrett; Sec. & Treas., R. P. Hopkins. Office, Live Oak.
—(V. 114, p. 854.)
LONG ISLAND RR. CO. (THE).—Mileage:
Miles. I Leases—
Miles.
Main line—L. I. City to Greenp’t 94 Nassau Electric RR____________ 9
Long Island City toMontauk_1151 Trackage rights________________
4
Rockaway BeachDivision------------121
Branch lines_________ ________ 1621

Total owned............................. __383| TotalDec.31 1925........................ 397
It was announced in June 1925 that the New York Brooklyn & Man­
hattan Beach Ry. had been merged with the Long Island RR.
PLAN.—In 1917, the minority shareholders having generally surrendered
their holdings, the Penn. RR. Co.: (a) accepted in settlement of the approxi­
mately $30,000,000 of Indebtedness due it by the L. I. RR. Co. (consisting
chiefly of 4% debentures), $5,202,100 new 5% 20-year debentures, and for
the remainder capital stock at par; (5) gave $5,202,100 5% debs. In exchange
for minority stock. $ for $. V. 104, p. 361; V. 106, p. 2222
The debentures will be secured by any future mortgage on the prop­
erty. V. 104, p. 633. 863. 1146. 1263. 13899. 2235. 2452.
STOCK.—Authorized. $40,000,000; outstanding $34,110,250, of which
the Penn. RR. on Dec. 31 1925 owned $34,074,800. V. 104, p. 361, 1899;
V. 106, p. 2222.




Mellon Nat Bk, Pittsb
Portland, Me
Central Union Tr Co, N Y
Office, Fosdick Bldg. Cih
do
do
Farmers’ L & Tr Co, N Y

2,487,950 See text J&J Jan 15 ’26 2% Office, 410 Walnut, Phlla
649.000
A&O Aprl 1942
Safe Dep & Tr Co. Balt
5

$1,000 4,731.000 4 & 5 g
1,000 3,000.000
4g
1.000
332.000
4g
1,000 1,135.000
5g
1,000
600,000
5g
1.000
650.000
5g
1,000
100.000
5
315.000
1,000
5
1,000 3,519.000
4g
500 &c 26.417,000
4g
100 &c 5.202.100
5g
1.000 1,262.000
5g
1.000
883.000
5g
1,000 1.601.000
5g
1,000
94.000
4)4
1,000
966.000
6
1,000
588 OCO
6
1,000 1.368.000
5
1.000 1.628,000
5
1.000 1.022,000
5
1,000 1,230,000
4M
1,000 2,834,406
6g

1,000

Last Dividend Places Where Interest and
Dividends are Pavable
and Maturitv

When
Pavable

Guaranty Trust Co, N Y

...

DIVIDENDS.—
J ’82. ’83-’9O. ’91. ’92. ’93 94 . 96. 96.
NoBB
Percent......................... 1 1 4 y’ly. 4« 5
5 4M 4
4
since.
BONDS.—The Refunding 4s of 1903 ( 545.000.000 authorized Issue) are
secured by a lien on the entire road, subject to $17,863,420 outstanding
old bonds, to retire which an equal amount is reserved; remainder guar­
anteed as to prin. and int. by the Penn. RR., were sold, the proceeds to
be used for various Improvements and additions in connection with the
Pennsylvania tunnels to and through New York City, principally for addi­
tional terminal facilities at Bay Ridge and Long Island City and for a double"
track connection with the New Haven road, for additional terminals, tracks,
equipment, and to retire old bonds. V. 78, p. 683, 1549; V. 79, p 798;
V. 80, p. 1111; V. 81. p. 211; V. 82, p. 868; V. 92. p. 527. The L-8. O.
Commission in May 1921 authorized the company to issue $3,876,000
(guar.) ref. mtge. 4s and to exchange them for a like amount of unified
mortgage 4s.
The Unified Mortgage Is limited to the amount now outstanding Bonds
are subject to call at 110 in whole or in part. See Refunding 4s above. V.
68. p. 618. Mtges. on real estate, $1,925,180. V. 7b, p. 266; V 85. p. 160;
V. 89. p. 529. 1411; V. 90, p. 698. 1040; V. 93. p. 1022; V. 102. p. 609; V.
103 p 2079. Debentures of 1917. see “plan” above and V. 104. P- 2452.
REPORT.—For 1925, in V. 122, p. 2486, showed;
Calendar Years—
1925.
1924.
1923.
1922. Revenues—
$
$
$
Freight........... .................. 10,603,283 10,205,163 10,511,943
8,937,509
Passenger_________
24,162,883 22,143,572 20,732,638 19.250,024
Mail, express, &c_____ 2,103,126
2,729,150
2,840.838
2,763,948
Total oper, revenues— 36,869,292
Operating Expenses—

35,077,885

34,085,419 30,951,540

Maint. of way & struc__ 5,
Maint. of equipment__
Traffic expenses_______
Transportation________ 14,1
Miscellaneous operations
General_______________
Transp. for Invest.-

Net earnings_________

26,972.032 26,680,854 25,737.089
8,348,332
8,397.031
9,897,260
23,702
25,226
11.417
1,569,734
1.788,318
- 2,185,104
6,803,595
7,686,930
6,548.596
749,022
955,068
651,718
1,612,883
1,591,662
361,037
k)
-

Gross income_______

Deduct—

Rents for leased roads. _
Miscellaneous rents.___
Miscell. tax accruals----Int. on funded debt___
Int. on unfunded debt—
Miscellaneous charges..

Additions to property

23,173,819
7,777,721
30,570
1,795.861

5,951,290
555,100
428.737

6,076,870
629.518

4,538,994
642,844

4,001.966
1.075,128

4,967,454
585,313

7,206,388

5,181,837

5,077,094

5.553.767

104.084
168.406
22,553
2,624,828
415,436
31,345

178,801
140,025
16,302
2,564,722
273,008
32,866

178,801
167.449
19,170
2,465,924
556,441
33,179

204,547
283,851
14.238
2,457.083
376,302
51,717

3,839,646
1,006,826
a2,022,668

1,976,114
2,969,208
13,731

1,656,559
4,560,762
64,575

1,165,028
6,323,138
402,652

Cr.544,340 Cr.481,064 Cr .438,468
Amount to credit of
profit and loss____
810,153 def.462,486 def2,488,144def4,122,294
a Chiefly writing off losses incurred In connection with the Long Island
Consolidated Electrical Companies, New York & Long Island Traction, &c.
For latest earnings, see "Railway Earnings Section” (issued monthly)..
OFFICERS.—Pres., W. W. Atterbury; V.-Pres., A. J. Co,unty and
George Le Boutllller; Sec., Eugene Wright; Treas., H. H. Lee. Office,
Pennsylvania Station, New York.—(V. 122, p. 2486.)
LOS ANGELES & SALT LAKE RR.—(See Map Union Pacific.'—
From Salt Lake City, Utah, to Los Angeles, on the Pacific Coast, 1,075 miles
of main line and branches; trackage rights, 132 m.: total operated Dec. 31
1925, 1,208 miles. Has steamship connection via Hawaiian Islands to
China, Japan and Manila. V. 81, p. 1551; V. 82, p. 1323; V. 91. p. 590.
Salt Lake City terminals, V. 76, p. 920, 1193, 1356: V. 77, p. 38, 148. 695;
V. 78, p. 1393; V. 79, p. 1024. Las Vegas & Tonopah RR., allied, runs
from Las Vegas, Neb., to Beatty, 119 miles. V. 81, p. 1175; V. 98, p. 1920.
Name changed from SaD Pedro Lot* Angeles A Mali Lake RH ip Aug.
1916. V. 103, p. 759. Valuation, V. 113, p. 1360; V. 121, p. 2153, 2871.
STOCK.—Auth., $25,000,000; par, $100; all issued, of which $12,500,000
is owned by Union Pacific RR. Co. and $12,500,000 by Oregon Short
Line RR. Co.
BONDS —The mortgage of 1911 Is for $70,000,000; $59,015,000 of the
$59,022,000 issued were held Dec. 31 1925 by the Union Pacific and Oregon
Short Line. V. 90. p. Ill; V. 94, p 124, 490, 699; V 96, p 1703;
V 98, p 1538. 1994; V 100, p 1833: V 101, p. 132.
For latest earnings, see "Railway Earnings Section” (issued monthly).
—(V. 120, p. 2008.)
LOUISIANA & ARKANSAS RY.—Owns from Hope, Ark., to Pineville
Junction, La., 192.89 miles, less 3.98 miles not operated, Packton to Wildsvllle Jc«., La., 53.32 m.; Minden, La., to Shreveport, 27.15 m. Leased:
Wildsville Jet. to Concordia Jet., 14.70 miles. Trackage: Concordia Jet.,
La., to Vidalia, La.. 8.92 miles, connecting to ferry across Mississippi with
Illinois Central and Mississippi Central; Tioga, La., to Alexandria, La,
7.24 miles; and on the St. Louis and Southwestern, near Shreveport, 2.01

78

[Vol. 122.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
IFor abbreviations, &c.. see notes on page 8]

Louisiana & Arkansas—Stock $5,000,000 authorized
First mortgage $7,000,000 gold (text)____ Q.xc*ftr
Equip certificates Series J due $6,000 semi-ann___
do
do
Series “K” due $4,000 s-a.__ O
Louisiana & North West RR—Underlying M gold_x
First mortgage $10,000,000 gold_______ MSt.xc*
Louisiana Ry & Nav—First M gold_____ xxx.F.c&r
Louisv Hend & St Louis—IstM $2,500,000gold.G.z
First Consol M $5,000,000 gold__________________
Louisv & Jeff Br & RR—$5,000,000 g gu p & i..xc*

Miles Date
Road Bonds

302
302 1902
1923
1924
35 1895
115 1905
334 1903
181 1896
181 1915
1895

Par
Value

Amount
Outstanding

$100 $5,000,000
1,000 2,851.000
1,000
84.000
72,000
1,000
1,000
100,000
1,000 2.069.000
1,000 10,361,000
50b 2,500,000
700,000
l'.OOO 4,500,000

Rate
%

6
5g
5g
41$
5g
5g
4g

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Septl5’ll IX %
<fe s Sept 1 1927
<fc D To June 15 1933
& IJ To Dec 15 1931
& .1 Jan 1 1945
& <) Apr 1 1935
ft .1 July 1 1953
& J July 1 1946
Oct 1 1965
M & s Mar 1 1945

M
J
J
J
A
.1
J

Checks mailed
Guaranty Trust Co, N Y
Guaranty Trust Co, N Y
Boody, McL & Co. N Y
Ch & P N B & Tr Co.N Y
See text
L & N RR Co. N Y
New York
J P Morgan & Co, N Y

miles. Rock Island Co. uses 45 miles, Winnfield, La., to Pineville, La.,
LOUISVILLE & NASHVILLE RR. CO.—(See Map.)—ROAD.—Oper­
under trackage contract, and St. Louis Southwestern passenger trains the ates main line. Cincinnati, O.. to New Orleans. La., and branches to St.
Louis. Memphis, &c., total, Dec. 31 1925. 5.038 miles, viz.:
Shreveport terminals under a 25-year lease. V. 93, p. 527.
Miles, j
Miles.
The I.-S. C. Commission has placed a tentative valuation of $7,528,150
Owned, property deeded_____ 4,490 Operated under contract______
38
on the company’s property as of June 30 1917.
DIVIDENDS.—1906 to 1909.3% y'ly; then to Sept. 15 1911. 2)4 % y’ly. Entire capital stock owned.__ 2281 Under trackage arrangements_ 142
Operated under lease_______ 1341
do
(owned but leased).
6
None since.
The I.-S. C. Commission has placed a tentative valuation of $321,169,838
BONDS.—The unissued first 5s (total limited to $7,000,000) are reserved
for betterments, equipment and extensions, of which $1,000,000 reserved on the total used property of the system, and $304,895,070 on the total
for bridges across Black and Red rivers, and the balance limited to $20,000 owned property, as of June 30 1917.
per mile of oompleted railroad. The entire amount Outstanding, but no
Control bv Atlantic Coast Line.—Late in 1902 the Atlantic Coast Line RR.
part, is subject to redemption at 110 and Interest on anv interest date. acquired $30,600,000 of the (then) $60,000,000 stock and owns $59,670,000
Annual sinking fund $75,000 per ann. to buy bonds at 110 and int., or under; of the present $117,000,000 stock. but the roads are operated Independently.
otherwise to be invested. $5,196,000 Issued; $2,851,000 in hands of public. 7 74 p 830. 1038: V 75 p 733 1399
See V. 101, p. 2071.
Joint lease of Carolina Clinchfield & Ohio RR.—see that company above.
Year ended Dec. 31 1925: Gross, $4,090,952;net oper, inc.,$1,005,516;
On Dec. 31 1925 the company owned $11,484,100 (a majority) of the
other inc., $72,342; Int., rentals, &c., $369,825; surplus, $708,033.
stock of the Nashville Chattanooga & St. Louis Ry.. of which $8,802,4C0
For latest earnings, see “Railway Earnings Section” (issued monthly).
was pledged under the unified mtge. and $2,680,700 was pledged under
Pres., W. J. Buchanan, Texarkana, Ark; V.-P. & Gen. Mgr., C. G. Lun- the 1st & ref. mtge.
day, Minden, La.; Treas., F. S. Carroll, Texarkana, Ark.—(V. 119, p.
DIVS. (- ’05-’07.1908. ’09. 10 to T4. ’15. T6. T7 to ’22. ’23. ’24 ’25. ’26.
2675.)
Percent.)- 6 y’ly
5)4 5)4
7 y’ly
5 6
7 yr’ly *6 5)4 6 6
LOUISIANA & NORTH WEST RR.—Owns Magnolia, Ark., to Natchl
Also in 1908 1% in Louisville Property Co. stock. V. 86, p. 229, 421.
toches. La.. 115 m.; trackage. Magnolia to McNeil, 6.4 m. On Aug.22
♦Also paid 62)4% in stock on May 7 1923.
913 Geo. W. Hunter, St. Louis, was appointed receiver. V. 97, p. 521. 595
Ir. Hunter resigned on Oct. 1 1920 and was succeeded by E. R. Bernstein.
STOCK AND BONDS.—The stockholders on July 23 1921 authorized
Shreveport, La.
(1) An increase in the capital stock from $72,000,000 to $125,000,000 and
The I.-S. O. Commission in Aug. 1921 authorized the receiver to abandon approved the issuance to the stockholders ratably as a stock dividend of so
that portion of the line extending from Chestnut to Natchitoches. 22 miles. much of the $53,000,000 increase as the I.-S. C. Comm, should authorize
to be so issued. (2) Approved the authorization. execution and issuance of
V. 113, p. 1053.
The road was purchased in March 1922 by O. N. Haskell. Chairman of the proposed First & Ref. Mtge. and bonds adopted at the annual meeting
Middle States Oil Corp., and in May 1922 the receiver was dismissed
April 6 1921. The I.-S. O. Commission on Feb. 24 1923 authorized the
Compare V. 114, p. 1187: V. 115, p. 74, 543.
company to issue $45,000,000 capita] stock which was distributed as a
The I.-S. O. Commission has placed a tentative valuation of $1,451,820 82)4% stock dividend on May 7 1923. Compare V. 116, p. 935, 1178.
on the owned and used property of the company as of June 30 1918.
The 1st & ref. mtge. covers as a direct first lien approximately 658 miles
Stock out, $2,300,000; par. $100. 1st 5s of 1905. V. 82. p. 628; V. 85
of road, as a second lien 2,656 miles, as a third lien 1,256 miles, and as a
p. 1462. Initial div. of 1)4% was paid Oct. 1 1922; same amount paid fourth lien 546 miles. Total mileage under mortgage by direct or collateral
lien 5,116 miles.
Quarterly to Jan. 2 1924.
REPORT.—For year ended Dec. 31 1925, showed: Gross, $722,384;
The 1st & refdg. mtge. covers as a first lien the company’s terminal
net, $252,850; other income, $14,210; int. and rentals, $166,632; bal., properties In St. Louis, subject to prior liens, the terminal properties and
surplus, $100,428.—(V. 122, p. 1759.)
shops in Evansville, Cincinnati, Knoxville, Louisville. Nashville. Paducah,
LOUISIANA RY. & N AVIQ ATION CO—Owns New Orleans to Shreve­ Montgomery, Birmingham, Pensacola, Mobile, New Orleans, Memphis
port, La., 303.41 miles; Aloha to Winnfield, 27.14 miles: total, 330.55 miles. and elsewhere. This mortgage closes all prior lien mortgages, including
the Unified Mtge. of 1890. and no prior lien mtge. matures before 1930.
Stock outstanding, $8,131,000; par, $100.
Under the terms of this mortgage, the issue of bonds for the acquisition
The I.-S. O. Commission has placed a final valuation of $10,796,479 on
of property and for additions and betterments in no event can exceed the
the owned and used properties of the company, as of June 30 1917.
Year End.
Oross.
Net.
Other Inc. Int.,Tar.,&c. Bal., Def. actual cost of the property to be placed under the mortgage. No bonds
Dec. 311925-$3,859,607 $418,587
$85,465
$923,387
$419,335 can be issued for equipment to an amount in excess of 80% of the cost there­
The authorized issue is limited to an amount which, together with
Dec. 311924. 4,144,232
187,074
88,638
976.907
701,195 of.
other then outstanding prior debt of the company, after deducting
Dec. 311923. 3,892,094
400,000
84,643
231,134 all
806,177
Dec. 311922- 3,604,118
422,908
16.089
438.996
407.863 therefrom bonds reserved to retire prior debt, shall never exceed three times
the par value of capital stock then outstanding. The Series A bonds are
Dec. 311921- 3.683,969
434,974
524,859
821.793 sur. 138.040 redeemable
as a whole only on Oct. 1 1936 or on any interest date there­
For latest earnings, see "Railway Earnings Section" (issued monthly).
Pres , Wm. Edenborn, New Orleans; V.-P Paul Sippel; Treas., Pau) after at 102 and int. The Series B bonds are redeemable as a whole only
on Oct. 1 1938. or on any interest date thereafter at 105 and int. The
Slppel, Shreveport: Sec., J. J. Tippln.—(V. 122, p. 1915.)
bonds are redeemable as a whole only on Oct. 1 1939. or on any
LOUISIANA WESTERN RR.—(See dap of Southern Pacific.)— Series Cdate
thereafter, at 105 and int. V. 113, p. 2720; V. 115, p. 1396;
Owns from Lafayette, La., to Sabine River, 105 miles; Abbeville to interest
V.
117,
p.
894; V. 119, p. 1064.
Mamou, 68 miles; Mallard Jet. to Lake Arthur, 34 miles; total, 208 miles.
“ Unified" mortgage. $75,000,000. of which $41.917.660 was reserved to re
Operated Independently. Southern Pacific owns all the $3,360,000
stock. The Inter-State Commerce Commission has placed a tentative valu­ tire all prior liens (none of the prior liens can be extended), the balance for
ation of $6,472,500 on the property of the company as of June 30 1918. Improvements, extensions (at tne rate of $32,000 per mile. Including equip­
Dividends: In 1905-06 and 1906-07, 10% yearly; in 1907-08, 85%; in ment), and for other purposes. The mortgage coven (besides 1,994 miles
1908-09. 20%: 1909-10 and 1910-11, 15%; 1911-12, 10%; 1912-13, 10%; of road and equipment), $26,473,606 stock of companies controlled and
1913-1914. 10%; 1914-15, 10%; 1915-16, 15%; 1917. 15%: 1918. 15%; $3,150 000 bonds free from any lien. See abstract of mortgage In V. 61.
1919.15%; 1920,15%: 1921,15%; 1922,15%; 1923 and 1924,15%. Year p. 613: also V. 72. p. 1034.1188; V. 77. p.968. In Dec. 1925. of $69,970,000
1924, gross, $4,197,086: net operating inc., $832,022; other inc., $95,126; issued. $5,000,000 were pledged as security for the 7% notes of 1930, $192,000 were in treasury and $18,000 in sinking funds.
deductions, $2,788; dividends, $504,000; bal., sur., $420,360.
For latest earnings, see “Railway Earnings Section” (issued monthly).—
Mobile A Montgomery—Louisville A Nashville Joint mortgage is for

S

(V. 113, p. 72.183.)

$5,000,000; $1,000,000 reserved for Improvements.

V. 61. p 196. 750.

LOUISVILLE HENDERSON & ST. LOUIS RY. CO.—ROAD.—
Kentucky Central 4e. V. 45. p. 372. Lewitib. A Nor., V. 101. p. 1272
Louisville to Henderson, Ky.. 143 miles (including 6 miles trackage); Irving­
A Nashville Terminal 4s.—Jointly guaranteed, prin. and Int.ton to Fordsville, Ky., 44 miles; L. ft N. trackage, Henderson, Ky., to byLouisville
L. ft N. and Nashv. O. ft 8t. L. V. 88, n. 1313. Oo. owns $101,000Evansville, Ind., 12 miles; total, 200 miles. Louisville ft Nashville on
The Louisville ft Nashville Southern Ry. Monon Collateral Joint Cold 4%
Dec. 31 1925 owned $1,702,800 of the $2,00,000 5% non-cum. pref. and bonds
are secured by $9,796,900 of the $10,500,000 Ohio. Indianapolis ft
$1,906,500 of the $2,000,000 com. (par $100). V. 94. p. 207; V. 95. p. 1274; Louisv.
common and $3,873,400 of the $5,000,000 pref. stock. V. 74, p.
V. 96. p. 653.
1138; V. 76, p. 693. Of the $15,500,000 Joint bonds $11,827,000 had teoi
In Oct. 1915 filed a $5,000,000 1st consol. M. bond, $2,710,000 reserved Issued
to
Dec. 31 1925. each company being liable for $5,913,600. but own­
to retire $2,500,000 1st M. 5s at maturity and $210,000 equipment bonds ing thereof
$15,500. leaving outstanding for each $5,898,000. The re­
maturing serially. $700,000 sold forthwith and $1,590,000 reserved for mainder is reserved
to acquire remaining “Monon” stock and for lmpts., ftc.
fixture extensions and additions. V. 103. p. 1882; V. 10l, p. 1370.
The
Atlanta
Knoxville ft Cincinnati division 4s ($50,000,000 authorized)
DIVIDENDS.—Initial dividend of 4% on the pref. stock was paid
Feb. 15 1924: same amount paid Feb. 16 1925; on Sept. 15 1925 and Feb. 15 cover 870 miles. Of the bonds, an equal amount were reserved to retire
1926 paid 2)4%. On common stock paid initial dividend of 2% on Sept.
15 1925. On Feb. 15 1926 paid 2%.
REPORT.—For cal. year 1925: Gross, $3,838,398; net oper. income,
is subject to prior lien of Unified mortgage. V. 80, p. 872; V. 84. p”.
$884,526; gross Income $927,848; deductions, $321,835; dividends, $180,000; miles,
1428; V. 92. p. 1178, 1311. 1565; V. 96. p. 716, 1022.
balance, $426,013.
The $3,500,000 Southeast & St. Louis Div. 1st Mtge. 6s were purchased
For latest earnings, see “Railway Earnings Section” (issued monthly).
maturity, March 1 1921, at office of J. P. Morgan & Co. In connection
Pres., R. N. Hudson; V.-P., W. L. Mapother; Sec. and Treas., Ridgely at
with this purchase there were issued $3,500,000 6% bonds due March 1
Cayce.—(V. 121, p. 1225.)
1971, but callable on and after March 11930 at 107 and int. The new bonds
LOUISVILLE & JEFFERSONVILLE BRIDOE & RR. CO.—One-half will be secured by a first mtge. on the So. East. & St. Louis Ry. property.
mile long; approaches 2 miles; overhead viaducts 1)4 miles, with connecting
Ofthe South & North Alabama RR. Gen. Consol. 5s ($25,000,000 autn.
lines in Louisville; 40 acres in Louisville and about 60 acres in Jeffersonville Issue), $7,400,000 have been sold, guar., prin. & int., by the L. ft N.;
Stock, $1,425,000; mtge. for $5,000,000; bonds for $500,000 are reserved $10,000,000 are reserved to retire the cons. 5s of 1886: remainder for im­
for future construction, ftc.; the bonds are guaranteed Jointly and severally provements, equipment, ftc. $3,391,000 are owned by company. V. 98.
by the Chesapeake & Ohio and Cleveland Cincinnati Chicago & St. Louis, in p. 454. 156. 1001.
whose interest the stock is owned, and any deficit is payable in the propor­
Lexington ft Eastern 5s were assumed in 1917 (authorized,$20,000,000).
tion of one-third and two-thirds respectively. Pres., A. P. Humphrey; 7. 101. p- 1272: V. 102, p. 1163: V. 104. p. 1489: V. 106, p. 296, 396.
Sec.. M. L. Akers; Treas.. R. N. Harry. See V. 60, p. 130; V. 61. p. 327.
The 7% notes of 1920 are secured by deposit of the following: $5,000,000
559; V. 62. p. 84—(V. 112, p. 562. 653 )
L. ft N. RR. Unified 4s of 1940; $5,000,000 L. ft N. RR.. Atl. Knox, ft Cin.




May, 1926.]




RAILWAY STOCKS AND BONDS

79

80

[Vol, 122.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, Ac., see notes on page 8]
Louisville & Nashville—Stock $125,000,000 auth..
First & Ref mtge Ser A red (text)_____ Us.zc*Ar*
do
do
Ser B red (text)____ Us.zc*Ar*
do
do
Ser O red (text)______ Us.zc*Ar*
LC& Lex Oen mtge gold (V 03, P 1010)----- Q.xc*
New Orl & Mob Div 1st M N O to Mobile g_.F.zc*
Second mortgage gold.____________________ xc
Southeast 4StL Div 1st mtge g call (text).. 1C.xc*
Second M gold East St Louis to Evansv & br.xc*
First M (50-year 5s) $15,000 per mile gold.. Us.xc*
First mtge collateral trust ($7,000,000) gold.-F.zc*
Unified mortgage for $75,000,000 g__ Ce.xc*Ar*
Mobile & Montgomery joint M $5,000,000 g.-Ce.xc
Nashv Flor & Sheff 1st M g assumed in 1900.-Ce.zc
Paducah & Mem Div 1st M $5,000,000 gold. Ba.xc*
Sou&Nor Ala cons M( V 97. p 1204, 1426)g gu Ce.xc*
Gen cons M $25,000,000 g guar------- Us.xc*Ar
Newp & Cln Br 1st M g s f assum gu by Penn Co. F.x
L & N—Southern Ry Monon Collat Joint M $15,500.000 (see text) call 105___________ G.xc*&r
Lexington & East 1st M $20,000,000 assum..N.yc*
Kentucky Central 1st M ($7,000,000) gold_.Mp.zc
Atlanta Knoxville & Northern 1st mtge gold..Ce.x
do
do
consol M gold $10,000 p m.Us.x
L & N—Atl K & C Div M $50.000,000.. Us.xc*Ar*
L & N Term M $3,000,000 gold guar jointly. Ba.xc*
Secured gold notes redeemable (see text).__ Ba.c*

do
Series D due$735.000annually..Us
do
Series E due $420,000 annually.. Us
do
do
do
do
_
L
Series F due $400,000 annually..Us
Lykens Vail RR & Coal Co—Stock—Rental pays 4%
Macon & Birmingham—First M $500,000g—OB.xc
Macon Dublin & Sav—1st M $1,840,000 g gu.N.xxc*
Macon Terminal—1st M $3,000,000 g gu.Col,c*Ar*

Miles Date
Road Bonds

Text
Text
Text
176
141
141
208
208
202
Text
179
105
254
202
202

213
247
228
228
870

20
97
93

b to | Also held in the treasury or by the trus tee, D
k $10
k to v Also In treasury December 31 1925;
, r $1,000; s $5,743,000; t $101,000; u $3,000; v $15. 862,00

1921
1921
1921
1881
1880
1880
1921
1881
1887
1888
1890
1895
1887
1896
1886
1913
1895

Amount
Outstandint

Rate

$100 117.Ooh.000
1 .000 Ac « 14 ", i 11, it
1.000 Ac yl6.000.00C
1.000 4.26*.000
1.000 b4.986.000

6
5)4
5g
4X
4)4
6g
6g
6g
3g
5g
5g
4g
4X
5g
4 g
5g
5g
4)4
4g
5g
4g
5g
4 g
4 g
4g
7g
6
6)4
4)4
5g
4
5g
5g
5g

Pa*
Valu.

1.000 Ac v 12,753.000

1,000

1,000
1,000
1,000
1,000
1,000 Ac
1.000
1.000
1.000
1.000

1.000 Ac
1,000

1.000.000

u3.497.00C
c2.997.000
d 1,749.000
e4,705.00C
f64.7C0.00C
4,000,000
k 1,996.000
kk4.619.00C
m9,292.000
n7.400.000
1,248.000

%

When
Payable

F
gA
A
gA
gM
J
J
M
M
M
M
J
PM
F
F
F
A
gJ

A
A
A
A
A
A
A
A
A
A
<&
A
&

A
A
A
A

A
O
()
o
N
J
J
8
8
N
N
J
8
A
A
A
()
J

J A J
1902 1,000 Ac o5,898.000
1,000 p7.870.000
A A O
1915
1.000 q6.700.000
J A J
1887
r999,000
1,000
J A D
1896
1 .000
g500,00C
M A 8
1902
M A N
1905 1,000 Ac s24.742.00C
1,000 t2,500.00C
J A 1)
1902
500 Ar 7.500.000
M A N
1920
J A. J 15
6.335.10(1
1920
1,000 7.350.000
1921
gM & 8
1,000 5.040.000
1922
g J A 1)
1,000 5.200.000
M A 8
1923
20
599.120
J A J
1.000
500.000
J & J
1896
1,000 1,529.000
J A J
1907
1,000 1,600,000
J A J
1915
ec. 31 1925. b $14,000; c $3,000; d $15,000.
0,000: kk $217 000; m $7n 8.000; n$ 3,391,00
0; w $ 1,862,00 0; y $1.82 9.000.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Aug 10 1926 3% 71 Broadway, New York
do
do
Apr 1 2003
do
do
Apr 1 2003
do
Apr 1 2003
do
do
Nov 1 1931
do
do
Jan 1 1930
do
do
do
Jan 1 1930
do
Mar 1 1971
do
do
do
Mar 1 1980
do
do
Mayl 1937
do
do
Nov 1 1931
do
July 1 1940
do
do
do
Septi 1945
do
Aug 1 1937
do
do
Feb 1 1946
do
do
Aug 1 1936
do
do
do
Oct 1 1963
do
July 1 1945
do

July 1 1952
Apr 1 1965
July 1 1987
Dec 1 1946
Mar 1 2002
Mayl 1955
Dec 1 1952
Mayl5 1930
To Jan 15 1935
To Mar 1 1936
To Dec 1 1937
To Sept 1 1938
Jan 1 1926 2%
July 1 1946
Jan 1 1947
July 1 1965

J P Morgan A Co, N Y
71 Broadway, New York
71 Broadway, New York
71 Broadway, New York
do
do
do
do
do
do
J P Morgan A Co. N Y

71 Broadway, New York
do
d° ad
do
do
Office Broad St Sta .Phila
No coupons'ever paid
New York Trust Co. N Y
Irv Bk-Col Tr Co, N Y

e $424,000: f$5 ,192,000;
g $780,000;
0; o $15,500; p $2,625,000; q $42,000;

DIVIDENDS— I ’04-’06. 1907. ’08-’10. 1911. 1912 to Oct. 1920’
On common stock__ 17 yearly
7X 8 yearly
714 6 yearly (114 Q-J)
No payments have been made on common stock since Oct. 1920.
'4
No divs. on nref. stock were paid from Dec. 1 1920 to Sept. 1 1924, both
Incl.; Dec. 1 1924 to June 1 1926 paid IX % quar.; on June 15 and Dec. 1
1925 paid 2J4% on each date, and on Jan. 15 and March 1 1926 paid 714%
on each date on account of accumulations, clearing up all accumulated divs.
BONDS.—The 1st A ref. mtge. is limited to $25,000,000; bonds are out­
standing as follows: $7,000,000 Series A 414%, $6,000,000 Series B 414%,
Calendar Years—
$
$
$
$___ $3,000,000 Series C 5% and $4,0 >0 '>00 Series D 6%. A first mortgage on
Operating revenues_____ 142,244,307 135,505,676 136,375,672 121,138.840 about 411 miles of road, including the line running from Portland to Bangor
Operating expenses_____ 108.402.256 107.126,897 109,865.090 99,604,496 and on entire stock of PortLnu Term. Co. V. 102, p. 97b, 1163, 1250;
Taxes, Ac_____________
7.081,932 6,224,746 6.564,310 4,723,948 V. 108. D. 480- V. 106, n. 1453, 1689.
Guarantees bonds and notes of Portland Terminal Co. See that company
Equipment trusts issued to Director-General for rolling stock allocated
26.760.119 22,154.033 19,946,272 16,810.396
793,925 to this company. See article on page 3.
726.871
137.341
178.500
REPORT.—For 1925, In V. 122, p. 2033, showed:
26,938.619 22.291,374 20.673.143 17.604.321
1925
1924
1923
1922
2.827.407 Total operating revenue. $20,070,587 $20 178.336 $21,192,264 $20,387,172
2,926,429
3,016,252
3,219.505
Total operating expenses 15.667.792 16,528.551 17,843,123 16,443,382
Total Income______
30.158.124 25.307,626 23,599,572 20.431.728
Net operating revenue $4,402,795 $3,649,785 $3,349,141 $3,943,790
9.833.709
11.457.413 11.174.833 10,100.637
Interest, rents, Ac___
1,184.180
1,216.286
1.182.489
1.180.447
5,040.000 Taxes accrued________
Dividends__________
5.850,000
7,020.000
7.020.000
4.950
Uncollectible
revenue
_____ 2.177
4,186
2,097
221,102
170.885
Sinking funds, Ac____
132,303
130,850
Railway oper. Income. $3,216,118 $2,428,548 $2,162,465* $2,761.245
Other
income
________
5.387.134
7,427,833
559.964
610.573
Surplus___________
479.722
11.548.408
6.981.943
166,233
V. 122, p. 1606.
Gross income_________ $3,776,102 $3,019,122 $2,642,187' $2,927 478
For latest earnings, see “Railway Earnings Section” (Issued monthly).
Interest, rents, Ac____
2,599,102
2,650,100
2.631,723
2,376,320
OFFICERS.—Chairman. Henry Walters; President, Whiteford R. Cole;
Net income__________ $1,177,000
$10,464* $551.158
$389,022
Exec. V.-P., George E. Evans: V.-P., Addison R. Smith, E. L. Smithers; Dividends
............................................................... 450.000
337,500
V.-P. A Gen. Counsel, Edw. S. Jouett: Treas., E. S. Locke; Sec., J. C.
Balance, surplus..
$727,000
$51,522
$10,464
$551,158
Michael. Gfflces, 71 Broadway, N. Y., and 9th St. & B’way, Louisville,
For latest earnings see “Railway Earnings Section” (issued monthly).
Ky.—V. 122, p. 2647.
OFFICERS.—Pres., Morris McDonald; V.-P. A Gen. Mgr., Dana O.
LYKENS VALLEY RR. & COAL CO.—Owns from Millersburg, Pa.,
to Williamstown. Pa., 20.43 miles. Was leased to Northern Central for 99 Douglass; Treas., L. M. Patterson; Compt.. Albert J. Raynes. Office.
years from July 1 1910: annual rental, $24,000 (equal to 4% on stock) 222-242 St. John St.. Portland. Me.—(V. 122, p. 2325.)
organization expenses and taxes. In 1920 operated by Penn. RR. Co
MANCHESTER & LAWRENCE RR.—See Boston A Maine RR.
under agreement of lease dated July 29 1914 (retroactive to Jan. 1 1911)
—V. 92. o. 527
MANILA RR. CO. (THE).—(Oauge 3 ft. 6 In.).—This company, Incor­
MACON A BIRMINGHAM RY.—Owns Sofkee Jet. to La Grange Ga.. porated in the P. I. In 1919, successor to company organized In New Jersey
In
1906, has taken over and ts operating the only steam road on the Island of
96 70 miles. 7 03 miles of G. S. A F. Ry. and 1.10 mile of C. of Ga. R»
between Sofkee and Macon operated under trackage rights. V. 101. Luzon. Philippine Islands. 550 milee (V. 88, p. 1313: V. 91. p. 215).
In operation Dec. 1924. 313.96 miles of Northern lines and 345.17 milon
p. 449. In 1908 a receiver was appointed: now Leon 8. Dure and R. K.
Hines. V. 86. p. 337. Operations ceased on Nov. 15 1922 bv order of the Southern lines. Additional mileage has been under construction.
In 1916-17 the Philippine Govt, purehased all the outstanding stock for
Superior Court of Bibb Countv. Ga. In year 1922, gross, $194,037: net,
der , $11,069; other Income, $1,175; Int., rentals, Ac., $65,626; bal., def., $4,000 000 cash. V.103. p 939, 1031: V 163. p 609.251.2166.
$75,520.
BONDS.—The Manila RR. (Southern Lines) 1st gold 4s of 1909, guar,
MACON DUBLIN & SAVANNAH RR. CO.—Owns road from Macon to as to int. by Philippine Govt, under Act of U. S. Congress, are limited to
Vidalia, Ga .91 93 nlles Stock S3.200,000 auth.; outstanding, $2,040.000 $30,000,000. Under a supplemental Indenture dated July 1 1916 holders of
obese bonds were offered the privilege of having due date extended to May 1
(par $100). Seaboard Air Line Ry guarantees bonds, prin. and Interest
1959, provided bonds then outstanding were presented to trustee for exten­
Bonds. Series 1506 to 1529 Incl., have clause “Federal Income tax. if an,
sion prior to Nov. 1 1918. $1,122,000 were extended. Acceptance is
on same Is to be paid by purchaser." V 89 p. 43: V 84 p 102 4«i
stamped
on each bond. A separate sinking fund was established sufficient
V. 106, p. 1126. For year 1924. gross, $718,186: net oper income, $136,856
to retire extended bonds by maturity. Interest on extended bonds is
other income, $4 720 int., rentals, Ac., $159,136: bal., def.. $17.56o
guaranteed by Philippine Government. The bonds are redeemable as a
Pres., S. Davies Warfield. Baltimore; Sec A Treas., Geo. M. Norwood
whole at any time at 110 or by lot for a sinking fund of X of 1 % yearly from
Macon, Ga.—(V 118, p. 1392.)
May 1 1919 to April 30 1928 and 1 % yearly thereafter. V. 91. p. 215. 276
MACON TERMINAL CO.—Building, tracks. Ac., at Macon, Ga., com
717. 1711: V. 93. p. 45: V. 104. p. lS01; V. 105, p. 1802, 189$.
leted and Is used by Central of Georgia, Georgia Southern A Florida and
In June 1917. under agreement of sale ratified Sept. » 1916. $4,330,000
outhern Ry (all lines entering Macon) which own the $100,000 stock and Northern
Lines First Mtge. 6% bonds aud $7,716,000 2d Mtge 7% bonds
guarantee the bonds prin and Int . bv endorsement. Rental on wheelagt were canceled as ol July 1 1916. In lieu thereof there were Issued $13 basis covers Int on bonds A all chges V 101 n l-8«.—rv 101. p. 1886.) 236.000 Manila RR. Co. Refunding Mtge 5% 40-year gold bonds dated
MAHONING COAL RR. CO. (THE).—Owns from Youngstown to July 1 1916. a first lien on the Northern Lines and. subject to the Southern
Andover, O., and branches. 71 miles. In December 1907 purchased a one- Lines First 4s. a lien on the Southern Lines The entire Issue is held and
oledged by the Manila Ry. Co. (1906). Ltd., as below stated.
half Interest in the Lake Erie A Eastern RR. In Youngstown, Ac.
Leased In perpetuity for «,.% of grosf. earnings to Loin snore ibow N Y
It was also arranged to apply not over £590.000 of the $4,000,000 pur­
chase price to payment of loans of Manila Ry. (the English co.), canceling
Central), which Dec. 31 1925 owned $894,650 com.and $661,367 pref. stock
cbe A A B deb. stock pledged therefor and so reducing the nominal Issues
» LATE DIVS.
I ’ll. ’12. ’13. T4. ’15-T9. ’20. ’21. ’22. ’23. ’24. ’25.
On common %)...[ 70 20 70 60 50 vrly 110 50 90 80 100 100 □fits deb. stock (and bonds) totheamounta theretofore sold. via.. £2.000 000
Also paid an extra div. of 60% In May 1920, 30% extra in Dec. 1922 and Class A 4% and £1,880,000 Clam B. the Interest rate on the latter being reluced from 4% to 3)4 % . The A and B Issues thus to be first and second
20% extra in ' <ec 1924. Paid in 1926: Peb. 1, 25%: May 1, 25%.
The 5% pref. stock guaranteed Is callable at par. See V. 107, p. 1579. charges. respectively, on the $13,236,000 new 1st M. 5% 40-year bonds of
cbe American co. and on about $2,000,000 Southern Lines 1st M. 4s. Ses
—(V. 122, p. 1165.)
<lso V. 102. p. 2166; V. 103. p. 145. 493. 1032: V. 103. p. 1888.
MAINE CENTRAL RR. CO.—Portland to Vanceboro. Maine, v1»
The 7% sinking fund bonds of 1922 are guaranteed prin. A Int. by the
Augusta. 261 miles duel, trackage Portland to Falmouth, 7 mi.); Royal Govt, of the Philippine Islands. There have been deposited with Chase
Jet. to Waterville, 72 m.; branches, Fairfield to Skowhegan, 16 m.; Bath to National Bank, New York, trustee, as security for the payment of the prin­
Lewiston and Farmington, 76 m.; Oakland to Kineo Sta., 93 m.; Portland cipal and Interest of this issue, $2,811,000 Manila RR. (Southern Lines)
and Rumford Falls System, 103 m.; Oquossoc to Kennebago, 11 m.; Bath to 1st Mtge. 4% gold bonds, due May 1 1939, guaranteed as to Interest by the
Rockland, cxcl. ferry <0 60 in.), 49 m.: Harmony, Foxcmft, Bucksport and Philippine Govt. The company has agreed to create and maintain a sink­
Mt. Desert, excl. ferry (7.7 m.), 108 m.; Washington County, 138 m.: Port­ ing fund for the redemption of the bonds at maturity, paying annual In­
land to St. Johusbury, Vt., 132 m., Incl. trackage, 0 11 m. St. Johnsbury stallments to the Chase National Bank, New York, trustee, sufficient to
Sta.. and 7.73 m. from Portland Union St. to Windham T.lne, Me.; Quebec (esl-e entire Issue by maturity. V. 115. p. 1210. 1429.
Jet., N. H., to Beecher Falls, Vt., 55 m.; total Jan. 2 1926, 1.121 miles,
REPORT.—Income account for fiscal years ended Dec. 31:
of which 645 owned 455 operated under leases and 21 trackage. Th>
In Pesos—
-----1925.
1924.
I.-S. C. Commission announced the tentative valuation of the road as of Total
railway operating revenues_______________
___ 11.400,165
..________
12,633,660
June 30 1916 »• $fil 091 384
Total
railway
operating
expenses
_______________
7,626,840
7,336,960
The company In Oct. 1925 Issued a notice to the effect that the lease to
the company by the Belfast A Moosehead Lake RR. of its railroad extending
Net revenue from railway operation___________- 5,006,820
4,063,205
from Burnham Jet., Me., to Belfast. Me., would terminate, and operation Total
taxes, accruals, Ac________________
145,046
130,229
of the road by the Maine Central would cease at midnight of Jan. 1 1926.
STOCK.—The stockholders In 1916 authorized retiring $10,000,001) o*
Railway operating Income___________________
.. 4,861,774
3,932,976
the outstanding stock and issuing In place thereof $3,000,000 5% non-voting Total non-operating Income______________
______
187.761
140.047
cum. pref. stock and $7 000.000 First A Ref. 20-year 414s. V 101. p. 923
1370. 1465 The common stock was thus reduced to $14,888,400 See
Gross income_______________________________ 5,049,535
4,073,023
bonds below. V. 101. p. 1628. 1714 The majority Interest In the stock Total deduction______________________________.. 2,653,298
2.653,298 2.737.845
formerly owned by the Boston A Maine was all disposed of In 1914-16
Appropriation of net Income for sinking fund purp_
i- 2,322.650
185,159
through the Maine Railways Companies, and trust woundup V. 98. p.
$12.1071; V. 102. p. 1250; V. 103. p. 1407.
Balance to profit and loss accounts.
73,587
1,150,019

Div. 4a ,955: $200,000 South & North Ala. RR. Consol, fia of 1936;
$3,000,000 South A North Ala. RR. Gen. Consol. 5s of 1963. Red. on and
after May 15 1923. all or part, at 100 and int. phis a premium of 1% for each
year or portion of a year from the date fixed for redemption to maturity.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1360. 1471.
Government loan. V 112, o. 1978.
REPORT.—For 1925, In V. 122, p. 2057. showed:
1925.
1924.
1923.
1922.

S




May, 1926.]

RAILROAD COMPANIES
[For abbreviations. Ac., see notes on page 81

Mahoning Coal RR—Stock Common______________
Preferred stock (see text)______________________
First M Youngs to And Ao guar o & 1 (end).-Un.zc
Maine Central—Com stock ($15.000.000)_________
Pref stock 5% nun non-voting. $9 000.000_______
1st A Ref M $25,000,000 call at 102 A int. Series A,
B, O and D._
. _____________________ c*Ar*
Maine Central Eur A No Am refunding mtge gold.z
Washington County 1st M g gu red_______ Ce.zc*
Somerset Ry Consol mortgage gold_____________ z
First and Refunding mtge $1,500,000 gold-.ABz
Equipment gold notes, due $79,000 annually ____
Equipment trust certificates due $40,000 s-a____ c*
do
do
due semt-ann________________ c*
Guaranteed Securities—

81

BAILWAY STOCKS AND BONDS

Portland A Ogdensburg stock (2% rental 999 yrs)..
1st M g uar prlu A lnt end (V. 86. o. 1285)_____ i
Dexter A Piscataquis stock 5% rental 999 years..
First M Dexter to Foxcroft guar by end____ BBz
Hereford Ry 1st mtge guar prin and Int (endorsed) z
European A Nor Am stk 5% rental 999 years_____
Upper Coos RR stock 6% rental 999 years______
1st M and Exten M ($693,000 4)48) guar p A I.z
Dexter A Newport stock 5%___ _____ __________
Eastern Maine stk 4 H % rental 999 years________
Portland Terminal Oo.— Portland A Rumford Falls
Manila—1st M Sou Lines g lnt gu s r red 110F_ xc* Ar*
do
do
sinkingfund______________
New 1st M A Ref on Nor Lines $13,236,000 ____Ce
Sinking fund bond*____
_____ _ _______ xxxc*
Manila Ry “A" debentures call 105_____________
do “B” debentures 4% reduced to 3)4%-Manistique & Lake Sup—Inc M 4% n-o $1,300,000 _z
Manist A N E—1st M g due 40M y’ly red text.CC.xo*
Manitou & Pike’s Peak Ry—1st M $500,000 g..F,xo*
Manitoulln & North Shore—See Algoma Eastern Ry..
Md & Del Coast Ry—1st (closed) mtg gred (text).__

Mile) Date
Road Bonds

71
71
63 1884
—

Amount
Outstanding

Par
Value

Rate
%

When
Payable

$50 $1,500,000 See text Q—F
50
661,367
J A J
5
1,000 1,500.000
5
J A J
100 al2.006.900
100 3.000,000 See text Q—M

Last Dividend Places Where interest and
and Maturity
Dividends are Payable

Mayl ’26 25% Grand Cent Term. N Y
Jan 2 ’26 2)4% Cent Union Tr Co. N Y
July 1 1934
do
do
Oct 1 1920 1)4 Office. Portland, Me
do
do
Junel 1926 1)4

1915 1.000 Ac 20.000,000 4)4 5 A 6 J A D Dec 1 1935
N Y, Boston A Portland
1.000 1,000.000
do
do
1893
4 g J A J Jan 21933
1904
1.000 2,213,000
N Y, Boston A Portland
3m g J do J Jan 1 1954
1900
600 Ac
172,500
4 g J A J2 July 2 1950
do
do
1905
1,000
do
do
864,000
4 g J A J July 1 1955
711,000
1920
6 g J A J 15 To Jan 15 1935 Guaranty Trust Co, N Y
1923
960.000
5)4 A A O Oct '26-Apr '38 State St Trust Oo, Boston
... 1924
1.000 1,168,000
5)4 J A D June’26-June’39 State St Tr Co, Boston
d
110
100 4.392.538
2
Q—F 28 May 31 '26 )4% Maine Cent Off. Portland
110 1908
1.000 2,119,000
N Y, Boston A Portland
4)4 MAN Nov 1 1928
17
100
122,000
J A J Jan 1926 2)4% Office, Dover. Me
5
17 1889
1.000
175,000
J A J July 1 1929
N Y. Boston A Portland
4
1,000
53 1890
800,000
4
MAN Mayl 1930
N Y, Boston A Portland
124
100 2.494.100
A A O Apr 1 1926 2)4 Treas office, Bangor, Me
5
55
100
350,000
MAN May 1926 3% Office, Portland, Me
6
500 Ac 1.043.000 4 A 4)4 MAN Mayl 1930
65 1890
N Y, Boston A Portland
14
100
122,000
J A J Jan 1926 2)4% Treasurer’s office, P’tl’d
5
100
19
200.000
4)4 MAN May 1926 2)4% Office, Rockland, Me
RR— and Rn mford Fa 11s A Rangel ey Lakes
See those romp antes
1909 $1,000 Ac $12,538,000
4 K MAN May 1 1939
Philippine Nat. Bk.
__ 1917 1,000 Ac 1 122,000
4
MAN May 1 1969
1916
1.000 13.236,000
6 g J A J July 1 1956
London
7
1 .000 1 500 '»'")
MAN May 1 1937
1922
Chase Nat Bank, N Y
£20 Ac £1 919 170
1906
J A J 15 Jan 15 1956
4
London
£20 Ac £1 365 478
1906
do
3)4 A A O 15 Jan 15 1956
1.000 1,100.000 Up to 4 MAS Aug 11934
Detroit
62.51 1909
1,000 1,132.000
text 1909
5 g J A J Jan 1919-1939 Jan 1919 prinAInt unpaid
1.000
9 1908
500.000
New York and Chicago
5 8 A A O Oct 1 1928

411
56
139
41
94

1924 100 A1000

300,000

6g

MAN Mayl 1944

Atl Ex Bk A Tr Co, Balt

a Also $2,881,500 held in treasury.
Note.—Values are expressed In Philippine currency: 1 peso equals 50 cent8
U. S. A. currency.
Pres., R. R. Hancock, Manila; Gen. Mgr., Jose Paez, Manila; non-resi­
dent Secretary, L. V. Carmack, Insular Bureau, Washington, D. O. Corp,
office. Manila. P. I.—N. 122, p. 2943.
MANILA RY. (1906). LTD—(V. 113. p. 731. 1053. 1471. 1675 )
MANISTEE & NORTHEASTERN RR.—Owns from Manistee, Mich., to
Traverse City, 71 m.; Solon to Provemont, 15 m.; Platte River to Empire,
Jet., 17 m.; other. 80 ra.: sidings and spurs, 53 m.; leased, 1 m.- operated
under contract. 6 m.: total, 243 miles. The Michigan Trust Co. of Grand
Rapids was appointed receiver Dec 28 1918, the road being unable to meet
prin. and Int. due Jan. 1 1919 on Its bonds. V. 108, p. 79, 268. In Sept.
1925 75 miles of road of Kalamazoo Lake Shore & Chicago Ry., formerly
operated by this company, were sold for scrap.
Bonds, see V. 88. p. 375, 823; V 90. p. 1363. Stock. $2,000,000.
Pres.. Edw Buckley. Manistee. Mich.—IV. 121. D 2517.)
MANISTIOUE & LAKE SUPERIOR RR.—Manistique, Mich., on Lake
Michigan, northerly to Doty, 38.47 m.; branches, and spurs, 24.29 m.
V. 81, p. 975: V. 87, p. 97. V. 89, p. 470. The I.-S. C. Commission has
placed a final valuation of $668,000 on the owned and used properties
of the company, as of June 30 1915. The Ann Arbor RR. in April 1911
acquired the entire *950,000 stock. V. 92, p. 1109. Bonds authorized,
$1,300,000 25-year 4% non-cum. incomes; outstanding, $1,100,000. For
cal. year 1925, gross, $140,579; net oper. def., $10,766; other income,
$30; deductions, $8,339; bal., def., $19,075. Chairman, W. H. Williams;
Pres., J. E. Taussig; V.-P., Sec. & Treas., J. O. Otteson; V.-P. & Gen.
Mgr., G. F. Blomeyer.
MANITOU & PIKE'S PEAK RY.—Manitou, Col., to summit of Pike’s
Peak. 8.9 miles: standard gauge Operated from April to November vrly
The I.-S. C. Commission has placed a tentative valuation of $368,741 on
the property of the company as of June 30 1918. Stock, $500.000; par of
shares, $100. Div., 40% paid in 1913-14; 1915, Sept., 10%; 1916-24, none.
For year end. Dec. 3l 1924, gross, $91,940; net oper. Income, $2,281; other
income, $900; int., $25,591; bal., def., $22,411. Pres., H. J. Holt, Mani­
tou, Colo.—(V. 122, p. 1606.)
MARYLAND & DFLAWARE COAST RY.—The railway runs from
West Denton, Md., to Lewes, Del., cutting across the Chesapeake Peninsula
for over 40 miles, with sidings and spur tracks. The railway also has
connection with the Pennsylvania System at West Denton by Love Point to
Baltimore, and Lewes, Del., to Rehoboth Beach, Del., with motor bus.
BONDS.—The 1st mtge. gold bonds of 1924 are redeemable after 5 years
at 102)4 and int. Beginning May 1 1929 and annually thereafter a sum
may be set aside sufficient to retire the entire bond issues upon date of
maturity, but the company nuty devote this sum at any time to purchase
bonds in the open market.—(V. 122, p. 745 )
MARYLAND DELAWARE & VIRGINIA RY.—See Baltimore *
Eastern RR. above and V. 120. p. 1199.
MARYLAND & PENNSYLVANIA RR—Baltimore, Md . to York. Pa .
77.17 miles; other mileage. 3-52.
STOCK AND RONDS —Stock authorized. $3,600,000, of which $1 997
500 reserved for future requirements. In 1902 the authorized issue of the
first 4s was reduced from $2,700,000 to $1,800,000, of which $203,000
are reserved to retire the York & Peach Bottom 5s and $100,000 additional
for future purposes. Ac. V. 74. p. 94, 427: V. 79, p. 2205. Maryland A
Pennsylvania Terminal guaranteed bonds. V. 82. p. 1041, 1102.
The co. in Sept. 1923 announced a plan whereby the holder of each
$1,000 1st income mtge. 4% gold bonds received $500 in new 6% 1st
consol, mtge. bonds and $500 In stock (par $100 per share).
Bonds have been or will be Issued under the new mtge. in amts, sufficient
to (a) Exchange for outstanding Income bonds; (6) cover the payment of
$300,000 10-^ear notes due Oct. 1 1923; (c) provide for capital expenditures
of the York Terminal Ry. Co. and Maryland & Pennsylvania Terminal Ry.:
(d) retire at maturity or purchase Maryland & Pennsylvania Terminal Ry.
1st mtge. 5s. due 1936; (e) retire at maturity the company’s 1st mtge. 4%
bonds, due 1951. and the $202,450 underlying bonds, due 1932: (f) provide
funds for future capital requirements Including (not to exceed 80% of the
cost of), additions to and betterments of the property subject to the mtge.
The Series A bonds will be dated as of Oct. 1 1923. will mature Oct. 1 1963.
will be redeemable at 105 (diminishing 1% per annum during the last five
years of the life of the bond) and will bear interest payable unconditionally
at the rate of 6% per annum. Compare V. 117, p. 1461; V. 118, p. 1392.
2179. 2573
REPORT.—Holders of income bonds received interest on April 1 1925
at the rate of $23 for each $1,000 bond, this being the first payment since
April 1 1914; on Arril 1 1926 received $10 for each $1,000 bond. For year
ending Dec. 31 1925. gross, $965,497; net, after taxes, $233,310; other in­
come, $11,080; interest and rentals, $143,991; balance, sur., $100,399.
Pres., O. H. Nance.—(V. 122, p. 1606.)
MASON CITY & FORT DODGE RR.—Owns road from Oelwein, la.;
to Council Bluffs. 260 miles; Hayfield, Minn., to Clarion, la.. 100 m ,
branch to Lehigh, 15 m.; trackage? Council B’tafifs to South Omaha, 8
miles: total 383 miles. The Chicago Great Western owns entire outstanong common stock ($19,205,400) and pref. stock ($13,635,752), and operates<the road as part of its main line to Omaha under a 100-year agreement
dated April 30 1901 and modified June 1904. M. C. & Ft. D. being credited
with 60% of earnings on business Interchanged. Compare Chicago Great
Western Ry and V. 73. p. 566, 616. 722: V. 77jP. 640; V. 78. p. 1782
V. 80. p 2621
Earnings Incl in those of O G. W. system. The Interest
due Dec. 1 1920 on the $12,000,000 1st M. 4s was paid by theO.G. W.
June 1 1921 and subsequent coupons were not paid because Interest was
unearned. Chicago Great Western 1- not liable for lnt. on these bonds unless
same is earned by the Mason City & Ft. Dodge RR. Compare V 111
p. 2228; V 112, p. 2305. A protective committee was formed in Dec.
1920 and called for deposit of bonds. Under agreement in Oct. 1922 with
the committee the $12,000,000 of bonds, with coupons payable June 1
1921 and thereafter, attached, are to be surrendered in exchange for $10,-




206,000 of Chicago Great Western 1st mt.ge. 4% bonds with coupons
payable Sept. 1 1924 and thereafter attached, and $3,240,000 of Chicago
Great Western pref. stock. As of Dec. 31 1925 all except $809,000 o the
bonds had been acquired, with the Interest coupon due June 1 1921 and
thereafter thereto attached in exchange for Chicago Great Western bonds
and pref. stock pursuant to the terms of said agreement. Compare V.
116, p. 76. 1649.
MASSAWIPPI VALLEY RY.—Province Line to Lenoxvllle, Quo., 34
miles, with branch, 3 m ; trackage to Sherbrooke, Qne.. 3 m.' total. 40 m.
Leased for 999 years from July 1 1870 to the Boston & Maine RR. Stock,
$800,000: par of shares, $100; dividends payable Feb. and Aug. 1. Divi­
dends. formerly 5% 6% since Jan. 1 1897. Of tbe stock. $400,000 owned
by tbe Conn. A Pass River is deposited under its mtge and $50,000 was
purchased in 1910 under its option at par.—(V. 92. p. 1108.)
McCLOUD RIVER RR.—Owns from Sisson, Calif., to Fall River Mills,
Calif., 60 miles. Stock, $1,200,000. Bonds ($1,200,000 auth.). Mercan­
tile Trust Co.. San Francisco, m^se. trustee. V 85. p. 1005. For year end­
ing Dec. 31 1925, gross. $590,584; net. $95,633; other Income. $31,088;
fixed charges, $96,491: bal., sur., $30,230. Pres., D. M. Swobe, San
Francisco.—(V. 85. p. 1005.)
MEADVILLE CONNEAUT LAKE & LINESVILLE.—Meadville to
Linesville, Pa., 20.54 miles; Lynces Junction to Conneaut Lake Park, Pa.,
1.07 miles; total, 21.61 miles. Leased to July 1 1990 to Pittsburgh Bessemer
A Lake Erie RR.; rental, 25% of gross earnings. Stock, $200,000: par, $50.
Dividends in 1913 to Apr. 1926,4% (2% A. A O.). For year end. Dec. 31
1924, gross, $29.581: net, $23,7/6; interest, $6,000; dividends (4%), $8,000;
balance, surplus, $9,776.—(V. 112, p. 2748.)
MEMPHIS UNION STATION CO.—Owns union passenger station at
Memphis, Tenn., used by Loulsv. * Nashv.; Nashv. Cbatt. A St. Louts,
Southern Ry. and by Missouri Pacific and St. Louis Southwestern, since
April 1 1912. Interest charges and expenses are apportioned among the
lines on the user basis. Stock. $100,000, owned equally by five roads
aamed. In Nov. 1909 made a mtge. to the Bankers Trust Co of N. Y„
as trustee, to secure an issue of $3,000,000 5% gold bonds, guar. Jointly
and severally by five roads named. V. 97. p. 1025; V. 93, p. 1324; V. 89,
p. 1411, 1542; V. 90, p. 236; V. 91, p. 94. Tbe I.-S. C. Commission has
placed a final valuation of $2,259,000 on the owned properties and $793,000
on the used but not owned properties of the company as of June 30 1916.
Pres., A. B. Scates, Memphis, Tenn.; Sec., R. M. Marr, Memphis, Tenn.
—(V. 121, p. 455.)
MERIDIAN & MEMPHIS RR.—Owns Meridian, Miss., to Union 32.19
miles, with terminals at Meridian. In Jan. 1918 tbe Gulf Mobile A
Northern (wbicb see) purchased the outstanding securities ($500,000 stock,
and $675,000 1st mtge bonds), and in 1923 the twe roads entered into an
operating contract. V. 116, p. 2388; V. 196. p. 296; V. 105, p. 2543;
V. 103. p. 1118. Pres. I. B. Tlgrett—(V. 116, ». 23««.)
MERIDIAN TERMINAL CO.—Owns passenger statiens at Merldlaa.
Miss., opened Sept. 1 1906, and used by Southern Ry.. Mobile A Ohio, New
Orleans & Northeastern RR., Ala. A Vleksburg and Ala Great Southern,
which own one-fifth each of tbe capital stook ($100,996) and guarantee the
bonds jointly and severally by endorsement; form. V. 8$. p. 961. Pres..
E. E. Norris; Treas., G. A. Cooke.—(V. 107. ». 1679.)
MEXICAN RY., LTD.—(V. 122, p. 1165.)
MEXICAN NORTHERN RY.—Owns from Escalon, Mexico, on the Mexi•an Central Ry. to Sierra Mojada, 83 miles, all steel. See V. 64, p. 619.
V. 108, p. 480
Bonds, see V. 88. p. 1437, 1500; V. 89, p. 104; V. 91. P. 1026.—(V.
103, p. 759; V. 107, p. 2098; V. 108. p. 489.)
MEXICO NORTH WESTERN RY.—Owns and controls 540M miles
Jiudad Juarez to Tabalaopa
I La Junta to Mlnaoa__________6.34
(Chihuahua)_____________475.781 Cumbre to Chulohupa (building) 5.08
»n A nton Io to Cuslhulrlaohlo 13.051
The company has leased 250.000 acres of timber land and owns over
3 (AX).000 acres of timber lands, with 2 mills at Madera with a capacity
of 175.000.000 ft. per year, and 2 mills at Pearson with a capacity of 250,000.000 rt. per year. Controls finishing. Ac., plant at El Paso. Tex.,
capacity 100,000.000 ft. per year. See V. 88. p. 749; V. 89, p. 348, 470:
V. 94. d. 1627; V. 96. p. 287.
Stock. $40,000,000 (par $100). of which $25,000,000 Issued.
BUNDS.—Present limit 1st M. 5s, £8,459,700;Issued, £5.600,000. V. 88.
p. 749; V. 93. p. 28. 1324, 1463; V. 95. p. 176; V. 97. p. 621. 695.
As to 6% cumulative convertible Income bonds, see V 04 p 1627.
The issue of 15-year prior-lien 6% bonds is limited to £2.500.000. secured
by a prior Hen on tbe entire property. Red. at 102)4 any time on 6 months*
notice. Trustee, Nat. Trust Co., Toronto, Ltd. V. 96. p. 285. 1229.
Tbe payment of coupons was deferred, owing to financial conditions In
Burope and Mexico. V. 99. p- 674.
The holders of the three classes of bonds of the company in Sept. 1923
were Invited to co-operate with a committee which has been formed In their
interest to take action in order to safeguard their position. The committee
is as follows: E. R. P~acock (Chairman), Loring C. Christie. H. Malcolm
Hubbard. J. H. Cliffo.d JoLnstoo, H. A. Vernet and R. Wallace. Com­
pare V.117, p. 1236. 1555: V. 118. p. 1665.
OFFICERS.—Pres, and Receiver. R. Home Smith; V.-P., Miller Lash,
L. R Hoard, O. W. Borrett; Sec. A Treas., R. H. Merry.—(V. 118,
p. 1665.)
MICHIGAN CENTRAL RR. CO. (THE).—(See Maps New York Central
Lines) —LINE OF ROAD.—Main line—Kensington to Detroit, 272 miles,
and Windsor to Suspension Bridge (Canada Southern), 381 m.; Branches
owned and leased. 1,11 • m.; trackage (III. Cent.) Into Chicago under per­
petual lease. 14 m.; other trackage, 85 m.; total Jan. 1 1925. 1,862 mues.
with 682 miles of 2d track, 18 miles of 3d and 4th track, and 1.584 miles

Chicago Kalamazoo A Saginaw Ry., Pavilion to Woodbury. Mich., 55 m..
Is controlled but operated independently. V 84, p. 50. Shareholders
votedJune 8 1916 to purchase 15 subsidiaries. Including all those mentioned

83

[Vol. 122.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
{For abbreviations. &c., see notes on page 8]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

40 1882
60 Ac
Maryland & Pennsylvania—York A Peach Bot
202,450
MAS Apr 1 1932
5
First mortgage $1,200,000 gold call at 105.MeRa.xc*
1.000
80 1901
897,000
M & S Meh 11951
4 g
Maryland A Pa Ter 1st M $200 (Mkiyvn red 110.
... 1906
1,000
200,000
6g M & N May 1 1936
Income bonds—1st cons mtge bonds—see text___
Mason City A H Dodge—1st M g........... .. ..Ce.xc&r
375 1905
1.000
809,000
4 g J & D June 1 1955
Massa wippi—Stock guar same dlv as Conn & Pass__
37
100
800 000
F & A Feb 1 1926 3%
6
... 1907
McCloud River—First mortgage $1.200,000.__
1.000
583.000
A & O Apr 1 1937
5
Memphis Union Station—1st M g guar _Ba.xc*r*
1913 l.OOOAc 2,500.000
5 g MAN Nov 1 1959
1.000
Meridian & Memphis RR—1st M 5800.000 red 105. _ 32.2 1913
67.S 000
5
J A .1 Jan 1 1943
Meridian Terminal—First M $250,000 g gu..Qxc*&r 3 27 1905 1,000 &c
250.000
4 g M & N May 1 1955
Mexican Central—Mexican International—See Nation al Rai i ways o f Mexico
100 3,000.000
Mexican Northern—Stock. $3,000.000------------------May 1 T3 1)4%
First mtge U 8 gold red 105 s f ext In 19O9.G.xc*Ar
1,000
83 1890
a708.000
6 g J A D Dec 1 1930
1913
Mex No West—Prior lien bonds £2.500.000 red 102 )4
£100 £1.671.000
6
1928
1909
1st M gold red text____________________________
£100 £5,600,000
5 g MAS Meh 1 1959
£750.000 Hp to 6 M & S15
Conv Income bds £1.000,000 6% cum red par s f.o*
— - 1912
£20 &e
100 c18736400 See text. J & J Jan 29 ’26 17)4
Michigan Central—Stock-------------------------------------Refunding & Impt Mtge 5100,000.000____________ 1,200 1917
First mortgage $18,000,000 gold________ Q.xc*&r
270 1902 1,000 Ac $18,000,000
3)4 e MAN May 1 1952
M C Michigan Air Line first mortgage___ Un.xc&r
115 1890 1.000 &r 2,600.000
J & J Jan 1 1940
4
171 1881
1.000 j 4,000.000 { 1
1st M on Det& Bay City___________________ Un.zc
M & S Meh 1 1931
do
do
bonds without coupons__ zr
171 1881 1,000 &c
Q—M Meh 11931
Debentures gold____________ _______ G.xc*&r*
1909 l.OOO&c 7.634.000
4 g A & O Apr 1 1929
M C new M on Gr RlvVal $4,500.000,g text.Gxc&r
84 1909
4 cr
1.500.000
M & S Sept 1 1959
M C first mortgage on Kalamazoo &S Haven.xUn.r
39 1889 1,000 &c
700,000
5
M & N Nov 1 1939
Mich Cent 1st M on Jack Lans & Saginaw g _.xc*&r
l,00(i v 1.695.000
379 1901
3)4 g M & S Sept 1 1951
M C 1st M on Joliet & Nor Indiana $3,000,000 g x
46 1907 ___
1,500 000
4 8 J * J 10 July 10 1957
1.000 1,800.000
Equip. Tr. 54,500,000 (5300,000 annually) gu gyc*
... 1915
5 g A A O Oct ’26-Oct 30
Mich Cent Eq Trust, due 5000,000 ann
G.c*Ar
... 1917 1,000 Ac 4 000.000
MAS To Sept 1 ’32
6
do
do
due 5346 400 ann. -------------- Q
1920
3,117,600
6
J A J15 To Jan 15 1935
1920
NYC RR Co equip trust cert due 5467,665 ann_
4,208.985
7
A A 015 To Apr 15 1935
__ 1922
do
do
4,849.000
J A D Tune 11937
5
__ 1922
do
do
663.000
4)4 MAS Sept 1 1037
do
do
... 1923
J & D June 1 1938
8,848.000
5
5
do
do
1924
J & D To J’ne 1 1939
3,495,000
do
do
... 1924
2,595,000
4)4 MAS 15 To Sept 15 1939
a Exclusive of $73,000 held by sinking fund,
COf which 517,776, 700 held by NY Cen tral RR Co.
y 5305.000 purchased and retired by Land Grant Truste 68.

In bond table at head of page except Detroit River Tunnel Co. V. 102.
p. 2254. Has considerable interest in Indiana Harbor Belt RR. See that
co. and V. 106, p. 2018.
Third-rail electric Detroit River Tunnel. 2.72 m. long, is leased for 999
years. V. 90. p. 710: V. 91. p. 276: V. 92, p. 1499: V. 98, p. 236.
The I.-S. C. Commission has placed a tentative valuation of 5130,858,402
on the total owned and 5150,703,973 on the total used property of the com­
pany as of June 30 1918.
CONTROL.—The N. Y. Central RR. Co. on Dec. 31 1925 owned
517 ,907,700 of the 518,736.400 stock issued. See that co.’s statement (also
V. 93, p. 1787: V. 96, p. 1424. for proposition looking to ultimate merger
LATE DIVS.— J ’05 ’06 07 ’08. ,09-’14. 1915to’21. ’22. ’23. ’24. ’25.
Per cent________ 14 y'ly 5 8
6 6 y’ly 4% yrly. 8 20 20 20
Paid in 1926: Jan. 29, 10% and 7)4% extra.
BONDS —The 5100.000.000 Refunding St Improvement mortgage o{
1916. covers about 1,200 miles of directly owned road, also leaseholds
Ac. The new bonds will be Issued In series, all equally secured and aboui
540.000,000 thereof will be reserved to provide for refunding the unde;
lying bonds shown In table above, after 510.000.000 of the new bonds havt
been Issued for other than refunding purposes, bonds thereafter put out
under the mortgage for additions and improvements must not exceed 70%
of the cost of such outlays. The debentures of 1909 are secured by th?
new mortgage on a parity with the bonds Issued thereunder. V. 104 p. 1600
On Dec. 31 1924 56.171.000 Series A and 5507,000 Series B bonds had
been nominally Issued and were held by or for the company.
Battle Creek & Sturgis bonds for 5500.000, but of this 579,000 was sub
guaranteed by the Lake Shore A Michigan Southern (now merged Int'
the New York Central). 7 miles, being operated by that company.
Asto3Hsof 1902, see V. 74, p. 728: V. 76, p. 102; V. 83, p. 1229. Flr-t
4a on Joliet St North. Ind.. see V. 84. o. 1367: 1428: V. 100. p. 556. 642.
Toledo Canada So. & Del. 4s. V. 104, p. 1600: V. 82. p. 930; V. 85. p. 406
In April 1909 an issue of $25,000,000 4 % 20-year debentures was author­
ised. Of the $4,500,000 authorized 4s on Grand River Valley RR..
51,500,000 are reserved for double-tracking, Ac., and $1,500,000 for futurr
requirements. V. 88, p. 945, 1002, 1061. 1254; V. 90. p. 1554; V. 89
p. 170; V. 90. p. 627.
As to guaranteed bonds, see Canada Southern and Detroit River Tunnel
Equipment bonds of 1915, see V. 103. p. i45; V. 102. p. 1447Michigan Central RR. Equipment Trust of 1917. V. 104, p. 1794. In
Mar. 1919 the 57,800,000 unmatured certificates were plated as 6 per cents
See V. 108, p. 97$; V. 106, p. 2018.
Jointly with four other roads, covenants to pay New York Central Lines
552,369,151 car trusts of 1920, 1922, 1923 and 1924, the company’s share
of equip, trusts outstanding being as shown in table at head of page.
Equipment trusts issued to Director-General for rolling stock allocat­
ed to this company. See article on page 3 and V. 113, p. 1471.
« Government loan. V. Ill, p. 2520; V. 112, p. 162.
REPORT.—For 1925, in V. 122, p. 1447, showed:
Years ending Dec. 31— 1925.
1924.
1923.
1922.
Railroad revenues______ 591,864,377 587,614,662 594,798,042 583,426.407
Net from operations____ 29,971,338 25,455,138 27,158,510 23,850,050
Gross income__________ 25,292,987 20,122,325 20,751,012 19,359,468
Rentals leased lines_____ 2,735,142
2,734,782 2,736,748 2,736,021
Interest on bonds, Ac..- 3,721,899
3,725,042 3,796,748 3,833,858
Other rents & miscell___
29,750
34,966
41,365 Cr.28,682
Dividends____________ 5,152,510
3,747,280
3,747,280 2,623,096
Balance, surplus.......... 513.653,684 59,880,254 510,429,168 510,195,175
For latest earnings, see “Railway Earnings Section” (issued monthly).—
(V. 122, p. 2187.)
MIDDLETOWN & UNIONVILLE RR—Middletown, N. Y., to N. Y
8. St W. June., N. Y., 14.03 miles. Has an agreement with the N. Y. Ont
St Western Ry. for the use in perpetuity both of the terminal in Middletown
and of the mile of track used in entering that city.
Reorganization in 1913 (V. 97, p. 887) of Middletown Unionville St
Water Gap RR., foreclosed. Cap. stock, 5160,000. Adjustment mortgage
coupons nave been paid as follows: Nov. 1915, 1%; May 1916 to Nov.
1917. 2% semi-annually; May 1918 (for 6 mos. ending Oct. 1917), 4%:
full 6% paid on income bonds in 1918; Nov. 1 1919 to May 1 1926 paid 3%
semi-annually.
For year ending Dec. 31 1925, gross, $167,997; net oper. income, 549,192:
other income, $1,535; int. rentals, Ac., $35,480; com. divs., $4,470; bal.,
sur., $12,027. Pres., G. T. Townsend; V.-P. A Gen. Mgr., J. A. Smith;
Sec., Frank H. Finn; Treas., R. H. Clark.—(V. 115, p. 1837.)
MIDI RR. CO. (Compagnie des Chemins de Fer du Midi.)—The
Midi RR. Co. system includes 4,139 kilometers of line (about 2,568 miles),
forming the only railroad connection between Spain and Continental Europe.
ORGANIZATION.—Organized in 1852; assumed present title in 1898.
CAPITAL STOCK.—125,000,000 francs, divided into 250,000 shares of
500 francs each. Of this amount 24,646,500 francs had been called for
redemption up to Dec. 31 1923, leaving outstanding 100,353,500 francs.
DIVIDENDS.—An annual distribution of 10% per annum has been paid
on the capital stock since 1883 (see Government guarantee).
BONDED DEBT.—On Dec. 31 1923 bonded debt of co. was as follows;
Par Value of Out­
standing Bonds.
3% bonds 1884-1957_______________________ ________ Frs.2,106,919,000
2)4% bonds 1897-1957________________ ______________
111,126,000
4% bonds 1914-1960_________________
186,450,009
5% bonds 1920-1960_________________
193,200,000
6% bonds 1920-1960..................... .......................... ................ f
251,880,500
]
047,484,000
I
68,950,000
3% bonds 1921-1982_____
118,773.500
6% bonds 1921-1982_________________________
446,397,500
6% 10-year notes___________________________
145,401,000
a American issue of 1920. 6 Sterling, London issue of 1922.




See Tie. A Tr .Co. York,Pa
Alex Brown A Sons, Balt
Alex Brown A Sons, Balt
See text
Sate Dep & Tr Co, Bost
Mercantile Tr Co, San Fr
Bankers TruNt Co, N Y
MercUTCo.Jack’n.Tem?
Guaranty Trust Co, N I
Office, 82 Beaver St, N Y
do
do
Sept 191.4 coup deferred
Sept T3 coup deferred
Grand Cent Term’l, N Y

Reg at G C T; op at G Tr
Cent Union Tr Co, N Y
do
do
Grand Central Term, NT
do
do
do
do
do
do
Reg at G C T; cp at G Tr
Guaranty Trust Co, N Y
New York and Phila
Guaranty Trust Co, N Y
do
do
do
do

do

do

Of the 6% bonds, 50,000,000 francs were offered in Oct. 1920 by A. Iselin
A Co., New York. The same firm also offered 25,000,000 francs 6% bonds,
issue of 1920, in March 1921. V. 114, p. 1063- These bonds are redeemable
at par by annual drawings, in accordance with the amortization schedule
printed on the bonds, in amounts sufficient to retire the entire issue by 1960,
the company reserving the right to Increase the amount to be redeemed in
any year. Convertible at any time into an equal principal amount of 6%
French bonds, listed on the Paris Bourse, but subject to French taxes.
Principal and interest (J. & D.) payable at the office of A. Iselin & Co.,
36 Wall St., New York, without deduction for any French taxes, present
or future, if held by non-residents of France. Compare V. Ill, p. 1472.
No mortgage has been issued on any part of the property, all bonds rank
equal and are a direct obligation of the company (see Govt, guarantee).
Government Guarantee.—By an agreement between the company and
the French Govt., approved by a law enacted Nov. 20 1883, it is provided
that if in any year, prior to Dec. 31 1960, the end of the concession of the
company, the net income of the company is not sufficient to cover the
Interest on, and the amortization of, its bonded debt, and to make a dis­
tribution of 12,500,000 francs on its capital stock (at the rate of 50 francs
per share of 500 francs), the French Govt, will provide the company with
the amounts necessary to make up the deficiency, any amounts so advanced
to be repaid with interest at the rate of 4% per ann. (3% since 1896 in ac­
cordance with the agreement in connection with the transfer to the Govt,
of the two canals mentioned above) out of any surplus net income of the
company remaining after making distribution of 10% on its capital stock,
and that if at any time prior to the end of the concession the Govt, shall re­
purchase the company’s property and take over the operation of its railroad,
the Govt, will pay to the company annuities not less than the aggregate
amount required for interest on, and amortization of, its bonded debt, and
for making a distribution of 12,500,000 francs on its capital stock.
New Convention.—See Paris-Lyons-Mediterranean RR. below.
EARNINGS.—(Figures given are per 1,000 francs?.
Year—
1910.
19151918.
1921.
1922.
1923.
Operating receipts____ 128.505 135,313 184,496 420,136 442,982 475,916
Operating expenses___ 70.294 81,615 160,247496,337 457,785 451,211
Net operating income. _ 58,210 53,698
24,249 76,201 -14,802 24,705
Fixed charges, Ac____ 51,961
58,605
60,058 109,699 141,579 142,963
10% dividend on stock. 12,500 12,500
12,500 12,500 12,500 12,500
Advances made by Govt,
under agreement with
the Government.__ 6,260 17,407 48,309
OFFICERS.—Ch. Verge, Pres.; Comte Louis de Segur, Etienne Mallet,
Jules Cambon, V.-Ps.; Marcel Peschaud, Sec.; O. Mange, Mgr., Paris.
France.—(V. 121, p. 2748.)

MIDLAND VALLEY RR. CO.—Owns and operates from Excelsior’
Ark., south to Hoye, Ark., and north to Fidelity, Ark.; also from Excelsior
west to Silverdale, Kan., and from Jenks, Okla., to Glenpool, Okla.. a total
of 306.17 miles; also operates under trackage from Rock Island, Ark., to
Ft. Smith, 16 m., and Silverdale to Arkansas City, Kan.,-9 m.; leases
Wichita & Midland Valley RR., Arkansas City to Wichita, 51 miles, for
50 years from July 29 1910, for 25% of the gross earnings (and any de­
ficiency necessary to meet the bond Interest and taxes;) total owned or
controlled and operated. 459 miles (V. 121, p. 195 )
The I.-S. C. Commission has placed a tentative valuation of $10,750,000
on the total owned, and $11,725,185 on the total used properties of the
company, as of June 30 1919.
ORGANIZ’N.—In 1913 readjusted without foreclosure. V. 96- p. 554.
STOCK.—Auth.. common. $16,000,000; pref.. 55.000.000: outstanding
$4,006,500 common and 53,999,250 5% pref. (prin. St dlv.); par $50. The
voting trustees decided to terminate the voting trust on May 10 191,8
The pref. stock is redeemable at par on any dlv. date after July 11916 on 30
days notice. An Initial div. of 2)4% on the pref. stock was paid June 1
1923; same amount paid semi-annually to June 1 1926. On common,
paid initial dividend of 2)4 % on April 15 1925; same amount paid Oct. 15
1925 and April 15 1926.
The stockholders in Sept. 1925 were given the privilege of subscribing
to 40,000 shares (no par value) at 550 per share to the extent of 16 X % of
their holdings to the stock of the Muskogee Company. The latter company,
incorporated under the laws of Delaware, was organized as a holding
company to own a controlling interest in the securities of the Kansas
Oklahoma & Gulf Ry., upon its reorganization and foreclosure. V. 121,
p. 1225.
On Feb. 20 1926 paid a stock dividend on the common stock, payable in
stock of the Bird Creek Co. to common stockholders of record Feb. 15 1926,
on the basis of one Bird Creek share for each share of Midland common
stock held.
BONDS.—The first 6s and adjustment M. (Income) 6s, issued per plan
V. 96, p. 554, are a first and second lien, respectively, on (1) the entire
property; (2) the leasehold interest in the Wichita A Midland Valley RR.
and all the $1,025,000 1st M. bonds of the latter and 5460,000 of its 5503,300
common stock; (3) Sebastian County Coal & Mining Co. bonds, $1,241,500,
and stock, $250,000 (being total outstanding issue of both securities),
owning about 18,500 acres of semi-anthracite coal lands. Of the 1st 5s,
55,000,000 have been issued on account of retirement of outstanding
bonds and other indebtedness and improvements, &c., of the remaining
$10,000,000 reserved for 85% of the cost of lmpts.. extens, Ac., under
careful restrictions. Issued, 56,715,000, of which 56,315,000 are out•landing and $400,000 are In treasury. See V. 96, p. 1423,1489.
The interest on the adjustment M. bonds is to be paid annually, if earned
The $3,512,500 Series A bonds have priority both as to Hen and
payment of interest over the 52,000.000 Series B bonds.
For the year ended June 30 1917 3% was earned and paid on Sept. 1
on adjustment mtge. Series A bonds; 4% interest was declared payable
Sept. 1 1918 for the year ended June 30 1918 but same was not made untl.

May, 1926.]

83

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations. Ac., see notes on page 8]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

Michigan Central (Concl.)—
Bay City & Battle Cr 1st M g gu p & 1 end.Mp.zc*
$1,000
$19,000
18 1889
3g
1,000
Battle Cr & Sturgis 1st M g guar p & 1 end.Mp.zc*
41 1889
X421.000
3g
TolCanSo&Det lstMS4,500,000 g gu (end)G.xo*&r.
59 1906 l.OOO&c 3.100.000
4g
Detroit Riv Tunnel Oo See that company
100 &c
190.000
Middletown & Union* RR—1st M $500,000.. Ba.y
14 1913
6g
250,000
Second M
non-cum adjust Inc bonds red par..y
1913
Midi Railroad Co—See text
1.000 6.315.000
Midland Vai RR—1st M g red 102)4 beg 16 QPxc*
306 1913
5g
Adjustment mtge (2d Income) gold red par FP.xc*
306 1913 500-1000 5 500,150 Op to5%
__ 1911
1.000 pledged
Wichita & Midland Val 1st M g gu red par____ xr
5g
25
10
Mill Creek & Mine Hili Navigation & RR—Stock.—
323,375
Milwaukee Lake Shore & Western—Mil waukee Sparta & Nor th Wes tern —Sr e Chioago & North W
Milwaukee & Northern—See Chicago Milwaukee & St Paul
50 4,210,200
Mine Hill & Schuylkill Haven—Stock (6% rental) —
37
5H
450,000
1,000
26 1905
Mineral Point & Northern—1st M $450,000 gold -F.x
5g
16 1891
500 &c
593.000 4 g & 5 g
Mineral Range—Consol mtge (text) gold red at 105.zc
100.000 1,000,000
General mtge Interest guar by Canadian Paclflo.Fz
69 1901
4 g
1,000
32-5.000
Hancock & Cal cons mtge gold red at 105 assum ?
29 1891
5g
100 25.792 600
MInneap & St L—Stock, all of one class. $26,000,000
Receiver’s certificates____ ______ _______________
1,350.000
1925
5)4
Receiver’s certificates__________________________
5
1925
600,000
O00 &r
First mtge Merriam June to Albert Lea g. . F.zc*
109 1877
950.000
7g
1,000 5.282,000
First Consol Molosed M g (V 59. p 1145) -N.xc*&i
355 1894
5g
3
072.000
1.000
Dee Moines & Ft Dodge gold guar p & k.Ce.xc*&r
1905
4g
1,000 13.214.000
First & Ref M $13,244,000 gold ($18,000 p m). .Cex
770 1899
4K
Refund and Exten M $75,000,000 g red 105.Gxc*&r* 1,517 1912 1.000 fee 4,004.956
5g
170.000
1,000
Eq Tr Ser E due $170,000 yly Feb 1 call 102 H -PePc
1917
5
Equipment trusts, Director-General of Railroads.
907,200
6
1920
1,000 7.650.095
Iowa Central 1st M 6 (V 49, p 582)_________Me.zo*
602 1888
5g
1st Ref mtge $25,000,000 g (see text).Un.xc*&r
1,000 7.150.000
540 1901
4 g
Hock Coal Co 1st M $600 000 gu red 105 sf_ Em.xc*
88 000
1.000
1912
6g
U 8 Govt Federal control settlement_____________
625.000
Equip notes National Ry Service Corp___________
1,114,515
1921
United States Govt 10-year loan________________
1921
1.382,000
6

When
Payable

Last Dividend Places Where Interest an6
Dividends are Payable
and Maturity

j

& d Dec 1 1989
J&D Deo 1 1989
J&J Jan 1 1956

Cent Union Tr Co, N Y
do
do
Grand Centra) Term, N T

MAN Nov 1 1933
M&N Nov 1 1933

Empire Trust Jo, N Y
Bankers Trust Oo, N Y

New York and Phila
See text
Office. Philadelphia. Pa
peading Term, Phila, Pa

A&O
Sept. 1
A&O
J&J
estern

Apr
Apr
lan
Jan

F&A
M&N
J&J
I & J
J&J

Feb 1 1926 2)4 Office 119 S 4th St, Phila
Farmers L & Tr Co. N Y
See text
64 Wall St. New York
Tan 1 1931
All owned by Can Pacific
Jan 1 1951
64 Wall St. New York
Jan 1 1931

1 & D
M&N
r & j
M&S
Q—F
F&A
.1 & J 15
J&D
M&S
I & J

lune 1 1927
Nov 1 1934
Jan 1 1935
Meh 1 1949
Feb 1 1962
To Feb 1 1927
To Jan 15 1935
June 1 1938
Moh 1 1951
July 1 1932
Mar 1 1930

11943
1 1953
1 1931
1926 5%

June’25 lnt.pd.In Sept’25
May 1924 interest unpaid
July 1924 interest unpaid
Sept 1923 interest unpaid
Aug 1923 interest unpaid
25 Broad St, New York
25 Broad St New York
June 1924 interest unpaid
Sept 1923 interest unpaid
25 Broad St. New York

A&O Apr 11931

x An additional $79,000 is guar by N Y Central RR.

Oct. 2 1918 on account of funds of comp, being under Government control
3% interest was declared, payable Sept. 1 1919, for year ended June 30
1919; 3% was declared for the year ended June 30 1920, payable Sept. 1
1920; Sept. 1 1921 to Sept. 1 1925 paid each year 5% on Series A ana B
bonds.
REPORT.—For 1925, gross, $4,382,168; net oper. income, $1,190,359;
other income, $185,033; int., rentals. &c.. $703,669; pref. div., $199,962;
common div., $200,325; bal., sur., $271,436.
For latest earnings, see “Railway Earnings Section” (Issued monthly).
Pres., O. E. Ingersoll; Sec. & Treas., J. R. K. Delany. Office, Lafay­
ette Building, Philadelphia.—(V. 122 p. 880.)

In Oct. 1924 the following committee was formed for the protection of
the interests of the holders of the Merriam Junction-Albert Lea 1st mtge.
bonds, due June 1 1927: Samuel Sloan. Beekman Winthrop, Lewis B.
Curtis, with P. C. Beardslee. Sec.. 22 William St., New York, and Farmers
Loan & Trust Co., N. V., depositary. V. 119, p. 2061.
In Dec. 1924 the following committee was formed for the protection of
the interests of the holders of Iowa Central 1st mtge. 5% bonds due
June 1 1938: George E. Roosevelt (Roosevelt & Son) Chairman; William
C. Quarles (Finance Committee, Northwestern Mutual Life Insurance Co.);
Daniel J. Glazier (Treas. Hartford Fire Insurance Co.): R. G. Page (Bank­
ers Trust Co.) with Hal var Utvik, Sec., 31 Nassau St., New York, and Root,
Clark, Buckner & Howland, Counsel, Bankers Trust Co.. New York,
depositary.
MILLCREEK & MINE HILL NAVIGATION & RR.—Mill Creek Jot. to
Stockholders'' Committee.—A stockholders’ committee has also been formed
Broad Mountain. Pa., 3.95 m.; branches. 1.92 m.; second track, 3.71 m., consisting
of Pierpont W. Davis, Chairman; W. P. Hawley, W. B. Davids.
total track. 59.99 m. Leased in 1861 for 999 years to Phila. & Reading RR., 8. B. November
and Chas. E. Graham, with James McLean, Sec’y, 55 Wall
lease assumed in 1896 by Phila. & Reading Railway, rental, $33,000 & taxes
St., New York, and Marcus L. Bell, counsel, 25 Broad St., New York.
The National City Bank of New York, depositary, 55 Wall St., New York.
MINE HILL & SCHUYLKILL HAVEN RR—From Schuylkill Haven to V.
117, p. 554. 1884; V. 121, p. 2035.
Ashland and Enterprise Jet., 36.72 m.; 2d track, 20.60 m.; total traok,
130.40 m. In 1897 rental reduced to 6% on stock under new lease for 999
STOCK.—See table at head of page.
years from Jan. 1 1897 to Phila fc Read. Ry. Co.; 2 M% Is paid In Feb. and
DIVIDS.
1 ’97. '98. ’99. ’00. ’01. ’02. ’03. ’04. ’05 to Jan.'lO.
3% In Aug., )4% being deducted for taxes.—(V. 115. p. 2379.)
Preferred____ ) 3
3 X 4 )4 5
5
5
5
5
5 yearly
None
1X 4
5
5
2X
0
since
MINERAL POINT & NORTHERN RY.—Highland to Highland Jet . Common_____ j-----None---Wis., 26.4 miles: trackage to Mineral Point, 4.2 m.; total. 30.6 miles.
BONDS. &C.—Bonds due 1927, Nos. 1101 to 1400, for $500 each, add!
The I.-S. C. Commission has placed a final valuation of $556,927 on the tlonal to those above, were assumed by B. C. R. & N. (now C. R. I. & P.)o
owned and used property of the company as of June 30 1917. Stock,
Refunding mtge. of 1899 is limited to $13,244,000. The mtge. is
$550,000; par $100. Bonds, $450,000 maturing May 1 1925 were extended. letFirst
lien on 277 miles of road and on $299,500 stock of Railway Transfer O
For cal. year 1925, gross $90,664; net, $’4,909; charges, $22,983; bal., of Minneapolis;
also a lien on property covered by the Merriam Jet. &
sur., $2,522. Pres., Thos. D. Jones, Chicago; V.-Pres. and Gen. Mgr., Albert Lea mortgage,
1st consol, mtge. and Des Moines & Ft. Dodge 1st
W. R. Smith, Mineral Point, Wis.—(V. 122, p. 880.)
mtge., subject, however, to those mortgages. Interest due Sept. 1 1923
was
not
paid.
V.
68,
p. 187, 332; V. 79. p. 2147: V. 80, p. 2220; V. 87.
MINERAL RANGE RR. CO.—Main line owned, 60 miles; leased lines.
29 miles; total operated, 89 miles; owned but not operated, 9 miles; total. p. 1420; V. 88, p. 295, 452. 506; V. 117, p. 1129. 8ee V. 69. p. 32.
The
“
Refunding
and
Extension” 50-year bonds, dated Jan. 1 1912 ($75,98 miles.
000,000 auth. Issue) are secured by a general lien on properties now owned,
In 1895 paid dividends of 10)4%: In 1896, 7%: 1897, 7%; 1898,
subject to existing liens, and have a first lien on 216-93 miles of road, viz..
none since. Stook, $1,500,000; par, $100.
Water town to Leola, S. D., 113-85 miles, and Conde to Akaska, 8. D.,
BONDS.—Consols for $1,000 are reserved for $3,000 old bonds. Of the 103-08 miles. Issued to Dec. 31 1925, $8,985,000, of which $1,500,000
$593,000 outstanding, $339,000 are 5s; the Canadian Pacific owns were pledged as security for note issued to Director-General of Railroads
the remaining $254,000 (whloh are 4s) and the $1,000,000 gen. mtge. 4s. covering Federal control settlement; $785,000 were pledged as security for
both of which lt guar, as to Int. V. 75. p. 554. See V. 73. p. 556. 616; V. 73. loans and bills payable; $2,377,000 were pledged as security for 10-year
p. 785.
loan from the United States Government: $318,044 were held in the
unpledged, and $4,004,956 were outstanding in the hands of the
REPORT.—For 1925, gross, $501,043; net oper. Inc., $46,537; other treasury
Of $66,015,000 unissued bonds, $37,354,000 are reserved to retire
income, $53,476; deductions, $99,527; bal., sur., $486. V. 122, p. 2795. public.
an equal amount of underlying bonds, $15,661,000 for Impts., second
OFFICERS.—Pres., O. T. Jaffray, Minneapolis; Sec., W. R. Harley, track, &c., $3,000,000 to purchase rolling stock and $10,000,600 for addi­
Minneapolis; Treas., W. J. Ellison, Marquette, Mich. N. Y. office, tional road, branches or terminals. Interest due Aug. 1 1923 was not paid.
04 Wall St.—(V. 120, p. 2265.)
The $3,072,000 Des Moines & Fort Dodge 4% bonds dated Jan. 1 1906
were guar., p. & 1. V. 79, p. 1704, 2696. The $100,000 Hocking Coal Oo.
. MINNEAPOLIS & ST. LOUIS RAILROAD CO. (THE).—Road 1st 6s ($600,000 auth. Issue) are also guar. V. 96. p. 360.
Includes:
Interest due Sept. 1 1923 on the Iowa Central 1st & ref. mtge. 4s, due
March 1 1951, was not paid. V. 117, p. 1129.
Road Owned—
Miles
Road Owned (Continued)— Miles
Minneapolis to Angus, la____ 260
Winthrop, Minn., to Storm Lake. 154
Interest due May 1 1924 on the 1st consol, mtge. 5% gold bonds, due
Dee Moines to Ruthven. Ia_._138
Branches __________________ 155 1934, was not paid. V. 118, p. 2179. 2437.
Hopkins, Minn., to Leola. S.D.329
Trackage ................. 114
Interest due June 1 1924 on the Iowa Central 1st mtge. 5% gold bonds,
Conde to Akaska, S. D_______ 103
due 1938. was not paid. V. 118, p. 2824.
Northwood to Albia. Iowa___ 189
All Interest on the Merriam Junction-Albert Lea 1st mtge. 7% bonds,
Oskaloosa, Ia.. to Iowa Jct.,Ia.l86
Total owned and operated_______
1,628 due 1927 paid to date.
trusts issued to Director-General for rolling stock allocated
The line of road extending from Albert Lea, Minn., to Manly Junction. to Equipment
this company. See article on page 3.
Iowa (27.58 miles). Is owned jointly with the Chicago Rock Island &
There were also outstanding as of Dec.311925 $1,114,575 notes held by
Pacific Ry. Co.
National Ry. Service Corp., due $53,075 s.-a. (May 20 and Nov. 20).
The I.-S. C. Commission has placed a tentative valuations of $46,944,428
Government loan. V. 112, p. 1619.
on the total owned, and $46,057,544 on the total used properties of the
company, as of June 30 1917.
REPORT.—For 1924, In V. 121, p. 453, showed
----------------------1924-------ORGANIZATION.—Incorporated in Iowa June 30 1916 (V. 103, p. 145)
1923
Total.
as a consolidation of Minn. & St. Louis RR. of Minn, and Iowa. V. 59,
Calendar Years—
Receiver. ^.Corporation.
Corporate.
1,647
p. 371; V. 93, p. 1668), and Iowa Central & Western Ry. and per plan of Av. miles of road oper-.
1,647
1,647
____
1,649
Gross oper. revenues__ $15,199,428
♦$102,302 $15,097,126 $16,524,961
Feb. 1916. V. 102. p. 522, 529: V. 103. p. 2163; V. 104. p. 2240.
Operating expenses____ $14,536,194
$10,798 $14,546,992 $14,288,791
Receiver Appointed—Protective Committee for Bondholders.—W. H. Brem- Taxes (other than U. S
ner was appointed receiver July 26 1923 by Federal Judge W. F. Booth at
♦27,559
727,716
788,757
755,275
Government).
Minneapolis. Following the appointment of the receiver, the committee
named below was formed to protect the Interest of the 1st & ref. mtge. 4%
Operating revenues__
♦$92,041
♦$85,540 ♦$177,582 $1,447,412
50-yr. gold bonds and Iowa Central Ry. 1st & ref. M. 4% 50-yr. gold bonds. Other income_________
16,773
138,312
155,085
178,195
Committee.—Jules S. Bache of J. S. Bache & Co.; F. Q. Brown of Red­
Total income_______
$46,271
$♦68,768
♦$22,497 $1,625,607
mond & Co.; Charles Hayden of Hayden, Stone & Co.; De Witt Millhauser Hire
♦$13,052
$494,862
of equip., balance. . $685,671
$672,619
of Speyer & Co.; with E. P. Goetz, Sec., 42 Broadway, N. Y.f and Alfred Int. on
funded debt----1,976,029
2,079,994
2,126,620
103,965
A. Cook, counsel. Empire Trust Co., N. Y,, depositary. V. 117, p. 440, Int., disc
88,299
’t & exchange—
32,112
56.186
88,165
654; V. 118, p. 2042.
U. S. Govt, taxes_____
♦751
♦751
2,127
In Oct.T923 another committee was formed to protect the interest of the Amort, of disc, on fd. dt.
113,262
113,262
113,396
1st & ref. mtge. 4% 50-year gold bonds. The committee is composed of Income tax assumed on
James H. Perkins, Pres, of Farmers’ Loan & Trust Co., New York; P. Le
884
884
9,327
tax-free int. coupons . .
Roy Harwood, V.-Pres. of Mariners’ Savings Bank; H. F. Whitcomb, Miscellaneous________
803
18,784
19,587
3,216
Northwestern Mutual Life Ins. Co. of Milwaukee, and James Lee Loomis,
V.-Pres. of Connecticut Mutual Life Insurance Co. Sec’y is F. A. Dewey,
$776,281 $2,220,110 $2,996,391 $1,212,105
Balance, deficit_____
22 William St., and depositary. Farmers Loan & Trust Co., New York.
♦ Deficit, x Includes lap-over items audited during 1924 pertaining to
V. 117, p. 1664; V. 118, p. 1135.
the operations of the corporation prior to J_ly 27 1923, in addition to fixed
In Oct. 1924 a committee, composed of L. Edmund Zacher, F. J. Lisman charges not chargeable to the receiver’s account.
and Walter H. Bennett, with W. C. Robertson, Sec., 128 Broadway, New
OFFICERS.—Pres., W. H. Bremner; V.-Pres., W. P. Hawley, E. E.
York, and American Exchange Nat. Bank, N. Y., depositary, was formed
to protect the interests of the holders of the 1st consol, mtge. 5% gold Nash; Sec., F. M. Tompkins; Treas.. W. B. Davids. Offices, Trans­
bonds, due 1934, and the Des Moines & Ft. Dodge RR. 1st mtge. 4s, due portation Bldg., Minneapolis, and 25 Broad St., New York.—(V. 122, p.
1935. V. 119, p. 1184, 2064; V. 120, p. 1583.
2489.)




84

RAILWAY STOCKS AND BONDS
MISCELLANEOUS COMPANIES
IFor abbreviations, &c., see notes on page 8

■lnneap St P & S Ste M—Com stock $28,000,000 .
Prelerred stock 7% non-oum $14,000,000 (see text)
Leased line ctfs $12,500,000 auth ---------------------1st Con M glnt guar tend) (see text)____ Ce.xc*&r*
1st ref M s f g Ser “A" $15,000,000 auth. Qc*&r*
Second mtge $5,000,000. gold int guar __Ce xc*&r*
Central Terminal lolnt 1st M g red text-G.xe* Ar’
Collateral trust gold bonds_________________ Bazc*
Collateral trust notes red 102M____________ Bac*
Oar trust Ser G due $76,000 s-a (V 103 p 1888).Em.c
do Ser H due $50,000 yrly________________ c
do Ser. I due $250,000 yrly__________ Cexxxc
do Ser J due $240,000 yrly________ Ce.xxxc
o Ser K due $118,000 s-a________ xxxc*&r*
do
Ser L due $20,000 s-a______________ xxx
a Of which $56,863,000 are 4s and $14,284,000 are

Miles Date
Road Bonds

3.299 1888
3.299 1921
3,299 1899
19)1
— - 1921
1924
__ 1916
1920
1920
1921
___ 1923
__ 1925
5s.

Par
Value

$100
1INI
100
1,000
1,000
1.0U0
1.000 Ac
1 000
100 &c
1.000
1.000
1,000
1.000
1.000
1,000

MINNEAPOLIS ST. PAUL & SAULT STE. MARIE RY.—Mileage
owned and operated as of Dec. 31 1925:
Miles.

Minneapolis, Minn., to Sault Ste. Marie, Mich__________ 492.42
St. Paul, Minn., to Cardigan Jet., Minn_______________
8.13
Summit Jet., Wis., to St. Croix Falls, Wis_______ --___
2.04
Minneapolis, Minn., to Portal, N. D________ ____ .... 548.99
Glenwood, Minn., to Noyes, Minn____________________ 265.05
Thief River Falls. Minn., to Kenmare, N. D__________ 296.44
Fordville, N. D., to Drake, N. D_ _______________ ___ 130.96
Drake, N. D., to Plaza, N. D__________________
83.62
Prairie Jet,, N. D„ to Sanish, N. D....................................
32.80
Hankinson, N. D., to Wishek, N. D..._______________ 136.17
Asnley, N. D., to Bismarck, N. D_._ ..._____ ___.....
97.57
Ashley, N. D., to Pollock, S. D______________________
50.75
Bismarck, N. D., to Max, N. D______________________
90.41
Flaxton, N. D., to Whitetail, Mont__________________ 136-62
Fairmount, N. D., to Greenville, S. D________________ 87.17
Egeland, N. D., to Armourdale, N. D____ .....______
21.88
Brooten, Minn., to Duluth, Minn____________________ 187.43
Moose Lake, Minn., to Plummer. Minn.__ 192.47
Lawler Jet.. Minn., to Cuyuna, Minn________________
39.15
Cuyuna, Minn., to Kennedy Mine, Minn______________
0.93
Range Jet., Minn., to Riverton, Minn__ ______ _______
5.56
Ironton Loop. Minn., and N. P. Connections__________
1.53
Iron Hub Jet., Minn., to Hoch Mine__________________
8.22
Columbia Heights Jet., Minn., to Hilo Jet., Minn____
1.09
Dress ;r Jet., Wis.. to Boylston Jet., Wis______________
96.79
Superior Ore Dock Line. Wis. ______________________
6.63
Barron, Wis., to Ridgeland, Wis_____________________
18.52
Cameron. Wis., to Reserve, Wis_____________________
41.45
Rex, Mich., to Meades Quarry, Mich..
11.88
Rapid River, Mich., to Eben Jet., Mich
30.54
Gladstone Coal Docks, Mich
1.54
Wisconsin Jet., Wis., to Winnebago Jet., Wis__________ 118.74
—
- —
1.07
North
Wye, —
Wis., to Appleton, Wis__________________
Western Jet., Wis., to Western Siding. Wis____ ....___
10.75
Hollister, Wis., to Camp No. 5, Wis_______________ ...
3.42
Spur Lines.........__________________________________
17.15
Thief River Falls. Minn., to Goodrich, Minn__________
18.67
(Owned but not operated'
-----------Mileage owned Dec. 31 1925 __________________________ 3,276.00
The I.-S. O. Commission has placed a tentative valuation ol $104,674,000
on the properties of the company as of June 30 1916.

HISTORY.—A consolidation in 1888 of Minn. Sault Ste. Marie A Atl.
Minn. A Pac., Ao. See V. 46. p. 538. 609; V. 77, p. 628.
In 1909 51% of Wisconsin Cent. com. stock was purchased, affording »
Ohloago connection, the road being leased for 99 years from April 1 1909
$11,249 200 4% leased line ctfs have been Issued (see Wis. Cent.), secured
by Wto. Cent. pref. stock, $ for $. V. 88. p. 232. 564. 686; V. 98, p. 1668
Int.on Wise. Cent. 1st A ref. 4* ($5,816.000out)is guaranteed. V.95. p. 968
The company offered to take up at 43 % Wisconsin Central Common stock
Issuing in exchange 514% notes secured by Wisconsin Central stock. The
offer expired Mar. 31 1924, 95% of the minority stock having been deposited
in acceptance of the offer. V. 118, p. 1665, 2437.
The Central Terminal Ry.. organized in 1911. on Apr. 1 1914 opened s
new Chicago terminal. See BONDS below. V. 93, p. 1463, 1387, 871.
285; V. 95. p. 745.
In Aug. 1921 acquired the property of the Wisconsin & Northern. V
113, p. 183.
STOCK.—Canadian Pacific on Dec. 31 1925 owned $12,723,500 common
and $6,361,800 preferred. Preferred stock has preference as to dividends
only. Each year’s surplus earnings are regarded as a separate fund. If
dividends are declared from any such fund the first 7 % on par goes to the
preferred: the next 7% on par goes to the common; any further dividends
from the same source must be in equal percentages on both pref. and com
DIVIDENDS.— V03. ’04. ’05. ’06. ’07. ’08. ’09. 1910 to ’21. ’22-’23.
Oommon_________%J2
4
4
4
4
6
6
7 yearly
text
A dividend of 2% was declared payable April 15 1922, but payment of
this div. was enjoined by the U. 8. District Court of Minnesota following
a suit brought by two stockholders involving the question of rights of pref
and common stockholders. In Dec 1922 the directors declared 2% pay­
able Dec 28 1922. this payment also being enjoined by another suit brought
by the same plaintiffs. See V. 116, p. 2123. In May 1923 a decision
was rendered in favor of the directors. V. 116, p. 2129; V. 115. p. 869,
1429, 1532, 2581.2685. On Oct. 15 1923 the U. S. Supreme Court, denied
an appeal In the suit. Compare V. 117, p- 1775. On Dec. 17 1923 paid
4% on both the common and preferred stocks.
BONDS.—Can. Pac. guarantees 4% int. on all old bonds assenting to a
reduction of int. to 4%; also on 4% consols of 1888 and $8,136,000 5%
consols issued in 1925. (See V. 50. p. 784; V. 51, p. 239.) All but $4,000
Minn. 8. 8. M. & Atl. Bonds and practically all other Issues assented.
Abstract of Minn. Sault Ste. Marie & Atlantic mtge. in V. 45, p. 243:
Can. Pac. Ry. Co. on Dec. 31 1925 owned $3,993,000 of the M. St. P.
& S. Ste. M. 1st Is. The Consolidated mortgage of 1888, abstract V. 47,
p. 142, was for $21,000.000 on 800 miles (sufficient of this reserved to retire
prior bonds) and for $20,000 per mile on all additions. Outstanding amount
fe, however, restricted to three times the stock. V. 94, p. 351; V. 73,
p. 185; V. 78, p. 820; V. 79, p. 1332; V. 80, p. 651; V. 87, p. 1011, 1664;
V. 89, p. 779; V. 91, p. 1026; V. 95. p. 544; V. 98, p. 1316; V. 100, p. 812;
V. 103, p. 321; V. 106, p. 1126. As to 2d 4s, see V. 68, p. 669, 771, 977;
V. 71, p. 845; V. 85, p. 1646; V. 96, p. 1089.




Amount
Outstanding

Rate
%

When
Payable

[Vol. 122.
Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

$25,206,800 See text See text Dec 17'23 4% Minn offloe; checks mail
12,603 400 See text See text Dec 17 '23 4%
do
do
A&O Apr 1 2008
do
do
11 249.200
4
Bank of Montreal. N Y
a71,147.l)00 4 g & 5 g J (Sc J July 1 1938
Bank of Montreal, N Y
2,400 000
6 g J&J July 1 1946
3,500,000
Bank of Montreal, N Y
4 H J&J Jan 1 1949
Bk of Mont. N Y & Lon
4,358,000
4 K M&N Nov 1 1941
10.000.000
Bank of Montreal, N Y
6)4 g M&S Sept 1 1931
New York
3,395.900
5)4 M&S Mar 1 1949
Bank of Montreal, N Y
75.000
4)4 g M & N15 Nov 1926
200.000
6
A&O To Apr 1 1030 M inneapolis Tr Co, Minn
1.000.000
J&D To June 1930
Bank of Montreal, N Y
7g
do
do
2,160.000
6)4 g M&S To Mar 1 1935
M&S Sept '26-Mar '33 Dll.. Read. N Y; & PeP
1,652.000
«
360,000
5g M&N Nov ’26-May’35 Minneapolis Tr Co, Minn>

The Central Terminal 1st M. 30-year gold 4s ($20,000,000 auth.) are se­
cured under a Joint mtge. with Central Terminal Ry. on Chicago terminals
of Minn. St. P. & S. S. M. and Can. Pao. system lines. They are subject
to call on any Interest date beginning Nov 1 1916 as a whole at 105 and*
nust be called yearly, beginning Nov 1 1916, at 102 H by a sinking fund suflolent to retire issue at or before maturity if not purchasable for le»s The
$6,000,000 bonds sold represent cash Investment equal at least to their par*
value, the remainder being reserves for not exceeding 80% of cost of exten­
sions and improvements; in sinking fund Dec. 31 1925, $1,642,000. V. 93, p.
1463; V. 95. p. 745.
The ref. mtge. closes all prior bond Issues of the company, at the amountnow outstanding, $74,647,000. It authorizes the issue of bonds In series,
with interest rate and maturity fixed for each series at the time of Issue.
The authorized issue is limited so that the amount at any one time out­
standing. together with all outstanding prior mortgage obligations defined
tn the mortgage, shall never exceed three times tbe outstanding capital stock.
An annual sinking fund, payable July 1 1922. and on July 1 in each year
thereafter, of 1% of the Series “A" bonds from time to time outstanding
In the hands of the public, will purchase bonds at not exceeding par ana
Interest. V. 114, p. 1180.
The $10,000,000 6)4% collateral trust gold bonds due Sept. 1 1931 aresecured by pledge of $12,500,000 25-year 1st ref. mtge. 6% gold bonds,
Series "A.” V. 113, p. 1156.
Notes.—See under “History” above.
REPORT.—For 1925, showed:
1923.
1924,
1925.
Total operating revenue____________$29,264,749 $28,724,694 $28,957,095
7,067.991
Net operating revenue_____________ 8,571,641
7,463.391
1,838.311
1,974.515
Railway tax accruals______________ 2,151.464
Uncollectible railway revenue______
_____
10.236
17.315
Railway operating income__________ 6,420.177
5,212.365
5,478,639
1,509.963
Non-operating income_____________
895.502
808.924
5,480.899Deductions_______________________ 5,551,568
5,443,121
504.136
Preferred dividends_______________
1.008.272
Common dividends________________
Balance, surplus................................. $1,764,111
$844,441 def$270,979For latest earnings, see "Railway Earnings Section" (issued monthly).
Substantially the entire amount of pref. divs. of the Wisconsin Central
»re oald to the “Soo" company proper and included in its “other Income.”
OFFICERS.—Pres., O. T. Jaffray; V.-P., G. W. Webster: Sec., W. R.
Harley; Treas., O. H. Bender; Comp., D. J. Bond, all of Minneapolis.—•
(V. 122, p. 2944.)
MINNESOTA TRANSFER RY.—Union road owning 12.63 miles, ex­
tending from Junction with Chic. Mllw. & St. Paul at Merriam Park to Frld,ey (with stock yards, Ac.); side tracks, 95.42 miles; total, 108.05 miles.
V. 104, p. 1045. Stock, $63,000, equally owued by Chic. Milw. * St. Paul,
Vor. Pac., Ohio. St Paul Minn. A Omaha. Minn. A St. Louis, Chic. Burl. A
Julnoy, Great North., Ohio. Great West , Minn. St. Paul A Sault Ste. Marie
tnd Chic. Rock Island & Pacific. In July 1916 made a new 1st M. for
$3,500,000, callable all or part at 102)4, beginning Feb. 1 1922; semi-ann.
sinking fund from 1917, )4 of 1%. Pres., E. E. Nash; Sec., F. S. Leavitt, .
St. Paul, Minn.—(V. 117, p. 1347.)
MINNESOTA WESTERN RR.—(V. 119. p. 1395.)
MISSISSIPPIAN RAILWAY.—(V. 117, p. 2653.)
MISSISSIPPI CENTRAL RR. CO.—Owns from Hatttesburg. Miss., to
Natchez, Miss.,150.99 miles; branch lines, 11.78 miles; sidings, &c., 29.51
miles. Stock auth. and outstanding, $3,940,000; par $100. Divs. of 6%
yearly paid to Oct. 1 1907; 1913, 1%; 1914, to Aug. 1919, 2% (1% F. & A.);
none since.
The I.-S. C. Commission has placed a tentative valuation of $4,775,000 '
on the owned and used property of the company, as of June 30 1918.
Bonds.—1st M. bonds dated July 1 1909, limited to $10,000,000, are issu­
able at $25,000 p. m.; they are subj. to call by lot at 110 tor yearly sinking
'und of $49,200; also as an entire Issue at same price. Retired by s. r.
to Dec. 31 1925, $1,140,900. They are guar., p. & 1., by U. S. Lumber Co.
V. 88, p. 1561.
REPORT.—For 1925, showed:
Interest,
Balance,
Other
Net, after
Calendar
Gross
Income. Rentals, <^c. Surplus.
Taxes.
Years— Earnings.
$302,537 sur.$187,195 $402,943
$86,790
1925 _____$1,655,520
77,812
338,167
sur.160,429
1924 ......... 1,855,579
420,785
def. 6,297
371.054
85.919
278,839
1923 ......... 1,796.191
323,110 def. 152,389
158,533
12,188
1922 ____ 1,502,854
For latest earnings see “Railway Earnings Section” (issued monthly).
OFFICERS.—Pres., F. L. Peck; V.-P., C. S. Woo,worth; Sec. & Compt.,
G. F. Royce; Treas., E. S. Peck; V.-P. & Gen. Mgr., L. E. Faulkner;
Aud., Chas. Ehlers. Office, Hattiesburg, Miss. Fiscal agents. Green,
Ellis & Anderson, 100 Broadway, N. Y.—(V. 122, p. 1022.)
MISSISSIPPI RIVER A BONNE TERRE RY.—Owns Riverside, Mo.;
on Mississippi River, to Doe Run, Mo., 46.46 miles, with branches, 16.38 m.,
also 29.55 miles of side tracks; total tracks 92.39 miles. The I.-S. O.
Commission has placed a final valuation of $3,551,550 on the property
of the company as of June 30 1914.
STOCK.—Stock auth. and outstanding, $3,000,000: par $100. All stock
except directors' shares is owned by St. Joseph Lead Co. Divs., 1900 to
1910. 6%; 1910-11. 7%: 1911-12, 6%; 1912-13, 5%; 1916-22, 6%; 1923,
14%: 1924, 6%; 1925, 7%.
BONDS.—The company redeemed on April 1 1925 all of its 1st mtge,.
20-year 5% gold bonds, due Oct. 1 1931, at 105 and interest.

May, 1926.]

RAILROAD COMPANIES
IFor abbreviations, &c., see notes on page 8]

Miles Date
Road Bonds

■Innesota Transf—1st M g call 102 K 1922 a t c**r*
1916
Ml«« Cent—1»t V $10,000 000 v gu red (text)..Q.xo*
164 lono
» U S Lumber Co notes due $50,000 sa___________
1923
Ko&lll ur a belt—Sic U * Si t b ist U red g.SSt.ze* 3.34 1901
Consolidated mortgage $2,500,000 authorized g_ x
3.34 1904
Missouri-Illinois RR—Stock $1.800,000_________
First mtge bonds_____________________________ „
... 1921
Missouri-Kansas-Texas RR. Co.—
Common stock 2,500,000 shares auth__________
__ ___
Pref (a&d) stock Ser A 7% cum aft Jan 1 '28 red 110
Prior lien mtge bonds Series A red 105______ Cezc*
1922
do
do
Series B red 100__________ Cezc*
1922
do
do
Series O red 162 _________ Cezc*
1922
Convert adjust mtge bonds Series A red 100-Colzc*
... 1922
Bq nipt trust notes due $84,100. ann_____________
1920
Katy Off Bldg Co 1st M___________________c*&r*
... 1912
Bonds remaining unexchanged:
First mortgage gold bonds __________________ Usz 1,377 1890
Kansas City & Pacificist M gold assumed_ Fr.cx*
127 1890
M K & Okla 1st M $5,468,000 g assumed___ Ce.xc*
247 1902
ailas & Waco 1st M $20,000 p m g gu p &i.Ce.xxc*
68 1890
oonv Bridge 1st M gsfd V. 73. p. 494.Ce.zc*&r
1901

R

Par
Value

Amount
Outstanding

Rate
%

$1,000 $2,219,000
5g
600 Ac 2,959,100
6|
400,000
1.000
716.250
4S
1,000
709.000
4r
100 1,500.000
492.000
7
None
807,384sh
100 25 917,000 See text
100 Sec 36 656 429
5
100 Sec 11 520 570
4
100 Sec 12,894.570
6
100 Sec 54.206.664
5g
756.900
6
600 &c
160.000
5K g
500 Sec 30,709 000
4g
1.000
118.000
4g
1,000
352.000
5g
1,000
141,000
5g
1,000
10,000
4g

EARNINGS.—For calendar years:
Balance.
Charges.
Dividends.
Net Op. Inc. Other Inc.
$21
1925...___ $215,683
$1.096
$210,000
sur .$6,758
1924... ... 207.650
106.339
89.475
sur .44,514
180.000
93.896
sur .32,994
1923 ....... 163,011
383,879
420.000
def.62,312
1922 ......- 212,529
114,529
109,688
270,000
Pres,,
riDH.,, viiuuuu
u
.
urauc,
i»v
v
.
t
.,
v.
oiuiwj
,
2d
x«ci
V.-P.,
v
.jt
F.
.
x uuunr c
Clinton H. Crane: 1st V.-P. , E. O. Smith;
J. Thomwe
Treas, & Sec., F. H. Dearing. New York office, 250 Park Ave.—(V. 122,
p. 2795 )
MISSOURI & ILLINOIS BRIDOE & BELT RR.—Has double track
bridge 2.106 feet long across the Mississippi River at Alton, Ill.; also 3.34
miles of road. Owned by O. C. C. & St. Louis, Louisville & Nashville.
Chicago Peoria & St. Louis, Baltimore & Ohio, Missouri Pacific, Wabash,
Chicago Rock Island & Pacific, Chicago & Eastern Illinois. MissouriKansas-Texas and Pittsburgh, Cincinnati Chicago & St. Louis (Penn RR.
system). Incorporated in 1904 as successor of the St. Clair Madison &
St. Louis Belt RR. V. 79, p. 1642, 681; V. 103, p. 2156.
The I.-S. C. Commission has placed a tentative valuation of $862,000
on the whollv owned and used properties of the company as of June 30 1919.
Stock, $2,500,000; outstanding, $143,000. This valuation has been pro­
tested. Pres., Henry Miller; Sec. & Treas., W. F. Bender, Railway Ex­
change Bldg., St. Louis.—(V. 120, p. 3183.)
MISSOURI - ILLINOIS RR.—This company acquired the railroad
formerly owned and operated by Illinois Southern Ry., which was foreclosed
Sept. 15 1920 (V. 112, p. 744). the purchaser subsequently having contracted
with St. Joseph Lead Co., Pittsburgh Plate Glass Co.. American Smelting
Sc Refining Co., Desloge Consolidated Lead Co., and National Lead Co.,
to convey the property upon payment of $9^0.000 to him by them, to a
corporation to be organized by them. Thereupon these companies caused
the Incorporation in Missouri of the above company. The line extends
from Salem, Ill., southwest to Kellogg, and from St. Genevieve. Mo.
southwest to Bismarck, a distance of 127 miles, with a branch from Collins
Ill., south to Chester, 11 miles. For 1925. gross, $1.213 780; net oper
Income, $243 923’ other income. $6,733; int., rentals, &c., $76,076; bal..
sur., $174,580—(V. 122, p. 1759.)

MISSOURI-KANSAS-TEXAS RR. CO. (See Map).—At midnight
March 31 1923 this co. took over the operation of the lines of the Missouri
Kansas & Texas Rv. Oo. (see reorganization plan below). Operates a line
with northern terminals at St. Louis, Kansas City and Junction City
Kansas, extending southerly across the Oklahoma and the Texas cotton
belt to tidewater at Galveston, on the Gulf of Mexico, and to San Antonio.
Tex., with branches.
M-K-T RR.Co.—Owned (1726 m.) M. I M-K-T RR.Co.of Tex.Owned (868 m.)
Jet. near St. Louis to Red River 629 Red Riv. to Houston, via Ft. W 357
Moberly. Mo., to Franklin Jct_ 35 Denison to Hlllsb., via Dallas_ 172
K. O., Mo., to Parsons, Kan_
94 Whitesboro to Henrietta_____
87
98
Parsons, Kan., to Okla. City.. 203 Smithville to San Antonio____
Junction City to Parsons, Kan. 156 Other branches______________ 154
K. C. June, to Paola, Kan___
87 M-K-T of Tex.—Leases (366 m.)—
Osage Jet. to Wybark, Okla__
79 *Tex. Cent.................................... 309
Red River to Forgan, Okla___ 287 ♦Wichita Falls Ry____________
18
39
Other branches______________ 156 Other lines__________________
Total operated Dec. 31 1925__________________________________ 2,960
Owned out not operated_________..._______ _______ ________ __
85
Operated under trackage agreements___________________________ 229
Total operated mileage________________________________________ 3,189
Proposed Merger.—L. F. Loree, Pres, of the Delaware & Hudson in
March 1926 announced that he was preparing to present to the I.-S. C.
Commission a petition for consolidation of the Kansas City Southern,
Missouri-Kansas-Texas and St. Louis Southwestern railroads. V. 122.
p. 1915.
Reorganization Plan Dated Nov. 1 1921 (V. 113, p. 2311, 2505).—Pres.
Chas. E. Schaff was on Sept. 27 1915 appointed receiver for the companj
by the U.S. District Court at St. Louis. The Reorganization Managers
J. & W. Seligman & Co. and Hallgarten & Co., New York, announced a
Plan of Reorganization, dated Nov. 1 1921, an outline of which is given
below (for details in full, Ree V. 113. p. 2311.) The plan was declared
oneratlve in Jan. 1922. V. 114. p. 198. Sale of road. V. 115, p. 2794;
V. 116, p. 616. 721.
The new company authorized the following securities:
Prior Lien Mortgage Bonds.—The prior lien mortgage bonds are limited to
the total authorized amount of $250,000,000 at any one time outstanding
They bear interest, payable semi-annually, at such rate as may from time to
time be determined by the directors at the time of issue and be stated In
the bonds, and are secured by mortgage and deed of trust to Central Union
Trust Co. of New York and Daniel K. Catlin as trustees, which embrace
except as otherwise dealt with in the carrying out of the plan, all or sub­
stantially all the lines of railroad, franchises and equipment, terminals and
other property (including underlying bonds deposited under the plan and
stocks and bonds of subsidiary companies) which may be vested in the new
company pursuant to the plan and also all additional property of like char­
acter (including stocks and bonds of subsidiary companies) at any time
thereafter acquired by the new company subject to existing liens or purchase
money liens thereon. They may be issued in separate series maturing on the
same or different dates and any series may be made redeemable in whole or
In part at times, on notice and at premiums, and may have such conversion
privileges as may be determined by the directors at the time of issue.
Cumulative Adjustment Mortgage Gold Bonds.—The adjustment mortgage
bonds are limited to the total authorized amount of $100,000,006 at any
one time outstanding. They are secured by mortgage and deed of trust
to Irving Bank-Columbia Trust Co. and Thomas S. Moffitt as trustees,
on the properties embraced in the prior lien mortgage and from time to
time becoming subject thereto. The adjustment mortgage is subject to
the prior lien mortgage. Bonds bear interest payable annually or semi­
annually at such rate not exceeding 7% per annum as. may from time to




85

RAILWAY STOCKS AND BONDS
When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

F
J

& A Aug 11946
& J July 1 1949

N Y and St Paul
N Y, Callaway, Fish A Co

J
J

A
A

J Jan 1 1951
J Jan 1 1951

St Louis Union Trust Co
do
do

F

& A Feb 15 1931

J
J
J
J
J
J

Q—F
& J
& J
& J
& J
Sc J15
& D

J
F
M
M
M

&
&
&
&
&

D
A
N
N
N

First Trust & S Bk, Chic

May 1 1926 1 X
New York
Jan 1 1962
do
Jan 1 1962
do
Jan 1 1932
do
Jan 1 1967
To Jan 15 1935
Dec 1 1932
61 Broadway, New York
June 1 1990
do
do
Aug 1 1990
do
do
May 1 1942
do
do
Nov 1 1940
do
do
Nov 1 1951

time be determined by the directors at the time of issue, but required to
be paid, prior to the maturity of the principal, only out of the net income
of the new company as defined in the adjustment mortgage. The interest
will be cumulative from and after Jan. 1 1925, but accumulations of interest
shall not bear interest. At the maturity of the principal, all arrears of
cumulative Interest shall be payable. The bonds may be Issued tn separate
series, maturing on the same or different dates, and any series may be made
redeemable in whole or in part at times, on notice and at premiums, as may
be determined by the directors at the time of issue. The bonds of any
series may be made convertible into preferred stock at such rate or rates. In
such manner, under such regulations and during such periods as shall be
authorized in the adjustment mortgage.
The adjustment mortgage bonds. Series A 5%, are redeemable In whole
or in part at par and accrued interest and convertible prior to Jan. 1 1932
into preferred stock Series A 7 %, at the rate of ten shares for each $1,000
bonds with adjustment of interest and dividends.
Preferred Stock.—The preferred stock is authorized to the amount of
$200,000,000, divided into 2,000,000 shares of the par value of $100 each.
The preferred stock may be issued in series. Each series shall carry divi­
dends at such rate, not exceeding 8% per annum, as may be determined
by the directors and any series may be made redeemable in whole or in
part on such terms, on such notice and at such premium, if any, as may
be determined by the directors and be stated in the certificates thereof.
Dividends will be cumulative from and after Jan. 1 1928 or later issue.
In the event of any liquidation, dissolution or winding up, whether volun­
tary or involuntary, the holders of the preferred stock shall be entitled to
be paid in full out of the assets of the company $106 per share of their
stock and all arrears tn cumulative dividends, before any amount shall be
paid out of said assets to the holders of the common stock, but they shall
not be entitled to any other or further distribution of assets. Provision is
to be made that no additional mortgage is to be put on the property becoming
vested in the new company pursuant to the plan except with the consent of
the holders of a majority of such part of the preferred stock at the time
outstanding.
Companies the Capital Stock of Which is Owned by New Company.
Stock

Par Value

Name of Company—
Outstanding. Acquired.
Missouri-Kansas-Texas RR. Oo. ofTexas--------- - $1,486,060 $1,400,000
Texas Central RR. preferred stock--------------------- 1,325.000 1,325.000
do
common stock_____________________ 2,675.000 2,675.000
Wichita Falls Ry. Co.......... ......................................
20.000
20,000
Wichita Falls & NorthwesternRy.Co. ofTexas—
20.600
20.000
Wlthita Falls & WellingtonRy. Co. ofTexas.___
15.0o0
15,000
San Antonio Belt & Terminal Ry. Co-- - ----------117.460
117,400
Joplin Union Depot Co_________________ _____
46.000
10.000
Terminal RR. Association of St. Louis__________ 3,087.800
205,806
Missouri & lllinlois Bridge & Belt RR...................
14.3.000
13,000
Union Terminal Co. (Dallas)______________ -___
48.600
6,000
Galveston Houston & Henderson RR___________ 1,000,000
600,000
Bonds of Old Company Unexchanged (See table at head of page).—The M. K>
& T. Ry. 1st mtge. bonds, due 1996 (abstracts in V. 51, p. 495) cover*
besides right to land grant, 1,377 miles of road, including line Hannibal*
Mo., to Boggy Tank (except 71 miles trackage), and sundry branches*
DIVIDENDS.—An initial dividend of 1 H % on the preferred "A" sto(l
was paid Feb. 2 1925; same amount paid quar. to Feb. 1 1926; on May 1
1926 paid 1 % quar.
REPORT.—For 1925, in V. 122, p. 1913, showed:
1925.
1924.
1923.
1922.
Average mileage oper__
3,188.54
3,193.14
3,359.76
3,737,46
Operating Revenues—
$
$
$
$
Freight__________
43,777,643 42,331,765 39,791,215 39,198,401
Passenger.......................... 9,325,060 10.457,071 11,295,456 10.958,412
Mail...................
1,143,052
1,189,966
1,221.101 1,241,950
Express_______________ 1,758,952
1,827,782
2,181.233 2,130.756
Miscellaneous.................
705.652
665.305
637.147
620.381
Incidental____________
729,569
791.352
788.634
710,075
Joint facility....................
52.985
46,164
73,132
175,727
Total oper. revenue..
Operating Expenses—
Maint. of way & struc..
Maint. of equipment...
Traffic expenses_______
Transportation expenses
Miscell, operations____
General expenses______
Transp. for invest.—Cr.

57,492,914 57,309,345

55,987,918 55,035,702

7,404,574 7,563,138
11,422,783 11,517,475
1,177,621
1,138,962
17,592,364 17,363,774
372,179
381,099
1,886,171
1,919,777
237,564
152,190

7,393,307 7,237,276
14,636,724 10,548,094
1,151,353 1,041,435
18,386.268 18,786,007
362,232
337,509
2,053.373 2,023,709
348,939
284,331

Total oper. expenses..

39,618,128 39,732,035

43,628,318 39,683,701

Net oper. revenue_____ 17,874,785 17,577.310
Railway tax accruals__ 2,867,589
3,215.687
Uncollectible ry. revenue
25,424
31,403

12,359,599 15,352,000
2,587,461 2,926,376
26,691
31,354

Total________

Total oper. income...
Otherincome____ _____

2,893,013

3.247,090

2,613,552

2,957,731

14,981,772 14,330.220
921,384
877,155

9,746.046 12,394,269
1,953,603
999,571

Gross income_______ 15,903,155 15.207,375
Deduct—Rentals, Sec...
2,614,704 2,182.897
Fixed interest charges
4,432,446 4,725.955
Int. on adjust, bonds.
2,738,387 2,790,085
Preferred dividend... 1,281,529
306,288

11,699,649 13,393,840
1,517.981 2,565,652
4,781,974 4,901,846
2,791,013 2,791,013
.......................................

Balance, surplus____
4,836,090
5,202,150
2,608,681 3,135.329
For latest earnings, see "Railway Earnings Section” (issued monthly).

86




KAILWAY STOCKS AND BONDS

[Vol. 122.

May, 1926.]

RAILROAD COMPANIES
IFor abbreviations, Ac., see notes on page 8]

Miles Date
Road Bonds

Mo & N Ark Ry—Stock_________________________
U S Govt loan-. _____________________________
Missouri Pacific RR. Co.—
Oommon stock (auth $*20(1 ,(1(1(1 ,(1(1(1)
. . .
..
Pref stock 5% convert cum 1918 call 107 X _ ______
First A Ref Mtge gold________________ .’.G.c’Ar* __
Series A callable 107X A Int.......... . ................ _.y 6,734
Series D callable (all) 107X and Int__________ y 6.734
Series E red (text)_____ __________ ______ . _y 6,734
Equip, gold notes ser. 41 due $693,400yrly G yc*
Equip trust certfs Ser “A” due $153,000 ann____ y
Equip tr ctfs ser” B due $266.(11)0 yearly_____ yc*
do
Ser “O” due $260 0(10 ann.. _
___ yc*
do
Ser “D” due $588,000 ann____________c*
do
Ser “E” due $322,000 ann_____ __ . yc*
Gen M $53,000,000 g call par .
. .Bayc*Ar* 6.738
Secured sold notes red (text)
!hmvc*
Sinking fund notes N O Tex A M Ry stock collateral $18,000,000 auth red 100
Col.yc*
Secured gold notes, participation ctfs red oar.-L..
(1) Missouri Pacific Railway Securities Outstanding —Pacific RR of Missouri 1st M ext In 1887 gold. Bazz
285
Second mtge ext in 1891 In gold St L to K O.xc*
First mtge St Louis real estate ext in 1892 gold.x
First mtge Caron Br g gu p A 1 (end) ext 1893 ..«
13
Mo Pac Ry third mtge ext 1896 red 105.__ Ce.z
(2) Former St. Louis iron Mt. A So., Ac.—
Gen Cons A L’d Gr’t Mtge ($45,000,660) g Ba.«c* 1,538
Unifying A Refund M gold $40,000,000.Mp_xc*Ar
612
River A Gulf Divs 1st M $50,000,000 g.Ba.xc«Ar»
772
Little Rock A Hot Sp W 1st M g. assumed__ SStxxx
57

1922

Par
Value

Earnings.

Taxes.

Amount
Outstanding

$100 $3,000,000
3.500.000

Rate

%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

O 1937

St Louis Un Tr Go, St L

6

A A

5g
6
6g
6«
6X
5X
5
5
4X
4g
5g
7
6g

Co's office,120 Bway.NY
F A A Feb 1 1965
F A A Feb 1 1949
do
do
MAN May 1 1955
do
do
J
& J To Jan. lf> 1935 Guaranty Trust Co, N Y
F A A To Feb 1 1936
do
do
MAN To Nov 1 1938 Co’s office,120Bway,NY
MAN To Nov 1 1939 New York
MAS To Mar 1 1940 New York
J A D To Dec 1 1940 New York
Go’s office,120Bway .NY
MAS Mar 1 1975
J A J July 1 1927

100 82,839.500
100 71.800.100

1917
1919
1925
1920
1921
1923
1924
1925
1925
1917
1924

600 Ac 17,840,500
5OO &c 28,683,000
500 Ac 25,000,000
1,000
6,240,600
1,000 1,530,000
1,000
3,458.000
1,000 3,640.000
1,000 7,644,000
1,000 4,830,000
500 Ac 51.350.090
1,000 12,000,000

1924
1925

100 Ac 13,181,900
10.000 3,000,000

1,000 6,996.000
1,000 2.573,000
500 Ac
800,000
500 A<
237.500
1,000 3,828,000
1,000 42,874,000
•81-'87
1899
1,000 30.551.000
1903 1,000Ac 34,548,000
1899
1.000 1,140.000
1868
1871
1872
1873
1876

OFFICERS.—L. F. Loree, Chairman, New York; C. N. Whitehead,
Pres.; C. Haile, V.-P. in charge of traffic, St. Louis; W. M. Whitenton,
V.-P. in charge of operation, Dallas; D. M. Collins, V.-P., New York;
Joseph M. Bryson, Gen. Counsel, St. Louis; A. C. Rearick, Counsel, New
York; J. G. Livengood, Comptroller; F. Johnson, Treas.: N. A. Phillips. Sec.
St. Louis; J. B. Barnes, V.-P., Asst. Sec. & Asst. Treas., New York. Offices,
61 Broadway, N. Y., and Railway Exchange Bldg., St. Louis.—(V. 122,
p. 2944.)
MISSOURI & NORTH ARKANSAS RY. CO.—Joplin, Mo., to Helena.
Ark., 364.57 miles, of which Neosho Mo., to Joplin, 19 m., and Seligman,
Mo., to Wayne, 9 m., are trackage. V. 86, p. 168; V. 82. p. 569, 1269;
V. 83, p. 39.
Succeeded the Missouri & North Arkansas RR., which was sold at receiver’s sale In April 1922 Operations were resumed April 24 1922.
The I.-S. C. Commission has placed a tentative valuation of $9,177,460
on the total owned and $9,177,507 on the total used properties of the com­
pany, as of June 30 1919.
EARNINGS.— Gross
Net after
Other
Interest,
Balance,
Years Ended—

87

RAILWAY STOCKS AND BONDS

Income Rents, Ac. Sur. or Def.

4g
5g
fig
4X
4

J A D
MAS Mar 1 1930
F A A Aug 11938
J A J July 1 1938
MAN Mayl 1938
8 A A O Oct 1 1938
MAN July 1 1938

Oo’soffice, 120 Bway.NY
do
do
do
do
do
do
do
do

fig
4g
4g
4g

A A O Apr 11931
J A J July 1 1929
MAN May 1 1933
J A J July 1 1939

Co’s office,120Bway,NY
do
do
Co office, 120 B’way.NY
St Louis Union Tr Co

Chath A Ph N B A T Co

$51,350,000 were issued to the Reorganization Managers in 1917 for dis­
tribution under Plan and Agreement of Reorganiztion of the Missouri Pa­
cific Ry. Go. and St. Louis Iron Mountain A Southern Ry. Co.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 410; V. 118, p. 3197.
Equipment trust certificates. Series “B.” V. 117. p. 1884; Series “O,”
V. 119, p. 2064; Series “D,” V. 120, p. 827; Series “E,” V. 121, p. 2871.
Government loan, V. Ill, p. 792, 1566, 2229; V. 112. p. 372.
NOTES.—The 5% ecured gold notes of 1924 are redeemable as a whole
only on 60 days' notice on July 1 1925. or on any int. date thereafter, upon
payment of the principal amount of the notes and accrued interest, with a
premium of X % of such principal amount for each six months from the date
of redemption to July 1 1927. The notes are secured by deposit and pledge of
$15,500,000 1st A ref. mtge. 6% gold bonds, Series "D,” due Feb. 1 1949.
V. 118, p. 3197.
The $3,000,000 6% secured gold notes, due March 1 1930, participation
certificates of Chatham A Phenix National Bank, New York, trustee,
represent shares in a promissory note of the Missouri Pacific RR. of the
principal amount of $3,000,000 dated Aug. 18 1921, due March 1 1930,
bearing int. at the rate of 6% per annum, and secured by pledge of $4,000,000 1st A reft mtge. 6% gold bonds. Series “D,” due Feb. 1 1949.
The note and the collateral securing the same will be held by the trustee
for the benefit of certificate holders under a trust agreement, dated March 2
1925, providing that if part of the deposited note is called for redemption,
the trustee will call a corresponding principal amount of certificates by lot
for redemption at par. The railroad may redeem the note in whole or in
part on any int. date. Whenever a part of the note is redeemed, a pro
rata amount of the pledged collateral must be released to the railroad
company. V. 120, p. 1087.
The 15-year 7% sinking fund notes (issued in exchange for stock of
New Orleans Texas A Mexico Ry.) are secured by pledge of all stock of
N. O. Tex. A Mex. Ry. acquired through the issue of notes. The indenture
provides for a sinking fund beginning Sept. 1 1925 in the amount of $1,200,000 per annum, such amount to be proportionately reduced in case less than
$18,000,000 of notes are issued. V. 120, p. 1744.
REPORT.—For 1925, in V. 122, p. 2360, showed:
1925.
1924.
1923.
. 1922.
Avge. mileage operated.
7,337.62
7,359.97
7,235.72
7,261.78-

1925 -----------------$1,548,341 $86,744 $13,141 $339,214 def.$239,329
1924 ...................... 1,587,104 169.097
9,955
320,288 def.141,236
1923 ...................... 1,509.848 207,784
12,784
307,874
def.87,307
1922 ------753,508 149,676
4,301
154,519
def.1,723
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—Pres. & Gen. Mgr., W. Stephenson, Harrison, Ark.; Sec.
& Treas., J. M. McGaughey.—(V. 120, p. 3063.)
' MISSOURI PACIFIC RR. CO.—Operates a system extending from St.
Louis, Mo., to‘Omaha, Neb., and Pueblo, Colo., via Kansas City, Mo.,
and also to Texarkana, Ark., Lake Charles, La., and Johnston City, Ill.
Owns 6,836 miles of 1st main track, of which 6,821 m. are operated, viz.;
Missouri_____ 1,439 m. I Colorado________ 152 m. | Louisiana____ 556 m
Kansas______ 2,213 m. [Illinois_________ 194 m. [Oklahoma______ 162 m
Nebraska____ 349 m. I Arkansas_____ 1.755 m. I
Also has leased lines and trackage rights aggregating 517 miles, making
the total miles of main track Dec. 31 1925. 7,338: total miles of all track
Operating Revenues—
$
$
$
$
operated, 10,025. The trackage Includes 193 miles of Texas Pacific Ry. in
Freight_______________ 104,319,277 95,949,391 85,961,414 73,918,551
Louisiana, affording entrance to New Orleans.
Passenger_____________ 16,536,035 17,525,200 18,970,393 16,898,650
ORGANIZATION.—Incorp, in Missouri March 6 1917 and about June 1 Mail_________________ 2,886,211
2,989,954
2,854,093 2,631,406
succeeded to the properties of Mo. Pac. Ry. and its subsidiary, the St.Louie Express_________
2,747,172
2,901,920
2,882,702 3,174,580
Iron Mt., foreclosed per plan in V. 101.D. 130; V. 103, p. 406, 493, 579 Miscellaneous.................
2,285,012
2,279,219
2,006,868 1,917,157
V. 104. p. 863.1899. (AstoK O. AN. W. RR..seeV. 104. p. 1591,2010.) Incidental____________
1,829,703
1,771,640
1,707,280 1,182,925228,252
230,398
225,196
198,061
Under the terms of a reorganization plan for the Denver & Rio Grande Joint facility__________
Western RR., the Missouri Pacific acquired from the Western Pacific RR.
Total ry. oper. revs..130,831,661 123,647,724 114,607,948 99,921,331
Corp, for $9,000,000 one-half of the common stock of the new company
(150,000 shares). For details of plan, see Denver & Rio Grande Western Ma^nTof wfy &estruZ. 20,465,706 18,916,235 16,464,182 17,282,957
RR. The company also owned on Dec. 31 1925 $608,800 of the preferred
stock of the Denver & Rio Grande Western RR. Also owned Dec. 31 Maint. of equipment... 25,895,938 25,843,403 30,324,816 20,996,699
2,566,671
2,019,098 l,841,41fr
1925, $10,000,000 common stock, $23,703,000 pref. stock and $4,440,583 Traffic...1.___________ 3,108,345
notes of the Texas & Pacific Ry. The pref. stock is pledged as part se­ Transport’ll—Rail line.. 48,307,743 46,725,525 45,101,683 41,152,481
1,184,455
1,073,394
873,278
532,175
curity for the unifying & ref. mtge. 4s of the former St. Louis Iron Mountain Miscell. operations____
General_______________ 3,929,948
3,713,741
3,385,243 3,085,979
& Southern Ry. Co.
615,637
372,604
228,335
232,797
The company also owns approximately 86% of the outstanding 150,000 Transp. for invest.—Cr.
shares of stock of New Orl. Texas & Mexico Ry. In April 1925 offered to
Total ry. oper. exps.. 102,276,500 98,466,365 97,939,966 84,658,915
purchase additional shares of stock at $120 per share, payable in Missouri
Pacific RR. 15-year 7% sinking fund notes, at face value, with adjustment Total operating income. 23,253,239 20,445,464 12,185,417 11,206,433of accrued interest and dividends. V. 120, p. 1744.
Gross income_______ . 28,733,701 24,857,679 16,332,478 14,493,800
OLD BONDS. ALL ISSUES.—See Issue of June 26 1915. Remnants
Deductions—
of two old bond issues Included In plan of reorganization are still being ex­
1,652,236
1,893,376
3,375,832
changed under terms of plan, viz.. Central Branch Ry. 1st 4s and Lexing­ Hire of fr’t cars-deb. bal. 4,038,149
70,138
Rent for locomotives__
137,002
245,038
87,673
ton Div. 5s.—V. 105. p. 498.
212,194
304,422
Rent for pass, train cars.
333,231
345,537
919
STOCK.—(1) Convertible 5% Pref. Stock (p. & d.)—Cumulative from Rent for floating equip . _
930
255
24,195
28,342
June 30 1918. Convertible at holders’ option at par into common stock at Rent for work equipmenti
52,739
50,946
35,963
1,819,153
par, subject to adjustment of dividends. Callable by company as an entire Joint facility rents____
1,541,884
1,742,339
1,562,986
145,352
163,469
Issue at 107 X % and dividend, subject to conversion privilege. Full voting Rent for leased roads__
148,992
138,845
57,737
42,944
power. Authorized, $100,000,000; Issued, $71,800,100.
Miscellaneous rents____
37,111
49,466
23,91320,396
Miscell. tax accruals___
17,446
19,961
(2) Common Stock, authorized, $200,000,000; Issued, $82,839,500.
88,655
62,696
92,554
Separately op. prop .-loss!
48,004
BONDS—First A Ref. Mtge. Bonds—Total issue. Including amounts Int. on funded debt___ 14,524,188 12,268,266 11,815,499 11,667,276
31,315
285,682
19,039
40,839
reserved for refunding, improvements, extensions, Ac., under restrictions, Int. on unfunded debt..
110,282
49,372
17,509
16,307
is limited (except with further consent of a majority tn amount of the stock, Miscell. income charges.
holders) to $450,000,000 and further limited so that tne total at any time.
Total deductions____ 21,085,493 18,354,462 16,211,132 15,907,512Including amounts reserved for refunding bonds and equipment trusts
121,346defl,413,712
6,503,218
(together aggregating $135,945,500 in June 1917. exclusive of the equipment Net income___________ 7,648,209
trusts maturing prior to July! 1918. which were provided for under plan),
OFFICERS.—Wm. H. Williams, Chairman; L. W. Baldwin, Pres.;
shall never exceed three times the capital stock at the time outstanding
T G. Drew. F. J. Shepard. E. J. White. C E. Perkins, H. R. Safford,
nor shall issues above $450,000,000 exceed 80% of the expenditures for im­ F. P. Johnson, V.-Ps.; O. B. Huntsman, V.-P., Asst. Sec. A Asst. Treas.,.
provements and additions
H. L. Utter, Sec.-Treas.; T. M. Niven, Gen. Aud.
First main track upon which First A Ref. M. is a first lien, 3,299 miles;
—J. E. Davey, Arthur V. Davis, John J. Raskob,
2d lien, 1,712 miles; 3d lien, 1,438 miles; 4th lien, 286 miles; total 6,734 H.DIRECTORS.
Hobart Porter. Finley J. Shepard, Charles H. Sabin, Matthew O. Brush,
miles: and all mileage hereafter built or purchased with these bonds:
Ft. L. Utter and William H. Williams, New York: John G. Lonsdale, L. W.
Series “A,” and “D” bonds are redeemable as shown in table at head Baldwin,
Geo. W. Niedringhaus and B. F. Bush, St. Louis; Charles E.
of page. Series "E” bonds are redeemable as a whole only on any interest
Philadelphia: R. Lancaster Williams, Baltimore: William T.
date on or before May 1 1940 at 107)4 and interest, or on any interest date Ingersoll,
thereafter at par and interest, plus a premium of X % for each six months Kemper, Kansas City; James W. Gardiner, Lake Charles, La. Offices,
between the redemption date and the date of maturity, upon not less than 120 Broadway, New York, and Railway Exchange Bldg., St. Louis.—(V.
90 days' notice. Proceeds of the Series “E" bonds were used to provide 122, p. 2180.)
company with the necessary funds for the redemption of $9,044,000 first A
MOBILE & BIRMINGHAM RR.—(See Map Southern Ry.)—Mobile to
ref. mtge. bonds, Series “C,” which were called for redemption on Aug. 1 Marlon
Junction, Ala., with branches, 150 miles. Leased to Southern Ry.
1925, to reimburse the company for capital expenditures already made and from Maroh 1 1899 for 99 years, the latter agreeing to meet the Interest on
to provide funds for additional capital expenditures.
jonds and to guarantee a dividend on the $900,000 pref. stook of 1% for
(2) General Mortgage Bonds—Total authorized, $53,000,000. to bear 4% Jrst year. 2% for seoond year, 3% for third year and 4% for fourth year
at. and mature 1975, but redeemable as a whole (but not in part) at par and thereafter. Of the $900,000 common stook, $894,900 is owned by
and tut. on and after March 1 1921. A junior lien upon all property at any Southern Ry., and voting power on pref. assigned to Southern Ry. during;
time subject to the new First and Refunding Mortgage.
lease. V. 68. p. 429, 1134; V. 69. p. 391; V. 71. p. 1013.—(V. 72. p. 137.)




88

(Vol. 122,

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Mobile A Birmingham RR—Pre! stook ($900,000).—
Prior lien gold $600,000 ........ ......................... Ce.c
First mortgage $1.200.000....... ............ ............ Ba.c
Mobile & Ohio—Stock_______
.. _____________
First M Mobile to Columbus (principal gold)..F,so*
First M exten Columbus to Cairo & branch g..F,zc
General mtge for $10,500,000 (now gold) s f.F.zo*
Montgom Div 1st M $4,000,000 g(V66,p 1045)Ce.zc*
Mobile A B Sb 1st M $200,000 assumed gold-F.zc*
M A O St Louis Div M $3.000,000gred 102)4 Cexc*
St Louis A Cairo 1st M goi-’ assumed..._______ xc
Equip tr (Govt) due $40,500 annually__________
do
due $36,000 annually__________________
do
ser “L” due $54,000 s a_____________ Ce
do
Series “M” due $112,000 ann_____ Ce.c*
do
Series "N” due $55 000 s-a_____ .Ce.c*
do
Series O due $80,000 ann______ __ Ge.c*
wohawk & Malone—Set? New York Cent & H R KK.
Monongahela Ry—lst& Ref. M. $15,000,000 gUPi
Monongahela RR 1st M $1,500,000 Joint guar___ k
Monongahela Southern R R—See U S Steel Corp un
Montana Wyom & Sou—1st Mgred 110text--Emxo*
Montgomery & Erie Ry—1st M (extended)__________
MontourRR—IstM g$2,750.0n0rert WRsftsxt 1 ip.xc*
Equip trust gold bonds ser B due $50,000 ann___
Morehead & Nor Pork—1st M g cruwc cjlearf Tr <Jo.x
Morris & Essex Stook 7% % guaranteed D L A W
1st Ref M tr $35.00(1 000 vu n A 1
F.xc*Ar
Consol mtge $35,000,000.______ . ... ______
Morns & Essex Extension Co.—Stock guar 4%-__
Morristown A Erie—First M $300,000 g s f red par..
Mt Carbon & Port C RR—Stock (rent.aFguar) text__
Mount Hood RR —1st M $500,000. . ......................
Muskegon Grand Rapids & Indiana—See Grand R
Nashua A Lowell—Stock 9% rental 99 years BAM
Nashville Chatt A St Louis—Stock $16.000.000autb
Cons mtge ($20,000,000’ $20,000 p m gold-.Us.sc’
Equipment trusts due $86,500 yearly_________ O
do
do Series “B” due $120,000 annually___

Miles Date
Road Bonds

Par
Value

$100
150 1895 200. 1000
150 1895 200. 1000
100
472 1879
500 Ac
1,000
525 1883
500 Ac
525 1888
1.000
189 1897
500 Ac
46 1899
159 1913
1,000
500 Ao
159 1886
1,000
1920
1,000
1922
1.000
1923
1.000
1924
1 .090
1924
1,000
— 1926

Amount
Outstanding

Rate
%

Empire Tr Co. N Y
Goshen, N Y
Union Tr Co. Pltts^urvn

.1
n
N
N
S
J
J

Sept 1 1930
May 1 1956
Feb 1 IH«v
To Jan 1 1936
Feb 1 1958
Jan 2 1926 4)4
Dee 1 2000
1954 to 1987
May 1 1926 2%
Sept 1 1933
Jan 15 1926 2)4
Jan 1 1927

Cteuinenn ea. rruc •
Del Lack A Western. NY
Del Lack A West. N 1
do
do
do
do
Brooklyn Trust Oo, N 1
Reading Terminal. Phils
1st A Utah Nat Bk, Ogden

N
A
()
15
O

May 1926 4)4
Feb 1 1926 3)4
Apr 1 1928
To Jan 15 1935
To Oct 1 1937

Check from Co’s office
New York and Nashvllk
do
<lv
Guaranty Trust Oo, N Y
New York.

J
J
.1
D
D

M
M
F
J
F
J
J
M
M.
M
J
J

A
A
A
A
<3t
A
A
&
dc
A
A
A

s
N
A
J

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F &
5g A A
J A J
6g
4)4 g A A

9

Places Where Interest and
Dividends Are Pagable

JPMorgan&Oo.N Y. ALon
J P Morgan A Co, N Y
do
do
Mobile, Ala.
Farmers L A Tr Co, N Y
do
do
Hanover Nat Bank, N Y
do
do
First. Nat Bk, Mobile, Al»
Hanover Nat Bk. N Y
Farmers Loan A Tr. *' '
Guaranty Trust Oo, N Y
Amer Loco Co, N Y
Central Un Tr Oo, N Y
New York
New York
New York

A
A
A
A
A
—J
A
A
A
A
A
&
&
A
A
A
&

7

Last Dividend
and Maturity

July 1 1926 2%
July 1 1945
Jwlv 1 1945
Dec 30 ’25 6)4
Deo 1 1927
July 1 1927
C
M
S Sept 1 1938
F
A Feh 1 1947
M
N May 1 1949
J
D Dec 1 1927
J
J JaD 1 193!
J
J To Jan 15 1935
.1
.1 To July 1 1932
M
S S -pt ‘26-Mar '38
J
J To Jan 1 1939
M
N Nov '26-Nov'39
J
J To Jan 15 1941
J &, J Jan. 1 1967
A A O Oot 1 1942
J
J
J
J
J

$900,000
4
600.000
5g
1,200.OOP
4
6.016.800 See text
7,000,000
6
1,000.000
6g
9,471,000
4g
4,000,000
5 g
200.000
5g
2,500.000
6S
4.IM19.099
4 ff
364,500
6
252,000
6
1.276.000
6g
1.456.000
5
1 485 999
4)4
1,200.000
4)4
6,000.000
4)4 g
1.048,000
3)4 g
835.000
5(
130 000
5
5a
1,850 nno
500,000
4)4 g
373.000
G8
15.000.000
7M
as non nno
3t4g
11,582,000
5
4
2-1 OOo
6R
187.OOP
282,350
5
6
500.000

1,000
1917
1 000
37 1902
der In dustrla is below.
38 1909
1.UO0
1.000
10.43 1888
1 090
ft? 1913
1.000
1926
1.000
27.91 190S
50
nno
119 ionn
1,000
1925
too
2
1,000
13 1903
50
07-’l'
aplds A Indi ana.
$800,000
$'00
14 X
100 16.000.000
1.000 16.100 000
*46 18SO
778.500
1920
1,440,000
1922

When
Pagable

A

Trews, offloe. Pittsb, Ps

MOREHEAD & NO. FORK RR.—Morehead to Redwlne. Ky.. 24.44
m.: 3.17 m. branch. Stock, auth.. $500,000; out $260,600; par, $100'
Bonds, see table above. For year ending Dec. 31 1924. gross, $58,123; net
operating income, def., $38 620: other income, $2,309; Interest, rentals, Ac.,
$20,122; bal., def., $56,433. Pres.. A. W. Lee, Clearfield, Pa.; Sec. 8c
Treas., A.W. Lee, Jr., Clearfield. Pa.
MOROAN’S LOUISIANA & TEXAS RR. & STEAMSHIP CO —(See Map
at Southern Pacific.)—ROAD.—Owns Algiers to Cheneyville, 205 miles;
branches. 119 m.; extensions to Port Allen. La., Ac . 53 m.; trackage to
Alexandria, Ac., 25 m.; total, 401 m.; ferries. 3 miles. Owns $300,000 stock
of Iberia A Vermillion RR., 21 miles.
LATE DIVS. ’14-’15. ’15-’16. '16-’17. ’18. ’19. ’20. ’21. ’22. '23. ’24. ’25.
Sou. Pac. Oo. owns $16,000,000 stock and of the $6,429,000 first mort­
Per cent------4
4
4
4444477 10
gage bonds outstanding.
Dividends. 1906-07. 10%; 1907-08. 25%:
The Southern Railway has acquired 18,355,000 of the $9,471,000 1908-109, 4%; 1910-11.6%: 1911-12, 4%: 1915-16, 2%; 1917 to 1924. none.
In 1924, gross, $8,452,982; net operating def., $103,328; other income,
general 4s and $5.65 1,200 of the $6,016,800 stock. Issuing, $ for $, Its col­
lateral trust 4% gold bonds In exchange for the M. A O. eeneral 4s, secured $104,651: deductions, $666,587; bal., def., $665,263. For latest earnings,
by a pledge of the latter and had also issued stock trust certificates for stock, see "Railway Earnings Section” (issued monthly).—V. 119, p. 2064.)
dividends being payable (A. & O.) at 4% in perpetuity. V. 106. p. 2758MORRIS & ESSEX RR.—Owns from Hoboken, N. J., with important
BONDS.—General mortgage of 1888 abstract, V. 47. p. 83. V-60,p 967. terminal facilities on N. Y. Harbor, to Phillipsburg, N. J., £5 miles; branch.
The St. Louis Div. 5% gold bonds (limited to $3,000,000), dated Aug. 1 Denrille to Hoboken, N. J., 34 miles; leases, 38 miles; total oper., 157 miles.
1913, are secured by a mortgage on the former St. Louis & Cairo RR.. sub­
Leased Dec. 10 1868 in perpetuity to Del Lack. A West., which guaran­
ject to St. Louis & Cairo 1st M. 4s, due Jan. 1931, the latter of which have teed 7% per ann. on stock and contingently 1% extra. In May 1917.
follor'ng some litigation, lt was agreed that in future the dividends under
been assumed. V. 96. p. 554. 1022. 1365. 1773. 1840. and V. 70. p 632.
Stockholders in Peb. 1918 authorized the creation of a mortgage to secure the It tse should be fixed at 7)4%. payable unconditionally, the additional
not exceeding $50,000,000 bonds, whenever the board of directors may deem renta< ()4%) tor year 1916 to be paid on July 1 1917 and for subsequent
years on each succeeding Jan. 1, respectively. See V 104 p. 2118.—
It advisable. V. 106, p. 929: V. 104, p. 452; V. 102. p. 251: V. 100. p. 253
The stockholders on June 24 '25 approved a resloution to issue $35,000,000
.Guaranteed bonds: Warrior Southern Ry. 1st 4s of 1903 (all owned),
$603,000; Meridian Terminal 1st 4s (Jointly). $250,000: Gulf Terminal mortgage bonds in order to provide for the payment to the Delaware Lacka­
wanna A Western RR. Co., lessee, of expenditures properly chargeable to
1st 4s (jointly). $ROO.r»On
Equipment bonds, ser. L, V. 116, p. 721; ser. M, V. 117, P. 2770; ser. N, construction account amounting to $11,582,000 and for the payment to
the lesse9 of future capital expenditures for impts., extensions, Ac.—
V. 119, p. 1844; ser. O, V. 121, p. 3000.
(V. 121, p. 2871.)
REPORT.—Por 1925, in V. 122, p. 2642, showed:
MORRISTOWN & ERIE RR.—Owns Morristown. N. J., to Essex
Calendar Years—
1925.
1924.
1923.
1922.
Total oper. revenue-$19,255,064
$19,464,381 $20,112,416 $17,878,005 Fells, N. J., 10-64 miles; 2 branches. 2.32 m., total 12.96 m. Stock.
Net over taxes----- 3.642,919
3,532,155
3,289,496 3,280.909 $400,000; par, $100. Bonds, see table. In 1925, gross, $158,732; net,
Net. incl. other income. 3,810,570
3,653,421
3,441,869 3,372,558 $41,413; interest, rentals, Ac., $25,464; bal., $16,708. Pres., R. W.
Interest, rentals, Ac___
1,622,947
1,572,250
2,313,901 2,353,597 McEwan, Whippany. N. J.—(V. 121, p. 1345.)
Dividends paid.....
601.680
421,176
421,176
240,671
MOUNT CARBON & PORT CARBON RR.—Owns Mt. Carbon to Port
Pa.. 2.62 m.; total track. 12.71 m. Leased to Phila. A Reading
Balance, surplus-$1,585,943
$1,659,894
$706,792
$778,289 Carbon,
999
years from Mar. 1910 at 5% on stock taxes, Ac. (V 89, p. 42.)
For latest earnings, see “Railway Earnings Section” (issued monthly).
MOUNT HOOD RR.—Hood River to Parkdale, Ore., ]2.2 miles.
OFFICERS.—Pres., Fairfax Harrison; Sec., C. E. A. McCarthy; Treas., Stock.
par, $100. Bonds, see table. Pres., J. M. Eccles,
George
Cooke; Compt., E. H. Kemper. Offices, Mobile, Ala., and Ogden, $250,000;
Utah; Sec., Jos. A. West, Brigham, Utah.
120xBroadway, New York.—(V. 122, p. 2642.)
MUSCLE SHOALS BIRMINGHAM & PENSACOLA RY.—(V, 121,
“MONON.”—See Chicago Indianapolis A Louisville Ry.
p. 2871.)
NARRAGANSETT PIER RR.—This road was formerly leased to the
MONONGAHELA RAILWAY CO.—Brownsville Jet., Pa. (connection
Rhode Island Co., but early in 1920 the lease was terminated by default
with Penn. RR. and Pitts. & Lake Erie RR.) to Fairmont, W. Va. 69 miles
and
on March 1 1920 the company received its property directly from the
with branches aggregating 38 miles. In Nov. 1915 operations extended
from Penn.-W. Va State line to Fairmont. W Va., 33 m. A consolidation U. S. Railroad Administration. Stock, $133,800. First mtge. 5s, $70,000,
due Aug. 1 1936; int. F. A A. at Rhode Island Hospital Trust Co., Provi­
Julv 1 1915. See Pitts & L. E report V. 192. p. 1535: V 106, p. 2003
The I.-S. C. Commission on Jan. 6 1925 authorized the company to ac­ dence. trustee. Road extends from Narragansett Pier to Kingston, 8.41
quire control of the Scotts RunRy.by purchase of its capital stock and lease miles. The I.-S. C. Commission has placed a final valuation of $310,000
of Its properties, and the Monongahela & Ohio RR. by the purchase of its upon the properties as of June 30 1916.—(V. 119. p. 1844.
capital stock.
NASHUA &LOWELL RR.—Owns double-track road from Lowell. Mass.,
Stock authorized, $10,000,000: par. $50. Outstanding, $5,000,000
Nashua, N. H . 14.26 miles. On Oct. 1 1880 leased for 99 years to Boston
of which Pittsburgh A Lake Erie (N Y. Central System) owned $2,500,000 to
&
Lowell. Tn 1887 lease was transferred to Boston A Maine, which pays
and Penn. RR. Co. $2,500,000 on Dec. 31 1925. First & ref. mtge. bonds a rental
of $73,000 (9% on stock) and $1,000 for annual expenses, and in
of 1917 auth. $15,000,000: issued In 1917 to company in N. Y. Central and April 1911
received authority to purchase stock; in Nov 1906 to 1912 Incl.
Pennsylvania systems In settlement of outstanding notes. Ac.. $4 584.000
%
extra
was paid from accumulated cash surplus. Treas., Geo. O. Colt.
V. 106, p. 2011. $416,000 issued May 23 1918. As of Dec. 31 1925, Penn­
sylvania RR. Co. owned $2,500,000 of outstanding bonds and the P. & 6 Beacon St.. Boston.—(V 83. p 970 V 85. p 1005.)
NASHVILLE
CHATTANOOOA & ST. LOUIS RY. (THE).—Owns
L. E. RR. Co. owns $2,500,000. P. & L. E. and Pittsb. Va. & Charleston
from Chattanooga, Tenn., to Hickman, Ky., 325 miles; branches to Leban­
(Penn. RR.) guarantee the 3)4s.
on,
Ac.,
532
m.;leases
Western A Atlantic, Chattanooga, Tenn., to Atlanta,
OFFICERS.—Henry O. Nutt. Pres.; T. H. B. McKnight, Treas.; 8. H
Ga., 137 m. (V. 104, p. 452; V. 110, p. 78); and Paducah A Memphis Divi­
Church. Sec., Pittsburgh.—(V. 120. p. 326.)
sion of the L. A N., 254 miles; trackage rights. 12 miles. See V. 71, p. 544,
MONONGAHELA SOUTHERN RR.—Line extends from Monongahela 664. 864. Total operated Dec. 31 1925. 1.260 miles.
The I.-S. O. Commission has placed a tentative valuation of $69,262,133
Jet. to Mifflin Jet., Pa., and from Clairton Jet. to Wilson, Pa., 11.65mlles
on the company’s property as of June 30 1918.
(leased to Union R.R. of Pennsylvania).
ORGANIZATION.—A majority (811.484.100) of the stock is owned by
STOOK.—Auth. and outstanding, $3,000,000; par, $50, all ownea by
(he Lou. A Nash., of which $11,483 100 pledged under Its mtges. West,
Union RR. of Pennsylvania.
fc Atl, was leased from State of Georgia till Dec. 27 1919 at $420,012 yrly.
BONDS.—First 5s, auth., $3,000,000: outstanding, $3,000,000. Dated Under the lease as extended to Dec. 27 1969, the rental for the 50 years
Oct. 2 1905, due Oct. 1 1955. Gen. 6s, auth., $7,000,000; outstanding
will be $540,000 yearly with taxes of about $113,000 p a., while $60,000
$2,500,000. Dated April 1 1920, due Oct. 1 1955.
yearly from Dec. 27 1919 will be applied to improv'ts. V 104, p. 864. 863.
The Paducah A Memphis Div. of the Louisville A Nashv. RR. Co. Is
MONTANA WYOMING & SOUTHERN RR. CO.—Owns from Bridger
for 99 years from Dec. 14 1895: the annual rental Is 5% on the cost
Mont., on Northern Pacific, to Belfry, and westerly to Bear Creek, about leased
road and 5% on amounts paid by L. A N RR for additions, etc.
33 miles, serving a coal district. Stock outstanding, $1,000.000. Addi­ yt Owns
with the Chic. Burl. & Quincy and Illinois Central the
tional bonds at $25,000 per mile. V. 89, p. 470.
Pres., M. A. Zook. Paducah jointly
& Illinois RR., which has built a double track bridge over the
—(V. 119, p 1625.)
Ohio River at Metropolis, Ill., and has constructed a line from Metropolis
MONTGOMERY & E. RY.—(See Map Erie RR.)—Owns Montgomery to Paducah. Ky.. 14 miles, and jointly guarantee its bonds. See that
to Goshen, N. Y., 10 miles. Leased in 1872 to Erie RR. Rental now company and V. 106, p. 1788.
$16,000 per an. 8tock, $150,000. Divs. (4)4% per an.) paid May 10 and
LATE DIVS.—107 . 08 . 09. ’lO-’ll. ’12. T3-T4. ’15. '16. ’17 to Feb’26.
Nov io h m «« 500 per an. There are $40,500 2d M. 6s due Oct. 11927
Per cent_______ 1 6 5)4 5 6 yrly. 6)4 7 yrly. 6 6)4 7yrly(FAA)
—(V. 122, p. 2795.)
BONDS.—Consol, mtge. of 1888 provides that all prior bonds shall be
MONTOUR RR.—Owns Montour Jet. to the Mifflin Yards of Bessemer viatdoff at maturity: sufficient of the $20,000 p.m. are reserved for them.
* Lake Erie RR. and branches. 51 miles. In Oct. 1916 the Northern Mon­ V. 105. p. 607. V. 101, p. 131. 694. 1465: V. 103. p. 1301. 1593.
tour RR. Co., with $350,000 of auth. capita, stock, was Incorporated
Jointly. with Lou. A Nasb., guarantees $2,601,000 LAN Ter. 4s;
Stock $5.1O0,OO0, owned by Pittsburgh Coal Co. V. 96. p. 286, 861
with the L. A N., Southern Ry.. St. Louis I. M A So. and St. Louis South­
Bonds, originally $2,750,000 1st 50-yr. 5s; retired by sinking fund, $900,- western $2 600 .000 Memphis Union Station 5s and with the Chic R>"-1 A
000: redeem, at 105 as a whole on and after Feb. 1 1924, or at 102)4 for a Quincy RR. and Illinois Central RR. Co. $4,285,000 Paducah A Illinois
sinking fund of $55,000 yearly.
RR. 1st mtge. sinking fund 4)4s.
For latest earnings, see “Railway Earnings Section” (Issued monthly).
Equipment trusts issued to Director-General for rolling stock allocated
—(V. 121. p. 2634.)
to this company See article on page 3 and V. 113, p. 1471.
MOBILE AND OHIO RR. CO.—Owns from Mobile. Ala., to East
Cairo, Ky.,490 miles; to East St. Louis, with branch, 155 miles; Mont­
gomery Division, Artesia, Miss., to Montgomery, Ala., 180 miles; Mobile
& Bay Shore branch, 34 miles; other branches, 59 miles; total owned, 918
miles; Warrior Southern Ry. (all stock and bonds owned), 14 miles; trackage
rights, 191 miles; operated under agreement Okolona to Calhoun City, Miss.,
38 miles; total operated, 1,161 miles. Valuation, V. 113; p. 1540.
_,®JOCK-—Stock authorized, $10,000,000; outstanding. $6,016,800: par
*
Tlle vot’ntf power on $4,984,200 of the stock is exercised by the Gen­
eral Mortgage bondholders by virtue of deposit of old debentures of 1879.




May, 1926.]

89

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations. &c., see notes on page 81

Miles Date
Road Bonds

flash ville & Decatur—Stook guar 7 14% by L & N. .
119
Nashville Florence & Sheffield—See Loulsvillp A Nash ville
National Rys of Mexico—Com stk $75,000,000 U S g
First pref stock $30,000,000 4% non-cum (p & d)__
2d pref stock $125,000,000 5% non-cum (p & d)___
Prior lien M U S g red 105 (see text) . .. Ce.xc *&r*
Gen mtge U S gold redeem par (text) guar._N.xc*
Nat RR of Mex prior lien mtge g call 105. Un.xc* 1,284
First cons M $60,000 000 gold (see text) Ce.xc* 1,534
Mexican Central—Priority bonds gold red 1 lO
z
First cons Inc & scrip n-cum ($9,600 p m) g AB.zc* 3.407
2d cons lnc($6.400 p m)red 50% to July ’29 ABzc* 3,407
Car and locomotive rental notes _ _ _____ _ ,x
Equipment 5s $50,000 redeemable yearly at par.x
do ($50,000 yrly par) red 102)4 beg ’10.OB.xc*
Mex Int prior lien £1,200.000 red at par..Un.xc*&r
615
do g guar stamp subj to call at 95 to Mar 1907..
866
Vera Cruz & Pacific 1st M g red (text) . ___ ..xc*
263
Pan Amer (Mex-Guat) 1st M (text)redl05 gu p&i xc*
285
General mortgage guar prin & int___
__ .x
285
Nat Rys 2-year secured gold notes red par___ Ce.x
•- 3-year secured notes $2,460,341 red par ____ _.O
Secured gold notes extended in 1914 and 1915 ___
Secured gold notes Series B $1 ,509,752 red par___ Q
Secured gold notes Series C $813,090 red par.___ Q
Notes (for purchase of notes of Pan-American Co)..
Nevada-California-Oregon—
1st M $2,200,000 $10,000 p m g call 105 sf _.Un.c*
Nevada Central—1st M gold non-cum inc (skfd).Cez
94
Nevada Co N G RR—
Mortgage sink fund call 105 $500.000_________ US
20 M
New England—Also New Haven & Northampton— See N

Par
Value

25

1907
1907
1902
1902
1889
1889
1889
1897
1899
1897
1897
1904
190.3
1907
1913
1913
1913
1914
1914
1914

1917
1888

1914
ew Yo

a Does not include $3,000,000 pledged under prior lien m tge. of

Amount
Outstanding

Rate

%

When
Payable

3,553,750
7H J A J
$74,803,466
28.831.000
120.543,421
$, £, &c 84,804.115
4)4 g J & J
$, £, &c 50,748.575
4g A & O
$500 &c 23,000.000
4)4 S J & J
$500 &c 24,740,000
4g A & O
1,000 1,374.000
5g J & J
1,000
65.300
3g
July 10
1,000
21,000
3
342,000
1,000
150,000
5e A & O
1,000
300,000
5g A & O
£100 &c 5.850,000
4)4 g M & S
500 &c a4,206,500
4 g M & S
1,000 7.000,000
4)4 g J & J
1,000 2.003.000
5g J & J
1.000 1.484.000
J & J
5
$, £, &c 26,730,000
6g J & D
45. &c
6
J & J
2,460.325
6
746 000
6
2, &c
1 509 75?
J & J
Si 3 055
J & J
6
1,403^000
$1,000
$975 000
M&N
6g
1,000
750.000
5g J & J
1,000
59,500
A & O
5
rk New Haven & H artford.
the Nat. Rys. of Me xico.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable.

July 1926

4% Louisville. Ky

City of Mexico, Lond, &r
Feb 10 ’13. 2% Office. 25 Broad St, N V
July 1 1957
Oct 1 1977
Oct 1 1926
Oct 1 1951
July 1 1939
Jan 10 1939
Jan 10 1939

Apr 1
Oct 1
Sept 1
Sept 1
July 1
Ian 1
Jan 1
lunel
Ian 1
lunel
fan 1

1917
1919
1947
1977
1934
1934
1937
1915
1917
1915
1917

luly 1 1916

See text
See text
See text
See text
See text
None paid
do
See text
Mar 1915 coup not paid
do
do
Ian 1915 coup not paid
See text
See text
Dec 1914 coup not paid

Dec 1914 coup not paid

Dec 1914 coup not paid

Mayl 1967
luly 2 1938

New York
4% paid Dec 1917

April 1943

Union Tr Co. San Fran

REPORT—For 1925, In V. 122, p. 2485, showed:
(It was announced in March 1924 that the cash warrantsjmaturing'up to
Operating Revenues—
1925.
1924.
1923.
1922.
and including Jan. 1 1924 would be paid upon presentation. The warrants
Freight_______________ $17,317,770 $17,044,426 $18,027,477 $16,055,719 maturing July 1 1924 were not paid. Compare V. 120. p. 142.) IKPM i
Passenger_____________ 4,834,798
4,678.037
4,815.185
5.060,565
(2> The Interest coupons maturing on or before Jan. 2 1923 and included
580.876 in the plan, with respect to bonds, are to be detached by the respective de­
Mail
630.327
624.489
592,827
564.525 positaries and lodged with Guaranty Trust Co. of N. Y. as depositary
618.332
Express_____
600,348
620.381
Miscellaneous
474.606 against the issue of receipts to an equivalent face amount. Such receipts
598,823
517,198
500.537
Railway oper. revenus$24,000.050 $23,601,646 $24,801,787 $22,353,763 are to be purchased or redeemed by the Government from a fund sufficient
to retire them in full, during a period of forty years, beginning Jan. 1 1928.
Operating Expenses—
The receipts will be of two kinds—Class “A" and Class “B"; Class “A” to
Maint. of way & struc__
be retired completely prior to Class “B"—which will be issued in the
Maint. of equipment__
approximate proportions stated In the schedule (see table in “Chronicle” of
Traffic_______________
July 14 1923, p. xxviii) to the deposit agreement.
Transportation _____
(3) The Government is to make prompt return of the National Railways
Miscellaneous_________
to private management. It recognizes Its obligations to restore such rail­
General_______________
ways, including rolling stock, to their condition at the time the Government
Transport’n for Inv.—Cr
took over the railway lines. The Government has agreed to assume the
Operating expenses.
payment of principal, Interest and sinking fund of outstanding bonds of the
Net rev. from ry. oper
National Railway System, listed hereinbefore, subject to the provisions set
Tax accruals________
forth as to the payments during the five-year period. The liens created by
Uncollectibles______
the existing mortgages are not to be enforced unless the Government falls
Operating income, _
$4,050,842 $3,465,103 $2,642,169 $2,709,083 to carry out its obligations under the plan: in which event such liens may be
Non-Oper. Income—
enforced in favor of the respective Bondholders.
Hire of equipment___ .Dr.$259,148 Dr.$149,752 Cr.$305,292 Cr.$295,710
(4) The matured 2-year notes of the National Railways of Mexico are to
241.858 be extended for a period of ten years from Jan. 1 1923, with interest at 5%
228,706
Joint facility rents, &c_
249,511
207,291
801 per annum for the first five years beginning in 1923 and at 6% per annum
Inc. from lease of road.,
801
801
801
124.219 thereafter.
Misc. physical property.
51.810
48.630
40,113
72.980
Inc. from funded securs
58.906
63,879
66.913
The following notes are to be extended to Jan. 1 1933, with interest at
107.103 the rate of 6% per annum: National Railways of Mexico 6% Secured Gold
Inc. from unfund, secu rs 130,116
77,411
108.514
4,130 Notes, maturing up to Jan. 1 1917.
6,944
Dividend income_____
11,670
10,610
441
Miscellaneous income__
49,903
The following Issues are to be extended to Jan. 1 1933, with Interest at
. $4,344,412 $3,723,975 $3,399,454 $3,556,326 the rate of 6% per annum after maturity to Jan. 1 1933: National RR. Co.
of Mexico Prior Lien 4)4% Bonds (No., 17); Mexican Central Ry. Co.,
Deductions—
$149,747 Ltd., 5%. Equipment Notes (No. 24).
Joint facility rents
(5) All sinking funds are to be postponed for a period not to exceed five
$806,506
$806,506
$806,506
Rent for leased roads__
$806,506
734 years from .Tan 1 1923.
Miscellaneous rents___
1.067
1.817
1,580
Modified Agreement.—Under the terms of a modified agreement reached
17.884
Miscell, tax accruals..
60.484
18.100
18.100
900.219 in Oct. 1925 the National Railways were returned to private management
940,556
943,699
Interest on funded debt.
929.216
713 on Jan. 1 1926. The modified agreement provided for the separation in
Int. on unfunded debt
17.346
1,723
1,276
1,120.000 the handling of the Governments’ direct debt from the debt of the National
1,120.000
Dividends (7%)......... . 1,120,000
1,120,000
Railways or Mexico. The interest payments for 1924 and 1925 now in
Total deductions____ $2,935,370
$2,888,466 $2,890,648 $2,995,804 arrears will be postponed and paid over an eight-year period beginning
$560,522 in 1926.
Net income___________ $1,409,042
$835,509
$508,806
For latest earnings, see “Railway Earnings Section (issued monthly).
1922.
1923.
1924.
OFFICERS.—Pres., James B. Hill: V.-P. & Traffic Mgr., H. F. Smith;
1925.
V.-P. & Gen. Counsel, Fitzgerald Hall: Sec., T. A. Clarkson; V.-P. & Gen. Exp. of Mex., N. Y. and
534,801
528,781
Mgr., W. P. Bruce. Office. Nashville. Tenn.—(V. 122, p. 2485.)
London offices______
516,030
520,658
190,729
192,979
2,696
189,071
Taxes in Paris, &c____
NASHVILLE <5t DECATUR RR.—(See Map Louisville A Nasnvtlle.)—
60,450
80,674
76,427
74,980
Owns from Nashville, Tenn., to Decatur, Ala., 119 miles Re-leased ti Int. on sundry oblig’ns..
Lou. & Nash, in 1900 for 999 years, the rental being 7H% on stock. Th» Int. on fund. debt, equip. 21,840.762 21,840,762 21,840,762 21,840,762
&
coll,
tr
.
&
notes
pay.
Lou. & Nash, owns $1,758,850 of the stock —(V 70, p. 1195.)
$3,468
481
4,287
Debit bal. of exch. acct .
6,790
Install, acct. sinking fund
NATIONAL RAILWAYS OF MEXICO.—On June 30 1914 this sys
2,289,434
2,289.434
2,289,434
2,289,434
prior lien 4)4s______
tern, including the Interoceanic and Mexican Southern Rys. (1,047 miles
21
controlled but operated separately), aggregated 8,027 miles of road (1,342 Sundries______________
miles 3-ft. gauge). On Dec. 4 1914 the railway, telegraph and telephone
24,730,693 24,920,660 24,939.868 24,912,887
lines of the Republic were seized by the Mexican authorities. The railways Int. & divs. on sec. own.
595,218
616,603
637,988
659,373
were returned to private management on Jan. 1 1926.
Int. on pend. amts, spent
493,216
469,729
563,770
517.876
in constr. of new lines.
ORGANIZATION -organized March 28 1908 under special Act of Con­
537.274
564.489
433,692
332.836
gress of Mexico, per plan In V 86. p. 918. 982. The properties of Nat. RB. Miscellaneous earnings
of Mexico. Mex Central and Mex International were acquired by deeds.
Total credits............. 1,555,977
1,589,556
1.674,308 1,602,221
V. 88. p. 452, 1318; V. 89. p. 1601; V 90, p. 1554. Vera Cruz & Isthmus Balance, deficit________ 23,174,713 23,331,103 23,265,560 23.310,666
RR. (340 miles) was merged Nov. 1 1913 and Its bonds assumed and th* Total p. & 1. deficit____ 286,058,802 262,880,164 239,520,461 216.231.317
Pan-American RR In March 1914 V 97 p. 1740. 1823; V 98 p 1000
Chairman of Board, Alberto J.Pani; Vice-Chairman, Leon Salinas;
The Mexican Government owns 100.000 shares of 1st pref., 302.783 shart-s Executive President, Bertram E. Halloway; Sec., R. D. Carrion, all of City
of 2d pref. and 747,711 shares of common stock, and guarantees the priD
of Mexico; Executive V.-Pres. & Asst. Treas., E. E. Bashford; Asst. Sec.,
clpal and interest of the general mortgage bonds. V. 87, p. 1533.
Bartolomi Carbajal y Rosas, New York City. New York office, 25 Broad
DIVS.—let pref., 1908. 1%; 1909 . 2%; 1910 to 1912, 4%; 1913. 2%: St.; City of Mexico office, 2a Calle de Bolivar No. 19.—V. 122, p. 2325.)(
none since.
nEVADA-CaLIFORNIA-OREOON RV.-(3-/l. gauge.)—In June 1917
BONDS.—The prior lien 4)4% bonds ($225,000,000 auth.) were de­ the Western Pacific RR. purchased 63 miles of the main line and the 41scribed in V. 86. p. 1319. 9l9. and the guaranteed general mortgage 4% mile branch line in California, together with terminals in Reno, Nev..
leaving 171 miles Hackstaff, Cal., to Lake View, Ore. V. 107, p. 1379.
bonds ($160,000,000 auth.) In V. 86. p. 1320. 919.
In Aug. 1922 the I.-S. C. Comm, authorized the abandonment of 16 miles
Additional bonds may be issued to retire Mex. Internat. RR. consols.
The General mtge bonds will be subject, to call at par after April 1 1927
of ’•lilroad between Hackstaff and Wendel. Calif.
The I.-S. C. Commission on May 3 1926 authorized the Southern Pacific
READJUSTMENT OF DEBT. (Compare advertisement in "Chron­
Co. to acquire control of the company through purchase of capital stock.
icle" of July 14 1923. page xxvili).
The International Committee of Bankers for Mexico in July 1923 an
V. 122, p. 2944.
Of the $2,200,000 gold bonds of 1917, $750,000 were used to redeem a
nounced that bondholders desiring to participate in the plan for the read­
justment of the Mexican debt (V. 115, p. 1153) may do so by depositing like amount of 5% gold bonds of 1899, and $250,000 were Issuable on account
their bonds with the authorized depositaries. The plan in brief provides of additions and Improvements. Sinking fund to purchase bonds (or call
at 105 and Int.), 1922 to 1931, yearly ft of 1% bonds then out, and there­
as follows:
(1) The Mexican Government undertakes to set aside annually toward after Hof 1%. V. 104, p. 1592.
Stock, common, $1,450,000; pref., $750,000. After 5% on common, both
the payment of Interest on the bonds after Jan. 2 1923: (a) The entire pro­
ceeds of the oil export tax; (ft) 16% of the gross revenues of National Rail­ stocks share pro rata. Divs. on pref., 1906, 3%; 1907, 4%; 1908 to 1910;
ways of Mexico; (c) the entire net operating revenues of such railways
5% each; 1911, 3%; Sept. 1912, 2%; on common. 1%, 1909; 1%. 1910:
In any event the Government agrees to provide for such current Interest none since V 102 p 1540 1626
an annual fund amounting to not less than 30.000.000 pesos ($15,000,000
Pres., Charles Moran; Treas., R. Rosa, 68 William St., N. Y.—(V. 122,
U. S. gold) during the first year; and increasing by 6,000,000 pesos ($2.- p. 2944.)
600,000 U. S. gold) per annum for each of the ensuing four years, bringing
NEVADA CENTRAL RR.—Battle Mt. to Austin. Nev., 94 miles,
the annual fund up to 50.000,000 pesos ($25,000,000 U. S. gold) in the fifth J-ft gauge. Stock, $750,000, in $100 shares, largely owned by the Nevada
year, to be used for the payment In cash of the interest due on the bonds Company. Interest payments on the $750,000 income bonds in recent
dealt with (compare table In "Chronicle” of July 14 1923, p. xxviii). The rears: July 1906, 4%; Jan. 1908, 2)4%: Feb. 1909. IX %: July 1911.1X %;
balance of such Interest will be dealt witn in 20-year scrip, not bearing any Aug. 1914, 3)4%; March 1916, 1 %; Dec. 1917, 4%; none since. For 1924.
Interest during the first five years, but. for the balance or 15 years, bearing gross,
net oper. Income, $3,118; other income, $422; total income,
interest at the rate of 3% per annum, payable half-yearly. Any excess or $3,540.$52,453;
the allocated revenues over the minimum fund in any year may be applied p. 189.) Pres., J. G. Phelps Stokes. 100 William St., N. Y. City.—(V. 106,
to the purchase or redemption of such scrip, but the committee has the
NEVADA COUNTY NARROW OAUOE RR.—Colfax to Nevada City.
power, under certain conditions and in Its sole discretion to determine the
disposition of any such excess, in the Interest of the bondholders and the Cal.. 20)4 miles. In May 1913 control was acquired by Oakland Antioch
&
Eastern
(Elec.) Ry. interests. V. 96. p. 1630. Stock, $250,200; par of
general plan during the year 1923.




do

RAILROAD COMPANIES
[For abbreviations, Ac., see notes on page 8]

Miles Date
Road Bonds

New Jersey Indiana & Illinois—1st M $250,000 gold

Conditional sales agreement due $25,770 s-a_____
do
do
due $23,519 s a__________________
New Jersey June—1st M guar $4,000,000_ G.zc&r
New Jersey & New York—1st mtge ext 1910______
Second mortgage_______________________________
General mortgage______________________________
New London Northern—Stock--------------------- ----First

[Vol. 122.

RAILWAY STOCKS AND BONDS

mortgage_____________________ Ba.xc*&r*

West River 1st mtge guar prin and int____________
New Orleans Ureat Northern—First M g__ Coi.xo*&r
••w Orleans & North Eastern—
Prior lien mortgage gold__________________Ce.xo*
Ref* Ttnp M $16.000,000'g SerA'cMli07M<j.*xc**r*
New Orleans Term—1st M $15,000,000 g gu.G.xc*&r
New Orleans Texas & Mexico Ry—Stock--------------1st M $50,000,000 gold Ser A call (text)__ kxxxc*
do
Series B call 100_________ Col.c*&r*
Non-cum 5% inc $25,000,000 g 8er A call par .c*G
Equip trust cert Ser “A” due $116,000 ann .Col.c*

Par
Value

Amount
Outstanding

12 1904
$1,000
1923
1925
5.62 1886
1,000
34 1880
500 &c
34 1885
100 &c
34 1892
500 &c
125
100
125 1910 1,000 &c
36 1905
243 1906 l.OOO&c

196 1885
1,000
196 1917 1 000 &c
1903 1,000 &c
10C
100 &c
981 1924
100 &c
981 1924
1916
100 *c
— 1924
1,000

Rate

When
Payable

$250,000
58 JF
154,620
M
305,757
5
F
1.700.000
4
M
394,000
5
J
960
5
J
631.000
5
1,500,000 See text
1.500.000
4g J
75.000
J
4
8,140.000
5g F

1.371.000
5g
7.105 000
4M g
14.000,000
4g
15.000.000 See text
15,770.000
5)S g
11,135,100
ig
See text
1,624.000
5

Last Dividend Places Where Interest anf
Dividends are Payable
and Maturity

& J July 1 1934
& A To Aug 15 1928
& S To Mar 15 1932
& A Feb 1 1986
& N Mayl 1950
& J Nov 27 1985
& J Dec 31 1932
See text
& J July 1 1940
& D 1990
A) A Aug 11955

M & N Nov 1 1940

& J Jan 1 195?
& J July 1 1953
Q-M June 1 1926 IX
A & O Apr 1 1954
A & O Apr 1 1954
A & O Oct 1 1935
M & N To Nov 1 1939

J
J

Meeh Tr Co.Bayonne.NJ

N Y Centra) RR
Office, 50 Church St.NY
do
do
do
do
New London office
Cp M&M Bk,NY;regm’d
New London office
Irv Bank-Col Tr Co, N[Y
Central Union Trust, NY
J P Morgan * Co. N v
Guaranty Trust Co, N Y
Irv Bank-Col Tr Co, N.Y
Guaranty Tr Co. N V
Irving Blr-Col Tr, N Y

•hares. $100 each Divs. paid: In 1882, 3%: 1883. 6%: 1903 to 1905. 5%
1906. 10%; 1909 and 1910. 214%; 1911. 6)4%; 1912. June, 614%; 1913
5%; 1914. 16%; March 1915 to June 1917, 2% quar.; July 1917. 1)4%
Oct. 1917. 114%: Nov. 1918, 2%. Bonds, see table and V. 98. p. 1157
V. 110. p. 360.
NEW JERSEY INDIANA & ILLINOIS RR.—South Bend to Pine, Ind.,
11.32 mihas. Stock (all owned by Wabash Ry.), $356,639: par $100. Bonds,
$250,000. Mechanics'Trust Co., Bayonne. N. J .trustee. Year end. Dec
3l 1925, gross, $473,526; net oper. income, $174,840; other income, $56,144;
int., rentals, &c, $40,135; bal. ,sur., $190,849. Pres., T. A. Hynes,
South Bend, Ind.; Sec. & Treas., J. C. Otteson, New York.—(V. 118, p.
2042.)
NEW JERSEY JUNCTION RR.—Terminal road through Jersey City,
Hoboken and Weehawken, about 5.62 miles. Leased for 100 years In
1886 to N. Y. Central & H. R. RR. Co. (assumed by N. Y. Central),

Southern Railway fo? 99 years from July 1 1903 rental covering all ex­
penses of operation maintenance taxes and interest Southern Railway
owns the $2,000,000 outstanding stock ($5,000,000 auth.), and guarantees
the bonds. See V. 102, p. 886:'V 98. p 304, 1460; V 86. p 721: V. 88.
p 564: V. 92, p 660; V. 97, p 1898. The passenger terminals are used
by the Southern Ry System, New Orleans Great Northern RR and Lou­
isiana Ry. & Nav. Co Pres., Fairfax Harrison.—(V 117. p 2770.)
NEW ORLEANS TEXAS & MEXICO RAILWAY CO.—ROAD.
—ORGANIZATION.—This company and its subsidiaries, all of whose out­
standing capitalization, both bonds and stock (excepting only $500 to $900
directors’ shares) it owns, namely. The St. Louis Brownsville & Mexico Ry.
Co., The Beaumont Sour Lake & West. Ry. Co. and The Orange & North­
west. RR. Co., form a direct line from Brownsville, Texas, to Baton Rouge,
La., whence ferry across the river and the Yazoo & Miss. Valley Ry.
(Illinois Central RR.) afford an operating connection to New Orleans.
Tentative valuation. V. 113, p. 1053.

NEW JERSEY & NEW YORK RR.—Owns from N. J. & N. Y. Jet.
to Stony Point, N. Y., 29 miles; branches, 7 miles; trackage, 10 miles;
total operated, 46 miles. Erie RR. in April 1896 purchased a majority of
the stock. Stock, $1,440,800 common, $787,800 pref.; par $100. Control
is with pref. stock and 1st mtge. till 6% has been paid on pref. for three
years at 5%.—(V. 114, p. 2116.)
NEW LONDON NORTHERN RR.—Owns from New London, Conn,
via Brattleboro, Vt., to South Londonderry, Vt„ 161 miles.
LEASED for 99 years from Deo. 1 1891 to Centra) Vermont. The rents 1
la $213,552 per annum, whlob leaves a small surplus after providing fo> in­
terest. &c and 9)4% divs. An extra div of 14% was paid Julv 1917,
Jan. 2 1918, July 2 1920, Jan. 3 1921 and each Jan. 2 to Jan. 2 1926 inclusive.
Taxes and improvements met by lessee. V. 90, p. 1677.
NEW MEXICO CENTRAL RY.—Owns Santa Fe, N. M.. to Torrance
116.7 miles. Incorporated in Delaware in Jan. 1918 as successor of the
RR., foreclosed and bid In for Federal Export Corp, of 115 B'way, N. Y
V. 105, p. 1708; V. 106, p. 499, 929. The I.-S. C. Commission on July 7
1925 issued a certificate conditionally authorizing the company to construct
an extension of its line of railroad from its present terminus at Santa Fe,
in a general northwesterly direction to Gallina, a distance of approximately
100 miles, all in Santa Fe and Rio Arriba counties, N. Mex. The request
for permission to retain excess earnings was also granted. Capital stock
authorized, $500,000, par $100. The I.-S. C. Commission has placed a
final valuation of $1,365,024 on the property of the company as of June 30
1916. Pres., S. C. Munoz, N. Y.; V.-P., A. F. Mack, N. Y.; V.-P. &
Gen. Mgr., R. C. Ten Eyck, Santa Fe, N. M.; Sec., F. A. Wagner, N. Y.;
Treas., W. M. Maule, N. Y. Executive office, 42 Broadway, N. Y.;
operating office, Santa Fe, N. M.—(V. 122, p. 2796.)
NEW ORLEANS OREAT NORTHERN RR.—Owns New Orleans. La.
to Jackson, Miss., 188 miles, with branches, Rio, La., to Tylertown Miss.
41 m.; Slidell, La., to Folsom, La., &o., 46 m., making a total of 275 miles
operated, Incl. 29 m. trackage from New Orleans to Slidell, La., and other
trackage, 12 m. Stock. $7,500,000. 1st M., $10,000,000 auth. issue
Tentative valuation, $7,201,388, as of June 30 1916.
REPORT.—For calendar years:
Gross.
Net aft.Tax. Oth. Tne. Rent. .Ac.
Balance
1925 _________ $2,905,044 $697,766 $35,954 $571,662 sur. $162,058
1924 --------------- 2,925,031
■--------648,692 29,609
598,710
sur .75,591
1923 ............... .. 2,841.010
716.656
78,902
576.003
sur.219.554
1922 .................... 2.547.750
___ ..
660.162
98.528
572.120
sur.186.570
For latest earnings, see “Railway Earnings Section" (issued monthly).

Main line: Anchorage to De Quincy, La., 137 miles; Beaumont to Hous­
ton. Tex., 83 miles; Algoa to Brownsville, Tex., 343 miles; branches and
spurs, 260 miles; operated under trackage rights. 99 miles; operated
under special traffic agreement: Y. * M. V. RR.. 93 miles; total operated,
1,015 miles; side track and spurs, 248 miles; total track, 1,265 nmiles.
The company, in June 1924, acquired 74.991 shares of common stock of
the International-Great Northern RR. The company also offered to adj.
bondholders of the International-Great Northern RR. the guarantee that
during the calendar years 1924, 1925. 1926 and 1927 (these adjustment
bonds become cumulative Jan. 1 1928) distribution on the adjustment bonds
for each of those years shall not be less than 4% per annum; in consideration
of which the adjustment bondholders, accepting such offer, will give to
New Orleans Texas & Mexico Ry. the option to purchase their bonds until
Jan. 1 1928 at 85 and interest, and thereafter at par and interest. See
International-Great Northern RR. above.
The company in April 1924 obtained permission of the I.-S. O. Commis­
sion to acquire control of the Houston & Brazos Valley Ry by purchase of
Its entire capital stock, 240 shares, par $100, and certain bonds, receiver’s
certificates, promissory notes and other securities at a total cost of $1,600,000
The I.-S.C. Commission on Nov. 2 1925 approved the acquisition by the
company of control of the San Antonio Uvalde & Gulf Ry. by purchase of
its capital stock and bonds. V. 121. p. 2399.
The I.-S. C. Commission on Nov. 13 1925 authorized the acquisition by
the company of control of the Sugar Land Ry., the Asherton & Gulf Ry. and
the Rio Grande City Ry. bv purchase of the capital stock of those cos.
The Missouri Pacific RR., which owned 113,167 shares, or more than
75%. of the outstanding 150.000 shares of stock of New Orleans Texas &
Mexico Ry., in April 1925 offered to purchase additional shares of stock
at $120 per share, payable in Missouri Pacific RR. 15-Year 7% Sinking
Fund notes.
ORGANIZATION.—Formerly part of St Louis * San Francisco RR
out In 1916 separately reorganized, after foreclosure sale, per plan in
v. 101 p 774 768. 1714; V. 102. p. 886. Incorporated in Louisiana
SECURITIES.—These include:
First Mtge. Gold Bonds.—Under the mtge., bonds may be issued in series
bearing such dates, rates of interest, &c., as may be determined by the
directors. The Series “A” bonds are redeemable, all or part, on any int.
date on or before April 1 1944 at 105 and int., the premium decreasing 14 %
for each year elapsed thereafter until maturity. Series “B” bonds are red.
at 100 and int. $13,500,000 Series" B” bonds are to be reserved to exchange
(until June 30 1926) or refund an eoual face amount of income bonds due
Oct. 1 1935. As of Dec31 1925 $7,935,100 of IstM.Series “B” bonds had
been exchanged.
5% Non-Cumulative Income Bonds.—Limited to $25,000,000, secured by
a trust indenture. To bear non-cumulative interest payable semi-annually
at rate of 5% per annum, but payable only when and as authorized by
the board of directors, according to provisions of the indenture. Entitled
to share in the security of any new mortgage issue on a parity with any
such indebtedness created in excess of $15,000,000 1st M. Initial interest
payment, 114%, made April 1 1917, and further 3)4% Oct. 1, making
5% for year; thereafter 2)4% semi-annually, 5% p. a., to and inci. April 1
1925 Issued, $13 SOI,000: exchanged for 1st mtge. Series “B” bonds
(see above) as of Dec. 31 1925, $7,935,100.
Capital Stock.—$25,000,000". issued, $15,000,000.
Dividends.—Initial dlv. of 1)4% on the capital stock was paid Dec 1.
1920; same amount paid quar. to Dec. 1 1922: Mar. 1 1923 to June 1 1926
paid. 1 X % quar. On June 2 1924 also paid 16)4 % extra, payable 4)4 % in
cash and 6% in scrip due Sept. 1 1934, and 6% in scrip due Dec. 1 1924.
REPORT—For 1925, in V. 122, p. 2938, showed:
[Incl. N. O. Tex. & Mex. Ry., St. L. Browns. & Mex. Ry., Beaumont
Sour Lake & W. Ry., and Orange & N. W. RR.j
Calendar Years—
1925.
1924.
1923.
1922.
Freight________________ $11,787,381 $11,180,225 $9,019,943 $7,811,368
Passenger_____________ 2,044,295
2,094,656 2,190,111 1,914,565
Mail, express, &c_____
887,142
976,665
701,366
688,042

which guarantees bonds and owns the $100,000 stock.

Chairman. Walter P. Cooke; Pres., A. C. Goodyear: V.-P. & Gen. Mgr.

Wm. E. Farris; V.-Ps., F. H. Goodyear, H. H. Redfield; Sec., J. M. Gieger:
Treas., O. W. Goodyear.—(V. 120, p. 2266.)
NEW ORLEANS AND NORTHEASTERN RR. CO.—New Orleans,
La., to Meridian, Miss., 196 miles; trackage, 12 miles. Stock, $6,OOO.OO0
(par $100), substantially all of which has been acquired by Southern Rv.
Co. V. 104, p. 73: V. 103, p. 1792; V. 105, p. 1529.
DIV.— ( '07. '08. '09. ’10. ’ll. ’12. ’13. ’14-’15. ’16. ’17. ’18-’24. ’25Yearly (%)) 6
4
5 6)4 6)4 5
5 1 yrly. 4
4 6
9
BONDS.—In Mar. 1917 a mtge. was auth. to secure not exceeding $16,000,000 bonds. The initial $7,195,000 (Series A—see table above) were made
Issuable only on cancelation of the $1,500,000 income bonds of 1902 ano
the cancelatloD of the $6,163,000 Gen. Mtge. bonds (or the deposit of cash
to redeem any uncanceled Gen. Mtge. bonds). Bonds of $1,371,000 are
renervwi to retire the Prior Lien 6s and $363,000 to retire that amount out
of $605,000 equipment trusts outstanding Jan. 1 1917. The remaining
$6 ,60$,000 new bonds are reserved for additions and Improvements under
restrictions The old bonds, except prior lien 5s, have all been retired
V. 104. p. 865. 559: V 105, p. 1892; V. 107. p. 1920. Future Issues are to
bear not over 6% interest, mature not later than Jan. 1 1967. and be
callable at such price*- as the directors shall determine.
REPORT.—For 19°5. showed;
Cal. Year— Total Income.

Interest, Ac.

Dividends.

Balance.

1925___________ $1,605,977
$399,748
$540,000 sur.$666,230
1924 ................... 1,280,131
399.669
360.000
sur.520.362
1923....................... 1.811,916
796,721
360.000
sur.655,195
1922..................
828.606
762.262
360.000
def.293.656
For latest earnings, see “Railway Earnings Section" (issued monthly)
OFFICERS.—Pres., Fairfax Harrison, Washington, D. C.; Sec., C. E.
A. McCarthy, N. Y.; Treas., Charles Patton, Cincinnati; Compt., E. H.
Kemper, Washington. D. C.—(V. 121, p. 68.)
NEW ORLEANS LOWER COAST RR.—Algiers to Buras. La., 60 mllec
Successor Dec. 1 1916 of New Orleans Fort Jackson & Grand Isle Ry.. fore­
closed and bid in for a syndicate. V. 103, p. 407. The I.-S. C. Commission
has placed a tentative valuation of $622,170 on the total owned and used
property of the company, as of June 30 1918. Pres., H. Hall, New Orleans,
V.-Ps., Lee Benoist and T. G. Bush: Treas., Bernard McCloskey: Sec.,
A. C-Kammer.—(V. 121. p. 1225 )
NEW ORLEANS TERMINAL CO.—Owns extensive terminal prop­
erty at New Orleans -nd a belt railroad around the city, leased to the




Mtleaye Operatea Dec. 31 1925 (Including Aforesaid Subsidiary Lines').

Total oper. revenues. _$14,718,818 $14,251,546 $11,911,420 $10,413,975
Maintenance of way, &c. $2,216,018 $2,480,419 $1,793,529 $1,837,921
Maint. of equipment...
2,401,637 1,879,741
1,718,844 1,586,517
Traffic expenses______
454,873
371,763
368,813
319,891
Transportation________ 4,161,456
3,588,280
3,132,761 2,785,312
General & miscell_____
594,657
526,408
442,617
397,133

Total oper. expenses-. $9,828,640
Net earnings_________ $4,890,178
Taxes, &c____________
766,033
Operating income___ $4,124,145
Equip, rents (net)_____
97,681
Joint facility rents (net).
268,605

$8,846,612
$5,404,935
732,738

$7,456,564
$4,454,857
787,094

$6,926,774
$3,487,201
554,366

$4,672,196
483,204
243,901

$3,667,762
046.131
263,222

$2,932,835
0140,887
257,873

Net operating income. $3,757,859

$3,945,091

$3,450,671

$2,815,848

May, 1926.]
RAILROAD COMPANIES

IFor abbreviations, Ac., see notes on page 8]

Miles Date
Road Bonds

Par
Value

1897
1909
1897
1903
1906
line N
1898
1898
1904
1912

ed.Ac

1900
1887
1894
1892
1902
1892
1891
1892
1902

and M

1901
1906
1890
1885
1889

1909
1911

1924.
13,421

1923.
12,302

1922.
13,287

400
154,371
18,810

400
94,970
deb73,939

400
104,193
208,232

1,018
4,418
93.385
33,379

Total non-oper. inc__
$356,682
$145,487
$34,853
$325,126
■Gross income_________ $4,114,541 $3,979,944 $3,775,797 $2,961,336
Loss on sep. oper. prop.
(New Iberia A N. RR.)
99,432
143,494
170,822
29,731
Int. on funded debt___
1,463,438
1,203,830
1,027,320
1,166,679
Int. on unfunded debt..
668
27,393
35,584
982
Miscellaneous charges..
10,114
9,789
5,313
9,160
Total deductions____ $1,600,377 $1,216,187 $1,347,644 $1,239,543
Net income__________ $2,514,164 $2,763,756 $2,428,153 $1,721,793
Div. appropriations___
1,038,198
889,852
1,038,198
1,050,557
Surp. approp. for inv. in
physical property___
594,632
796,655
Bal. to profit & loss.
$1,475,966 $1,725,558
$237,309
$580,940
OFFICERS.—Chairman, William H. Williams; Pres., L. W. Baldwin;
Exec. V.-P., H. R. Safford: V.-P. A Sec., Roy Terrell; Treas., A. T. Cole.
Gen. Mgr., W. G. Choate: Aud., M. Eckert:
DIRECTORS.—William H. Williams, J. E. Davey, Frank Andrews,
Alexander Berger. Carl A. de Gersdorff, G. E. Warren, E. N. Potter,
C. B. Fox, L. W. Baldwin, Matthew C. Brush, H. R. Safford, H. Hobirt
Porter, John J. Raskob, Charles H. Sabin, Finley J. Shepard. N. Y. office,
60 Broadway.—(V. 122, p. 2938.)
NEW YORK BAY RR.—Owns from Waverly, N. J., to Greenville, N. J.,
and branches 12.94 miles. Stock, $6,000,000. all owned by Penn. RR.,
which leases the property. V. 113, p. 849.
NEW YORK CENTRAL RAILROAD CO. (THE)—(See Maps.)—Owns
In fee direct line from New York to Chicago, 954 miles of first and second
track, 729 miles of third track. 671 miles of fourth track 11 miles of fifth
track and 6 miles of westbound fast-freight track in De Witt Yard, and
numerous branches, the total mileage owned Dec. 31 1925 aggregating
3,722 miles. Also owns stock control of the West Shore RR. (leased),
N. Y. to Buffalo, and thence to Chicago, via Michigan Central RR. and
Canada Southern Ry. By similar control of the Pittsburgh A Lake Erie
RR. the Cleveland Chicago A St. Louis Ry. and other companies, has
close running connection to Pittsburgh, Columbus, Cincinnati, Indianapolis,
St. Louis, Ac. Total system owned, controlled, Ac., Dec. 31 1925, 6,931
miles of first track, and total trackage of 17,099 m.
Directly.

Lines Owned—
Miles. Beech Creek RR.*___________ 142
New York to Chicago_________ 954 Beech Creek Exten. RR., Ac.*_ 134
Branches___________________ 2,768 Walklll Valley..............................
33
70
Lines Leased.etc. (*See this co.) — Mahoning Coal RR*_________
65
West Shore*________________ 488 Detroit Hillsdale ASW*____
28
Troy A Greenbush*__________
6 L ike Erie A Pitts____________
98
New York A Harlem*_____ _
137 Fort Wayne A Jackson*_____
New Jersey Junction*_______
5 Lake Erie Alliance A Wheeling. 88
Detroit Toledo A Milwaukee______ 47Erie A Kalamazoo RR________ 22
Kalamazoo A. A G. R________ 58 Trackage rights. Ac._______ 554
St. Lawrence A Adirondack*______ 56Boston A Albany system_____ 396
Ottawa A New York_________ 67 Ohio Central Lines___________ 694
Battle Creek A Sturgis__ _____
7
Hudson River Connecting_________ 24 Total oper. Dec. 31 1925___ 6,931
ORGANIZATION.—The New York Central RR. Co. was formed bj
consolidation, effective Dec 23 1914, under laws of N. Y.. Penna., Ohio
Ind., Mich, and III., of the N. Y. Central A Hudson River RR (as enlarger
In 1913 by the absorption of Rome Watertown A Ogdensburg and other
New York branch lines; see bond table above) and Its leading Western sub
sidlary. tbe Lake Shore A Mich. So Ry.. and 9 minor controlled properties
Bee V. 96. p. 1425; V. 98. p. 387. 1393; V. 100. p. 140.
In 1916 sold its controlling interest in the stock of the N. Y. Chicago A
Bt. Louis RR. and in 1922 the Lake Erie A Western RR. Co. to the Van
Sweringen interests in Cleveland. V. 104, p. 1598; V. 114, p. 1890. En
tire stock Clearfield Bituminous Coal Co. is owned. V. 103, p. 1794.
In 1917 a subsidiary, the Hudson River Connecting RR., received
authority to build a bridge across the Hudson River 11 miles south of
Albany. The l.-S. O. Commission on Nov. 14 1924 authorized the acquisi­
tion by the New York Central RR. of control of the lines of railroad of the
Hudson River Connecting RR. Corp, and the franchises and facilities
appurtenant thereto, by lease. V. 121, p. 2400. See that co. above.
Cleveland terminal, V. 113, p. 2505, 2614. Proposed new Niagara River
bridge, V. 106, p. 1689, 2011. Court decision respecting Toledo A Ohio
•Central, Ac., V. 105, p. 819, 998. Lease of real estate in New York City.
V. 110. p. 2292. Tax decision. V. 110, p. 2658. Wins ejectment suit
V. Ill, p. 2229; V. 113, p. 2313; V. 115, p. 308. Rate decision, V. Ill
p. 2424.
The directors on Dec. 14 1921 authorized the making of an offer to
purchase the stock of the Cleveland Cincinnati Chicago A St. Louis Ry. Oo
on the basis of one share of New York Central stock for one share of 5%
Cleveland Cincinnati Chicago A St. Louis preferred stock, and of 80 shares
of New York Central stock for 100 shares of Cleveland Cincinnati Chicago
A St. Louts common stock. V. 113, p. 2614; V. 115, p. 308, 436, 1429.
The directors also authorized the lease of the Toledo A Ohio Central.
Including with it the Zanesville A Western, the Kanawha A Michigan and
the Kanawha A West Virginia railroads to the New York Central for a
rental of fixed charges and taxes, and in addition thereto an amount equal
to the net earnings of the Toledo A Ohio Central for the year 1921, and in
the case of the Kanawha A Michigan of 6% on its stock. V. 113, p. 2614;
V. 114, p. 627; V. 115, p. 544.




%

When
Payable

Last Dividend Places Where Interest ant
Dividends are Payable
and Maturity

$5 201.000
383.258.235
12.030,200
40.(100.000
85.000.000
67.885.000

4g J A J
Q—F
7
MAN
6
4M t A A O
5g A A O
4g F A A

O

1912

Rate

Treasurer, Philadelphia
Jan I 1948
May 1 1926 IM Grand Central Term. NY
Grand Central Ter. N Y
May 1 1935
N Y London A Paris
Oct 1 2013
New York
_
Oct 12013
Grand Central Tr, N Y
Feb 1 1998
Grand Central Ter. N Y
1.000 Ac 94.000.000
3M g J A J July 1 1997
do
do
1.000 Ac 2.500.000
3M 8 J A D June 1 1959
do
do
J
A
D
June
11997
1.000 Ac 60.000.000
3M g
do
do
1.000 Ac 50.000.000
4 g MAS Sept 1 1928
do
do
1,000 Ac 50.000.000
4 g MAN May 11931
Y to Buf falo, Ac., a nd (b) B uffalo to Chicago, &c
do
do
1.000 Ac 19.336.000
3M 8 F A A Feb 1 1998
do
do
1.000 Ac 22,693.000
3M g F A A Feb 1 1998
do
1.000Ac 48.000.000
do
4 g MAN May 1 1934
do
do
1.000 Ac 9,188.000
4 g J A J Jan 1 1942
Issues—
do
do
1 bond
5,500,000
3M ? J A J July 1 2000
do
do
1.000 1.200.000
5 g A A O Oct 1 1927
do
do
1.000 3.987 000
4 g A A O Oct 1 1993
do
1.000 2.500 000
do
4 g MAS Sept 1 1991
do
do
1.000 Ac 3.900.000
3M s MAS Mar 1 2002
do
do
1.000
1,100.000
4 g J A D Dec 1 108I
do
do
300.000
1.000
6 g J A J July 1 1431
do
do
300.000
1.000
6 g J A D Juue 1 1912
Am Exch Nat Bk. N Y
3
250.000
J A J July 1 1932
ar 1915
Lincoln Nat Bank. N Y
1.000 4.850.000
4 g J A J July 1 1950
Treas Grand Cent Term
1.000 Ac 15.150.000
4 g J A J Jan 1 1956
Treas, Grand Cent Term
J
A
J
Jan
1
1940
1.000
400 000
5
do
do
J A D Dec 1 1932
1.000 3.500 000
6
1.000
322.000
3 g J A D Deo 1 1989
Grand Cent Term. N Y
1.000 Ac 11.000,000
4 g J A D June 1 1959
do
do and Lond
1.000 Ac 11,800,000
4M g A A O Apr 1 1961
l.OOOAc 1,000.000
Yrly to Oct’27 New York
4M g

$1,000
100
Par
1916
1914 $ £ A fr
1921
100 Ac
1913 1.000Ac

1908

1925.
16,876
^6,226

Operated

Amount
Outstanding

<

flaw York Bay—First mortgage 58.000,000 gold.GPx
13
« Y Central RR. Co.—Stock ($400,000,000 auth) Tr
.
Convertible bonds call 110 $100.000.000____ c*Ar*
RefAImpt M g.Se-ies" A."assumed.see text G.c*Ar*
do Series “C” red 105 after Oct 1 '51-G.c*&r*
Consolidation M ($167.102.600)........ —Ba.xxxc*Ar
Cl) Underlying Main Line Mortgage—
N Y O A H R BR M $100,000,000 g_—-Ce.xc*Ar 1,828
do
do
Mtge on Spuyten DA PM g.Ce.
__
Lake Shore A M S 1st M gold. ass__.__ U>.xc*Ar
820
do
Debentures (sec by 2d M) g. ass Ce.xc*Ar*
do
do
do
gold assumed—„Ce.xc*Ar*
___
(2) N Y C A H Riv bonds secured by Consol'n Mtge etc on
Collateral 3Hs (Mich Cent stock as collateral).Q.xj
__
Lake Shore Collateral 3Ms assumed__ G.xc*Ar
_____
Debentures (Junior liens under Con- f ____ Us.xc*Ar "5 __
do
| solidatlon M of 19131___ G.sc*Arl
_____
(3) Other New York Central A Hudson River RR Assam
Debentures (V 69. p 1102: V 71. p 502. 964)......... $
New York & Northern first mortgage gold____ xc
57
NY A Putnam cons ggup A 1__________ Un.xc*Ar!
57
Mob A Mai 1st M 515.000 p m g gu pAl(end)Col xc*
182
Consolidated mtge gold______________ G.xc*Ar
182
Carthage & Adirondack 1st M g guar.__ Un.xc*Ar
46
Cartb water A Sack Har 1st M g gu p A I (end)..x
29
Gouverneur A Oswegatchle 1st M g gu p A t.Un.xc
13
Little Falls A Dolgeville first mortgage__ ______ x
___
(4) Bonds of Other Companies Included in lerger of Jan
Indiana Illinois A Iowa 1st M gold________ IC.xc*
203
Chic Ind A South consol M gold_______ G.xc*Ar
337
Kalamazoo A White Pigeon 1st M assum__ Un.xc
37
Pine Creek Is IM gu prin and lnt endorsed_______r
78
Sturgis Goshen A St Louis 1st M gold p A I guar._a
29
Jamestown Franklin A Clearfield—
1st M 525,000,000 auth guar________ G.xo’&r*
Cleveland Short Line Ry 1st M gold guar__G.xc*Ar
T.ake Erie A Pittsburgh—see that company—
Equip trust (B A A) $500,000 due yrly__G_zc*Ar

Miscell, rent income.__
(Separate oper. props___
Dividend income______
Income from funded secs
Inc. fr. unfunded secs__
Miscellaneous! ncome. _

91

RAILWAY STOCKS AND BONDS

The I.-S. C. Commission in May 1922 authorized the company to acquire
control of the Chicago River A Indiana RR. by the purchase of not exceed­
ing 5750,1)11(1 slock, and also autuuiized uie Chicago River company Co
acquire control of the property of the Chicago Junction Ry. by lease.
V. 114, p. 2241.
Partial List of Stock Holdings Dec. 31 1925..
------ Amounts Owned------ -----Total Outstanding----Pref. Stks. Com. Slock.
Pref. Slks. Com. Stock.

None $18,736,400
Michigan Central_____
________ $17,907 700
. ........
None 35.985.600
Pittsburgh A Lake Erie. ________ 17,993,100
1.500.000
661.367
Mahoning Coal RR__ _
661,367
891,650
O C O A St Louis Ry_ 8.468 100 42,911 100 9.998.500 47.028,700
5.846,300
3.701.400
Toledo A Ohio Central. . 3.701.400
5.816.300
8.656.050
1.343.950
New York A Harlem... 1,142.950
5,551.400
3.862.500 19.952.400
N Y State Railways_ _
600 13.6U4.3O0
7.500.000
None
Mohawk Valley Co._ _
______
5,114,300
None 10,000.000
West Shore RR............. ..
............ 10,000.000
The New York State Railways Co. (see “Public Utility Compendium”)
Is the company’s trolley ally. Compare V. 100, p. 399, 475.
STOOK.—Dividends on stock reglst. In London are pay. at 49Md. to $.
The company offered 10 stockholders of record Feb. 1 1924 the 603,650
Reading rights which it received at 83 per right, in proportion to holdings.
V. 117. p- 2653; V. 118. p. 794.
Dec. 31 1925 the Oregon Short Line RR. Co. (Union Pacific) owned
$22,700,000 N. Y. Central stock; also $3,090,000 ref. A impt. mtge. 4Ms.
V. 84, p. 52, 571; V. 89, p. 411.
DIVIDENDS.—
1 '15. '16. '17. ’18. '19. '20. '21. '22. '23. '24. '25.
5
5
5
5
6
7
7
Per cent____________ ( 5
5
5
5
Paid in 1926: Feb., 1?4; May, 1M%.
Consolidation Mort. $167,102,400 Secures Without Increasing Debt
(1) Equally by Lien Prior to that Securing the Debentures and the 4% bonds—
(O) N. Y. Cent 3)4% Lake Shore coll, bonds of 1898-1998.___$90,578,000
(On Dec. 31 1925 $67,885,000 of these bad been exchanged
for Consolidation Mtge. Series A 4s. See below.)
0) N. Y.Cent. 3)4% Mich. Cent. coll, bonds of 1898-1998.—_ 19,336.000
(2) Equally by Lien Subsequent to Lien of Aforesaid—
(cl N. Y.Cent. debentures of 1904. due 1934_________-___ —.$48,000,000
(d) N. Y. Cent, debentures of 1912. due 1942__ ____________ _ 9,188,000
ie) 4% Consolidation Mtge. bonds dated. Aug. 1 1913 and due
Feb. 1 1998. issuable in series A. B, C and D only to refund
above collateral bonds and debentures, respectively. See below.
The Consolidation Mortgage (securing the collateral issues and othtr
aonds in the order Indicated above) covers by a lien ranking ahead of the Re­
fund. A Impt. Mtg (see below), the lines owned in 1913 (Inc,, those then
drought in by consolidation or merger), 75% (3.750 shares) of the stock of
Hudson River Bridge Oo. at Albany and the leases of Troy A Greenbush,
New York A Harlem. West Shore and Beech Creek railroads. On the main
line between New York and Buffalo there is no lien ahead of it except tbe
$100 000,000 1st M. of 1897; and on the railroads consolidated or merged in
1913. such as the Rome Watertown A Ogdensburg. Mohawk A Malone,
fee., there are no prior liens except the old underlying mortgages thereof
and the N. Y. Central's $100,000,000 1st M
V 102. p. 800. 1541
Refunding & Impt. Mtge. for New Capital and Debt Unification.
The purpose of the Refunding and Impt Mtge. was to provide for future
financing of the N. Y. Cent. A Hud. River and the consolidated company,
and for the unification of the debt. The bonds are Issuable in series, all
due Oct 1 2013. but bearing date of April 1 or Oct. 1 next preceding the
date on which the series is authorized, and carrying Interest at such rates,
subject to call at such dates, and prices, and with such provisions as to con­
version. Ac. as shall be fixed for successive series. V. 96, p. 1424.
7 be amount of bonds which may be Issued under tbe Ref and imp. M.
snot limited to a stated amount, but is determined bv standards set up
n the mortgage Itself, and those standards are believed to be such that a
londhoider will be indifferent as to the amount of bonds which may be
mtstanding under the mortgage, so long as the standards are compiled
vlth. The amount of Ref. A Impt. M. bonds outstanding cannot exceed
ihree times the amount of the capital stock as from time to time Increased.
After $500,000,000 of the bonds shall have been issued, not more than
(0% of the cost of Improvements, additions or new property can be paid
'or from the proceeds of bonds. Not more than one-third of the amount
if bonds can be used in the acquisition of bonds or stocks of other com­
panies. After $500,000,000 of bonds shall have been Issued no additional
Ponds can be issued without the vote of stockholders. Each issue of bonds
nust receive approval of RR commissions and P. S. Commissions. V. 98,
o 387 611. 690. 1245. 1393: V. 99, P. 1052. 1131. 1367; V. 100. p. 1079:
V. 104. p. 1387; V. 106, p. 2757.
The Ref. A impt. M is (1) a lien next to the lien of the Consolidation
Mtge. (see above) on the properties, Ac., covered by the Consolidation
Mortgage. (2) A first lien on the leases of the Beech Creek Extension,
New Jersey Junction and Wallkill Valley railroads, subject to the out(tanding bonds of each. (3) A first collateral lien on $500,000 2d Mtge.
ponds of Beech Greek RR. and $3,964,000 Consol Mtge. 4s of the Beech
Oreek Extension RR. companies. (4) A first collateral lien on—
Pledge of Stock owned in—Pref. Stock. Com. Stk.

Pref. Iss'd. Com.Iss’d.

N. Y. A Harlem RR.(par $50)$1.142,950$5,551,400 $1,343,950 $8,656,050
West Shore RR_........................
10.000.000
____ 10,000,000
Seech Creek Extension RR_ _________ 6,179,000
____ 5.179,000
New Jersey Junction RR.... ________
100.000 ——
100,000
Tbe Refunding A Impt. Mtge. Is also a Uen upon the properties described
m the supplemental Indenture (dated June 15 1915). assuming, as authorized
py the shareholders, the obligations of the Ref. A Impt. Mtge. and extend’.g the lien thereof over the former Lake Shore A Mich. So. Ry., Chicago
Ind. A So. RR.. Geneva Corning A So. RR.. Dunkirk Alleg. Val. A Pitta.
SR. ana all of the other properties included in the consolidation of 1914.

92




RAILWAY STOCKS AND BONDS

[Vol. 122.

May, 1926.]




RAILWAY STOCKS AND BONDS

93

RAILWAY STOCKS AND BONDS

94

Milos Date
Road Bonds

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

New York Central RR (Concluded!—
Equip trdueji .117 0l>0 yrly due Jan 1___ G.yc*Ar
Equipment trust $1,153,167 yearly April 15-O.c*
Equip trust No 43 due $922,700 yearly_________
New York Central Line. .iuci various associated <• os)—
do
uue $1,000,000 yearly.
0 zo*At
do
do
do
due $1.600.000 yearly.__ Q.zc*Ar
do
do
due $1,117.000 yearly___________
__
do
do
due $2,415,000 yearly___________
do
do
due <428.000 yearly_____________
due $922,700 yearly_____________
do
do
do
cue $1.81.3 090 yearly_______ Q.zc*
do
do
aue $844,000 yearly_________ Qzc*
do
du<-$1,156,000 yearly_____ Q.zc
do
do
do
du ■ $1,670,000 yearly_______ Q.zc
do
due «1 397,000 vearly_______ Q.zc*
do
do
do
do
$1,503,000 yearly_________ G.zc*

1912
1913
1917
1920
1920
1920
1922
1922
1923
1924
1924
1925

1,000 Ac
1.000 At

soovioon

500 Ac
500AIOHO
1.000
1.000

1,000

Bonds for Retirement of which Ref. & Impt. Mortgaae Bonds were Reserved

1st M. of 1897, due 1997...................................................... .......... $100,000,001
Consolidation Mtge. (see above) dated 1913, due 1998____ _ 167.102.401
17 divisional Issues of N. Y. Cent. & Hud. River RR.---- — 29.509.001
Old bonds of Lake Shore and other cos. absorbed In 1914-15_ - 197 002,001
Convertible 6% 20 Year Bond Issue of $100,000,000 Dated May 1 1918
These bonds were convertible Into stock at the rate of $100 of stock foi
$105 of bonds, between May 1 1917 and May 1 1925- They may be caller
for redemption on any Interest date at 110 and Int. upon 90 days’ notice
but, if so called thev mav be converted Into stock up to 30 days prior •<
See V. 100, p. 556, 643, 593-4, 813, 902, 1349, 1438, 1833: V. 102, p. 1443:
V. 109, p. 72.
OLD BONDS OF N. Y. CENTRAL A HUDSON RIVER RR.— Firs
mortgage is Tor $100 000,000. covering the original road owned and. bj
suoDlemental deed 930 miles of lines (Rome Watertown A Ogdenr
burg, Ac.) merged in 1913. V.77.p.452; V. 86. p. 1043. 1101; V. 88
p. 506: V 94. p. 208: V. 96. p. 1424.
Collateral trust 3Xs of 1898 were secured by deposit of stock of the Lakt
Shore A Mich. Sou. and Mich. Central RRs., respectively, at the rate o'
$100 of L. S. A M. 8. stock for each $200 of bonds and $100 of Mich. Cent
stock for each $115 of bonds The Lake Shore collateral 3>vs (75%
exchanged for Consolidation Mortgage 4s, Series A, are a direct (third) mtge
on the former Lake Shore A Mich. So. Ry., Detroit Monroe A Toledo RR
Northern Central Mich. RR., Kalamazoo A White Pigeon RR. and S»ar
Creek Ry. of Toledo. See the "Consolidation Mortgage" above. V 96
p.1424; V. 66. p. 336, 811: V. 102, p. 522; V. 100, p. 656, 2085: V 101.P-2H8
The New York Central Railroad Co. has duly made an indenture
to secure the payment of (a) the 3X% gold bonds. Lake Shore Col
lateral, and (6) oy secondary lien thereunder so many of the 4% Consollda
tion Mortgage Gold Bonds. Series A. as may be Issued to pay and retir<
an equal amount of 3X% gold bonds. Lake Shore collateral (the two Issues
aggregating $90,678,400) ,by a lien upon the railroads .Ac.. formerly ow ned bj
the Lake Shore, and also on the property of its four former subsidiaries
viz.: Det. Monroe A Tol. RR. Co.. Nor. Central Mich. RR. Co.. Kai &
White Pigeon RR. Co. and Swan Creek Ry. of Tol.. such lien following tht
Hen thereon of Lake Shore A Mich. So. 1st M. 3J4s of 1897 and the $106,
000,000 Lake Shore debenture (now mortgage) bonds of 1903 and 1906
LAKE SHORE A MICH. SOUTHERN BONDS.—The N. Y Central
RR. by supplemental indenture (dated Jan. 1 1915) assumed the obliga­
tions of the $60,000,000 3X% 1st M. of 1897 (see V. 64, p. 1182). and has
extended the lien of that mortgage over the railroads, Ac., formerly
owned by Det. Monroe A Toledo RR Co.. Northern Central Mich. RR
Co . Kai. A White Pigeon RR. Co. and Swan Creek Ry. Co. of Toledo, and
it has also executed a supplemental indenture dated Jan. 2 1915. assuming
the obligations of the mortgage dated July 1 1914, securing the 25-yeai
4% gold bonds of 1903 and 1906 aggregating $109.(XM),00ti (twe taaaw
$50,000,000 each), and extending the lien thereof to said add’1 arepertliw
As to guaranty of Kanawha A Hocking Coal A Coke and Continental
Coal Co. bonds, see V. 109, p. 1527. Joint guaranty of Cleveland Union
Terminal Co. bonds, V. 114, p. 2716EQUIPMENT BONDS.—See “N. Y. Central Lines” below.
B. A A. equipment trust, see V. 95, p. 1040, 1332, 1403: V. 98, p. 1072
Equip. Trust of 1917, V. 105, p. 1209: V. 106, p. 396; V, 104. p. 2235
1698
Equipment trust of 1920, V. 110, p. 1526.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1471.
Company’s real estate holdings In N. Y. City. V. 106, p. 607.
REPORT.—For 1925, in V. 122, p. 2817, showed:
[Including Boston A Albany RR. and the Ohio Central Lines.]
Results for Calendar Years.

1923.
1924.
1925.
6,920.19
6,889.56
6,930.60
$
$
$
.385,994,505 369,606,930 421,034,784
290,440,958 279,970,163 325,917,241

Miles operated____________________

95,553,546
(75.24)
Percentage of expenses to revenues..
Railway tax accruals_______________ 25,343,923
217,276
Uncollectible railway revenues.

89,636,767
(75.75)
23,289,540
179,340

95,117,543
(77.41)
22,656,867
104,976

69,992,348
Railway operating income__
Equipment rents, net debit________
5,079,852
Joint facility rents, net credit______
3,008,054

66,167,887
4,602,564
3,069,751

72,355.699
4,482,667
3,116,069

67,920,550

64,635,074

70,989,101

973,831
883,456

1,133,611
970,598

1,175,446
965,163

90,374
68,010,925

163,012
64,798,087

210,284
71,199,384

Miscellaneous Operations—

Revenues_______________________
Expenses and taxes_____ ________

Miscellaneous operating income..
Total operating income__________




Outstanding

1917 $1 000A. $6,702,000
1920
500 Ac 11.531,673
1920
8,304,300

and also over the former Cleveland Short Line Rv. Jamestown Franklin &
Clearfield RR„ Sturgis Goshen & St. Louis Ry and Elkhart A Wet-tern
RR.. acquired by conveyances In 1915 (see “Organization" above) Tue
Hen created by thi« supplemental mortgage Is subject, as to parts ot the
mortgaged properties, to the respective prior liens of the several underlying
mortgages thereon shown in table above. In 1914 $40,000,000 Series A
4^4% bonds issued under this mortgage, were sold (V 98, n l?4 )
None of the Series B bonds are outstanding in hands of public: $4,494,000
have been nominally issued and are held by or for the company. In April
1922 $60,000,000 Series C 5% bonds were sold and a further $25,000,000
were sold in July 1922. V. 114, p. 1534; V. 115, p. 308.

Railway Operations—

Amount

Par
Value

1.000,000
3 20o ooo
7,819 0 >'i
11,314 343
4,708 uoo
8 3 )4 300
20 273 <»OO
10.128.000
13 87 2.000
21 710 000
19,558 0O9
21,000,000

Oats
%

When
Payable

[Vol. 122.
Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

4X g J & J To Jan 1 1932 Guaranty Tr Go. N Y
7 g A A O To Apr 15 1935 Guaranty Trust Go, N Y

6

J & J 15 To Jan 15 1935 .....................................

4X g J
4H g J
J
A
J
6
J
6
5 g .1
4X g M
5g J
5g J
4X g M
4X g M

A J To Jan 1 1927
J To Jan 1 1928 New York and London
A J To July 1 1932
A O To Oct 15 1935
A D To Dec 23 1935
A J To Jan 15 1935
A D To lune 1 1997 litaranty Trust Co,-N Y
A S To Sept 1 1937 Guaranty Trust Go. N Y
A I) To June 1 1938 Guaranty Trust Co, N Y
A D To June 1 1939 Guaranty Trust Co. N Y
A S To Sent 15 I 99f' Guaranty Trust Co, N Y
AN15 To May 15 1940 Guaranty Trust Co.. N Y'
A

Non-Operating Income—
1924.
1925.
1923.
Income from lease of road__________
116,289
107,059
120,947
Miscellaneous rent Income_________
2,494,914
2,704.564
2,317,537
Miscell, non-oper. physical property.
550,110
863,946
782.259
Separately oper. properties—profit.. 1,148.288
1,297,993
1.914,956
Dividend income__________________ 15.318,325 14.388,778 14,911,850
Income from funded sec. A accounts. 3,215,801
3,367,812
3,073.667
Income from unfunded sec. A accts. 2,137.074
1,270,761
1,648.527
Inc. from sink A other res. funds..
130,599
127,312
148.620
Miscellaneous income______________
121,020 deb.166,434
98,045
Total non-operating income______ 25,419.095 24,123,217 24,668,309
Gross income_____________________ 93,430,000 88,921,304 95,867,694
Deductions—
Rent for leased roads______________ 14,079,484 13,027,600 13,948,833
Miscellaneous rents________________
886,012
978,209
869,083
Miscellaneous tax accruals_________
284.881
202,303
306,560
Separately oper. properties—loss___
7,077
14,979
14,701
Interest on funded debt____________ 28,684,284 34,191,311 33,881.249
Interest on unfunded debt_________
575,496
223,687
142,210
Amort, of disc, on funded debt_____
550.075
653,764
637,407
Maintenance of invest, organization..
5,472
5.316
5,112
Miscellaneous Income charges______
238,255
269,476
319,130
Total deductions________________ 44,802,796 49,670.904 50,528,267
Net income_______________________ 48,627,224 39,250,400 45,339,427
1 disposition of Net Income—
Dividends declared________________ 26,732,833 20,728,835 17,432,978
Rate of dividends_______________
(7%)
(7%)
(6X%)
Sinking and other reserve funds____
144,754
125,465
122,104
Investment in physical property___
652
12,917
Total appropriations of income___ 26,858,951 20,850,939 17,590,649
Surplus for year carried to P. & L__ 21,768,273 18,399,461 27,748,778
For latest, earnings see “Railway Earnings Section” (issued monthly).
OFFICERS.—Pres.. Patrick E. Crowley; Chairman, Chauncey M. De­
pew; Chairman of Finance Committee, Albert H. Harris; Vice-Presidents,
Ira A Place, A. H. Harris. G. H. Ingalls, Raymond D. Starbuck, George A.
Harwood. Howard M Biscoe. John L. Burdett and JohD G. Walber: Gen.
Trsas., Harry G- Snelling: Sec., E. F. Stephenson; Treas., Edw. L. Rossiter;
Compt., Wm. C. Wishart.
i HF<’T<>RR.--F. W. Vanderbilt. C. M. Ttanew. Harold S. Vanderbilt,

George F. Baker, W. K. Vanderbilt, Ogden Mills, Charles B. Seger, Albert
H. Harris. Bertram Cutler, Patrick E. Crowley, Edward S. Harkness,
Jackson E. Reynolds, Warren S. Hayden, Myron C. Taylor and Frank J.
Jerome. Office, 466 Lexington Ave., New York.— (V. 122, p. 2788.)
NEW YORK CENTRAL LINES.—The N. Y. Central Lines equip
trusts cover engines, passenger cars and freight cars used by various lines
of the system, which jointly and severally agree to pay prin. and Int., the
larger part being for N. Y. Central.—(V. 122. p. 2489.)
NEW YORK CHICAGO AND ST. LOUIS RR. CO. (THE).—This
company was formed in 1923 under laws of N. Y., Pa.. Ohio, Ind. and Ill.
as a consolidation of the New York Chicago & St. Louis RR., Chicago A
State Line RR., Toledo St. Louis A Western RR., Lake Erie A Western
RR. and Fort Wayne Cincinnati A Louisville RR. The consolidated
company operates 1,692 miles of road, its main line extending from Buffalo
through Cleveland to the three Mid-Western gateways at Chicago, Peoria
and St. Louis. Its lines also reach Fort Wayne, Indianapolis, and the
Important Lake ports of Sandusky and Toledo and the company also owns
half the capital stock of the Detroit A Toledo Shore Line Ry., connecting
Toledo with Detroit.
The agreement and articles of consolidation were entered Into by the
directors of the constituent companies on Dec. 28 1922. Ratification by the
stockholders, and compliances with the requirements of State statutes,
were completed on April 11 1923, on which date the consolidation became
effective. On June 18 1923 the I.-8. O. Commission issued a certificate of
public convenience and necessity authorizing the acquisition, and operation
in Inter-State commerce, of the lines of railroad of the constituent com­
panies by the consolidated corporation, and approved the necessary issue of
securities.
The total capital stock of the consolidated company authorized by the
agreement and articles of consolidation Is $105,500,000, of which $45,880,000
is preferred stock and $59,620,000 Is common stock. The amount of stock
authorized by the I.-S. C. Commission to be issued in exchange for the
stocks of the constituent companies is $78,967,900, of which $32,720,000 Is
preferred stock and $46,247,900 is common stock. On Dec. 31 1925
capital stock of the constituent companies amounting to $78,797,900 par
value had been exchanged, par for par, for stock of this company, leaving
a stock liability for conversion under the agreement and articles of consoli- i
dation of $170,000. A part of the stock which will be issued to discharge
that liability will be contributed to the company pursuant to the agreement.
Because of contributions by stockholders and other adjustments incident
to the consolidation, the company holds in its treasury, out of the total of
$78,797,900 issued and exchanged to Dec. 31 1925, fully paid preferred stock
of the par value of $6,843,300 and fully paid common stock of the par value
of $15795,300. V. 116, p. 721; V. 119, p. 1183.
Merger Plan Rejected.—The I.-S. C. Commission on March 2 1926 rejected
the proposed unification of the Nickle Plate, Erie, Pere Marquette, Hocking
Valley and Chesapeake & Ohio roads. For full text of Commission’s report
compare V. 122, p. 1249.
DIVIDENDS.—On July 16 1923 paid 3% on new common stock; Oct.
1923 to Jan. 2 1926 paid 1X% quar.; April 1 1926 paid IX % quar. and
IX % extra; July 1 1926 paid 2X% quar.
BONDS.—First mtge., abstract, V. 45, p. 541.
The stockholders on July 2 1918 authorized a “Second A Impt. Mtge."
for $35,000,000, Including the $10,000,000 debentures of 1906, which are
equally secured, leaving $25,000,000 that may be issued for improvements.

May, 1926.]

95

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES

IFor abbreviations, Ac., see notes on page 8]

Miles
Road

Date

Bonds

N Y Chic & St L RR—Comstock $59,620,000auth.

Pref stock Ser" A" 6% cum $45,880,000 auth. .kxxx
First mortgage gold (closed). _____ ____ Ce.xc*&r
513 1887
2d & Impt Mtge $25,000,000 g Ser A.B & O.xxxkc*
513 1918
Ref mtge gold Series "A" red 107Yi___G.xxxc*&r* 1,673 1924
do
Series “B“ red 107)42_______ G.xxxc*&r* 1,673 1925
Debenture bonds gold set by 2d Mtge__ O.xc*&r*
l#l)t
Bqpsof 18 $1,100 000 duel 110,000 each Aug 1Q.C*
1916
Equipment trusts due $30,000 yrly Oct 1_____ Q
1916
do
do sink fd red 101 & int____________ xxc
1917
19'>'>
do
do due $225,000 yearly___________ xxxc*
do
do sink fund red 102 & int___._______
1922
do
do due $285,000 yearly__________ xxxc*
1923
do
do due $191.000 yearly_________ G.xxxc*
1924
Collateral trust note__________ ____________ __
1922
Lake Erie A Western Bonds—
1st M ($10,000 per mile, aw V 16. P 45) g--Ce.XC*
2d M (V 54. p >44) $3 625.000 ($5,000 p m) gCe.xc*

Equip trust due $) 10,000 yrly___________________

710
710

do
due $43,200 yearly______________
NYC serial notes due $130,000 yearly________
Toledo St Louis A Western bonds—

First mtge ir $6,500,000 red after Oily 1925 Eq.xo<fcr
Equipment trust notes due $78,800 annually____ G

451

N Y Conn RR—IstM gred 105__________ Q.yc*&r*
N V & Greenw Lake—Prior lien M gu p & I.N.gxc*
New York & Harlem—Common 10% guaranteed...
Preferred stook 14%. 10% guaranteed_______ _
Ref. mtge (now first) $12,000,000 guar.. G.xo’&r
N Y Lackawanna & Western—Stook guar 5% (end)
1st & ref mtge Series B guar p & 1 (end)__ F.xxxc*
do
Series A__________________________

64
146
146
136
214

Recr. certifs of indebtedness____________________

214

1887
189)

1917

Par

When
Last Dividend
Payable and Maturity
%
$100 a <30336244 See text Q—J July 1 1926 2X
100 b25,822 821
6
Q— J July 1 1926 1)4
4 g A & (> Oct 1 1937
1,000 i i 445 0O0
500 &c 12,230 000
M & N May 1 1931
6 g
500 &c 26.058 000
5) 4 g A & O Apr 1 1974
1,000 &c 9,575,000
6) 4 g .1 & J July 1 1975
M do N May 1 1931
l.OO> 10.000.000
110 000
1,000
4) 4 g F & A Aug 1 1926
1.000
30 000
54H A & () Oct 1 1926
M & N May 1 1931
1,000 2 916 000
vl & S T > Sept 1 19 )7
1.000 2 700.000
5g
1,000
257 000
5) 4 M & N To May 1 1932
1.000 3.705.000
F & A To Aug 1 1938
1.000 2,183 ' 00
5 g M & S To Mar 1 1939
Mar 1 1930
1,000,000
6
Amount
Outstanding

Value

1,00(1
1.000

1920
1922
19nn 1.000 &f
1,000
1920
1921
1.000&<
1913
100 &<
1896
51
50
1900 1,000 &<
100
1,000
1923
1,000
1923

7,250,000
3,6)5,000
110.000
388,800
910 000

Rate

5g
5g
4)4
6
6

4g
6,500,000
6g
709,200
508,000
6g
27,333,00b 4)4 & 5 s
1.471,901
5K
8.656.051 See text
1.343.951 See text
12.000,001
3) 4 8
See text
o
10,000,000
4) 4 g
13,639,000
5

J
J
J
J

&
do

Places Where Interest and
Dividends are Payable

t Ohm Nat" BkiT ¥ "

do
do
Guaranty Trust Co. N Y

Guaranty Trust Co, N Y
ft base Nat Dank, NY

Guaranty Tr Oo, N Y
Guaranty Tr Co, N Y
New York and Cleveland
Un Tr. Clev; Gu Tr, N Y
New York & Cleveland
UnTr.Clev; GuarTr.N Y
Guaranty Trust Oo, N Y

J
J
.1
J

Jan 1 1937
Guaranty Trust Co, N Y
July 1 1941
<»«■
<io
To Jan 1 1927 Philadelphia
To Jan 15 1935 Guaranty Trust Oo, N Y
Apr 26 1932 I....... .....................................
llrv Bk-Col Tr Co, N Y
A & o Apr I 1950
J & J 15 To Jan 15 1 935 Guaranty Trust Co, N Y
May 15 1936 |......... ................ ..................
F & A Aug i 1953
See c below
M & N May 1 1946
50 Church St. New York
See text See text
Grand Central Term,NY
do
do
See text See text
M&N May 1 2000
do
do
Q—-J Apr 1 1926 1)4 Del Lack & West. N Y
M St N Mayl 1973
do
do
do
do
M&N Mayl 1973
&
&

t Regis, lnt on 1st M 4s and deb at Treas. Office Clevel and.
a Does not Include $15,795,456 in treasury,
b Does not include $6,843,379 In treasury,
f PenD RR., P
c Keg.Interest Awer. Excn.Nat.Bank; coup. lnt. T

The bonds are to be Issued in series, each series to bear such rate ot interesi
as may be fixed by the directors. At Dec. 31 1925 $14,309,000 had been
issued, of which $2,079,000 were pledged as security for $1.(1(10.000 note
issued to IT. 8 RR. Administration. V. 108, p. 1061, 579: V. 107, p. 1670.
In June 1924 sold $26,058,000 ref. mtge. 6)4% gold bonds, Series “A.”
and in Dec. 1925 sold $9,575,000 Series “B” bonds. The authorized issue
of refunding mortgage bonds is limited to an amount which, including all
bonds at the time reserved to retire prior debt, shall not exceed three times
the par value of capital stock then outstanding. V. 118, p. 2949; V. 121,
p. 3128.
The I.-S. C. Commission in June 1925 authorized the company to issue
$10,000,000 of Tole io St. Louis & Western RR. 1st mtge. 4% gold bonds
in exchange for a like amount of Toledo St. Louis & Western RR. prior
lien 3)4 % gold bonds: said bonds sb issued in exchange to be pledged with
the trustee under company’s refunoing mortgage.
Equipment trusts. V. 103, p 1032; V. 104, p. 952, 1592, 1801; V. 106, p
2007; V. 115, p. 1321: V. 117, p. 894: V. 118, p. 907.
Join’ guaranteeof Cleveland Union Terminal Oo. bonds, V. 114, p. 2716
V. 117. n. 208

REPORT.—For 1925, in V. 122, p. 2819, showed:
Operating Income—
1925.
1924.
Railway operating revenues_____________ $54,670,916 66 $53,992,434 88
Railway operating expenses______________ 39,604,200 57 40,276,955 85
Net revenue from railway op<
--$15,066,716 09 $13,715.479 03
Railway tax accruals_________
$2,965,517 71 $2,737,032 61
Uncollectible railway revenues.
18,730 02
7,907 20
$2,973,424 91 $2,755,762 o3
Railway operating income_____________-$12,093,291 18 $10,959,716 50
Non-operating Income—

Rent from locomotives___________________
$92,468 03
$22,328 36
Rent from passe.-ger-train cars___________
25,012 53
22,256 40
Rent from work equipment_______________
19,528 84
19,755 57
Joint facility rent income_________________
241,661 14
198,291 78
Miscellaneous rent income________________
153,175 86
144,274 51
Miscellaneous non-operating physical prop­
erty
23,908 80
25,918 56
Dividend income________________________ 1,157,775 00
994,860 00
Income from funded securities___________
31,363 17
39,722 50
Income from unfunded securities and ac­
counts _______________________________
156,158 64
246,318 33
Income from sinklnt and other reserve funds
425 00
425 00
5,360 03
Miscellaneous income____________________
5,720 65
Total non-operating income_______________ $1,907,196 66 $1,719,51194
Gross income------------------------------------ $14,000,488 84 $12,679,22b 44
Deductions from Cross Income—

Hire of freight cars—Debit balance_______ $1,425,808 59
$1,147,559 78
Rent for locomotives____________________
12,059 88
28,164 82
Rent for passenger-train cars.
24,522 15
77,043 15
Rent for work equipment___
8,028 48
5,054 39
Joint facility rents__________
409,135 35
374,890 93
Rent for leased roads_______
3,316 64
11,690 25
Miscellaneous rents_________
111,694 08
97,583 94
Miscellaneous tax accruals.
4,003 12
6,387 86
Interest on funded debt__________________ 5,120,395 60
4,669,257 35
Interest on unfunded debt________________
279,761 77
269,895 87
Amortization of discount on funded debt__
95,919 55
71,047 08
Miscellaneous income charges___________ ._____ 60,036 38
51.406 07
Total deductions from gross income____ _ $7,554,681 59 $6,809,981 49
Net income------------- ------- ------------------ - $6,445,807 25 $5,869,246 95
Disposition of Net Income—
Income applied to sinking funds__________
$98,429 35
$98,184 40
Dividend appropriations of income______ . 3,367,738 50 3,361,774 50
Total sinking fund and dividend appropria­
tions--------------------------- ------- -----------$3,466,167 85 $3,459,958 90
Income balance transferred to profit and
loss account-------------------------------------$2,979,639 40 $2,409,288 05
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—Chairman, O. P. Van Sweringen; Pres., J. J. Bernet;
Senior V.-P., W. L. Ross; Sec., George S. Ross; Treas., L. B. Williams.
Compt., Lewis A. Bell. Office, Cleveland, O.—(V. 122, p. 2789.)
NEW YORK CONNECTING RR. CO. (THE).—Owns 4-track viaduct
bridge and connecting road forming a line 8.96 miles in length from Port
Morris, N. Y., at Hell Gate, to Long Island City (with line to Fresh Pond
4.32 m.), a connecting link between the N. Y. N. H. & H. RR. and the
Pennsylvania RR., each of which owns $1,500,000 of the $3,000,000 capital
stock. Opened for passenger service April 1 1917 and for freight service
Jan. 17 1918.
Passenger trains run thence direct to Penn. RR. station in N. Y.; freight
trains go to Bay Ridge. Brooklyn, passing by ferry to and from Green­
ville, N. J. V. 104, p. 1045, 1388; V. 106, p. 396. Of the 1st mtge. bonds
($30,000,000 auth.), $24,000,000 Series “A” 4)4s and $3,333,000 Series
“B” 5s have been sold, guaranteed, principal and int., jointly and severally,
by Pennsylvania RR. and N. Y. N. H. & H. RR.
REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
1923.
Operating revenues-------------------------- $2‘782,340 $3,091,647 $3,278,057
Net operating income--------------------- 1,254,234
1,287,007 1,477,939
Gross income-------------------------------- 1,283,024
1,282,324 1,502,055
Deductions from gross income_____
1,280,828
1,281,564 1,303,014
Net income-------------------------------$2,195
$759
$199,041
—(V. 122, p. 1759.)
NEW YORK & GREENWOOD LAKE RY.—(See Map o! Erie RR.) —
Owns from Croxton Jot., N. J., to Sterling Forest, 41 m., and branohes to
Ringwood, &o., 8 m.; Watohung Ry„ Forest Hill to Orange, N. J., 4 m.
total owned, 53 m. Stook. 5100,000; par. $50. Leased to Erie RR. for
999 years from May 1 1896. Prior lien bonds are guaranteed, prin. and lnt.
by Erie. See V. 63. p. 513; form of guaranty, V. 65, p. 463.




NEW YORK «5t HARLEM KK.— PSee Aeu, tcuiK central tiaitroaa) .•—
Owns steam road N. Y. City to Chatham, N. Y136 m. Also owns street
railroad on Fourth & Madison avenues. N.Y. City. 10 m. Assets, V 95 p 47
The N.Y. Central RR. owned on Dec. 31 1924 $5,551,400 common and
$1,142,950 preferred of the $10,000,000 stock. V. 94, p. 208, 768; V. 93.
D. 1788, 1600. 1696; V. 94, p. 1057; V. 98, p. 1157; V. 99. p. 1749.
The steam road (since partly electrified) was leased April 1 1873 for 401
years to the N. Y. Cent. & Hudson River RR. Co.; and the street railway
was leased July 1 1896 for 999 years to the Metropolitan Street Ry. (now
N. Y. Railways Co.), at annua) rental Intended to provide dividends as
follows, the interest on the bonds being taken carevof under lease of the
steam road.
Rental—

Dividends.

Steam road—_____________________ 10% per annum guaranteed_________

•Street railway_______________________ $400,000 yearly—4% p.a (see below)

These last dividends were not paid in 1919. the N. Y. Railways Co.
having defaulted on the street railway rental. By order of Judge Julius
M. Mayer in Jan. 1920, the street railway line was returned to the com­
pany as of Jan 31 1920 V. 108. p. 79: V. 109. p. 1273: V. 1)0. p 360.
REPORT.—For 1924, total income, $1,513,755; lnt. and rentals.
$613,426; pref. divs., $134,395 common divs, $865,605; bal., def., $99,671,
OFFICERS.—Pres., P, E. Crowley; Sec., E. F. Stephenson; Treas..
H. G. Snelling; Compt., W. C. Wishart.—(V. 118, p. 2573.)
NEW YORK LACKAWANNA & WESTERN RY.—Binghamton to Buf­
falo and Internat. Bridge and branohes. 214 m., of which the main line, 213’
in.. Is double track; D L. & W, has a lease for duration of charter from Oct.
1882, giving a guaranty of the bonds and 5% yearly on the stock. See form
of guaranty of terminal bonds In V. 67. p. 1357; see also V. 68, p. 283.
The stockholders on April 26 1922 authorized an increase In the capita)
stock from $10,000,000 to $15,000,000.
The $10,000,000 1st & ref. mtge. 4)4% gold bonds Series B are uncon­
ditionally guaranteed by endorsement, both as to principal and interest, by
Del. Lack. & West. RR. Authorized, $30,000,000. There have also been
Issued $13,639,000 Series A 5% bonds, all of which are held in the treasury
of Del. Lack. & West. RR.
NEV* YORK & Lbivu BRANCH RR.—Perth Amboy to Bay Head, N. J..
18 miles. Operated under an agreement made in 1888 for a period of 99
years with Penn. RR. and Cent. RR. of N. J., which Jointly and severally
iuarantec Interest and 7% on the $2,000,000 stock, all owned by Central
RR. of N. J. Of the bonds $192,000 are 5s. Pres., George F. Baker;
Vice-Pres., Robert W. de Forest, and Sec. & Treas., F. T. Dickerson.—
(V 72 p 43«
NEW YORK NEW HAVEN & HARTFORD RR. CO. (THE).—Cov­
ers Southern New England and the only direct routes between New York
sod Hiwuih
Lines owned in Fee—
Miles.
Leased (part owned)—
Miles.
Woodlawn Jet. N. Y., to Provi­
Old Colony RR. (which see)__ 527
Lines Leased—
dence, R. I_________________ 173
Boston, Mass., to Danbury,
Providence and Worcester____
48
Conn______________________ 179 Norw. & Worcester (which see)
70
New Haven, Conn., to Spring|Other lines__________________ 142
field. Mass_________________ 601 Track to New York City, &c.
Lines to Pittsfield. Litchfield,
(V.88.P. 53)............................
Springfield, &c______________ 6191
-------Total operated Dec. 31 1925__________________________________ 1.919
Second track, 795 m.; third track, 126 m.; fourth track, 116 m.; all other
main tracks, 27 m.; yards and sidings, 1,904 m.
On Jan 17 1918 began operating N. Y. Connecting RR. (which see
above). V. 104, p. 1592; V. 105. p. 2094.
In Oct. 1904 $29,160,000 of the $58,118,982 N. Y. Ont. & West. com.
stock was acquired at $45 per $100 share and $2,200 of the $4,000 pref.
V. 95, p. 481: V. 79. p. 2086. 2642: V. 80. p. 1363; V. 95. p. 1427.
This company and the New York Central each own $2,352,050 or tbs
majority pref. stock of the Rutland RR. V. 93, p. 1600, 1788; V. 94. p.
1317: V. 95, p. 1608; V. 101, p. 1974.

Owns entire outstanding stock of Central New England Ry. (which see)
and guarantees$13,427,000gen.4s. V.92,p. 1179, 1375, 1436; V.93, p. 866.
The stockholders on April 20 1926 authorized the merger of the Central
New England Ry. and the Harlem River & Portchester RR. with the New
Haven.
Owns oraotloally all the stook of the N.Y. Westchester & Boston. 177th
8t., N. Y. C., and Mt. Vernon, &c., and guarantees payment of prin. & lnt,
of the 4)4 % 1st mtge. gold bonds. See bond offering, &c., V. 93, p. 346,
866; V. 94, p. 1508, 1627; V. 95, p. 48, 298, 964, 1040, 1208, 1746; V. 100,
p. 643, 1919. See “Public Utility Compendium.” Tentative valuation.
V. 115, p. 2478, 2581; V. 116, p. 77.
MASSACHUSETTS ACT.—An Act of Mass. Legislature duly adopted
hy directors on May 8 1917, (1) grants authority to retain possession of
14 subsidiaries, but requires the sale of the Rutland RR. stock within five
years (subsequently extended to May 8 1927); (2) makes numerous stipula­
tions as to how sundry branch line securities shall be treated In the accounts,
and (3) limits dividend on com. stock to 5% p. a., until various conditions
are complied with. V. 104. p. 2010; V. 114, D. 1766.
SEGREGATION.—The stockholders on Apr. 21 1914 approved an agree­
ment which had been reached with the Govt, for a surrender to inde­
pendent control of certain parts of the system so as to prevent a suit under
the anti-trust law as follows; (1) The Boston RR. Holding Oo. stock own­
ing 28.3% of the stock of the Boston & Maine RR. bas been transferred to
5 trustees, viz.: Henry B. Day, Geo. W. Anderson, Augustus P. Loring,
Arthur B. Nichols and Frank P. Carpenter, and, after arrangements have
been made to protect the minority stock of the holding company, they shall
•ell the Bos &Maine stock before (as extended) Oct.l 1923 V 107,p.1482.
1802. See V. 103, p. 166; V. 99, p. 1221. See Boston & Maine. Federal
Judge Mayer In the U. S. District Court for the Southern District of New
York on June 4 1923 modified the decree of Oct. 17 1914 by which the
New Haven was required to dispose of the New England Street Ry. System
and of holdings In the Boston & Maine RR. The modification restores
to the New Haven Its investment in the B. & M. See V. 116, p. 2637, 2884.
(2) The stocks of the companies which control the Connecticut and
Rhode Island trolleys were placed in the hands of trustees—five for each
State—and ordered sold by Apr. 1 1926 (as extended). The Rhode Island,

96

[Vol. 122.

RAILWAY STOCKS AND BONDS
RAILROAD COMPANIES

[For abbreviations, Ac., see notes on page 8]

New York Lake Erie A Western—See Erie RR
N Y & Long Br—Gen M (now 1st) $2,500,000 g-.Ce.o*
Mew York "New Haven & Hartford—Stock (see text).
Pref. aAd stock 7% cum $45,000,000 call 110_____
First and refunding mortgage—See text.
15-year secured gold bonds red 105___ Colxc*Ar*
Deoen tuies i$5,0u0.000 are 4sj non convert, .zu&r
Debentures (for F H A W) (V 78, p 2335)_____ -X
Debentures (for N Y O A W) (V 80, p 2458) -zc* Ar
Debentures convertible (see text)___________xo*Ar

Debentures not convertible____________________z
Debentures $39,029,600 gold conv (text) -__ zc*Ar
Gold coupon debentures____ ________________ xc*
Notes to Director-General of Railroads______ text
Note to Director General of Railroads

Mils

Date
Road Bonds

38 1891
—- —

1925
'9.- ol

1904
1905
— 1906

Par
Value

A mount
Outstanding

Rate

%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Pay able

$i.000 $2,500,000 4g A 6 MAS Sept 1 1941
100 167 117,900
See text
100

New York Trust Co, N Y
Go's office. New Haven

100 Ac 21,928,900
6g
i.OOU 9 991.000 3H a 4
600 Ac 9.997.900
3H
1,000 16.000.000
4
100 Ac 8,912.850
8H

J P Morgan A Co, N Y
Irv Rk-Col Tr. Line office
2d Nat Bk. New Haven
Irv Rk-Col Tr Co, Linc'n
office. New York.
J2d Nat Bk, New Haven
[Irv Bk-Col Tr Co, N Y
Irv Kk-Col Tr. Line office
)2dNat Uk, New Haven
[and First Nat Bk, Bost

1906
100 Ac
1908
1.000
1920
1920 1.000 Ac
1920
1922
'20-23
62 1892
1.000
87 1887
1.000
862 1895
1,000

4
15.000.000
38.541.200
6x
12.868.000
4 g
43.000,000
6
17.000.000
6 8
4.000.000
6g
27.130.000
6 g
1.000,000
4 g
2,837,000
6g
17,500,000 4 g A 5 g

A A O Apr 1 1940
M A £> Mar 1 1947
A A O A pi 11904
J A J July 1 1955
J A J Jan 1 1956

MAN
J A J15
MAN
MAN
MAn
A A O
Various
A&O
MAN
J A J

May 1 1956
JaD 16 1948
Mayl 1967
Oct 31 1930
Mar 1 1930
>ct31 1930
To 1935
Apr 1 1942
Nov 1 1937
July 1 1945

Chatham Phoenix Nat Bank A Tr Co, trustee_____
Notea to Secretary of Treasury________________
NYPri Bost genM (now 1st) g ass. $4,000,000 zcAr
Housatonic con M g (assumed)___________ P zo*
N Eng oo ns (now 1st) M $17,500,000 5s g gu.Ba.zo*
Danbury A Norwalk—
First ref mtge V 82, p 210) gold assumed .xc* At
30 1905
350.000
4 g J A D June 1 1955
Harlem R A Port 1st M gold $15.000,000.lls.xo* At
12 1904 1,000 Ac 15.000.000
MAN May 1 1954
4g
Naugatuok first mortgage gold assumed____ xc* Ar
61 1904 l.OOO&c 2.500.000
4 g MAN May 1 1964
Debentures................... --------------------- ------------ z
1902
234.000
3H A A 0 oct 1 1930
Boston ANY Air Line 1st M $5,000,000 fassum) ..x
1,000 3.777.000
1905
4 8 F A A Aug 1 1955
__ 1906 .... . .
N H A Northampton ref M $10,000,000 guar p A l.x
2.400.000
4
J A D June 1 1956
_ 1906 l.OOOAc 4.000.000
Providence Term 1st H $7,500,000 g assum ..xo*Ar
MAS Mob 1 1956
4g
Consolidated Ry debentures.............. .......... . ..........
Providence Secur Co debs g gu red 105 beg 1917 .xc*
1907
$1,000 Sec text
4 e MAN May 1 1957
Bds of elec roads See text below A “Public Utility Co mpend
See text 4, 4>£, 5 Various 1926 to 1956
Equipment trusts Ser A due $166 000 yearly . P
1914
A&O To Ap> 1q^«
1.000
498 000
6
do
ser CC due $65,000 s-a______ CP
1916
65 000
4H M&S Sept 1926
1 .non
684 ono
do
ser DD due $171.000 8 a__ CPc*
1918
6
M & N15 Nov ?6 M ,y'28
do
ser EE Class A__________________
1.000 1.320.000
1920
A&O To Oct 1 1935
7
(In
Govt No 53 due $?Q5 Q00 yearly..
19?0
2 663,190
A
.1 & J T Jan 15 1935
do
due $121,000 Jan. $122,000 July___
1,000 3.402.000
1925
5 g J A J July '2fi-Jan '40
Bonds of Leading Prnomtarv Ac.. Lines (V 103 d 1604'

V. 99. p. 1452; V. 10ft
p. 683, 1275; V. 110. p. 1188, 1291; V. 112, p. 1618
(3) The majority stock of the Merchants & Miners' Transportation Oo
held by the New Haven RR., has been sold V. 98 p 1320. 1396
(4) The minority stock of the Eastern Steamship Corporation, held by
tbe New Haven RR shall be sold by July 1 1921 (as extended In 1919). and
In the meantime shall be deprived of voting power. (Sold In 1919.) Re­
organization plan In 1916, V. 103, p. 846, 1601. V. 99. p. 1369. 1454;
V. 106, p. 1345.
(5) Whether the Long Island Sound steamboat lines may he retained
will be determined by I.-S O. Commission. (Retention authorized on
July 10 1918.) V. 103. p. 1981; V. 105. p. 2184; V. 107, p. 906.
(6) The Berkshire trolleys snail be sold by Apr 1 1926. V. 108. p. 1275.
(/> The stocks of companies owning or controlling street railways In
N.Y. shall be sold by Apr. 1 1926. V. 89,p. 1000. 1072. 1157. 1239. 1245
V. 99 n 467 270 )08 120 1131. 12?’ v 100 p «4?
On Nov. 20 1925 Judge Francis A. Winslow of the U. S. Court for the
Southern District of New York entered an order modifying the decree of
Oct. 17 1914 in the following respects: The New York New Haven & Hart­
ford RR. Co. is relieved of the obligation to sell any of the securities of the
New York or Massachusetts trolleys. The trustees, to whom was trans­
ferred the capital stock of the Connecticut Company, were directed to re­
transfer the stock to the railroad company. V. 121, p. 2635.
trolley properties were ilispooeo ol during 1920.

itepur i ol inter-State Commerce Commission July 19i4, V. 99. p. 270

Suits against former directors. V. 99 p 198 270. 407 538. 1367 1052
V. 102, p. 345. 251, 134; V. 103. p 844; V. 104. p. 1592, 1801; V. 108, p
683. 879. 2123. Limited receivership denied. V. 110, p. 2292. Leaseof
real estate in N. Y. City. V. 110, p. 2292.
The stockholders on April 20 1921 authorized the directors and officers to
acquire the property of the following corporations or any of them, or to
merge or consolidate any or al) of them with this company: (a) Central New
England Ry.; (5) Harlem River & Port Chester RR.; (c) New England 88.
Co.: (d) Hartford & New York Transportation Co.; (e) New Bedford Mar­
tha's Vineyard & Nantucket Steamboat Co.
The New England Transportation Co. was incorporated in June 1925 for
the purpose of owning, maintaining and operating motor vehicles for the
transportation of passengers, baggage, freight, mail, express aud other
commodities in Massachusetts, Rhode Island, Connecticut and New York,
both in inter-State and intra-State commerce. The authorized capitaliza­
tion of the company is $1 590.000 and it is formed as a subsidiary of New
York New Haven & Hartford RR. Compare also V. 121, p. 703, 2270,
3128; V. 122, p. 1022, 1307, 1606.
Report of Joint New England Railroad Committee suggesting plans to
rehabilitate the New England roads. V. 117. p. 87.
STOCK.—Common stock, authorized Issue unlimited. Pref. stock,
authorized. $45,000,000 7% cumulative. The plan to sell a block of this
stock In order to take up the collateral notes ($43,964,000) was withdrawn
In March 1918 when the Oov't loan below mentioned was granted. V. 105.
p. 1413. 1420 1708. 1820 V 106, p. 1127. 1131. 1231, 1345.
DIVIDENDS.—
J1873-1895
1896 to 1912. 1913
1914. None
Per cent___________ 1 10 yearly
8
7M
1)4! since
GOVERNMENT LOANS.—On March 27 1918 the Director-General
agreed to advance to the company, for the purpose of protecting its ma­
turing notes, $43,964,000 du8 as extended April 15 1920, at 6% interest,
with the right of renewal to the company for one year more on the sama
terms.
The note was reduced by payment on account from $43,964,000 to
$43 ,026,500. A new note in this latter amount, dated Nov. 1 1920 and
payable Oct. 31 1930. was given to the Director-General to replace the
note for $43,964,000. dated April 15 1918, since reduced by payments to
$43,000,000 and $50,620,000 or first & ref. mtge. bonds were deposited with
the United States as collateral security therefor. A note in the amount of
$17,000,000, dated Nov. 1 1920 and due March 1 1930, with interest at
6%, was given to the United States to refund indebtedness of the company
Incurred during the period of Federal control, and first & ref. mtge. bonds
In the amount of $20,000,000 were deposited as collateral security therefor.
A 6% collateral gold note for $4,290,000, due April 1 1925, was issued to
the Director-General of Railroads during 1922, since reduced by paymentsto
$4,000,000 and extended to Oct. 31 1930 (now held by Chatham Phoenix
Nat. Bank & Trust Co., trustee). The company also issued its notes,
payable in fifteen years from date, to the United States of the total
amount of $8,130,000, with interest at 6% in return for a loan of that
amount from the revolving fund created by the Transportation Act of
1920, and deposited its first & ref. mtge. bonds to the amount of $9,565,000
as collateral security.
Further loan under the revolving fund of $8,000,000 was certified bythe
Inter-State Commerce Commission on Aug. 29 1921. Two ten-year notes
In tbe respective amounts of $3,000,000 (dated Sept..15 1921) and $5,000,000 (dated Oct. 15 1921) were given to United States In return therefor.
First & ref mtge bonds of Series “B” In the amount of $4,775,000 were
pledged as collateral security for the $3,000,000 note, while certain stock
and bonds of other carriers were deposited with the United States as security
for the $5,000,000 note.
On Nov. 1 1921 a further loan of $400,000, covering equipment purchased
under Trust “EE” was made and equipment trust notes Class "B. amount­
ing to $400,000, and first and refunding mortgage bonds. Series “B,"
amounting to $660,000, deposited as c llateral security. $200,000 of the
above loan have since been paid off, t asing a corresponding amount of
“E” trust certificates which were earn sd.
On May 26 1922 a further loan of $50( )0, covering equipment purchased
under trust “E,” was made and equip a. c notes Class A,” amounting to
$400,000 deposited as collateral security. $200,000 of the above loan has
■Ince been paid off, releasing a corresponding amount of “EE” certificates
which were canceled. On Jan. 27 1923 a further loan of $500,000. covering
equipment purchased under Trust “EE,” was made and equipment notes
Class “A" and “B,” amounting to $600,000, deposited as collateral security.
8eries “O,” aggregating $2,600,000, Issued to secure loans from United
States Government, to secure following notes: May 1 1922, $2,100,000 6%.
due May 1 1932; June 1 1922, $300,000 6%, due June 1 1932: Jan. 1 1923,
$200,000 6%. due Jan. 1 1933, on account of 10% Installment European
loan maturing April 1 1925.




OentUnion Tr Oo, N Y
Farmers L A Tr Oo. N Y
Safe Dep A Tr Co.Boston

S cond Nat Bank, N H
irv Bk-Col Tr Co. N Y
Second NatBk.N Haven
do
do
do
do
Second Nat Bk. N Haven
do
do

Equitable Trust Oo. N Y
Earm Loan A TrCo N V
Commercial Tr Co, Phila
< oiiiinercial Tr Co, Phila
■ild Colony Tr Co, Bost
Guaranty Trust Oo. N V
J P Morgan A Co, N Y

A Government loan of $7.400,0110 was auiuorized in June 1922. The first
Installment of this loan, $2,000,000. was received Feb. 1 1923' the second of
$2 000.000. April 2 1923; the third, of $1 500,000, M irch 6 1924: and
$1.900.000 March 28 1924. These advances were principally for additions
and betterments and maturing obligations.
BONDS.—The company has executed and delivered to the Bankers
Trust Co., trustee, its first and ref mtge. dated Dec. 9 1920. This Is an
open mortgage under which substanti illy all p'•"-existing obligations are
equally secured with the $95,000,000 bonds authorized to be issued to the
United States Government.
The aggregate principal amount of bonds which at any time may be issued
and outstanding is limited to an amount which, together with all other then
outstanding bonds, notes and other evidences of indebtedness, shall not
exceed twice the amount of the then outstanding stock (now $157,117,900),
plus premiums paid in thereon (to date $19,282.887 50), which at the
present time would limit the amount to $352,801,575.
A total of not more than $95,000 000 of new bonds is authorized, of which
not exceeding $80,000,000 Series “A" 6s, dated Nov. 1 1920 and due
Oct. 31 1930, are authorized to refund company's indebtedness to United
States Government Incurred during period of Federal control; and not ex­
ceeding $15,000,000 Series “B" 6s, due Oct. 31 1935, are authorized to be
issued for security to the United States for loans that may be made to the
company for equipment and b-tterments (as of Dec 31 1925a total of $125,768,000) (Series A, B, C, D, E & F) had been issued and were owned or held
as lessee by the company, of which $122,168,000 were pledged.
Bonds to the principal amount of $150,116,450 are reserved to refund
debentures and underlying mortgage bonds. For further details. Including
list of obligations secured under this mortgage, compare V 111, p. 2423.
2041 1942.
15- Year Secured 6% Bonds.—The 15-year secured 6% gold bonds due
April 1 1940 are issued under a collateral indenture with the Irving BankColumbla Trust Co. whereunder company has pledged as security $23,000.000 1st & ref. mtge. 6% gold bonds. Series r‘F," dated April 1 1925,
payable April 1 1940, issued under ard secured by company's 1st & ref.
mtge. dated Dec. 9 1920. Beginning Nov. 1 1925 and semi-annually May 1
and Nov. 1 in each year thereafter, company will pay to the trustee as a
cumulative sinking fund ta purchase the bonds at not exceeding 105%
and int., or to the redemption of bonds selected by call at such price, 1%
of the principal sum at any time issued, and in addition an amount equal
to the int. upon the bonds »«■•«.aired for the sinking fund by purchase or call,
as of Dec. 31 1925. Co. owned $832,900 and $238,200 were in sinking fund.
Proceeds of this issue were used to retire the company's "European Loan”
debentures, which matured on April 1 1925. Holders of the debentures
were offered the new 6% bonds in exchange for their holdings, par for par.
V. 120, p. 953, 1323.
N. Y. N. H. & H. Harlem River & Portchester 4s of 1904, V. 85, p. 1143.
Debenture certfs. of 1906, V. 81, p. 976, 1039, 1493; V.84, p. 103. 694.
Providence Terminal Co. bond-- ($7,500,000 auth.). see V 82, p. 929,
629, 693, 1213, 1323; V. 83, p. 96. 819.
The $39,029,000 6% debentures are convertible into stock at par, and are
secured by lien of 1st & ref. mtge. V. 85. p. 1270. 1339, 1402, 1647.
In April 1918 $3,141,000 of the $19,899,000 30-year 4% debentures of
the Providence Securities Co. had been acquired by the N. Y. N. H. A
H. RR., which had assumed tbe Issue, and Its shareholders voted April
1917 to authorize not exceeding $16,758,000 4% debentures due In May
1957, to be exchanged $ for $ for the rest. In Dec. 1925 $12,868,000 had
been exchanged, leaving $3,890,000 outstanding. V. 106. p. 1577, 1689:
V. 110, p. 2488, 2658.
The I -S O Commission on Oct 16 1920 authorized the company to
ssue and pledge $3,500,000 equipment trust notes. Series EE (Old Colony
Trust Co , trustee), $2 800,000 thereof to be 7% “Class A” notes ($2,000,000
of these to be pledged to secure $2,000,000 promissory notes) and $700,000
to be 6% “Class B" [second lien notes! These “Class B" notes and the
remaining $800,000 “Class A' notes to be turned over to the U 8. Treasury
In return for a loan of $ 1,500,000 under terms of Transportation Act of 1920.
The “Class A” notes are in denom. of $1.000, due serially 1921 to 1935.
The “Class B” notes are in denom. of $100,000, are due each Oct. 1 1921
to 1927 Inclusive. V. Ill, p. 1567.
Of the $22 190,000 N. Y. Westchester ec Boston 1st 4Hs, this company
owned $2,190,000 on Dec. 31 1925. See “Public Utility Compendium.’ ’

Outstanding Consolidated Ry .Co. Debentures Assumed

4% 1904 ...$4,255,000 July 1 195414% 1906
$2,011,000 Jan. 1 1956
4% 1905 ... 2.309,000 Jan. 1 1955 4% 1905 —
969,650 Feb. 1 1930
4% 1905 ... 1.340.000 Apr.l 19551
Outstanding Street Railway Bonds Assumed as of Dee. 81 1925.
(All 5 per cents except as shown. See “Public Utility Compendium.")
W.&O.E.4HS $1,389,000 Jan. '43 Greenw. Tram_ 320.000 July ’31
O57.000 Oct. ’37
N. H. A Cent... 283.000 Sept. ’33 Branford Elec__
Hartf. St. 4s___ 2.500.000 Sept. ’3l Mer. So. A Comp. 175,000 July ’28
4% debs.......... 165,000 Jan. ’31 Staff. Sp. St___ 400.000 July ’66
a Prin. and Int. to maturity deposited with Union A New Haven Trust Co.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 2470.

REPORT.—For 1925, in V. 122, p. 2180, showed:
Calendar Years—
1925.
1924.
1923.
Average miles operated.
. ............
1,935
1,986
2,001
Operating Revenues—
$
$
$
Freight...................................................... 67,667,234 63,432,140 67,186.374
Passenger-, . ........................................... 49.735,504 49.670.377 51.360.209
Mail, express, Ac........... ........................ 9,439.333
8.815.058 9,284.224
Incidental................................................. 4,241,128 4,188,399 4,949.794
Joint facility........ ................................... 1.183.223
1.107,723 1,159.985
Total...................................................... 132,266,422 127,213,698 133,940,586

May, 1926.]

97

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Miles
Road

<»w York New tlaven & Hartford lOoncluded)—
Boston RR Holding Oo—Boston Term Oo—Central
New York Connecting RR and Old Colony—See th
N Y Wes & Bos 1st M $60,000,000 g red 110Oxc*Ar*
Note.—Certain property of this company Is subject
mlnal bonds of that company to the amount of $1,500,
flaw York Ontario & Western—Common stock ..
Refunding (first) mtge $20,000,000 gold..Ba.xo*Ar
Gen M $12,000,000 gold red 110 (see text) ..Nxo* Ar
Equip notes Ser O $30,000 s-a (V 96 ,p 420 ..Bas
New York Phila & Norfolk—
First mtge $3,000,000 g iV 68. p 773. 978) -FP.xo*
Inoome mtge g non-cum reels (V 68. p 978) .. FPx
Yew York & Putnam—See New York Central BR
N Y Sue & West—Midland RR 1st M g ext ’10-Ce.xo
Paterson Ex ten RR 1st M ext In 1910 at 5% ■ f g .xo*
New York Susq 4 Western first M ref g-------Ce.so*
Second M ($1,000,000 gold) 3d M on 72 m.Ce.xo*
General mortgage for $3,000,000 gold.__ Ce.xo*
Terminal first mtge for $2,000,000 gold__ Usx.o* Ar
Wllkes-B 4 E’n 1st M g gu p 41 (V 60. p 481) -G.xc*
*qu1o notes c due $28.000-$27.000 seml-ann guar
Equipment notes D_________________________
Aiueu Companies—
Passalo 4 N Y 1st M (999 years rental) ext 1910—x
Newark & Bloomfield—Stock. 6% rental....................
Newport & Cincinnati Bridge—See Louisville 4 Nash
Norfolk & Carolina—See Atlantic Coast Line RR
Norfolk Southern—Stook $16,000,000 authorized....
First mortgage_________________________ Mp.xo*
First General mortgage gold redeemable at 115 ..(ix
Suffolk 4 Carolina First Cons mtge gold red 110 xo*
1st ARef M $35,000,000 red 105 since 1915 Ce.xo* Ar
Raleigh A Cape Fear 1st M g_______ _____ Col.xo
Raleigh 4 Southport first mort $2,000,000 __ Colx
Aberdeen 4 Asheboro 1st M $164,000 g.MeBa.xo
Equipment trusts No 55, due $8,800 yearly___ Q
do
do
Series “D” due $14,000 ann__

Date
Bonds

Amount
Outstanding

Par
Value

Engla nd Ry—
New
ose co mpanl
1 4f
19)1
to a Hen un der a mo
000, d ue Apr 1 1939
$.Ub
1892
1.000
1905
1,000
1913
1.000

112

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

See those co mpanlei

See text
4M e
rtgage of th e New Y
bearing in terest at
$6».113.983 nee text
20.000.000
4 g
8.630.000
4g
120.000

J A J July 1 1946
<>rk & Ne w England RR.
4%
•ee text Jan 28 1925 1
MAS June 1 1992
I A D June 1 1955
MAS Sept’26-Mar '28

Vew York A London
Oo. to secure Boston Ter-

I A J Jan 1 1939
MAN Ian 1 1939

Broad St. Station, Phila
Checks mailed

1899
1899

$1,000
1.000

2.600.000
1.000.000

4
4

72 1880

500 Ac
1,000
1.000
1,000
1,000
1,000 Ac
1.000
1.000

3.488.500
200,000
3.745.000
447.000
2.551.000
2.OOO.00O
3.000.000
27 non
203,000

500
60

70.000
1.600.000

A A O Apr 1 1940
5g
5 g I A D June 1 1950
I A J Ian 1 1937
5g
4 H 8 F A A Feb 1 1937
F A A Aug 1 1940
5g
MAN May 1 1943
5g
I A D June 1 1942
6g
4U o 1 A I July 1926
5^ g A A O To Oct 1 1939
fi
I A D nee 1 194-0
•
A A U Apr 1 1926, 3%

112

1

1881
1887
127 1887
127 1890
1893
~6f 1892
ioi«
1924
127

1885

vllle

223
223
75
789
32
61
82

1891
19(4
1902
1911
1903
1905
1910
1920
1923

100 16,000,000
1.000 1.655.000
1,000
825,000
1 000
642.000
500 Ac hl0921.000
1,000
137,000
1.000
374.000
1,000
164,000
79 0)0
105,000

5g
5g
5g
5g
5g
6g
5g
6
6

MAN
J A J
J A J
F A A
MAS
J A D
J A J
I A J 15

Checks mailed
office, Gr Celt Ter, N Y
do
do
Bankers Trust Co. N Y

Office, 50 Churoh Street
do
do
do
do
do
do
de
de
do
do
do
do
Phila Trust Co. Phila
Office. 50 Church St, 1» Y
ju West St, New York

Jan 11914.h% Checks mailed Norf office
May 1 1941 ' Ch A PNB A Tr Co.NY
Guaranty Trust Co. N Y
July 1 1954
International Tr Co, Balt
July 1 1952
Central Un Tr Oo. N Y
Feb 1 1961
Irv Bk-Col Tr Co. N Y
Moh 1 1943
Irv Bk-Col Tr Co, N Y
June 1 1965
Mero Tr A S Dep Co,Balt
Jan 1 1940
To Jan 15 1935 Guaranty Trust Co. N Y
To 1933

h Further amount pledged, see text.
Operating Expenses—

Maintenance of way and structures..
Maintenance of equipment_________
Traffic___________________________
Transportation _ ._________________
Miscellaneous operations__________
General______ -__________________
Transportation for investment_____

1925.
1924.
16,992,836 15,919,488
27,629,520 27,539.883
906,114
817,441
46,733,099 47,941,947
2,014,756
1,886,747
3,519,907
3,396,118
Cr.50,851
Cr.21,300

1923.
16,376,045
32,217,092
711,224
53,037,109
2,076,259
3,403,443
Cr.5,078

Total-------------------------97,745,382
Net operating revenue_____ i.______ 34,521,040
Tax accruals______________________ 4,890,151
Uncollectible revenues_____________
19,045

97,480,323 107,816.094
29,733.375 26,124,492
4,807,973
4,934,004
94,929
20,976
Operating income_______________ 29,611,845 24,904,426 21,095,558
Hire of freight cars______________ Dr.1,805,339Ur.l,038,376Dr.3,486,187
Rent for equipment_______________ Cr.49,845 Dr.11,220 Dr.224,339
Joint facility rents_______________Dr.4,531,556Dr.4,067,551Dr.4.107,304
Net railway operating income____

23,324,795

19,787,279

13,277,728

1,703,102
1,079,745
1,525,357
1,443,897
1,208,332
26,665

1,262,900
1,126,019
1,301,680
1,378,724
1,172,397
127,529

2,505,506
1,134,663
1,219,624
1,197,513
1,095,872
39.054

6,987,098
30,311,893

6,369,249
26,156,528

7,192,233
20,469,961

Rent for leased roads______________ 5,915,572
Interest on funded debt_____________ 15,410,604
Interest on unfunded debt__________
76,384
N. Y. W. B. Ry. guar, (bond interest)
864,000
Separately operated property______
113,300
Miscellaneous_____________________
513,782

5,915,414
15,576,807
178,432
864,000
113,189
510,036

5,846,451
15,491,206
497.999
864,000
112,588
574,823

Non-Operating Income—

Dividend income__________________
Income from funded securities_____
Income from unfunded securities___
Income from lease of road__________
Miscellaneous rent income_________
Miscellaneous_____________________
Total non-operating income..
Gross income________________
Deductions—

Net income.................
7,418,252
2,998,650def2,917,105
For latest earnings, see “Railway Earnings Section” (Issued monthly).
OFFICERS.—Pres., E. J. Pearson; V.-P. E. G. Buckland, B. Campbell,
A. P. Russell, N. M. Rice; Gen. Mgr., J. A. Droege; Sec., Arthur E.
Clark; Treas., A. S. May; Comp., H. S. Palmer; Gen. Counsel. B. I.
Spock.
Directors.—Howard Elliott, N. Y.: James L. Richards and Jos. B. Rus
sell, Boston; John T. Pratt, R. G. Hutchins and J. Horace Harding, N. Y.
City; Arthur T. Hadley. New Haven; W. B. Lasbar, Bridgeport; Francis T.
Maxwell, Rockville, Conn.; Edward Milligan, Hartford, Conn.; Frank W.
Matteson, Providence, R. I.; Harris Whittemore, Naugatuck, Conn.; Edw.
G. Buckland, Benjamin Campbell and Edward J. Pearson, New Haven:
Charles F. Choate Jr., Southboro, Mass.; Frederick C. Dumalne, Concord,
Mass.; George Dwight Pratt, Springfield, Mass. Offices, New Haven.
Conn.; South Station, Boston; Grand Central Terminal Bldg., New York.
—(V. 122, p. 2647.)
NEW YORK ONTARIO & WESTERN RY. CO.—Operates from
Weehawken, opposite N. Y. City, to Oswego, on Lake Ontario, in all 569
miles, viz.:

REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
1923.
1922.
Operating revenue_____$12,247,511 $13,666,131 $13,937,366 $12,341,911
Oper. expenses, taxes, &c 10,751,819 11,492,160 12,568.942 11,440,832
Equip., rents, Ac. (net).
404,239
361,969
566,864
498,603
Net oper. income.
Other income______

$1,091,461
353,766

$1,675,368
347,194

$1,006,455
508.784

$334,215
322,949

Deductions_______

$1,445,226
1,404,159

$2,022,562
1.395.062

$1,515,239
1,392.454

$657,164
1„441,223

Net income________
$41,067
$627,500
$122,785 def$784,059
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—Pres., John B. Kerr; V.-P., Sec. & Treas., Richard D.
Rickard. Office, Grand Central Terminal, New York.—(V. 122, p. 607.)
NEW YORK PHILADELPHIA AND NORFOLK RR. CO.—Leased to
Penn. RR. for 999 years from July 1 1920. V. 113. p. 849. Penn. RR.
owns all of the $2,500,000 stock. Bonds, see table at head of page.
The I.-S. C. Commission has placed a final valuation of $11,200,000 on
the owned and used properties of the company as of June 30 1915.
Dividends.— Divs. have been paid as follows: 1901. 6%; 1902, 5%:
1903, 6%; 1904, 6%, and 2% extra; 1905, 8% and 2% extra; 1906. 10%
and 25% In stock; 1907 to 1925, 12% yearly
OFFICERS.—Pres., A. J. County; Sec., Lewis Neilson; Treas., Henry
H. Lee. Office, Philadelphia, Pa.—(V. 120, p. 3310.)
NEW YORK SUSQUEHANNA AND WESTERN RR. CO.—(See

Erie Man.)
Owned (in fee) or entire slocfc. Miles. | Wilkes-Barre & Eastern_______ 64

Jersey City to Stroudsburg, Pa.. 99 Susquehanna Connecting RR___
8
(Double track 19 miles.)
Other branches_________________ 24
Beaver Lake, N. J., to N. Y.
Trackage_____________________
8
State Line__________________ 20
Total road operated December 31 1925.223
STOCK —Pref.. $12,964,344; oom., $12,816,319, of which the Erie
owns $25,735,417 common and preferred—of this, $6,630,000 com.
and $6,630,000 pref. being deposited under Its mortgages. Dividends on
pref.. Nov. 1891 to 1892. 2M% yearly: none since.
BONDS.—Oeneral 5s are reserved to retire 2d 4 Hs. See abstract. V. 52.
p. 84. The seconds are exchangeable for generals on payment of an assess’t.
Terminal bonds, see Issue of Jan. 1898 and abstract, V . 57, p. 512.
The $3,500,000 Midland RR. 6s were extended 30 years from 1910 at 5%
and $200,000 Paterson Ext. 5s 10 years at same rate. V. 90. p 373, 91.
Equipment notes. 1916. V. 103. p. 61.
REPORT.—For 1924 showed:
Calendar Years—
1925.
1924.
1923.
Total railway operating revenue___ $5,179,121
$5,150,248 $5,482,001
Operating income_________________
491,648
109,416
163.101
Net railway operating income _
305,073
def 13,253
193,050
Other income_______________
56,152
60,643
defl ,519
Deductions_________________
823,129
812,926
809,359

Balance, deficit......... .................... ..
$457,412
$770,027
$617,828
OFFICERS.—Pres., F. D. Underwood; V.-P., Wm. A. Baldwin; V.-P.
& Gen. Counsel, Geo. F. Brownell; V.-P. & Sec., Geo. H. Minor; V.-P.,
David L. Gray; Compt., Chas. P. Crawford; Treas., Wm. J. Moody.
Offices. 50 Church St., New York.
—(V. Ill, p. 190.)
NIAOARA JUNCTION RY.—A terminal and switching road extending
Road Owned—
Miles.
Road Controlled, Ac.—
Mites.
Oswego to Cornwall, N. Y_____ 272 tPecksport. Conn, (leased)........... 4 from Niagara Falls, N. Y., to Pfletchers Corners, N. Y.. 4.86 miles; factory
sidings, 9.16 miles. Electrically operated since Sept. 1 1913. V. 97, p.
branch to New Berlin__________ 22 tOnt. Carb. 4 S. (leased) Cadosla,
1837. Stock, 10.000 shares of no par value, all owned by Niagara Falla
do
to Delhi.............................. 17
N. Y., to Scranton. Pa, Ac.__ 73
do
to Ellenville, etc______ 9 Rome A Clinton (leased)______ *13 Power Co.
Pres., Paul A. Schoelkopf; Sec., Fred’k L. Lovelace: Treas., W. Paxton
Utloa Clinton 4 Bing, (leased) —*31
Total owned_____________
320 t Wharton Valley (owned)_____ 7 Little.—(V. 115, p. 2906.)
Trackage (till 2079) W.Shore RR.*
T Ellenville A Kingston (leased) — 28
NORD RAILWAY.—(V. 121, p. 195.)
O’nwalltoW’ken(V.61,p.425). 53 tPt. Jervis Mont. 4 Summitville
NORFOLK SOUTHERN RR. CO.—Operated Dec. 31 1925 931.883
Other trackage________________ 3
(leased)____________________38
miles extending from Norfolk, Va., to Raleigh, Goldsboro and Beaufort and
* See this company
the Piedmont Section, N. C., with branches. Of this total, the company
owns 790.263 miles and leases 133.895 miles (from Goldsboro to Morehead
t Entire stock and debt owned by N. Y. O. & W.
City), and has trackage rights on 7.725 miles.
OONTROL.—In Oct. 1904 N. Y. N. H. 4 H. RR. acquired $29,160,000
Owns entire capital stock and bonds of John L. Roper Lumber Co. and
eom. stock at $45 per share and $2,200 of the $4,000 pref. V. 95. p. 481. entire stock ($35,000) of Carolina RR., Snow Hill to Pink Hill, N. O.,
35 miles, which company leased in 1921 the Kingston Carolina RR. Oo.
Y. 79. p. 2086. 2643; V. 80. p. 1363. 2458; V. 81, p. 1044: V. 97. p. 1427
Tentative valuation, V. 114, p. 522, 627, 1064.
until 1996. V. 95, p. 1684; V. 96, p. 863. Acquired the Durham & South
Carolina RR In 1920 V. 110, p. 2292.
STOOK.—There Is $4,000 old preferred. V. 79, p. 977. 980, 1332.
As to Cumnock Coal Mining Co., an ally, see V. 106. p. 607. 822
The I.-S. C. Commission has placed a final valuation of $21,622,000 on
COAL PROPERTIES—"OTHER INCOME."—In 1899-1900 coal
properties having then a maximum output capacity of 2,700,000 tons the owned and used property of the company as of June 30 1914 and $6,500
annually, were brought under friendly control with aid of loans from the on its owned but not used property, and $2,804,465 on the used but not
Railway Oo. and are now owned by the Scranton Coal Co. and the Elk owned property. The valuation figure includes the properties of the At­
lantic & North Carolina RR. and the Carthage & Pinehurst RR.
Hill Coal A Iron Co., the Railway Co. owning the stock of both companies
The $6,000,000 5% 1st mtge. notes issued by the railway to enable these
ORGANIZATION.—Successor May 5 1910 to N. & S Railway, foreclosed
coal companies to acquire the aforesaid properties were all paid off on or Deo. 7 1909 per plan V 87. p. 614. 678. Incorp. In Virginia May 2 1910
before Dec. 1915, ana on Dec. 31 1925 the railway held as first liens on
BONDS.—Of the “First & Ref.” $35,000,000 bonds, $3,981.000 were
said properties former 2d mtges. for $1,000,000 and $2,225,000. respec­ reserved
to retire a like amount of underlying bonds. To Dec 31 1925
tively.
retired by sinking fund, $2,504,000, held for company by Central Union
Trust Co., $2,039,000, held by public, $10,981,000; as collateral for 3-year
DIVS. '06-T1. '12. ’13. ’14-T5. ’16.1917. ’18. ’19. ’20. ’21. ’22-24. ’25.
notes of 1917 pledged, $1,577,000; held by U. S. Govt, and Dlr. Gen. of
Oom.(%) 2 y’ly 0 2 None 1 None 2 112
None 1%
The directors on Dec. 23 1925 took no action on a dividend on the com.stk. RR. as collateral, $389,000; in treasury, $11,000. V. 107. p. 604.
These bonds are secured by a first mortgage on 334 miles, and, subject
BONDS, 40.—Refunding mtge. for $20,000,000 covers 319 miles of road to underlying Issues aggregating $3,805,000, on 455 additional miles, and
owned, all the securities of the Ont. Carb. 4 Scran. Ry.. 54 miles, and all also by a first Hen on practically the entire equipment, valued at about $2,after-acquired property. V. 72, p. 87; V. 78, p. 2012: V. 80, p. 661. Ax 720,625; also by a 1st lien on the entire stock ($1,000,000) and 1st M. bonds
to the gen. mtge. 4s of 1904 see V. 79, p. 1332, 1432; V. 92, p. 462; V. of the John L. Roper Lumber Co. Sinking fund $106,006 yearly, as long as
94, p. 1508; V. 96, p. 420, 653.
the lumber company bonds are pledged, at least one-half for purchase or




RAILW AY STOCKS ANT) RON DS
[V ol. 122.




May, 1926.]

RAILROAD CO APANIE3
[For abbreviations. &c.. see notes on page 81

Miles

Road

Date
Bonds

Amount
Outstanding

Par
Value

$1,000
Norfolk Terminal—1st M $2,000,000 g gu red.-Q.xc* 2.42 1911
100
Norfolk & Western—Common stook $250.000.000-Ox
100
Adjust oref(pAd)4% stock non-cum $23,000,000 Gx
NAW gen (now 1st) M Norf to Brls Ac g ..FP.xo*
428 1881
1.000
1.000
New River Division first mortgage gold-.-FP.xo*
194 1882
1,000
Improvement A extension mortgage gold.FP.xo*
566 1883
127 1889
1,000
9oloto Valle; & New Eng 1st M assum gold-Ce.zo*
100 Ac
•NAW First Consol mtge$62.500.(XX) g Ba.xc’Ar* 1.620 1896
1 .OOOAC
Dlv 1st lien A gen M (text) g red 105 beg 1929 (lx 1,982 1904
1.000
Pocab Joint M $20,000,000 g call 105 s I.aP.xo'Ar
1901
Convertible bonds gold red text_______________ Qx
1907 1.000 Ac
do
do 13.300 000 gold red-.Q xo*Ar*
1912 1.000 Ac
1 OOOAc
1913
do
do sue text gold red _ ___G.xc*Ar*
do
do $17,945,000 g see text G.yc*Ar*
1919 1.000 Ac
1.000
Winston-Sal So'b'd lstMS5.IMNl.OOn g gu Us.xo*Ar*
89 1910
1,000
Equip tr Series of 1922 due $670,000 ann_____ CP
1922
1.000
do Series of 1923 due $800,000 ann_________
1923
1924
1.000
do Series of 19'21 due $600,000 s-a______ c*
do Series of 1925 due $600,000 ann______ 1,000
1925

redemption of bonds of this Issue, and the balance, If any. for constructionImpts.. Ac. V 93. p. 1584; V. 96. p. 487: V. 97. p. 1204: V 98. p 523
Equipment trusts Issued to Director-General for rolling stock allocated
to this company See article on page 3
On May 31 1926 there were outstanding $1,698,500 U. S. Govt, notes,
due 1930-32.
DIVIDBNDS.—In 1911. 2% (quar.); 1912 to Jan. 1914. 2% (Q.-J.’’
None since. V, 98. p. 1000. 1072.
REPORT.—For 1925, In V. 122, p. 2323, showed:
Bal
Calendar
Oper
Net (after Total
Int., rent,
income,.
Bur.
tores')
Year—
Rev.
r%C.
$512,524
1925.......... .$9,131,878 $1,900,088 $1,963,398 $1,450,874
408.521
1924--------- 9.291.928
1.839.144
1.915.805
1,507,284
374.350
1923_____ 9.386.653
1.798.043
2.581.812
2.207.462
109,051
1922........... 8.412.957
1,413.673
1,940.549
2.049,601
For latest earnings, see "Kailway Earnings Section" (issued monthly).
OFFICERS.—Ernest Williams, Chairman; Geo. R. Loyall, Pres.; E. D.
Kyle, V.-P.; F. P. Pelter, V.-P. A Gen. Mgr.; J. F. George, Treas.; M. S.
Hawkins, Sec.; J. R. Pritchard, Asst. Sec.; J. C. Nelms Jr., Gen. Aud.
Office, Norfolk, Va.—(V. 122. p. 2323.)
NORFOLK TERMINAL RY.—Owns a union passenger station at
Norfolk, Va., with approaches, opened June 1 1912, used by the Vir­
ginian Ry., Norfolk A Western Ry. and Norfolk Southern RR., whlcl
own the entire stook and undertake to meet all expenses, oharges ant
interest and principal of bonds. The I.-S. C. Commission has placed a
final valuation of $995,000 on the owned and used property of the company,
as of June 30 1914. Bonds authorized March 20 1911. $2,006,000,
guaranteed, principal and interest, by the three lessor comp>nles of
which $1,000,000 have been sold. Redeemable at 105. V. 92, p. 660. 1109;
V. 93, p. 667. 1191. Pres., A. C. Needles; Sec., T. E. Bristow; Treas., J. F.
George; Gen. Counsel, W. H. T. Loyall, Norfolk, Va.—V. 118, p. 2547.)
NORFOLK AND WESTERN RY. CO.—(See Map.)—System extends
from Norfolk, Va., westward to Columbus and Cincinnati, 0.. and north­
ward to Hagerstown, Md., southward to Durham and Winston-Salem,
N. C., Bristol, Va.. and Norton. Va., with branches to the various coal
fields in Virginia and West Virginia.
Miles.
Road Owned—
Miles.
Norfolk, Va., to Columbus, O__ 707 Roanoke to Winston__________ 122
Radford, Va., to Bristol, Tenn.-Ill Sundry branohes_____________ 661
2)
Roanoke, Va., to Hagerstown..238 Oper. under lease____________
16
Graham to Norton____________ 100 Trackage______________________
No. Caro. Junction to Fries____ 44
Lynchburg to Durham, N. C.__ 115
Total operated Dec. 31 1925-2,241
Portsmouth Junction to Cincin­
617
nati and Ivorydale___________106 Double traok_______
ORGANIZATION.—Successor In 1896 of Norfolk A Western RR., Ac
foreclosed per plan In V. 62, p. 641. As of Dec. 31 1925 the Penn. RR
owned $44,698,200 common and $11,458,000 adjust, pref. V. 83. p. 502;
V. 88, p. 1062: V. 98, p. 763; V. 95, p. 361,688. Boat lines, V. 105, p. 73.
Tentative valuation as of June 30 1916, $237,392,000. Valuation pro­
tested, V. 119. p. 694.
The stockholders on May 23 1925 ratified, subject to any necessary
approval by public authorities, a contract of lease to this company
of the railroad, property and franchises of the Virginian Ry., for a term of
999 years. The terms of the proposed lease provide for the payment by
this co. of operating expenses, taxes, int. on funded debt, a reasonable
amount for the maintenance of the corporate organization and di vs. at the
rate of 6% per annum on the Virginian co.’s outstanding pref. stock, 279.550
shares, and common stock, 312,715 shares. V. 120, p. 2143; V. 122, p. 2647.
STOCK.—Provisions of pref. stook were in the issue of April 1897. p 4.
On April 10 1919 stockholders authorized an Increase In the authorized
common stock to $250,000,000 chiefly in order to provide for the conver­
sion feature of’new convertible bonds. V. 108, p.1512. See below.
DIVS.— f '06. ’07. '08. '09. '10. '11. ’12-'15. '16. '17. ’18-’21. ’22-’25.
Common_.%14)$ 5 4
4)4 5
5)4 6 yrly. 754 8
7 yrly. 8 yrly.
In June 1916 dividend was increased to 154 % quarterly and an extra of
1% was paid. 1917, Mar., 154% and 1% extra; June 1917 to June 1926,
154% quar.; also paid 1% extra in Dec. 1922, Dec. 1923, Dec. 1924, and
Dec. 1925. Adjust, pref. receives 4% p. a. (1% Q.-F. 19).
BONDS.—TheFlrstOonsolidated mtge.of 1896 Is limited to $62,500,000
the balanoe unissued being reserved to retire the underlying bonds. V 73
p. 502; V, 74. p. 151: V. 75, p. 505; V. 77, p. 1785; V. 78, p. 228. See
abstract, V. 64, p. 876: V. 72. p. 137, 438, 632. 723.1080: V. 76. p. 605;
V. 79. p. 213: V. 81. p. 212.
The N. A W.-Pocahontas Joint bonds are seoured by about 300,000 acres
of coal lands owned and held by the Pocahontas Coal A Coke Co., of
which about 78,632 acres have been leased to companies whose stock Is
aJl owned by the United States Steel Corporation and 102,368 to other concorns, subject to royalties. They are subject to call at 105 for a sinking
fund of 2)4 cts.per ton mined, V. 106, p. 1239. V. 73, p. 845, 902; V. 74.
p. 41, 380, 1197; V. 75, p. 502. These bonds are the Joint and several
obligations of the Railway Co. and of the Coal A Coke Co., but as between
the two companies the debt is to be paid by the latter company.
Divisional l»t Lien and Oen. Mtge. 4s of 1904 ($35,000,000) authorized for
future capital requirements are a 1st lien on extensions and branches and
also a lien subject thereto upon properties covered by 1st Consol. M. V. 78.
p. 1549: V. 79. p. 601, 628. 973. 1642, 1704. 2148: V. 80, p. 1175: V. 82.
p. 510 V. 83. p: 1471 V. 88. p. 231, 453 V. 119, p. 2643.
The Oonv.4s of 1907, of which $26,509,000 were issued 1907-10 (V. 83,
b. 380,435, 576) were convertible Into common stock, $ for $. prior to June 1
1917. and thereafter subject to call at 105 A Int.; $25,284,000 bonds were
converted. V. 83, p. 1412, 1471: V. 84, p. 1248; V. 86, p. 109, 286: V. 90.
p. 772.1425: V. 93. p. 1324.1534; V. 104, p. 1592; V. 106, p. 1237.




99

RAILWAY STOCKS AND RONDS
Rate

%

When
Pagable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

4 g MAN May 1 1961
$1.000 000
Guaranty Trust Co. N Y
137,991 700 See text
Q—1# June 19 '26 13A Offloe, Philadelphia
22.992 300
4
Q—F -May. 19 '26 1% Office, Pblladelpbla
7.235. 000
MAN May 1 1931
Bankers Trust Co, N Y
6g
2.000. ooo
A
do
do
Apr 1 1932
6g
5.000. 000
A
Feb 1 1934
do
do
6g
5.000. ooo
A
Nov 11989
do
do
1
8
41 053 500
4 g
Bankers Trust Co. N Y
A
Oct 1 1996
35.000. 000
do
do
A
4g
July 1 1944
13.733 ooo
A
do
do
Deo 11941
4g
282, ooo
A
Bankers Trust Co. N Y
June 1 1932
4$
41, ooo
A
do
do
4g
Sept 1 1932
A
do
do
1 3 ooo
4H g
Sept 1 1938
2,731 300
do
do
6g M A
Sept 1 1929
5.000 ooo
United States Tr Co. N Y
July 1 1960
4g J A
4 0J0 .000
To May 1 1932 Bk of N A A Tr Co, Phlla
18 M A
do
do
5.4.50 ,000
F A
To Feb 1 1933
do
do
9,590 ,000
OOct '26-Apr '34
4 Mi g
5,365 ,000
J To Jan 11935 Bk of N A A Tr Co, Phlla
4J4 8

Convertible bonds of 1912 were convertible into common stock, $ for $,
prior to Sept. 1 1922, and thereafter subject to call at 105 and int. $13,259,000 bonds were converted. V. 94, p. 208, 417: V. 95, p. 687
The 25-year 4)4% convertible bonds of 1913 were convert Ible Into com­
mon stock. $ for $. prior to Sept. 1 1923, and thereafter are;sub. to call at
105 A int. Converted. $18,238,000. V. 96. p. 360, 65g, 948 V. 97. p. 666.
To provide for capital requirements during 1919, Ac., the holders of
both classes of stock of record Dec 18 1918 (see V. 107, p. 2098) had the
privilege of subscribing at par for $17,946,000 Convertible 10-year 6%
gold bonds of 1919 In amounts equal to 12)4% of their respective holdings.
The bonds are convertible at any time before maturity into common stock,
$ for $. Converted to Apr. 17 1926, $15,213,700.
The $5,000,000 Winston-Salem Southbound Ry. 1st Mtge. bonds are
guar. Jointly with the Atlantic Coast Line Ry. Co Also guar., with Vir­
ginian Ry. and Norfolk Sou. Ry., $1,000,000 Norfolk Term. Ry. 1st 4s,
and, with Southern Ry. and Winston-Salem Southbound Ry., $800,000
Winston-Salem Terminal Co. 1st 5s.

REPORT.—For 1925, In V. 122, p.
1925.
Operating Revenues—
$
Freight_______________ 93.370,357
Passenger_____________ 8,031.229
Mail_________________ 1,149.651
Express_____ -________ 1,101.736
All other transportation
562,354
Incidental A joint facility
revenues___________
1,003,664

1930, showed:
1924.
1923.
$
$
81.684,818 81,321,868
8.972.057 10,301,246
1,161,923
989.497
1,118.992
1,237,913
581,049
578,610
1,162,547

864.695

94,580.674 95,591,682
________
3,126,636
_______

90,352,887
________

1,061,834

Total------------- ------------ 105,218,991

♦Other revenue_______

1922.
$
77,672.461
9,191.620
933,419
1,204.964
485,728

Total---------------------- 105,218,991 97,707,310 95,591.682 90,352,887
Operating Expenses—
Maint. of way & struc.. 15,109,848 14.801.044 12.408,975 12,564.606
Maint. of equipment__ 21.655.956 22.796.839 25.140.609 23,514.618
Traffic.......................... — 1,190.439
1.054.805
991.805
933,056
Transportation________ 28,140,128 29,217.013 31,997.613 29.106.712
Miscellaneous operations
272,971
288.092
306.382
278.149
General2,084,549
2,012.582
1,869.052
1.773.754
Transp. for invest.—Cr_
519,077
118,093
295.268
115.568

Totals ... _______ 67,934,815
Net revenue from oper.. 37,284,175
Tax accruals.___ ____ 8,600,000
Uncollectible revenue__
29,022

69,875,109 72.598.871
27,832,202 22.992.811
7,400.000
6.225.000
26,172
13.539

68,052.804
22,300,084
6,000,0000
7,939

Total oper. income__ 28,655,153

20,418,662

16,741.639

16.292,145

Non-Operating Income—
Hire of freight cars (net) 2,386,617
Hire of other equip.(net)
167,130
Joint facility rents (net)
302,052

1,726.291
17.629
300.787

3,003.995
4.408
258,824

2,161.002
Dr.42,567
180,109

Totals-- _ _______
2,855,799
2,044,707
3,267,227
Net railway oper. income 31,510,952 22,463,369 20,008.866
Inc. from lease of road-.
1,110
1.110
1,025,519
Miscell, rent income___
75,873
79,283
72.581
41.089
Misc. non-op. phys. prop
81,446
147.277
Dividend income__ - _
5.047
7,049
6.599
Income from funded secs.
622,931
575,280
488,545
Income from unfunded
securities A accounts.
1,855,592
219,459
219.494
29.102
Miscellaneous income__
6,649
6.529

2.298.W4
18,590.689
1.110
72,632
82.881
3,649
753,145

Totals_____________
880,131
1,083.224
3,604,210
Gross income_________ 32,391,083 23,546,593 23,613.076
Rent for leased roads__
102,307
105.388
103.805
Miscellaneous rents____
1.755
1,454
1.847
Interest on funded debt. 5,366.857
5,064,022
4,622.613
33.232
Int. on unfunded debt..
74,618
20,729
Amortization of discount
on funded debt__
80,751
247,043
Miscell. income charges.
32,182
64.974
30,571

1,183,477
19,774,166
100,619
1.149
5,057,789
14,142

Totals-------- ------------ 5,826,325
Net income . _
26,564,759
Dividends on adjustment
preferred stock (4%).
919,692
Common divs. (8%)__ 10,890,199
Balance, surplus____

14,754,868

269,876
184

45,477

5,303,245
18,243,348

4,824,579
18,788,497

5,219.178
14.554,989

919,692
10,563,752

919,692
10,304,434

919,692
9,934,008

6,759,904

7,564,371

3,701.289

*Note.—It has been the company’s practice for many years to include In
its figures of operating revenues for each month the revenue from local busi­
ness for that month and the revenue from inter-line forwarded and received
business for the preceding month. By order of the I.-S. C. Commission, it
became necessary, beginning with Dec. 1924, to include the revenue from
inter-line business in the figures for the month in which it was earned. Dec.
1924 figures, therefore, include the revenue from inter-line business for
November and December, and the figures for the year 1924 include similar
revenue for the 13 months Dec. 1923 to Dec. 1924, inclusive.
For latest earnings, see “Railway Earnings Section” (Issued monthly).

100
R A IL W A Y S T O C K S A N D B O N D S
[V ol . 122.




M a t , 1926.]

R A IL W A Y S T O C K S A N D B O N D S

101




102

[Vol. 122.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c.,.see notes on page 8]

North Carolina—Stock 7% paid from rental.............
North East Penn—1st M gold gu P A R (ext) red 105
after 1925_ ___ ________
__ GuPkvc*
iSlorth Penn—Stock 8% gu 990 yrs >6,000,000 auth-.
• Old second M (now 1st) (7s extended In 1896) ..kvo
General mortgage extend. In gold In 1903-FP.kvc&r
Funding loan bonds >409.000 gold............. .......... kv
Northern Alabama—1st M(>350.000 prior lien) Col xo
Northern (N H)—Stock 6% rental................. ............
Northern California Ry—See Southern Paolflo RR—
Northern Central—Stock (see text). .------------- —
First mortgage State of Maryland loan (V 74,p 1197)
Gen & ref mtge gold Series “A”______ __ _xc*&r*
Northern of New Jersey—stock guar (see V 69. p 81)
1st M ext at 4)4 % till July 1 1927 see text_______ c
Gen mtge >1.000.000 g Int guar by lease__ Usm.xo*
Northern Ohio—1st M g (>15.000 p m) gu p A 1-Ce.xo*

Miles Date
Road Bonds

226
25.6 1890
88
6i 1866
88 1873
1898
112 189b
83
144 1855
142 1924
21 1887
1900
162 1895

Par
Value

Amount
Outstanding

Rate
%

A A See text

100

4.000.000

7

F

1.000
50
500 Ac
__ _____
1.000
100

400.000
5.522.650
1.500 000
4.500 000
408.000
1.650.000
3,068.400

5g
8
4
3.3g
4 c
5
6

& O
Q— F
MAN
J A J
MAN
J A J
O— J

50 27.077,200
1.500.000
1.000 8.300 000
100 1.000.000
100 Ac
654.000
1.000
154.000
$1,000 $2,500,000

Last Dividend Places Where Interest o»d
Dividends are Payable
and Maturity

When
Payable

A

J A J
8
Q-J27
6
5g M & S
Q—M
4
J A J
4)4
4)4 g J A J
5g A & O

April 1 1930
May 25 26 2%
May 1 1936
Jan 1 1953
Nov 1 1928
July 1 11)28
Apr 1 1926 1)4

Burlington, N 0
Reading Terminal. Phila
Office. 240 S 3d St. Phila
do
do
do
do
Beading Terminal. Phila
Treas office. W ashlngton
50 Congress 8t, Boston

Jan 15 1926 4% Treasurer’s Offloe, Balt.
do
do
Irredeemable
do
do
Mar 1 1974
June 1926 1% 50 Church St. New York
do
do
July 1 1927
do
do
Jah 1 2000
Cent Un Trust Co, N^Y
Oct 1 1945

i
1

OFFICERS.—Pres., A. C. Needles; V.-Ps., W. J. Jenks, B. W. Herrnian;
O. S. Churchill. E H. Alden; Sec. & Asst. Treas., I. W. Booth; Treas.
Joseph B. Lacy;Comp., W. H. Wilson; Gen. Mgr., J. E. Crawford. Offices,
Roanoke, Va., and Commercial Trust Building, Philadelphia.
DIRECTORS.—F. S. Royster, Norfolk, Va. David W. Flickwir,
Roanoke, Va.; E. H. Alden, Samuel Rea, W. W. Atterbury, T. W. Reath;
A. J. County, Phila.; 8. P. Bush, Columbus, O.; M. C. Kennedy, Phila..
N. D. Maher and A. O. Needles, Roanoke, Va.—(V. 122, p. 2944.)
NORTH CAROLINA RR.—Owns from Goldsboro to Charlotte. N O.
222.44 m.; Caroleigh Jet.. N. O., to Caroleigh Mills, 1.90 m.. total 224-34
miles. Leased from Jan. 1 1896 to the Southern Ry. for 99 years at >2bh
000 (8H% on stook) per year till Deo. 31 1901 and >286.000 (equal to 7%
on stock) balance of lease; also taxes. V. 63, p. 361. State of North Caro
Ina hold’s $3,000 000 stock.—(V. 117. p. 325.)
NORTH PENNSYLVANIA RR.—Owns from Philadelphia. Pa., to Bett
lehem, Pa.. 56.54 m.; Delaware River branoh, 21.10 m.; Doylestown branoh
10.07 m.; total first track, 87.71 m.; total track, incl. 2d. 3d and 4th track
and sidings, 279.91 m. Leased for 990 years from May 1 1879 to Phila
A Reading RR. at 8% on stock, and lease assumed in 1896 by Phila. A
Reading Ry. Pres.. Charles E. Ingersoll.— (V. 18. p 668: V. 103. p. 2429.
_ NORTH EAST PENNSYLVANIA RR.—Owns road from Glenslde to
New Hope. Pa., 25.62 miles; 2d track, 2.00 m.; total tracks. 33.28 milts
The I.-S. O. Commission has placed a tentative valuation of $751,726 on
the total used, and $751,471 on the total owned properties of the company,
as of June 30 1917. Capital stock, $400,000. of which $323,950 owned by
Reading Co., par $50. The $400,000 1st mtge. 5s. due Ap il 1 1999. were
extended to April 1 1930. All owned by Reading Co.—(V. 120, p. 3063.)
NORTH & SOUTH RY. OF WYOMING.—(V. 118, p 1912.)
NORTHERN ALABAMA RY.—Sheffield to Parrish, Ala., and branches
112.50 miles. In April 1899 a majority of stook and bonds purchased by
the Southern Ry. v. 68. p. 824, 873. See also V 69 p 391
Stock is $2,000,000, of which Southern Ry. owns $1,895,400. Under
ahpplementary mortgage of 1898 $400,000 of the outstanding $1,700,000
1st 5s were made prior liens. V. 67, p. 1208.
For latest earnings, see "Railway Earnings Section” (issued monthly).
Pres . Fairfax Harrison, Washington, D. O.—(V 69. p 28.)
_ NORTHERN (N. H.) RR.—Owns Conoord, N. H., to White River Jot.
Vt.. 70 m.; branoh to Bristol. N. H., 13 m.; total, 83 m Subsidiary lines
Conoord & Claremont RR., 71 m.; Peterborough A Hillsborough RR. 19 m
Lease to Boston A Lowell for 99 years from Jan. 1 1890 was assigned ti
Bos. A Me.; rental now 6%, payable in gold. Until July 1897 1% extra
was paid regularly from contingent fund. Also in 1894, Jan., 5% extra
A 1896. 2%: in 1897. 5%; in 1904. )4% extra.—(V. 106. p. 924.)
NORTHERN CENTRAL RY —Owns Baltimore. Md„ to Sunbury, Pa .
134 miles, all double track; branch, 8 miles; total, 142 miles. Leases of
Shamokin Valley A Pottsville RR. and Elmira A Williamsport RR. were
assumed by Penn. RR. In 1914.
The stockholders on Nov. 2 1910 voted to lease road to Pennsylvania RR.
(or 999 years from Jan. 1 1911. the holders of the >19.342.550 stook tc
reoelve a stock div. of 40%; also 10% in cash from treasury assets and *
guaranty of 8% on all the stock during the lease, retroactive to Jan. 1 1911
V. 91. p. 154. 3317, 464, 871, 1026. The lease went Into effect in July 1914
V. 99. p. 343, 49; V. 91. p. 1768; V. 92. p. 527, 1109, 1179, 1243, 1566
V. 93. p. 45. 286; V. 96. p. 572; V. 102. p. 2342.
STOCK.—Penn. RR. on Dec. 31 1925 owned $13,058,050 of $27,079,600
outstanding stock. The auth. issue was increased in Nov 1910 frcir
$20,000,000 to $27,079,600, and In Feb. 1924 to $33,079,600. A 40% stock
dividend ($7,737,000) was paid Aug. 5 1914. V. 91. p. 1630: V. 98. p. 1695;
V. 99, p. 271. 538.
DIVS.— *88. '89. ’90. ’91. ’92. ’93. '94-’00. ’01-’14.Since under Lease
Percent7
8
8
7
8
8 7 yrly. 8 yrly.*
8 yearly.
•Also Jan. 1907, 12)4% paid in stock ($2,149,169). V. 83. p. 471
Also 10% extra in cash and 40% *n Btock under lease in Aug. 1914 and 28%
extra In cash representing 8% on 40% stock dividend for 2)4 years from
Jan. 1 1911 to July 1 1914. during which lease was held up. V. 99. p. 343
BONDS.—The total authorized amount of the gen. A ref. mtge. is limited
to $30,000,000 at any one time outstanding. $5,231,000 bonds were re­
served to retire a like amount of underlying bonds which mature on April 1
J925 and Jan. 1 1926, so that the gen. & ref. mtge. bonds are now a 1st mtge.
Subject only to a charge of $90,000 per ann., payable to the State of Mary­
land. The balance of the authorized amount of bonds may be issued for
additions and betterments, for new properties, for new equipment to the
extent of $5,000,000 and for other corporate purposes, all as provided in
the mortgage. V. 119, p. 455.
REPORT.—For cal. year 1925: Rental from lease of road, $2,916,764;
interest, Ac., charges, $746,899; divs., $2,166,172; surplus, $3,693.—
(V. 122. p. 93.)
NORTHERN RR. OF NEW JERSEY—Owns from Croxton. N. J., to
Sparkill, N. Y., 21 m.; leases Sparkill to Nyack, 5 m. Leased to the Erie
RR. from June 1 1899 for the term of its corporate existence, for Interest
•n bonds, 4% on >1.000,000 stock, payable quarterly, taxes, and all cor­
porate expenses. The $650,000 1st M 6% bonds, maturing July 1 1917
were extended until July 1 1927. with 4)4% int. V. 104. p. 2553.—
(V. 104. p. 2553.)
NORTHERN OHIO RY.—Owns Coplay Jet. to Delphos, O.. 152.35
miles. Was leased for 999 years to Lake Erie & Western RR., which owned
the $3,580,000 common stock, but in Jan. 1920 the latter company disposed
of the lease and stock to the Akron Canton & Youngstown RR. V. 110,
p. 562. Pref. non-cum. 5% stock, $650,000; par, $100. Mortgage auth.,
$4,000,000: issued, $2,500,000, and #1.500.000 reserved for extensions at
$15,000 per mile. For 1925, gross, $1,412,072; net oper. income, $93,676;
other income, $8,923; interest, rentals, Ac., $127,977; bal., def., $25,377.
—(V. 66. p. 337.)
NORTHERN PACIFIC RY. CO.—(Ses Maps.)—Operates one of the
leading lines to the Pacific, having its eastern terminal at St. Paul, Minn.,
and Duluth, Minn, (the head of Lake navigation), and running thence west­




erly, traversing the great wheat belt of Minnesota and North Dakota, the
mining district of Montana and the farming country of Washington to
Tacoma and Seattle and to Portland Ore with branches
Main Line—
Miles Operated by controlled lines.__ 178
Ashland. Wis.. to Portland, Ore.2.267 Operated by other companies.. 392
St. Paul to Staples and Brainerd 193 ndustrail spurs______________ 154
Other main lines_____________ 510 2d. 3d and 4th track__________ 850
Yards tracks and sidings_____ 2,977
Total main line.________
2.970
Various branch lines__________ 3.712

Total oper. directly_______ 6.682 Tot. System track Dec. 31,’ 25.11,254
The Manitoba branches, aggregating 355 m , were leased for 999 yean
'rom May 31 1901 to the Provincial Government and sub-let by the latter to
the Canadian Northern Ry. at a rental ol >210.000 annually for the first 10
gears then >225,000 for 10 years, then >275.000 for 10 years and thereafter
*300.000. with option of purchase any time for >7.000.000. V 73. p. 610.
Owns Jointly with Great Northern the stock of Spokane Portland 4 Se­
attle Ry., extending from Portland to Spokane. Wash., with branches;
see V 81. p. 1101: V 83. p 1111: V 86. p 1530. The Sp Port. A Seattle
owns majority of the stock of the Oregon Electric and Cnited Rys. .of Port­
land. V. 91. p. 1178. Twin City Belt Ry.. org in 1917 See V. 104,p.660.
Tn 1909 arranged for Joint use of Co's line. Tacoma to Vancouver, wash..
135 M. with Gt. Nor. and Un Pac ; V 88. p 1373; V. 93. p. 1030. In
lan 1918 began running its own trains into Vancouver. B. O.; discontinued
Aug. 16 1918.
In 1912 the Midland Ry. of Manitoba, formed In tbe Joint interest of the
company and the Great Northern, obtained trackage rights from the Cana­
dian Northern Ry. between Emerson. Man., and Winnipeg, 66 miles, for
*6 years. with provision for 999 vears V 95 p. 298. 1129: V. 97. p. 1038.
In Jan 1922 acquired the Walla Walla Valley Ry. V. 114, p. 410.
HISTORY.—This Wisconsin company on Sept 1 1896 succeeded to the
railroads, land grant and other property of the Northern Paolflo RR.,
reclosed In July 1896 and reorganized per plan In V 62. p 550.
The original Northern Pacific Company was chartered by Congress July 2
'864; 450 miles to Bismarck were foreclosed In 1875.
DIVIDENDS—
I '05. '06. '07. '08. '09. '10-'21. '22. ’23. ’24. ’25
On common (%)______ 1 7
7
7
7
7 7 yrly 5)4 5
5
5
• a i»o riec lone il 26% from surplus of N w Impt. Co. V. 87, p. 1238.
Paid in 1926: Feb. 1. 1K%; May 1. 1X%.
BONDS.—The Refunding and Improvement Mortgage of 1914 Covers
6 467 miles of road .on 1.060 of which it is a first lien It is an open mortgage
and not limited to any specified amount, but tbe bonds at any time out*
standing are limited to three times the outstanding capital stock, now
amounting to $248,000,000. When tbe amount of bonds Issued thereunder
(bearing Interest at rates to be fixed) rcarhee $500 000.000. further issues
must be limited to 80% of the cost of new property placed under tbe mtge.
Bonds of any series may be made redeemable before maturity or convertible
at i he election of the holders into capital stock on terms and dates to be
fixed Of tbe bonds. $421,492,500 are reserved to retire. $ for $. prior
bonds at or hefore maturity
•
In 1914 $20,000,000 Series A 4Xs were sold, callable as a whole at 110 and
Interest on and after July 1 1919. V. 99, p 120. 271: V. LI5, p. 2366.
Series B 6% bonds were issued in conversion of the Joint O. B. & Q.
collateral 6)4% bonds, due 1936. and the mortgage will a>so cover such
shares of stock of the C. B. A Q. as were released as a result of such conver­
sion The Series B 6% bonds mav be redeemed on and after July 1 1936
at 110 and interest. In July 1922 $8,702,300 Series C bonds were sold,
the proceeds providing funds for payment and cancellation of the un­
converted joint. 6)4% bonds called for redemption July 27 1922 at 103)4
and int. Series O bonds are redeemable as a whole only on and after July 1
1952 at 105 and Int. The series D bonds were sold In Jan. 1923 and are
redeemable as a whole only on and after July 1 1953 at 105 and Int. V. 116.
P Abstracts of prior Hen and general Hen mortgages of 1896 were In V. 63.
p. 1012-1019, 1072: see V. 99. p. 49.
Of Gen Lien bonds. >130.000.000 were reserved to retire Prior Lien 4a.
The St Paul-Duluth Division mortgage secures >20.000,000 purchase
money bonds on the former St. Paul A Duluth, of which >9.215.000 were
Issued to aoqulre the road, >5.283.000 were reserved to retire existing St. P.
4 D bonds and the balance for improvements to the property V. 70, p.
1250- V 71. p. 1167 The lands Included In the grant of the former St. Paul
A Duluth are being sold and proceeds applied to purchase of the bonds at
not over 105 and Int.. or. If not purchasable at that price, then to better­
ments. improvements or additions to the mortgaged premises or equipment
therefor. To Dec. 31 1925 $10,419,000 had been issued but $10,064,000 had
been purchased and canceled. V. 71, p. 1167; V. 72, p. 339. The
First Nat. Bank of N. Y., acting as agent for the company, In Aug. 1920
offered 4)1% Liberty bonds In exchange for these bonds. V. Ill, p. 693.
Government loan, V. Ill, p. 793, 1753; V. 113, p. 2614.
LAND GRANT.—The land grant was 12.800 acres to the mile in the
States of Minnesota and Oregon and 25.600 acres per mile In the (then)
Intermediate territories. Unsold on Dec. 31 1925. 5.554,443 acres, viz.:
Minn.. No. Dak. & Wise.. 57,363 I Idaho.................................... 303 603
Wyoming_______________ . 56.271 Washington--------------------- 1,233,945
Montana________________3,764.181 | Oregon--------------------------89,070
Congressional Investigation of land grant, V. 118, p. 907, 1774, 2705,
2825, 2914; V. 119. p. 694.
FINANCES.—In 1901 Nor. Pac. and Gt. Northern acquired $107.612.600 of the $110,839,100 stock of Chic. Burl. & Quincy RR. In exchange
for their Joint 20-year 4% gold bonds. See circular V. 72. p. 871, 1034,
1135: V. 73, p. 294, 610: V. 85, p. 601. Through the declaration of a stock
dividend by the O. B. & Q. of 54.132% ($60,000,000) to stockholders of
record March 31 1921, these holdings were Increased to $165,867,400 out
of a total of $170,839,100.

May, 1926.]

RAILROAD COMPANIES
IFor abbreviations, Ac., see notes on page 8]

Miles Date
Road Bonds

Northern Pacific Ry—Stock $250,000,000 authorized
Wash A Columbia River lstlM gold assumed.F.xc*
Mortgages of Northern Pacific Railway—
Prior lien M $130,000,000 gold land gr.Ba.xo*Ar
General lien M $190,000,000 gold land gr.F.xc*Ar
St Paul-Duluth Div pur money M $20,000,000 G.xo*
Ref and Impt M gold ($. £. fr) red text__G.c*&r*
do
do
Series B bonds red (text) _c*&r*
do
do
Series O bonds red (text)_ G.c*&r*
do
do
Series D bonds red (text)..Gc*&r*
Equip, trust cert, due $450,000 yearly.__ Ba c*
do
do
Due $450,000 yearly___________
do
do
Due $235,000 yearly.. . — ..c*

J—
162 1895

Bonds Underlying St Paul A Duluth Div Mtge

8t Paul A Duluth first mortgage assumed_____ zc*
Consol mtge assumed $5,000,000 gold-.Mp.zc*
Washington Central 1st M g $15,000 p m___ xCoI
Northern Pac Term Co—First M gold red 110 ..F.xc*
Northern Railway (Cal)—See Southern Paolflo RR
Northern Securities—See Industrials.
Vorthwestern Pacific—Stook ($35.000,000)----------- F
Cal Northw 1st Mgskfd ..
.. ------------------ z
1st A Ref M $35,000. OOOg red 110 aft 10 yrs F.xo*Ar
Northwestern RR of South Caro—First cons M_ x
Northw Term Ry—1st M gold call at 102>4____ c*
lorwich & Worcester—Preferred stook 8% rental...
Bonds (not mtge) Int guar underlease, cur___ zoAr
■orwond A St L—1st M $300,000 g red 110 1912..Eqx
Collateral trust note___________________________
Ogden Mine P»—«*nok (5% rental Central of N J) .
Ogdensburg & Lane Champlain Ry—See Rutland RR
Ohio Conn Ry—1st M $2,006,000 g gu (text). ..Fxo*
Ohio & Kentucky—1st M gold sk fd call at 110.Ce so*
Debenture certificates________________________ s
Ohio & Little Kanawha Ry—See Balt A Ohio RR.
Ohio River—See Baltimore A Ohio

4,876
4,876
239
6.467
6.467
6,467
6,467

1896
1896
1900
1914
1921
1922
1923
1920
1922
— 1925
165 1881
226 1898
130 1898
40 1883

Par

Amount
Outstanding

Rate

$100 248.000.000
1,000
$140,000

5
4g

Value

500 Ac
500 Ac
1,000
100 Ac
100 Ac
100 &c
100 Ac
1.000
l.( 00
1,000

cl 06959 600
8.702.300
dl0.000.000
1.800,000
3.150 000
3,290,000

1.000
1,000
500 Ac
$1,000

1,000.000
1.000 000
e788.000
1,698.000

108.396,600
a54.551.500
355,000
20 000.000

515
100 35,000.000
1.000
40 1898
890.000
1907 1.000 Ac 28,871.000
1,000
76 1914
360.000
1908
1.000 2 217 000
72
100 3.000,000
1.000 1,200.000
1897
Kon
147 000
20 1009
500 Ac
1923
125,000
100
10 —450.000
9 1903
1,000 1,777,000
1,000
250.000
26 1896
1.000
175,000
... 1914

a b c d e Not including amounts in treasury, viz.: a $5,448 ,500.

%

When
Payable

J

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Q—F May 1 1926 l)i J P Morgan A Co. N Y
<Ss J July 1 1936
Office 34 Nassau St, N Y

Q—J Jan 1 1997
J P Morgan Oo. New York
4g
Q—F Jan 1 2047
do
do
3g
do
do
4 g J A D Deo 1 1996
New York, Ac.
4)4 g J A J July 1 2047
New York
J A J July 1 2047
6
New York.
5 g J A J July 1 2047
J A J July 1 2047
New York
5g
7 g M A N To May 15 1930 J P. Morgan A Co.,N.Y
4)4 F A A To Aug 15 1932 J P Morgan & Co, N Y
4)4 g M A S,To Mar 15 1940 J P Morgan A Co, N Y
J P Morgan A Co, N Y
F A A Aug 1 1931
5
do
do
4 g J A D June 1 1968
Bankers Trust Oo, N Y
Q—M Mar 1 1948
4g
Winslow, Lanier A Co.N Y
6 g J A J Jan 1 1933

5 g A A O Apr 1 1928
4H g MAS Meh 1 1957
4 A 6 A A O Aug 1 1964
5 g J A J July 1 1926
8
Q—J Apr 1 1926 2%
MAS Meh 1 1927
4
5 g A A O Anr 1 1099
6 g MAN Nov 1 1926
5
J AJ16 Jan 15 26 2)4%
M A s'Sept 1 1943
4g
5 g J A J July 1 1926
J A D July 1 1926
5

San Franolsoo
Safe Dep A Tr Co. Balto
Jan 1918 coupon not paid
Meeh Nat Bk, Worcester
Company’s office, Boston
'*'»tertnwn(NV' Nat Bk
Watertown (NY) Tr Co
Chestnut St, Phila

Penn RR Oo. New York
Seaboard Nat Bk. N Y
do
do

b $2,480, 000. C$336 ,000. d $ 7,837,000 . e $1,065,000.
i

REPORT.—For 1925, in V. 122, p. 2965, showed:
Operating Revenue—
1925.
1924.
193.
Freight revenue...______ _________ $76,301,308 $73,422,540 $77,610,570
Passenger revenue_________________ 13,201,179 13,167,942 15,438.784
Other transportation revenue_______
6,067,165 6.224,083 6,290.815
Incidental and joint facility_________
2,294,902 2,477,839
2,661,891
Total operating revenues_________ $97,864,555 $95,292,404$102,002,060
Operating Expenses—

Way and structures____ ___________ $12,759,190 $12,240,855 $14,022,694
Equipment_______________________ 17,605.304 18,675,927 22,464.341
Traffic________________
2,073.155
1,954.443
1,917,955
Transportation___________________ 33,538.233 34,190,334 38.535.417
Miscellaneous operations___________ 1,637.652
1.822.139
1,614,992
General__________________________
2,980,307
2.644,625
2,731,154
Transportation for investment—Cr_____________ 621.365
1,078,849
838,154

Total operating expenses________ $69,972,476 $70,533,064 $80,364,810
Net operating revenues____________ $27,892,078 $24,759,340 $21,637,250
Taxes and uncollectible revenues___ 9,372,270
8,563,154
8,482,319
Railway operating income________ $18,519,808 $16,196,186 $13,154,931
Equipment rents, net_______________ $1,855,789 $2,130,763 $2,404,238
Jolntfacilityrents.net_____________ 1,851,722 1,534,128 1,541,389

Net railway operating income____ $22,227,319 $19,861,077 $17,100,557
Non-operating income........... .............. 11,079,164 11,483,432 11,181,676

Gross income....................
.$33,306,484 $31,344,508 $28,282,233
Interest on funded debt____________ $14,783,165 $14,767,619 $14,707,679
Other deductions from income______
579,031
606,645
593,127
Net income____________________ $17,944,288 $15,970,244 $12,981,426
Dividend appropriations__________ 12,400,000 12,400,000 12,400,000

Balance___________________ _____ $5,544,288 $3,570,244
$581,425
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—Howard Elliott, Chairman; Charles Donnelly, Pres.; H. A.
Clifford, Treas.; E. A. Gay, Sec. & Asst. Treas.; F. W. Sweney, Compt.
N. Y. office, 34 Nassau St.
DIRECTORS.—Stephen Birch, Howard Elliott, John Sloane, Grenville
Kane, Gerald M. Livingston, Frank L. Polk, George T. Slade, John N.
Steele, Francis H. Brownell, E. Hayward Ferry, New York; Charles Don­
nelly, J. M. Hannaford, St. Paul; Theodore F. Merseles, Chicago; Henry
B. Spencer, Washington; Charles E. Perkins, Burlington, la.—(V. 122,
p. 2936.)
NORTHERN PACIFIC TERMINAL CO. OF OREGON—Owns terminals
■n the Willamette River, Ore., at Portland, East Portland and Albina
lomprislng 270 acres land, 40 m track, dock frontage 7.904 feet.
LEASE.—Leased for 50 years from Jan. 1 1883 jointly ana severally to
Northern Paolflo, Oregon Ry. & Navigation and Oregon A California, with
■naranteed rental to pay Interest, sinking fund and taxes; leases assumed
>n 1899 by new Nor. Pao. and Oregon RR * Nav V 69. p. 230
STOCK.—Stock ($3,000,000) owned by said three companies (40% by
Oregon Ry. & Nav. Co., 40% by Nor. Pao and 20% by Oregon & Cal.
RR.), and held by Central Trust Co. of New York, to be delivered after
payments to the sinking fund, which Is to cancel the bonds.
BONDS.—The first mortgage is for $5,000,000; to Dec. 31 1925 $4,323,000 had been Issued, of which $2,625,000 retired by sinking fund.—(V. 122
p. 477.)
NORTHERN SECURITIES CO.—See Industrials.
NORTHWESTERN PACIFIC RR.—(See Map Atch. Top. A 3 F.)Operates a system extending from Point Tiburon and Sausalito, Cal.
(whence ferry to San Francisco, 6)4 miles), northerly to Eureka, with
branches, 515 miles In all. Inoorp. Jan 8 1907 In the Interest of Southern
Pac. anu Atch. Top. & San. Fe, which each owns $17,500,000 stock. V.
95, p. Ill: V. 96. p. 1489.
BONDS.—Oal. N. W. 5s s. f. $5,000 yearly call: at 110 and Int.
Ofthe 1st & Refund. 4t$s of 1907 ($35,OOO,O0o auth.), $28,861,000 were
outstanding April 20 1926. $26,782,000 being owned by Sou. Pac.; the mtge.
reserved $6,676,000 to retire a like amount of underlying bonds. $5,000,000
for lmpts. and equip, and $13,324,000 for new construction, incl line from
Shively to Willits and from Wendling to connection with main line at
Healdsburg; s. f. $10,000 yearly; bonds drawn at 110. V. 84. p. 221
894; V. 85. p. 222: V 96. p. 1773: V 98, p. 1316
Equipment trusts issued to Director-Oeneral for rolling stock allocated
to this company ($271,500, due $18,100 annually). See article on page 3
REPORT.—For 1925. gross, $7,045,831; net oper. income, $1,158,222;
other income, $43,959; Int.. rentals, Ac.. $1,461,039; bal., def.. $258,858.
For latest earnings, see “Railway Earnings Section” (issued monthly).
—V. 120. P- 2397.)
NORTHWESTERN RR. OF SOUTH CAROLINA.—(See Map Atlantic
Coast Line.)—Wilson Mill. S. O., via Sumter to Camden, 62.5 miles; branch,
Millard to St. Paul, 3.5 m.; Mannville to Rose Hill, 9.5 m.: trackage, 5 m.;
total, 81 miles. Stock, $100,000. Dividend, 6%, paid yearly Dec. 1900
to 1902; 1903 to 1905. 6%; 1907 and 1909, 4%; 1910, 5%: 1911 and 1912.
6%; 1914, 4%; 1915, 5%: 1916-19, 6% yearly; 1920. 7%; 1921-24 , 6%
yearly. Of the outstanding $360 000 first consol, mtge. bonds, $285,000
are 4s and $75,000 5s. Year 1925, gross, $229,036; net oper. income,
$70,280: other income, $8,186; deductions, $49,377; bal., sur. (before
dividends), $29,089.
NORTHWESTERN TERMINAL RY—Owns terminals oovering 36 acres
at Denver and 102 acres of right of way In that city, and 100 acres of freight
terminals at Utah Junction, 3 miles north of Denver. Leased for 60 years
from Jan. 1 1914 to Denver A Salt Lake RR., which owns the $3,006,000




103

RAILWAY STOCKS AND BONDS

stock, rental covering Interest on bonds, operating expenses and taxes.
V 98, p. 913. Operated by Denver & Salt Lake RR. Co by virtue of
lease. Interest was defaulted Jan. 1 1918 and subsequently, and In
Jan. 1919 a protective committee with S. M Perry of Denver, as Chair­
man, called for the deposit of the bonds with the International Trust Co.
of Denver or Bankers Trust Co. of N Y
V 108, p 269, 379. 1061.
V. 106, p. 86. A suit for the foreclosure of the First Mtge 5% bonds war
filed by the Bankers Trust Oo . N. Y.. trustee. In Jan 1920. V. 110. p.
562. Bonds ($? 500,000 auth. issue), see V. 89, p. 994; V. 90, p. 503.
Henry McAllister Jr., receiver.
Reorganization Plan (V. 122. p. 1023).
The committee representing holders of the 1st mtge. 5% gold bonds and
of certificates of deposit for the bonds has prepared and adopted a plan for
the reorganization of the company.
The new terminal company to be organized pursuant to this plan is re­
quired to make and execute a new lease on all the properties of the present
company, which lease shall run to the new reorganized Denver & Salt Lake
company, and shall provide tnat (a) the term of the lease shall be not less
than 49 nor more than 99 years as shall be agreed: (6) the lessee shall main­
tain and operate the leased propertied at its own expense in connection with
and as a part of its railroad system; (c) the lessee shall pay all taxes and
assessments against tne leased properties during the term of the lease; also
corporate expenses and current obligations of the lessor not exceeding
$2.000 per annum; (rf) the lessee shall pay as rental, in casn, an amount
representing 2% per annum on $2.217.000 (being the face amount of the
present bonds of the terminal company now outstanding and hereinafter
called the “base sum"), such rent to begin on the completion of the Moffat
Tunnel and its use or occupancy by the lessee not later than Dec. 31 1927;
sucn annual payment (initially 2% on the base sum) to be increased )4 of
1 % on the base sum annually for each increase of $500,000 in the annual
gross or total operating revenues of the lessee over such gross or total oper­
ating revenues for the fiscal year last preceding tne date when rental pay­
ments are to begin until such annual rental payment shall equal 5% on the
base sum, at which amount It shall remain to the end of tne lease; In case of
consolidation, merger or sale of the properties of the lessee the annual rental
payment shall, if it has not already reached that figure, automatically be­
come and remain at 5% ofthe base sum with the option in the successor les­
see to decline to pay such additional rental and, in case of such declination,
with the option to the lessor to cancel the lease upon 6 montns written notice.
Securities to Be Issued by New Company and Disposition Thereof.
New Bonds.—A new mortgage will be created upon all of its property.
New mortgage shall provide for and secure an issue of new bonds with such
name or designation as the committee may determine, to be limited to a
total authorized principal amount of $2,217,000 and to mature at such
date as the committee may fix, not later than the date fixed for the termina­
tion of the lease. New bonds will bear 5% interest and shall be redeemable
all or part, on any interest date on sixty days' publication, at 102 & int.
Stock.—An issue of stock all of one class shall be created by the new
company, which shall possess all voting rights and shall consist of 2,217
shares (plus 5 shares to qualify directors of the new company).

Disposition of New Securities.

Holders of present bonds or of certificates of deposit therefor who shal
be entitled to the benefits of this plan will be entitled on the completion
of the reorganization, and surrender of their certificates of deposit and (or)
bonds receive new securities as follows:
For each $1,000 of present bonds accompanied by the coupon due Jan. 1
1918 (and all subsequent coupons), the holders will receive $1,000 in new
bonds and one share of stock in the new company. V. 122, p. 1023.
Plan Declared Operative.—Plan was declared operative as of April 2 1926.
—(V. 122, p. 1023.)
NORWICH & WORCESTER RR.—Owns from Groton, Conn., to Wor­
cester, Mass., 71.15 miles. Leased to New England RR. for 99 years from
Feb. 1 1869 (now N. Y. N. H. AH.): rental 8 on pref. stk.—V.106, p.924.
NORWOOD & ST. LAWRENCE RR.—Norwood to Waddington. N.Y.»
20 miles, including extension, 13 miles, opened July 1909. The Inter”
State Commerce Commission has placed a final valuation of $533,078 on
the owned and used and $895 on the used but not owned properties of
the company as of June 30 1917. Stock, $250,000; par of shares, $100.
Bonds are subject to call at 110 since April 1 1912. V. 95, p. 1542. ColBonds are subiect to call at 110. V. 95, p. 1542. Collateral trust notes are
secured by $153,000 1st mtge, bonds. The St. Regis Paper Co. in Jan. 1926
acquired the roads. V. 122, p. 361. For 1924, gross, $170,455; net, $49,494;
other income, $4,892: int. and rentals, $32,880: bal., sur., $21,505. Pres.,
F. L. Carlisle; V.-P. & Treas., R. B. Maltby; V.-P., D. M. Anderson; Asst.
Treas., C. B. Martin; Aud., P. F. Weed.—(V. 122, p. 346.)
OCILLA SOUTHERN RR.—Sold in Jan. 1924. See V. 118, p. 203.
OGDEN MINE RR.—Owns Nolan’s Point (Lake Hopatcong) to Sparta
(or Ogden Mine), N. J„ 10 miles. Leased for 999 years from Jan. 1 1882
to Central RR of N J for 5% per ann. on stock and $500 yrly. for org. exp.
OHIO CONNECTING RY.—Owns bridge over Ohio niver near Pitts­
burgh, Pa., and approaches, 9.11 miles. Leased to Pennsylvania RR.
rental, net earnings. Stock Increased in Dec. 1902 from $1,000,000 to
$2,000,000, in $50 shares. Bonds are guaranteed as to principal and Interest
by endorsement by Pennsylvania Company, which owns the entire stock.
Form of guaranty. V. 81, p. 669.—(V. 121, p. 975.)
OHIO & KENTUCKY RY.—Owns from Lex. A East. Ry. at Jaokson;
Ky. to Cannel City, Ky. Receiver was discharged In 1916. V. 103, p.
2238. The I.-S. C. Commission has placed a tentative valuation of
$817,068 on the company’s property, as of June 30 1917. Common stock,
$206,000; pref. stock, $100,000. 1st M. bonds are guaranteed by Kentucky
Block Cannel Coal Co.
OKLAHOMA & RICH MOUNTAIN RR.—The I.-S. C. Commission
on Feb. 18 1926 issued a certificate authorizing the company to construct
a line of railroad extending from a connection with the Kansas City Southern
Ry. at Page in a general westerly direction to a connection with the St.

104

kAILROAD companies
[For abbreviations, &c., see notes on page 8]

Old Colony—Stook 7% guaranteed by rental-------- o*
First mortgage gold bonds_____________OBzc*&r*
Bonds not mortgage_________________________ zr
First mortgage Series B__________________ zc*&r*
Bonds not mortgage___________________ OBzo&r

FAtfon ce
Xf vai
Cal—aov
1st, M utr vaiovyli
drawn at iuu
100 ku
crn pn A. i1- Im zn*
uiesuii

Miles Date
Road Bonds

680

Oregon Pacific & Bast Ry—1st M $500,000 gold— 27.78
Oregon Short Line RR—

Coupon bonds guar by Prov of British Columbia.c*
Pacific & Idaho North Ry—1st M g s f 1% yly.. Q.zo
2d M $3,000,000 gold....................... ................ Ce.o
Paducah & 111—1st M gu $7,000,000 red_.UC.c*&r*
Pan-Amer (Mex-Guat)—See Nat. Rys. of Mexico.
Paragould Southeastern—See St Louis Southw Ry
Paris & Mt Pleasant—1st M g red 105----------- FC.xo*

—
89.9
76
14

Par
Value

Amount
Outstanding

$100
1924 1,000 *c
1.000
1888
1925 1,000 *0
1902 1,000 *0
1,000
1887
1914
(b)
1,000
1878
1,000
1886
500 &o
1897
1904 1,000 *0
500 *0
1897
1910 1,000 *0
100
1,000
1896
* £
1911

488
Utah & North 1st M ext 1908 (V 86. p 1410) — -zo*
Cons M gu $15,000 p m s f not drawn g __AB.zc*
488
Cons 1st M $36,500,000 g (1st M on 400 m) ..Q.xc* 1.178
Ref M $100,000,000 g gu red (text)_____ Eq.xc* *r
Income bonds Series A 5% non-oumulative___ OBz
First &Oons M $150,000,000 g red text__Ce.xc*&r*
—
Oregon-Wash RR & Nav—Com stk $50,000,000 auth.
Ore RR & Nav oons(now 1st) $24,312,800g ..N.xo* 1,135
1st*Ref M $175,000,000 g gu p&ired 105.F.xo*&r* Text
Oswego & Syracuse—Stock 9% guaranteed D L & W
35
First and refunding mortgage___ ________________
1912
Pacific Great Eastern—1st M 4)4% guar deb stock
2d charge ranking aft 1st M gu by Gov of B C 1915.
— 1915

b Ser "A." $1,000; 8er “B,” $5,000

[Vol. 122.

RAILWAY STOCKS AND BONDS

1925
1899
1907
1915

50

$22,294,000
3,500,000
4*000,000
6,598,000
1,000,000
17,437,000
330,000

4,991.000
1,297,000
28,752,000
45,000.000
272.500
See text
23.380.000
c54.694,995

1.320.400

1,000 1,193,000
A1 SC 12.925,000
£1 &C Bee text
f 500 I
1 and )
5,925,195
1 1,000 J
1.000 1,027.000
956.000
1.000
l.OOOAc 5.000,000

When
Papable

Rate
%

7
Q—J
5)6 g F&A
5g J * J
J * D
4
3)6 J * J
5g J * J
5$ J&J
4
5
5
4
6

(7)
2
g
2

4g
4 g

9

5
4)6
4)6
5 g
5 g
4)6

J
J
J
J

*
*
*
*
Sept
J *

Last Dividend Places Where Interest and
Dividends are Pavablt
and Maturitp

July
Feb
Jan
Deo
July
July
Jan

July
July
July
Deo
July
D Deo

J
J
J
D

1
1
1
1
1
1
1

1926 1% Treasurer’s Office, Bost
do
do
1944
1938
do
do
do
do
1945
do
do
1932
1927
Southern Paolflo Co. N I
1934

1 1933
1 1926
1 1946
1 1929
1 1946
11960

120 Broadway, New York
do
do
do
do
do
do
do
do

Office 120 B’way, N~ Y
do
. do
June 1 1948
New York and London
Jan 1 1961
Feb 20 1926 4)4 Del Laok& West RR.NY
do
do
1974
Brown.S & Oo.Lona; V let
July 15 1942
do
do
.July 15 1942
( Can Bk of Com .Victoria ,
•(Vancouver & Toronto;
J&J JulyJ15 1942
I Brown, S & Co, Lon, Eng
M * N Nov 1 1949
Nov 1914 last paid
F&A Feb 1 1937
Not regularly paid
New York and Chicago
g J&J July 1 1955

J * D
J * J
F * A 20
M&S
J & j 1ft
J & J 15

First Nat Bk, N Y & Chic
6 2 J <fc J July 1 1932
600,000
1.000
53 1912
cOf which $ 1,778, 495 are sterling bonds at $4. 85 per £; an addi tlonal $16,994,0 00.Is owned by U. P RR
j

Louis-San Francisco Ry. at Talihina, a distance of approximately 35 miles,
all in Le Flore County, Okla.
OKLAHOMA CITY-ADA-ATOKA RY.—(V. 121. p. 2518.)
OLD COLONY RR. (MASS.)—Owns road from Boston to Provincetown.
Mass., Newport. R. I., &c.. 533 miles; leases 101 miles In June 1907 a
bill was passed permitting purchase of Boston & Providence (leased line)
First mtge. bonds of 1924, V. 117, p. 2110. First mtge. bonds Series B,
V. 121, p. 1674.
LEASE.—In 1893 leased to New York New Haven & Hartford for 99
years. Of the stock. $9,813,200 is held by the lessee. The lease provides
for dividends of 7% per annum on stock not exchanged. V. 76, p. 247,
374; V. 93. p. 1726. 1789; V. 94. p. 68 —(V. 121. p 1674.)
ORANGE & FREDERICKSBURG RR.—A charter has been granted
by the Virginia Corporation Commission to this company which will operate
the 38-mile line between Fredericksburg, Va., and a point near Orange,
formerly operated by the Potomac Fredericksburg & Piedmont. The Vir­
ginia State Corporation Commission on May 26 1925 granted a petition of
the owners of the latter road for an order of dissolution. Modern bus­
line competition and the thinning of the lumber stand along the route of
the road were assigned as the reasons for the dissolution.
The capital stock of the new company will be from $50,000 to $100,000:
divided into shares of $100 par value. Officers named in the charter are,
P. H. Faulconer, Cahrlottesville, Pres. & Treas.; R. L. Biscoe, Fredericks­
burg, V.-Pres.; C. L. Young, Rhoadsville, Sec., and V. R. Shackleford,
Orange. Gen. Marr. The four officers will constitute the boardof directors.
—(V. 122, p. 1307.)
OREGON & CALIFORNIA RR.—(See Map Southern Pac.)—Portland
Ore., to California State line, 367 m.; Albany Jot to Lebanon. 11 m. Port
land to Corvallis. 101 m.; Lebanon to Woodburn. 49 m.; Portland. Ore., tt
Airlee, Ore.. 74 m.; Mohawk Jet. to Wendllng. 16 m.; Salem to Geer. 7 m
Springfield Jet. to Tallman, and branches. 54 m.: total mileage operated
Dec. 31 1924 704 m. V. 103. p. 1217.
LEASE. &c.—Leased to Southern Pacific Co. for 34 years from Aug. 1
1893. the lessee guaranteeing lnt. on the bonds and the lessor receiving any
net profit and being charged with any deficit after payment of charges
Betterment are payable by lessor, South. Pac. owns all but $43,000 of
the $19,000,000 stock. $12,000,000 of which is 7% pref. V. 72, p 287
The U. S. Supreme Court on Dec. 9 1915, in the Govt, suit involvina
2,300,000 acres In Western Oregon, permanently enjoined the sale of lands
except to actual settlers in quantities not greater than 160 acres and at
over $2 50 per acre V. 104. p. 1703: V. 102, p. 67, 154, 1061, and (So
Pac.) 1347: V 106 p. 029.
BONDS.—The Southern Pacific guaranty of principal and interest i«
printed on face of the 5<?£ bonds See V 63. p 754
EARNINGS.—For 1924, gross income, $123,649; deductions, $1,551,714; bal., def., $1.428,066.—(V. 115, p. 1429.)
OREGON PACIFIC & EASTERN RY.—Cottage Grove to Dlsston,
20 m.; branches, 4 m. Successor Jan. 1914 to Oregon & Southeastern RR..
foreclosed. V 90.p. 1297. In Oct. 1917.1 H. Chambers of Cottage Grovr
Ore., purchased control. V. 105, p. 1618. The i.-S. C. Commission
recently placed a final valuation of $321,117 on the company's property as
of June 30 1917. Stock authorized, $700,000 com. and $300,000 pref.;
outstanding, $200,250 com., par $10. Bonds, Union Trust Co., San Fran­
cisco, trustee. See table above. V. 98, p. 237. Pres. & Gen. Mgr.,
J. H. Chambers; Sec. & Aud., A. N. Ward.—(V. 122, p. 2796.)
OREGON SHORT LINE RR.—(See Min Union Paei/te.)Mileage owned
Dec. 31 1925, Main line and branches, 2,247 m.; trackage rights, 13 in.;
leased from Ore.-Wash. RR. & Nav Co., 237 m.; total. 2,497 m.; deduct
mileage owned but not operated, 54 m.; total operated Dec. 31 1925
2,443 miles. Tentative valuation, V 114, p. 2360.
HISTORY.—Successor Maron 16 1897 of the Oregon Short Line * Utab
Northern Ry., foreclosed per plan in V. 62, p. 504, 505. Controlled by Un
Pac.. which holds entire capital stock V 34, p. 52. 572. 932.
CAPITAL STOCK.—Stock. $100,000,000. all In tbe U. P. treasury
V. 91. p 871: V 93. p. 1387 1669.
BONDS.—First Consols, $22,029,000. were reserved to retire old bonds
Series A Incomes, non-oumulative 5 per cents, have reoeived: In Sept
1897, 4%; Sept. yrly. since, full 5%, at N.Y. offioe or Old Col. Tr.. Boston
The Ref gold guar. 4s (oollat- trust) of 1904 (authorized issue, $100,000.
000) are subject to call at 102)6
The bonds, of which $45,000,000 hav»
been sold, are secured by pledge of $8,700,000 Illinois Central stock
$4,018,700 Chicago * North Western Ry. com. stock, $1,845,000 Chicago
Milwaukee & St Paul Ry pref stock. $27,577,000 Los Angela A Salt
Lake 4s and $20,000,000 New York Central RR. stock. The collat­
eral may be replaced by other of equal value. See abstract, V. 80. p. 2408
V. 79. p. 2086; V 80 p 1913: V 96. p 1424.
Of the 1st and Consol M. bonds ($150,000,000 auth. Issue, interest lim­
ited to UTl ). $34,422,000 are reserved to retire underlying bonds; Ser. A are
subject to call ap a whole at 105: other series on such terms and at such
times as the directors or executive comm, may fix. None sold to Dec. 1925,
but $41,487,000 were then owned by Union Pacific RR. and $3,587,000
were in the treasury. V 91 p 1512: V 92 p 1179
For latest earnings, see “Railway Earnings" Section (issued monthly)
(V. 117. p. 782.)
OREGON TRUNK RY.—(V. 122, p. 2944.)
OREGON-WASHINGTON RAILROAD & NAVIGATION CO.—(See
Map Union Pacific.)—Owns from East Portland, Ore., to Huntington,
Ore., 388 miles; Umatilla, Ore., to Spokane, Wash., 184 m.; other lines,
62 m.; branches, 1,372 miles; total owned. 2,006 miles, including 237 miles
leased to Oregon Short Line RR.; leased from Des Chutes RR., 95 m.;
owned jointly with Chic. Milw. & St. Paul Ry., &c., 78 m.; trackage
rights, 306 miles: total operated Dec. 31 1925 (excl. 237 miles leased to
Oregon Short Line RR. and 11 miles owned but not operated), 2,237 miles
Also operates 101 miles of water lines.
Tentative valuation as of June 30 1916. $129,810,913. V. 116. p. 2131.




I

ORGANIZATION.—Inoorp in Oregon Nov. 23 1910 and on Deo. 23
1810 took over by purchase the Oregon RR. * Nav . Co., North Coast Ry.,
wd affiliated lines controlled oy the Union Pacific. V. 91, p. 1447, 1512.
1630, 1768 Stook auth., $50,000,000; $49,998,500 owned by Ore.Sh.Llne.
BONDS.—The Island Ref. 50-year gold 4s ($175,000,000 auth. Issue)
are guar. p. & 1. by U. P. Series A" are dollar t mds. Series “B” sterling
bonds, each redeemable (but not part of either) at 105 on any Int. day on
90 days* notice. Sterling bonds are exchangeable for dollar bonds at $4 85
on payment of $15 per £100 bond. See V. 102. p. 801. 2255.
The bonds are a first lien on about 767 miles of road owned and a lien,
s tbject to $23,380,000 Ore. RR. & Nav. 4s, on 1,135 additional miles, on
70 miles jointly owned and 139 miles of traokage. See V. 92, p. 1500, 1566:
< '3.380,000 are reserved to refund the Ore, RR. 4s, in Dec. 1925. $54,694,995 were held by public: $16 994,000 were held by Union Pac. RR., $253,000
#ere In treasury and $79,678,005 were reserved for extensions, improve­
ments, acquisitions, equipment, &c., as in V. 92. p. 1500: V. 92. p. 1437.
1324, 1600: V. 94, p. 699: V. 106, p. 715.
An abstract of Oregon RR. * Nav. Consol. M was in V. 63. p 928
For latest earnings, see “Railway Earnings Section" (Issued monthly).
—(V. 118. p- 1393.)
OSWEGO & SYRACUSE RR.—Owns from Oswego, N. Y., to Syracuse,
N. Y„ 35 miles Leased In 1869 during length of oharter and renewals
thereof to the Del. Lack. * Western RR. Co. for 9% per yet,r on $1,320,400
stock and Interest on bonds.
Tbe Inter-State Commerce Commission on Sept. 20 1923 authorize"! the
company to issue not exceeding $1,193,000 1st & Ref. 5% 50-Year gold
bonds to be delivered to the Delaware Lackawanna & Western RR., lessee.
In refundment of certain obligations. The Commission also granted author­
ity to the Delaware Lackawanna & Western RR. to assume obligations and
liability, as guarantor. In respect of said bonds.—(V. 117. p. 1462.)
PACIFIC GREAT EASTERN RY.—Incorporated in British Columbia
early in 1912. Operates from North Vancouver to Whytecliff, 12.7 m.
From Squamish, at the head of Howe Sound, to Quesnel, 348.5 m. Line
has been completed to Cottonwood River, 364 miles. Line under con­
struction, Cottonwood River to Red Rock Creek, 46.8 miles, which when
completed will give through connection between Squamish and the Canailan National Ry. system and Fort George.
Under the settlement, which received royal assent April 23 1918, the
Province of B. O. had In Oct. 1918 acquired the entire snare capital stock
of the railway ($25,000,000), the Pacific Great Eastern Equipment Co. and
the Pacific Great Eastern Development Co., and had exercised its option
tlso on tbe lands and assets of the last-named, the promoters being released
from their obligations. V. 107, p. 1580, 1101, 182; V. 106, p. 929, 2123.
The $5 925,195 coupon bonds issued in June 1925 (V. 120, p. 3310) con­
sists of $2,565,195 1st mtge. 4)6 % guaranteed bonds and $3,360,000 4)6%
guaranteed bonds, all of which equally enjoy the guarantee of the Province
of British Columbia as to principal and interest and, in the opinion of
counsel, are secured by the full credit and taxing power of the Province
equally with its direct obligations.
The Government of the Province of British Columbia has undertaken to
initiate legislation establishing a sinking fund of $325,931 per ann., payable
out of the consol. revenue fund, which will be sufficient to meet by July 15
1942 40<3 of the entire issues of the Pacific Great Eastern Ry. Co.’s securi­
ties guaranteed by the Province, aggregating $20,160,000. composed of
$16,800,000 1st mtge. 4)6% guaranteed bonds issued at the rate of $35,000
per mile over 480 miles, and $3,360,000 4)6% guaranteed bonds (2d mtge.)
Issued at the rate of $7,000 per mile over the same mileage.
EARNINGS.—For 1925, gross, $436,833; net oper. income, def., $284,508. other Income. $19,538; deductions, $2,422,333; bal., def., $2,687,303.
—(V. 120. p. 3310.)
PACIFIC & IDAHO NORTHERN RY.—Owns Weiser to New Mea­
dows, Idaho. 90 miles. In June 1918 tbe receiver appointed in 1915 was
discharged. V. 106. o. 2560. V. 101. p. 846. Stock. $2.929 800: par
$100. Bonds, 1st & 2d mtges., see table above. Pres., Samuel Norris;
Treas., James B. Ford; Sec., John D. Carberry; Asst. Treas., F. D. Stover;
Gen. Mgr.. Le Grand Young. Office, Weiser, Idaho. N. Y. office, 1790
Broadway.—(V. 113, p. 1054.)
PADUCAH & ILLINOIS RR.—Line from Metropolis, III., to Paducah.
Ky., 14 miles, including the double-track steel bridge over the Ohio River
was completed Dec. 31 1917. Owned jointly by Nashv. Chatt. & St. L., Ch.
Bur. & y. and Illinois Central, which use same as part of a route from
Northern and Central points to the Gulf and unconditionally guar . prin.,
interest and sinking fund (over $120,000 yearly) on bonds. The I.-S. C.
ICommission has placed a tentative valuation of $4,850,000 on the com­
pany’s property as of June 30 1919. Stock authorized, $5,000,000 pref.
and $16,000 common, outstanding, $10,000; all except directors shares,
owned by the guarantors and by them pledged with the mortgage trustee.
V. 99, p. 609. The bonds ($7,000,000 auth.) are redeemable for sinking
fund beginning 1921 at 102)6- See offering V. 102, p. 67, 251; V. 103, p.
2342: V. 104, p. 664.—(V. 122, p. 2944.)
PARIS & MT. PLEASANT RR.—Owns Paris, Tex., to Mt. Pleasant.
51.43 miles. Stock authorized. $75,000.
Tbe I.-S. C. Commission has placed a final valuation of $813,771 on the
owned and used property of the company as of June 30 1918.
Of tbe 1st gold 6s ($2,000,000 auth. Issue), $600,000 nave been sold,
against the present property (53 miles), Including terminals, rolling stock,
*0., the remainder being reserved for future construction. Redeemable
since July 1 1915 at 105 and int. Sinking fund 5% of gross earnings,
beginning Jan. 1 1915, to be invested in income-producing securities or ap­
plied to redemption of bonds V. 94, p. 1509.
Receivership.—R. W. Wortham of Paris, Tex., was appointed receiver by
Judge Ben H. Denton in March 1920 on the petition of T. D. Wilson and
8. G Norris of Detroit, alleging that the road was in a rundown condition
and there were 350 cars of freight awaiting transportation and delivery to
consignees on which demurrage and other charges were accumulating.
The I.-S. C. Commission on Aug. 27 1925 authorized the issuance of
$90,000 6% receiver’s ref. ctfs. to refund a like amount of 8% ctfs.

May, 1926.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Paris-Lyons-Mediterranean RR Co—See text
Paris-Orleans RR Co—See text
Paterson & Hudson Riv—Stock 8% rent N Y L EA W
Paterson & Ramapo—Stook (rental guaranty)_____
■'emicewasset Valley RR—Stook (rental guaranty) .
Pennsylvania RR —Stook auth $600,000,000_____ Tr
Consolidated Gold coup s f 1% not dr___ kv.o*
$100,000,000 Sterl (s f in 1900) not dr.kv.o*r Ar*
(now 1st)
do stamped payle In $.kv.cAr
M of 1873 Sterling________________ kv .c*Ar ♦
secures al!
do stamped payable in $kv.c*Ar*
equally
Gold dollar bonds______ kv.c’Ar*
G.P.
Gold____________________ xc*Ar*
New York Phila & Norfolk stook trust cert__ _kv
General mortgage gold____ __________ GP.yc*Ar*
do
do
5% bonds Series B __yc*Ar*
do
do
Ser C $110,000,000 pledged.
Secured gold bonds______________________ c*Ar*
do
do
___________ _____ _ yc*Ar»
do
do
red (text)___________GP.zc*&r*

Miles Date
Road Bonds

14
14
1463
1463
1463
1463
1463
1463
1463

1893
1895
1895
1908
1908
1908
1915
1908
2834 1915
2834 1918
2834 1920
1920
1921
1924

Par
Value

Amount
Outstanding

$630,000
$50
298.000
5C
10C
541.500
$56 499 173.400
1,006 2,317.000
£20C 12,502,210)
t
$1,000 1
£200 5,267.100
1.000 14 570.000
1,000 20,000,000
1,000 49.000,000
1,000 7,478.250
1.000 125,000.000
1.000 50,000,000
1,000 Pledged
500 Ac 50,000.000
500 Ac 60.000.000
1,000 50,000,000

For year ended Dec. 31 1925, gross, $177,022; net, $55,896: denuctions,
$56,057; bal., sur., $597. Pres., R. F. Scott; Treas., T. J. Recard.
Office, Paris, Tex.—(V. 121, p. 1346.)
PARIS-LYONS-MEDITERRANEAN RR.—Company was organized in
1857. Its lines In Prance, comprising about 6,121 miles of road, consist of
a main trunk line from Paris to Lyons and from Lyons to Marseilles; its
branches and extensions reach throughout the part of Prance southeast of
Paris, through the French Riviera and to the Swiss and Italian frontiers.
In addition the company operates in Algeria 1,000 miles under lease.
Capitalization.—Company has outstanding debenture bonds to the
amount of 8,886,688,125 francs, £5,000,000 and dollar bonds amounting
to $60,000,000. None of the above debentures or bonds carries any special
security nor is any part of the company’s system or equipment mortgaged
or pledged in any way. The capital stock originally amounting to 400,000,000 francs, has, through amortization to date, been reduced to 333,871.500
francs.
Guaranty of French Government.—Before the war the company paid sub­
stantial dividends on its capital stock in excess of the minimum rate of 11 %
guaranteed by the Government under the Convention of 1883. In 1914, at
the outbreak of the war, the French Government took control of all French
railroads in order to insure efficient co-ordination for military purposes.
After the war a new convention was entered into on June 28 1921 by the
French Government and the larger railroad companies, including the
Paris-Lyons-Mediterranean RR., revising the status of the railroads.
This convention was approved by the law “Regulating the Great Rail­
road Systems” dated Oct. 29 1921.
Under the terms of this convention and law there is established a “com­
mon fund” for the purpose of creating financial solidarity of the large
companies and. if necessary, during any fiscal year, to provide funds for
the current treasury requirements of the companies. The railroad com­
panies shall turn over to the "commun fund" any balance of their gross
receipts available after providing for their operating expenses interest
and amortization of their loans, a variable operating premium intended
to encourage efficient and economic operation, the guaranteed dividends
to the stockholders and other charges as established by the convention
If, at any time, the gross receipts of one of the railroad companies should
be insufficient to meet the charges mentioned above, there will be paid to the
railroad out of the “common fund” any sums necessary to make up the
deficiency.
The Government of the French Republic has undertaken to provide the
"common fund" with any sums by which the receipts of the "common
fund” may fall short of its requirements; provided, however, that if the
Minister of Public Works so requires, the railroads will Issue bonds for
such purposes, the Government of the French Republic guaranteeing
the Interest, amortization and actual expenses of the service of such bonds
until paid. The convention further provides for an adjustment of tariffs
if necessary, in order to provide the railroads with sufficient revenue to
meet expenditures. In regard to 1.673,000.000 francs of bonds issued
by the company under the special law of Dec. 26 1914 to cover its defi­
ciencies of 1,229.000.000 francs since the beginning of the war. the conven­
tion provides that the Government will reimburse the company therefor by
the payment of annuities to cover the service for interest and amortization
of these bonds. Thus the Government of the French Republic as above
described undertakes to provide, if necessary, funds sufficient to pay
interest on the bonds of this issue and funds for sinking fund sufflcieni
to retire the entire issue by maturity.
Goldman, Sachs & Co., Bankers Trust Co., Lehman Bros., Halsey.
Stuart & Co., Inc., and Union Trust Co. of Pittsburgh in Sept. 1924 sold
at 93% and int. $20,000,000 7% external sinking fund gold bonds
Dated Sept. 15 1924: maturing Sept. 15 1958. Denom. $1,000 and
$500c*. Int. payable M. & S. Principal and int. payable in gold at the
office of Bankers Trust Co., New York, fiscal agents for the loan, without
deduction for any French taxes. Red. only as a whole on or after Sept. 15
1932 on any int. date at 103 and int., except for sinking fund.
Sinking Fund.—Graduated annual sinking fund payments beginning with
$248,000 on Sept. 15 1931 and progressively increasing to a maximum of
$1,540,000, calculated to retire the entire issue by maturity through
purchase at not exceeding 100 and int. or by annual drawings for redemp­
tion at 100 and interest.
In March 1925 Kuhn, Loeb & Co. and National City Co. sold $40,000,000
6% external sinking fund gold bonds, due Aug. 15 1958.
Dated Feb. 15 1922. Not subject to redemption before Feb. 15 1932.
except for the sinking fund. Entire issue outstanding, but not any part,
will be redeemable at 103 and int., at the option of the company on Feb. 15
1932, or on any interest date thereafter. Denom. $1,000 and $500 (c).
Sinking Fund.—Bonds are to have the benefit of a cumulative sinking
fund calculated to redeem the entire issue by Aug. 15 1958. This sinking
fund will begin Aug. 15 1929, and is to operate by purchases of the bonds at
or below 100 and int. or by redemption on Aug. 15 1929, and any Aug. 15
thereafter, at 100 and interest of bonds to be drawn by lot.
General office, Paris, France.—(V. 120, p. 1087.)
PARIS-ORLEANS RR. (COMPAGNIE DU CHEMIN DE FER DE
PARIS A ORLEANS).—Organized in 1838 to operate a railroad line
between Paris and Orleans. As a result of subsequent mergers, pur­
chases of other companies and construction, now owns and operates the
second largest system in France.
Mileage.—System covers about 7,800 kilometers, or 4,848 miles. The
lines serve (a) the central part of France, providing a direct route between
Paris and the important seaports of Bordeaux, Nantes and St. Nazaire and
forming part of the through lines between Paris and Southern France and
Spain; (6) rich agricultural districts; (c) the industrial centres of Montlucon
(iron), Albi (coal) and Limoges (porcelain); (d) through the western ex­
tension the south coast of Brittany; (e) the Valley of the Liore and the
Aubergne Mountains, carrying a very heavy and profitable tourists’ traffic.
Government Guaranty.—A law enacted on Nov. 20 1883 provides that the
French Government shall advance each year any amount necessary in addi­
tion to the net income to cover the interest on and amortization of the bonded
debt and to make an annual distribution on the capital stock of frs. 56 per
share of frs. 500 and frs. 45 on the beneficiary shares without par value.




105

RAILWAY STOCKS AND BONDS
Bate

%

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

4% Paterson. N J
July 1 1924 2%
do

8

J

6
6
4 g
3%
3%
4
4g
4
4%
4g
4%
5 g
6g
7g
6%
5g

PAA Feb 1926
3% Checks mailed
Q—F May 29 ’26 1 % Office, Phila ANY

&

J Jan 1926

MAN May 1 1943
g J A J July 1 1945
g J & J July 1 1945
M & N May 11948
MAN May 1 1948
MAN May 1 1948
g F A A Aug 11960
J A D June 1 1948
K J A D June 1 1965
J A D Dec 1 1968
A A O Apr 1 1970
A A O April 1 1930
g F A 4 Feb 1 1936
MAN Nov 1 1964

Treasurer. Phila ANY
London, England
Office, Phila ANY
London, England
Office, Phila ANY
pbu<» A at Y
Office, Phila ANY
Fiaeiity Ti Co, Phila
Office, Phila ANY
do
do
Office, Phila A New Y ork

Any amounts so advanced are to be repaid with int. at 4% p. a. out of any
future surplus remaining after paying the div. on the stock.
This agreement continues in effect until Dec. 31 1956 (the end of the
concession of the company) and contains similar provisions to protect the
bondholders and stockholders in case the Government should take over the
company’s property prior to that date.
New Convention—Common Fund Established.—See Paris-Lyons-Med­
iterranean RR. above.
Capital Stock.—Frs. 300,000,000, divided into 353,318 shares of frs. 500
each, and 246,682 beneficiary shares without par value. The stock is
listed on the Paris Bourse.
Bonded Debt.—The bonded debt of the company consists of debentures
to the amount of 6,100,000,000 francs; 2,000,000, 50,000,000 Swiss francs
and $10,000,000.
In Feb. 1921 A. Iselin & Co., Halsey, Stuart & Co., Inc., and Hemphill,
Noyes & Co., New York, offered frs. 50,000,000 6% bonds (Foreign Series),
redeemable at par, by semi-annual drawings, not later than 1956. Interest
from Dec. 1 1920, payable J. & D. at office of A. Iselin A Co., 36 Wall St.,
N. Y. City, without deduction for any French taxes, present or future, if
held by non-residents of France. Denom. fr. 1,000.
Tax Exemption.—Under a recent French law these bonds are payable,
principal and interest, without any deduction of French taxes, present or
future, provided that are held by a non-resident of France.
Convertibility.—The company agrees to exchange any bond of this issue
at its Paris office at any time prior to the drawing of such bond for redemp­
tion without expense for an equal face amount of 6% bonds (French series).
These French Series bonds are listed on the Paris Stock Exchange, but
holders thereof are subject, to French taxes
Redemption.— The concessions of the French railroad companies stipulate
chat at the expiration of their concessions, their property, except rolling
stock and certain other working assets, shall revert to the Government
free of charge. The companies have, therefore, with the approval of the
French Government, adopted a plan of amortization which provides for
the total redemption of their funded debt, and for the repayment of their
capital stock by the time of the termination of their concessions.
The amortization plan provides for semi-annual drawings at par of a
gradually increasing number of bonds, sufficient to retire the entire issue
by Dec. 1 1956. Drawings under this amortization plan are made annually
and the bonds drawn will be payable on Dec. 1 each year, beginning Dec. 1
1921. £2,000,000 6% sterling bonds of 1922, see Midi RR. Co. above.
See V. 112, p. 563.
A. Iselin & Co., Brown Brothers & Co., Halsey, Stuart & Co. and Hemp­
hill, Noyes & Co. in Sept. 1924 sold at 92% and int. $10,000,000 7%
external sinking fund gold bonds.
Dated Sept. 1 1924. Due Sept. 1 1954. Int. payable M. & S. Denom.
$500 and $1,000. Principal and int. payable in New York in gold at the
office of A. Iselin & Co., fiscal agents of the loan, without deduction for
any French taxes. Red. on any int. date as a whole only at 103 and int.
except for sinking fund.
Sinking Fund.—Sinking fund beginning March 1 1925 sufficient to retire
all bonds by maturity through purchase at not exceeding par or by semi­
annual drawings for redemption at par. V. 119, p. 1282.
EARNINGS.—
■Calendar Years9 Mos. Ended
1921.
1922.
1923.
Sept. 30 1924.
Francs.
Francs.
Francs.
Francs.
Rects. (aft. taxes) :*
Passengers__ 244,047,043 246,352,282 268,363,930
Freight_____ 666,247,278 671,464,996 729,288,764
Miscellaneous. 13,512,931
23,281,282
32,620,980
Total_____ 923,807,254 941,098,562 1,030,273,675 777,488,043
Exp. (after taxes)
Gen. exp.,pen­
sions, Ac__ 125,966,436 178,944,177 169,455,056
Oper. expenses 836,055,464 592,977,919 606,565,545
Maintenance . 128,956,922 132,009,900 134,984,860
Miscellaneous.
3,382,564
7,054,405
6,733,056

Total_____ 1,094,361,387
910,984,403 917,738,519 681,055,783
Net________ —170,554,133 +30,114,158 +112,535,156 +96.432,259
Int. on bond. dt. 200,510,905 247,671,490 305,484,730 160,920,506
* Taxes on freight transports paid to French Treasury being collected on
behalf of the Government, they do not appear in the receipts or expendi­
tures. In 1923 they amounted to Frs. 82,814,096
OFFICERS.—Ch. Verge, Pres.; Comte Louis de Segur, Etienne Mallet,
Jules Cambon, V.-Pres.; Marcel Peschaud, Sec.; C. Mange, Mgr., Paris,
France.—(V. 120, p. 2812.)
PATERSON & HUDSON RIVER.—Owns from Marion, Jersey City.
\ J. (south to Bergen Junotlon), to Paterson, N. J., 14 miles: single-track.
Leased In perpetuity (at $48,400 per year for road $5,000 for rent of lot.
Vc.) to Erie RR., forming part of main line. Erie has built a second
track
PATERSON & RAMAPO RR.—Owns from Paterson. N J., to New York
State line, 14 miles; single-track; part of main line of Erie RR., to which
leased Sept. 1852 during legal existence, at $26,500. and which has built a
•econd track. Dividends have been paid at various rates. In 1906-07,
82%; In 1907-08 and 1908-09, 8%: in 1909-10. 6%; 1910-11 and 1911-12.
1%; 1913-14. 4%; 1914-15. 8%; 1915-16. 6%; 1916-17. 6%; 1917-18 5%.
1918-19, 5%; 1919-20, 5%; 1920-21, 4%; none thereafter until July 1 1924,
when 2% was paid.—(V. 99, p. 1833.)
PEMKiEWASSET VALLEY RR.—Plymouth. N. H.. to Lincoln N. H.
11.41 miles. Leased to Boston & Maine for 6% on stock.
PENNSYLVANIA-DETROIT RR. CO.—Incorp, in Mich. Feb. 27 1917
with authority to construct and operate a line of railroad in that State. Its
outstanding capital stock is $5,000,000, all of which, except directors’ quali­
fying shares, was owned by the Pennsylvania RR It has no bonds out­
standing, but as of May 31 1923 its non-negotiable debt to affiliated com-

T 06

R A IL W A Y S T O C K S A N D B O N D S
[V ol . 122.




May, 1926.]

RA ILW AY STOC KS AN D BO ND S
107




108

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Pennsylvania RR (.Concluded)—
Bonds ot Cos. Merged in Pennsylvania RR.—

Sunb Haz * Wilk first Series A drawn at 100___ zo
Second mortgage lnoome___ __________ - zo&r
Sunb & Lewis flrst mtge $600,000 p&l g .GuP.vo*
West Penn consol mortgage g assumed—PIP,kvc*
Allegheny Valley gen (now 1st) M g- FPi-kv.o*&r
Junction (Phila) Gen M (now flrst) g$725,000 -.kv
Pitts Va * Gh flrst mtge gold gu p * I.GP.kvo*&r
Oambrla & Clearfield 1st M (V.96,p. 286) g CP. kvc*
Oambrla & Olearfleld Gen M $7,500,000----------- kv
Olearfleld * Jefferson flrst mortgage.. GuP.kvo*
Pennsylvania & N Wgen M $2,500,000. GuP.kvo*
’Harrisb Portsm Mt J & L 1st M ext In 1913..Gp kx
Hollidaysburg Bedf * Cumb 1st M g gu ass. kxxc*
Girard Point Storage 1st M guar p & 1 by Penn., kr
3usq Blooms Jt Berwick—First M g__________FPx
Equipment Trusts—

Gold guar p & i due $3,894,000 yearly-------- —G
Gen equip trust due $2,100,000 yearly. . FP.xc*
do
Series “B” due $1,340,000 ann----- FP.xc*
do
Series “C” due $1,056,666 ann___ FP.xc*
do
Series “D” due $1,310,000 ann___ FP.yc*

Miles Date
Road Bonds

Par
Value

44
44
56
140
264
3
91
102
407
57
87

Amount
Outstanding

1878 $100 &c
$117,600
100 &o 1,349,500
1878
1,000
1896
500,000
1,000 4,000.000
1888
1892
1.000 20,000.000
’00-’07
1.000
725.000
1904
1.000 6,000,000
1891
1,000
534,000
1,000 2,000,000
1905
600 &o 1,000,000
1886
1890
1.000 1,021,000
1853
600 &c
700,000
'72 1911
1,000 1,073.000
1,000 1,718,000
1890
'42 1902
1.000
700,000
__ 1920
$1,000 $35,046 000
__ 1923
1,060 25,200.000
1924
1,000 17,420.000
l.nnn 14 700 nnc
1024
1926
1,000 17,030,000

panies amounted to $5,867,284, representing construction expenditures,
chiefly moneys advanced by the Pennsylvania. Construction work was
begun in 1917 and the line opened for passenger traffic on Jan. 1 1923 and
for freight traffic on May 1 1923. The entire project, however, is not yet
completed. The railroad of the company extends from a connection with
the Pere Marquette Ry. at Carleton, Mich., in a northerly direction to a
connection with the Wabash Ry. at Detroit, a distance of about 19.96 miles.
It also owns certain extensions and branches in and near Detroit, Mich.,
having an aggregate length of about 8.98 miles. The total length of its
owned railroad is about 29-01 miles. In addition it has trackage rights in
and near Detroit over the Wabash, Pere Marquette and Port Street Union
Depot railways amounting to about 21.11 miles. It also has trackage rights
over the Pere Marquette Ry. between Carleton, Mich., and Alexis Junction,
O., a distance of about 25-33 miles. Between Alexis Junction, O., and
Toledo, O., a distance of about 4.37 miles, it operates over the Ann Arbor
RR. The total distance operated under trackage rights is about 50.81 miles.
To be merged into Pennsylvania Ohio & Detroit RR.—See that co. below.
The Inter-State Commerce Commission in Sept. 1923 approved the lease
of the property to the Pennsylvania RR.
By the terms of the proposed lease (which runs for 999 years from June 1
1923) the Pennsylvania agrees to maintain and operate the leased railroad
and to pay to the Detroit company, as rental, a sum equivalent to 5% per
annum on the aggregate par value of the Detroit company’s issued and
outstanding capital stock, and such percentage as maybe agreed to upon
any additional capital stock that may be issued after Jan. 1 1923 by the
Detroit company with the approval of the Pennsylvania. The Pennsylvania
Is also to pay all taxes as they shall accrue and a sum each year sufficient to
pay all installments of interest and sinking funds when due and payable on
its'bonded and other indebtedness, as well as such sum as may be necessary
to maintain the corporate organization of the Detroit Co.—(V. 117. p. 1556.)
PENNSYLVANIA OHIO & DETROIT RR.—The I.-S. C. Commission
on Dec. 10 1925 issued a certificate authorizing the company to acqu re
and operate the line of ra.Iroad of the Manufacturers Ry. and to acquire
the lines of railroad of four other constituent companies, viz.: Cincinnati
Lebanon & Northern Ry., Cleveland Akron & Cincinnati Ry., Toledo
Columbus & Ohio River RR. and the Pennsylvania-Detroit RR.
Authority was also granted to the co. to issue $28,410,000 capital stock
(par $100) in exchange for all the outstanding capital stock of its five
constituent companies.
The Commission also approved the acquisition by the Pennsylvania RR.
of control of the Pennsylvania Ohio & Detroit RR. by accepting the latter’s
capital stock in exchange for stock of the constituent companies. The
stockholders of. the Pennsylvania RR. on April 27 1926 approved the pro­
posed lease of the road. Compare V. 121, p. 3128; V. 122, p. 2489.
PENNSYLVANIA RAILROAD CO. (THE).—(See Maps.)—The sys­
tem, as shown on the adjoining maps, extends from New York City westerly
via Philadelphia, to Pittsburgh, Erie, Cleveland, Toledo, Chicago and
Burlington on the north and to Washington, Cincinnati, Louisville and
St. Louis on the south. The total system on Jan. 1 1926 aggregated 11,698
miles. On Jan. 1 1926 the lines included in the company’s results aggre­
gated 10,582 miles.
Lines Aggregating on Dec. 31 ’25 10,582 Miles Included in Penn. RR. Results
Rail lines owned_______________________________________ 3.034.27 miles
Rail lines under leases and contracts_____________________ 6,976.01 “
Rail lines under trackage rights_________________________ 505.06 “

Total__________ __________ _________ _______________ 10.515.34 “
Canal and ferries---------------- -------- -------------------------- 67.00 “
Mileage of System.
Operating Companies—
Miles.
Pennsylvania RR__________________________________________ 10,582.34
Baltimore, Chesapeake & Atlantic__________________________
130.76
Long Island________________________ ,.______________________
397.10
Ohio River & Western______________________________________
110.47
West Jersey & Seashore____________________________________
380,97
Other lines____________________________ :___________________
145.91

Total___________________________________________________ *11,697.66
* Includes 70 miles of steamer lines, canals and ferries, but excludes
49.89 miles of system, intercorporate trackage rights.
Principal Leased Lines.
Miles
Miles.
Belvidere Delaware RR_____ 80.35 Phila. Balt. *■ Washington__ 416.29
Delaware RR________
.245.22 United N J. RR. & Canal___ 166.56
Cin., Lebanon & North__
76.17 Western N. Y. & Pennsylvania563.26
Grand Rapids & Ind_____
476.69 Cleve. Akron & Cincinnati___ 335 21
N. Y., Phila. & Norfolk... 122.28 Cleveland & Pittsburgh______ 204.75
Pitts., Cin., Chic. & St. L. 1,874.79 Erie & Pittsburgh___________ 82 99
Delaw Maryland & Virginia.. 97 64 Pitts. Pt. Wayne & Chicago..471 33
Elmira & Lake Ontario_____ 99.91 Pitts. Youngstown & Ashtab..l40 47
Elmira & Williamsport______ 73 49 Toledo Col & Ohio River___ 349.64
Northern Central___________ 142.13 Little Miami_______________ 140.63
Terre Haute & Peoria________ 145.07
ORGANIZATION, LEASES, &o.—The charter jf the Pennsylvania RR
was dated April 13 1846. As to agreement in 1917 to take over the prop­
erties and assume the obligations of the Pennsylvania Company, see that
company’s statement below, and V. 106, p. 1031.
In Nov. 1917 It was agreed that, effective Jan. 1 1918, or such later dates
as might be determined, the leases of railroad property held by the Penn­
sylvania Co. should be reassigned to the Penn. RR.. and the lines west
Of Pittsburgh operated directly by the Pennsylvania RR., through the same
officials who had heretofore been in charge of the operation of those lines.
In pursuance of this plan the Penn. RR. Co. had resumed in Oct. 1918
operating under lease the Pitts. Ft. Wayne & Chicago Ry.. Cleveland *
Pittsburgh RR., Erie & Pittsburgh RR.. and Pitts. Youngs. & Ashtab.
Ry. V. 107, p. 83, 284; V. 106, p. 86, 1031; V. 105. p. 2094, 2184. During
1918 accordingly the Pennsylvania Company was relieved of the operation
of all the aforesaid lines, which were operated directly by the Penn. RR.
Co. as its “Western Lines.”




Vol. 122.

RAILWAY STOCKS AND BONDS
Raft
%

When
Payable

Last Dividend Places Where Interest ant
and Maturity

M&N May 1 1928
5
M&N May 11938
6
4 g J&J July 1 1936
4 g J&D June 11928
4 2 M&S Mob 1 1942
314 2 A&O Apr 1 1930
4 g M&N Nov 1 1943
5g J&J Jan 1 1941
4 g F A A Feb 1 1955
J&J Jan 1 1927
6
J&J Jan 1 1930
5
J&J July 1 1943
4
4 g J&J July 1 1951
3M A&O Apr 11949
6 g A&O Oct 1 1952
6 g
5
5

4*4

4J4

Dividends are Payable

Broad St Station, Phila
do
do
do
' do
do
do
Office Phila & New Yark
Broad St Station. Phila
Office Phila & New York
Broad St Station, Phils
do
do
do
do
do
do
do
do
do
do
Treasurer's Office. Phils
Fidelity Trust Oo. Philo

J & J 15 To Jan 15 1935 Guaranty Trust Co, N Y
M&S To Mar 1 1938 Fidelity Trust Co, Phila
A&O To Apr 1 1939
do
do
A&O To Oc* 1 1939
do
do
M&N May 15 ’29to’41
do
do

System Operated as a Unit.—It was announced in Peb. '20 that, effectiv
March 1 1920, the system would be operated as a unit instead of being
subdivided as formerly between the lines east and west of Pittsburgh.
The system was divided into four regions, each in charge of a Vice-President,
the headquarters of the respective regions being at Philadelphia, Pitts­
burgh, Chicago and St. Louis, and known as the Eastern, Central, North­
western and Southwestern regions. As of June 1 1925 the Northwestern
and Southwestern regions were combined and will be known as the Western
region. V. 120, p. 2812.
In March 1916 incorporated the Penn .-Detroit RR. with $5,000,000 stock
to build a 52-mile road from Ohio-Michigan line northward to Detroit
V. 104, p. 1146; V. 106, p. 1031; V. 107, p. 91. The stockholders In April
1923 approved the lease of this road to the Pennsylvania RR. for 999 years.
V. 116, p. 1893.
In April 1918 took title to the Susqhehanna Bloomsburg & Berwick RB
a 42-mfle line Watsontown to Berwick, Pa &c . with $700,000 First Mtge
gold 5% bonds outstanding. V. 106, p. 2011.
On .Jan. 1 1921 leased for 999 years the Gra'd Rapids & Indiana Rv. and
the Pitts. Cin. Chic. & St. L.RR. V. Ill, p. 1753,1950; V. 115, p. 437,760.
The stockholders on Mar. 8 1921 approved the leases of 16 railroad prop­
erties constituting portions of the system and controlled through stock
ownership. Compare V. 112, p. 162; V. 114. p. 1526.
The company In 1921 was authorized by the I.-S. O. Commission to lease
in perpetuity the property of the New York Philadelphia & Norfolk RR.,
beginning July 1 1921. V. 113. p. 731- Has also been authorized to
purchase from the Pennsylvania Oo. the stock of the Pitts., Pt. Wayne
& Chicago Ry. V. 112, p. 2191: V. 117, p. 2324.
Merger of Subsidiaries.—See Pennsylvania Ohio & Detroit RR. above.
The I.-S. C. Commission in Peb. 1926 authorized the acquisition by the
company of control of the Western Allegheny RR. by purchase of capital
stock. V. 122, p. 1167.
To Build New Terminal.—It was announced in Oct. 1924 that the co. will
build a new terminal in West Philadelphia, Pa. Compare annual report
in V. 122, p. 2031.
SECURITIES OWNED.—T otal book value of these on Dec. 31 1925
was $566,029,464, many of which are pledged to secure Pennsylvania Issues.
Revenue derived from these securities in 1925. *23.311,578. The securities
Include $2,893,800 Sou. Pac. Co. stock. $44,698,230 icommon) stock of tfce
Norfolk & Western, and $5,312,500 stock of N Y N H & H RR. Oo.
With a view to complete stock control of the Pittsburgh Cincinnati Chi­
cago & St. Louis RR., the directors of the Penn RR. Co. and of the Penn.
Co on Mar 10 1920 offered to purchase the minority stock of the Panhandle
Co. and to pay for the same, par for par, in new 50-year mtge. bonds of the
latter co. when issued to the Penn. Oo . bearing int. at the rate of 5% p. a.,
prin. & int. to be guaranteed by the Penn. RR V. 110, p. 1188. See also
Pitts Cin. Chic. & St. L. RR. below
The Pennsylvania Co. also offered to acquire the minority shares of the
Grand Rapids & Indiana Ry., by exchanging therefor, par for par, 2d mtge.
4% bonds of the latter company, held in its treasury.
DIVIDENDS.—
1900-’05. ’06. ’07. ’08-’20. '21. ’22. ’23-’25.
Percent--------------------------------6yearly 6 >4 7 6 yrly. 4^ 4)4 6 yrly.
CAPITAL STOCK.—Stockholders of record May 5 1913 subscribed for
10in new stock C$45.387.750) at par
Paid in 1926: Feb. 27, 1^%; May 29, 1H%.
BONDS.—Consolidated mortgage of 1873 tsee in V. 86, p. 1043, 1101) in
June 1915 covered 993.01 miles of road by a first Hen and by supplement
dated 1913, 409.47 miles by a subsequent lien. V. 100, p. 399, 475, 819,
1169. In 1916 majority of 4% sterling bonds of 1908 were stamped as “S’
bonds. V. 101. p. 2072. 2255: V. 103. p. 321.
The General Mortgage Bonds ot 1915 (V. 98, p. 695) are a direct obligation
of the company and are secured by a mortgage on its property subject to
prior liens amounting to approximately $133,000,000. The prior liens
mature from 1926 to 1960, cannot be increased and a sufficient amount of
bonds authorized by this mortgage is reserved ror their retirement.
Data Regarding Issuance of General Mortgage Bonds of 1915.
authorized, limited to paid up capital stock-of the company
outstanding at the time of issue_________________________ $499,265,700
Outstanding including $60,000,000 sold in March 1917, and
bonds in sinking fund Series A__________________________ 125,000,000
do series B issued in 1919, chiefly for additions and im­
provements and purchase of Trenton RR_______________ 50.000,000
do Series C pledged as security for $50,000,000 10-year 7%
Secured gold bonds of 1920 and $60,000,000 6H % gold bonds
of 1921_______________________________________________ 110,000.000
Reserved to retire equal amount of priori iens______________ 133,056,879
issuable when and as voted by stockholders_______________ 81,208,821
Of the Gen. Mtge. 4>Ss $65,000,000 was sold in May 1915 (V. 100, p.
1593) and $60,000,000 in 1917 (V. 104, p. 1388; V. 105, p. 1105); $50,000,OOO Gen. Mtge. Series B 5s were sold in Dec 1918. V. 107, p. 2376.
The 31^s of Girard Point Storage Co. became a direct obligation of Penn.
RR on dissolution of Storage co. In 1917. V. 105, p. 1310. 1523. 2543.
The 10-year 7% gold bonds due April 1 1930 are secured by deposit of
$50,000,600 Penn. RR. gen. mtge. 6s, series O, 1970, and $5,060,000 Phila.
Balt. & Wash, new gen. mtge. 6s. V. 110, p. 1527
The 15-year 614% gold bonds due Feb. 1 1936 are secured by deposit of
$60,000,000 Penn. RR. gen. mtge. 6s, Series C, 1970, and $6,000,000
Phila Balt. & Wash. gen. mtge. 6s, Series A, 1960. Proceeds used
for purchase of equipment, from Pennsylvania Co., purchase of $1,704,420
stock of P. C. C. & St. L. RR. and $20,466,l60 stock of Pitts. Ft. Wayne &
Chicago Ry., &c. V. 112. p. l025.
The 40-year 5% gold bonds due Nov. 1 1964 are secured by deposit of
$15,000,600 Philadelphia Baltimore & Washington RR. capital stock,
$10,000,000 Pittsburgh Cincinnati Chicago & St. Louis RR. capital stock,
$7,566,666 Cleveland & Pittsburgh RR. special guaranteed betterment
4% stock, $4,750,000 West Jersey & Seashore RR. common stock, $8,500,000 Northern Central Ry. capital stock, and $12,000,000 Pittsburgh Ft.
Wayne & Chicago Ry. guaranteed 7% common stock.
The bonds are redeemable all or part at 105 and interest upon 90 days’
1 notice on any interest date from Nov. 1 1929 to Nov. 1 1954, and thereafter I

May, 1926.]

109

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, Ac., see notes on page 8]

Miles

Date
Road Bonds

Pennsylvania Company—

Quar tr cores *5.000.000 g ass'd PaRRSer A.kvr
do
10.000.000
do Ser B QPkvo*
do
5.000,000
do Ser O...kvo*
do
10.000. OK)
do SerD QPvkc*
-lo
10 000,000
do SerB.QPkvc*
Gold oan red after 15 yr» (gu V 83. p. 1229).QPkvc*
Pennsylvania & North Western—See Penn. RR.__
Peoria at Bureau Valley—Stook rental (see text) ____
Peoria & Eastern—Ind Bloom 4 W 1st M pf.Ce.zo&r
Ohio Indiana A West 1st M pref g Int guar__ Ce.xo*
Peo & E 1st (oons) M *10.000.000 Int guar..Cex.o*
Income VI Int when earned non-cumulatlve-.Ce.sc
Peoria & Pekin Un—1st Mg Ser" A”red (text) Ce.c*Ar*
Oebentures due *45.000 y'ly (In 1930 $30,000)....x

1897
1901
1902
1904
1912
1900

47
202
338
338
338

1879
1888
1890
1890
1924
1911

Amount
Outstanding

Rate

$1,000 $3,502,000
1.000 7 232 000
1.000 3.600.000
1,000 7.543.000
1,000 8.913.000
1.000 19.840.000

3M
334
3 34
334
4g
4g

100
100 Ao
500 Ao
1.000
1.000
1,000
1.000

on any interest date at a premium equal to 34 % for each six months between
date of redemption and date of maturity. V. 119, p. 1625.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1471; V. 114, p. 410
Equip, trusts of 1923, V. 116, p- 1178.
Equipment trusts of 1924. V. 118, p. 1774: V. 119, p. 1510.
Equipment trusts of 1926, V. 122, p. 2188.
REPORT.—For 1925, in V. 122, p. 2031, showed:
1922.
1924.
1925.
1923.
Mileage (incl. 67 miles of
canals and ferries)___
10,601
10,582
10,577
10,575
Railway Oper. Rev.—
$
$
Freight......... ............ ........465,013,724 440,567,310 502,698.606 439,528,929
Passenger-------------------144,969.963 147,523,905 155,516.003 147,424,247
Mail, express, &c_____ 42,087.354 38,526,191 41,816,898 39,459,714
Incidental____________ 19,149,262 18,727,546 21,324,982 19,807,454
Joint facility_________ Dr.916,659
Dr .45,776
Cr .40,919 Cr.131,763
Total ry. oper. revs..672,136,962 645,299,176 721,397,408 646,352,108
Ry. Oper. Expenses—
Maint. of way & struc.. 85,003,417 74,025,530 85.383,281 78,536,995
Maint. of equipment__ 162,033,562 158.884,751 188.577,703 167,127,562
6,953,139
Traffic_______________ 8,175,440
7,846,321
7,754,739
Transportation________ 245.226,468 250,364,384 281,851,982 255,732,666
9,700,743
Miscellaneous operations 8,734.359
9,409,244
9.772,346
General__________
18.203,608 17,222,321 17,345,432 16,128,117
Transp. for invest—Cr.
237,507
60,537
301,878
167,454
517,450,673 590,518,030 534,118,684
Net rev. from ry. oper..144,997,615 127,848,503 130,879,378 112,233,434
Railway tax accruals__ 31,700,789 30,457,970 32,690,522 29,083,520
Uncollectible ry. revs__
270,863
114,132
212,947
124,598
Ry. oper. income___ 113,016,963
Hire of equip.-Deb. bal. 12,723,961
Jt. facil. rents-Deb. bal. Dr.184,995

97,177,586
18,034.348
343.325

98,064,258
13,927,103
590,487

83,035,772
9,689,671
59,227

Net ry. oper. income.100,108,008
Non-Operating Income—
Income fr. lease of road.
6,464
Miscell. rent income.__ 2,684,429
Misc. non-op. phys. prop.
46,536
Sep. oper. prop., profit132,437
Dividend income______ 21,804,028
Inc. from fund, securs.. 2,335,475
Inc. from unfunded sec.
and accounts_______
7,415,582
Inc. from sink. & other
reserve funds__ 2,850,618
Release of premium on
funded debt___
3,921
Miscellaneous income__
2,001

78,799,913

83,546,667

73,405.328

5,891
2,641,008
68,586
115,682
20,456,358
2,208,528

5,736
2,352,543
56,362
66.806
19,802,002
2,588,627

13,570
2,820,077
120,111
191,287
18,232,009
2,266,209

When
Payable

%

g
g
g
g

1.500.000
734
942 500
4
500.000
5S
8.376.000
4
4.000.000 Up to 4
3.200,000
534 g
210.000
6K

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Sept 11937
Feb 1 1941
Deo 1 1942
Deo 11944
May 1 1952
Apr 11931

See text.
Apr 11940
Apr 11938
Apr 11940
Apr 11990
& A Aug 1 1974
& N 1926 to 1930

Penna RR. New York
and Girard Tr Oe.
Philadelphia
Bankers Trust Oo. N Y
Treas office, N Y
do
do
4% paid April 11918
New York
Central Un Tr Oo, N Y

owned sundry stocks and bonds having value, per balance sheet. $130,101.—
772. yielding in 1924 income of $7,067,304.
DIVS.—J ’10-’13. '14. '15. '16. '17. '18. '19. '20. '21. '22. '23. '24. '25.
Per cent.-I 7 yrly. 46866666
26 6
*6 6

♦Also paid 10% in securities.
Paid in 1926: April 30, 1J$% quarterly.
BONDS.—The gold bonds ot 1921, secured by leases of P. Ft. W. A
C., the Clevel. & Pittsb. and Erie & Pittsb. railroads and of bonds and
stocks having a par value of $20,448,450, as well as real estate, were paid
off in 1921 and the collateral released.
Guaranteed trust certificates, “A,” “B,” “O,” “D,” and "E" were issued by
Girard Trust Co., Philadelphia, as trustee, under a deed of trust made by
the Penn. Oo. and the Penn. RR. Co., whereby the Penn. Co. pledged
an equal amount at par of the 7% guar, special stock of the Pittsb. Ft. W.
A Ohic. Ry. Co. These certificates were assumed by the Penna. RR. In
1921. See V. 65, p. 368. 572. 1116; V. 67. p,.122; V. 79. p. 2457: V. 94.
p. 768; V 114, p. 1527
The gold loan 4s of 1906. guaranteed, are secured by deposit of $33,500,000 Pitts. Cin. Chic. & St. Louis stock, and $1,600,000 Pitts. Youngstown
& Ashtabula pref. stock. $5,500,000 Cleveland & Pittsburgh RR. Co.
special guaranteed betterment stock, $500,000. The Little Miami RR.
Co. special guaranteed betterment stock $900,000, Erie & Pittsburgh RR.
Co. special guaranteed betterment stock, and $250,000 Norfolk & Western
Ry. Co. common stock—total par value of collateral, $41,650,000. V. 92.
p. 335: V. 83, p. 1229.
REPORT.—For 1924, in V. 121, p. 190, showed:
Calendar Years—
1924.
1923.
1922.
Gross income_____________________ $7,214,548 $7,219,536 $8,329,213
Taxes, interest, Ac________________ 1,372,803
1,955,583 2,187,154
Net income_____________________ $5,841,746
Sinking, &c., reserve funds_________
6,849
Investment in physical property____

$5,263,952
7,367

Balance___
Dividends__

$5,256,585 $5,973,178
4,800,000
4,800,000

$5,834,896
4,800,000

$6,142,059
49.933
118,948

Surplus for year.............................
$1,034,896
$456,585 $1,173,178
—(V. 122, p. 2489.)
PEORIA A BUREAU VALLEY RR.—Peoria to Bureau Jot.. III.. 47
miles. Leased in 1854 to O. R. I. & Pao. Ry. for *125,000 yly. divs., usu­
ally 8% yearly, and for some years occasionally more Feb. 1908 and Aug.
1915, 1% extra. In 1919, 1920, 1921 and 1922. at the rate of 7 V, %. 3M%
being paid in Feb. and 4% in Aug. In 1923 and 1924 at rate of 7% 31$%
paid in Feb. and 3>$% in Aug. each year. In Feb. 1925, Aug. 1925 and
3,089,202 Feb. 1926 paid 3J$% each.—(V. 86, p. 169.)
2,987,081
5,805,915
PEORIA & EASTERN RY.—(See Map New Yorl Central Lines.)—
2,492,766
2,530.049
2,616,357
Owns from Pekin. Ill., to Ill.-lnd. State line; holds lease In perpetuity.
3,921
3,921
3,921 Ill.-Ind. State line to Indianapolis, also quit claim deed for same effective
29,100
50,648 Dr .259,590 when mortgages on leasehold are satisfied. 202 m.; and holds a purchasemoney lien of $5,000,000 from C. O. O. A St. Louis Ry. Oo. (owner) on
Total non-op. income. 37,281,490 31,008,921 33,262,610 29,092,153 Springfield Div.. Indianapolis to Springfield. O,. 136 m.; trackage Pekin
Gross income____ 137,389,498
109,808,834 116,809,278 102,498,481 to Peoria. 9 m.: trackage. 5 miles, at Indianapolis- total oper.. 210 miles.
OPERATING AGREEMENT, Ac.—Formerly Ohio Indiana A Western,
Deductions—
Rent for leased roads— 44,385,949 38,291,126 35,246,256 34,290,804 •old in foreclosure in 1890, reorganized per V. 49, p. 616. Has operating
agreement till April 1 1940 with Clev. Cine. Chic. A St. L., which guar­
Oper. deficits of branch
roads borne by Pa.RR.
154,858
475,000 Cr.957,964
910,789 antees interest, but not principal, of the 1st consols and the underlying
Miscellaneous rents____ 1,210,820
1,242,826
1,163,997
1,064,717 bonds, and owns $5,000,100 of the $10,000,000 stock, par $100. See
‘Supplement” of Jan. 1894 as to provisions respecting any surplus over
Miscell. tax accruals___
115,092
118,369
209,559
356,327
Int. on funded debt___ 28,261,040 30,527,956 28,062,553 25,571,853 charges. Company owns $125,000 stock of Peoria A Pekin Union Ry,
Offer by “Big Four” to purchase stock and income bonds, see Cleveland
742,411
Int. on unfunded debt..
715,888
841,204
7,373,689
Miscell. income charges.
299,003
302,992
705,594
548,243 Cincinnati Chicago A St. Louis RR. above, and V. 116, p. 722.
A committee (W. A. Carnegie Ewen, Chairman; Leroy B. Dorland.
Total deductions____ 75,169,173 71,674,157 65,271,200 70,116,423 2 Wall St., Sec.) asked deposits of income bonds with Empire Trust O»..
Net income___________ 62,220,324 38,134,677 51,538,078 32,382,058 N. Y., with a view to taking action, owing to the failure to pay interest an
the bonds. On April 20 1920 the committee announced that it had effecteM
Disposition of Net Income—
Sink. & oth. res. funds. 4,090,091
3,871,837
5,112,397
3,923,490 a settlement of accounts with the “Big Four,” the deposited bonds being
Dividends____________ 29,950,404 29,950,404 29,950,404 24,958,670 returned on presentation of certificates of deposit on payment of $15 peabond to cover expenses. V. 110, p. 1742.
Balance, surplus____ 28,179,829 4,312,436 16,475,277
3,499,909
BONDS.—See abstracts of mtges. of 1890 in V. 51, p. 246.
For latest earuiiigs, see "Railway Earnings Section” (issued monthly).
DIVIDEND ON INCOMES—April 1 1902 to 1908, both incl., paid 4%
OFFICERS.—Pres., W. W. Atterbury; V.-Ps., M. C. Kennedy, G. L. yearly: 1909. none; 1910 and 1911. 4%: 1912, none: l9l3. 4%,: none since.
Peck, Julien L. Eysmans, A. ,T. County. Elisha Lee, Thomas W. Hulme,
—For 1924. in V. 120, p. 2397, showed: Gross, $4,671,714;
V.-P. & Gen. Counsel, C. B. Heiserman; Treas., Henry H. Lee: Sec., Lewis netREPORT.
ry. oper. deficit, $64,145; other income, $265,640; int., rentals, Ac.,
Neilson; V.-P. in charge of regions: Eastern, Charles S. Krick; Central, $423,695;
bal., def., $222,200.
E. T. Whiter; Northwestern, T. B. Hamilton. N. Y. office, 85 Cedar St.
OFFICERS.—Pres., Patrick E. Crowley; V.-P., W. A. Carnegie Ewen;
DIRECTORS.—Geo. H. McFadden, Charles E. Ingersoll, Samuel Rea,
Jay Cooke, W. W. Atterbury, A. J. County, Arthur W. Thompson, E. B. Sec.. E. F. Stephenson; Gen. Treas., H. G. Snelling; Compt., W. C. Wishart
—
(V. 120, p. 2397.)
Morris, Levi L. Rue, Edgar C. Felton, Bayard Henry, Howard Heinz,
Elisha Lee, Julien L. Eysmans, M. C. Kennedy, Percival Roberts Jr.,
PEORIA AND PEKIN UNION RY. CO.—Owns Pekin to Peoria, on
Charles Day.—(V. 122, p. 2944.)
both sides of Illinois River, and yards at and opposite Peoria. Mileage
16.11: second main track, 10.51: total main track owned, 26.62
PENNSYLVANIA COMPANY.—(See Maps Pennsylvania RR.)—Oper­ main track,
Mileaee of side and yard tracks owned. 112 12
ated all the Pennsylvania Railroad lines west of Pitts, until Jan. 1 1918. miles.
Capital stock, $1,000,000. Owned by Peoria A Eastern (Cleveland Cin­
Owns no road In fee, and since Jan. 1 1918 has acted solely as an invest­ cinnati
Chicago A St. Louis system), Chicago A North Western, Illinois
ment company (V 108, p 967).
system, N. Y. Chic. A St. L. RR. Co. and Tol. Peo. A West. cos.
To effect a closer unity of Its system, the Penn. RR. Oo. in 1917 entered Central
Extension
of bonds and Govt, loan, V. 112, p. 513, 933 Dividends:’1891,
Into an agreement to take over as of Jan. 1 1918 the leases, business and 4%; 1895-1901.
6% per ann.; 1902, 4%; 1905, 5%; 1905-16. none; Jan.
assets of the Pennsylvania Company, and assume its obligations, liabilities 1917, 6%; none since.
Debentures, V. 93, p. 1260. In July 1924, $3,200,and duties to the lines and properties in which it had an interest. The 000 1st mtge. 5}$% gold
Series “A,” were sold, the proceeds to be
Penn. RR. owns the entire capital stock of the Pennsylvania Oo. and guar­ applied to retiring U. S. bonds.
Govt. Loan, underlying issues and 1st and 2d
antees its outstanding bonds. V. 106, p. 1031: V. 107, p. 82. Acquisition mtge. 7% bonds, due Feb.
1 1926. Cal. year 1925, gross, $1,869,476;
of “Panhandle" and Grand Rapids A Indiana Ry. minority stock, see oper. income, $217,833; other
income, $340,674; interest, rentals, Ac.,
Pennsylvania RR. above.
$242,494; balance, $316,013. For latest earnings, see “Railway Earnings
ORGANIZATION.—Chartered in Penna. April 7 1870. Its *80,000.006 Section” (issued monthly). Pres., V. V. Boatner; V.-P., S. M. Russell
■took Is owned by the Pennsylvania Railroad. On Deo. 31 '24 the Penn. 3o 1 Sec., C. Leber; Treas., E. T. Gibbons. Office, Peoria, Ill.—(V. 122, p.2796,




110

[Vol. 122.

RAILWAY STOCKS AND BONDS
RAILROAD COMPANIES

[For abbreviations, Ac., see notes on page 8]

Peoria Ry Term—1st M gu g red 102X beg '10.IC.xo*
let & Ref M ggu (owned byORIi Pac Ry)-Ba.*
Pare Marquette Ry., Oommon stock_____________
Prior prel (a A d) stock 5% cum red at par & divs. .
Pref (a A d) stk 5% cum aft Jan 1 '19 red par A diva
1st mtge gold (Ser. A 5% call at 105 A lnt.yc*Ar*
$76,000,OOOBal Ser. B 4% call at 100 * Int.y c*Ar*
Lake Erie & Detroit Riv Div ooll tr M gold_____ O
Equipment (told notes Ser 63 due $672,000 yly.Gr*
(Perkiomen—1st M Ser 1 gold callable 105 from
Jan 1023
PeP kv.c*
First M Ser 2 g call 105 from jan 1923_.PeP.kv.c*
Peterborough RR—Stock (rental 4%)............... ............
Petersburg RR—See Atlantlo Coast Line RR.
Phila & Baltimore Central—See Phila Balt & Wash
Phila Baltimore & Wash—Stook auth $29,900,450
Plain bonds gold------------------------------------------- xr
First mortgage $20,000,000 gold_______ G.xc*Ar*
General mortgage. Series A___________________
do
do
Series B______________ xc*&r*
Phila & Balt Cent—1st M $10,000,000 g gu pAlFP.x
Columbia & Port Deposit first mortgage gold___ x
Chester Creek RR 1st M $185,000 gold_________
Phila & Ches V—1st M prel old5s red'96g.PeP. kv.o*
1st mtge old4s not prel Int reduced in '96 g PeP kvo*
Phila derm & Norristown—Stook rental P & R Ry__

Miles Date
Road Bonds

1907
1911
„__

-.

1916
1916
199 1903
— 1920

38.2 1888
38.2 1888
....

Par
Value

Miles.

Controlled—

Miles.

%

When
Payable

$944,000
4g J A J
1,500,000
4M BJ A D
45.046.000 See text Q—J
Q—F
11,200.000
5
12.429.000
Q—F
5
34,476.000
5g J A J
8,479.000
J A J
,1,000 3.000.000
4H r F A A
*1,000 6,048,000
6g J & J

100 *0
1,000
100

797,100
1,125,000
385,000

Bg
Sg
4

A

50
1,000
1892
229 1904 1,000 Ac
1920
1,000
1,000
413 1924
1,000
86 1911
1.000
43 1890
1,000
6 1868
24 1888
500
500
24 1888
50
30

29,836,950
1.000.000
16.070.000
11 onn ooo
10,000,000
2.200,000
1,500.000
185,000
280,500
100.000
2.246.900

6
4g
4g
6
5g
4g
4g
6
4g
8g
12

J A D
A A O
MAN
A & O
F & A
MAN
F A A
J A J
A A O
A A O
Q— M

Trackage—

Main lines and branches______ 1,789 Leased and trackage rights_____ 266

Lake Erie A Detroit River______ 199
Other lines___________
9
Operates oar ferries Ludington to Milwaukee and Manitowoc.
ORGANIZATION.—Incorp. In Michigan March 12 1917 and took pos­
session of property as of April 11917. A reorganization, per plan in V.103,
p, 1692, 2342. of Pere Marquette Railroad Co. after foreclosure sale under
Consol. M. of 1901, Ref. 4% M. and Impt. A Ref. Gen. M.; Flint A Pere
Marquette Consol. M. and 1st M.; Port Huron 1st M. 5s; Grand Rapids
Belding & Saginaw 1st M. 5s. and Chicago A West Michigan 1st M 5s,
Chicago & North Mich. 1st M. 5s; Pere Marquette of Ind. 1st M. 4s. and
Detroit Grand Rapids & Western 1st Consol. 4s. Sale of stock Interest, of
J. P. Morgan & Co., see V. 109, p. 173, 73.
Tentative valuation as of June 30 1915, $63,309,242. V. 115, p. 183.
Merger Plan Rejected.—The proposed unification of the road with the
New York Chicago & St. Louis RR., the Erie, Chesapeake & Ohio and
Hocking Valley railroads was rejected by the I.-S. C. Commission on
March 2 1926. Compare V. 122, p. 1249.
CAPITAL STOOK.—Tbe capital stock (V. 103, p. 1692) Includes;
Oommon stock___________________________________________ $45,046,000
Prior pref. stock 6% cumulative, 1st pref. as to prin. and divs.
Redeemable at par and dividends________________________ 11,200,006
Pref. stock 5% cum. since Jan. 1 1919, 2d pref. as to prin. and
divs. Redeemable at par and divs______________________ 12,429.000
DIVIDENDS.—No. 1, of 1 2-3%, was paid Aug. 1 1917 on the Prior
Lien Pref. stock for the 4 mos. ended July 31 (V. 105. p. 73): Nov. 1 1917
to May 131926 IX % quar. V. 109, p. 1367, 1793. On Jan. 3 1922 paid
10% on the preferred stock; on May 1 1922 paid 1 2-3% (for 4 months’
period) and 1% on account of accumulated divs, and on Aug. 1 and Nov. 1
1922 paid IX % quar. and 1% on account of accumulated divs On Feb.
1 1923 paid lX% guar, and 2% on account of accumulations, clearing up
all back dividends; May 1 1923 to May 1 1926, paid 1 X % quar. On com..
paid initial div. of 1% on July 2 1923; same amount paid quar. to April 1
1926; on May 1 1926 paid an additional X % for the quarter ending Mar. 31
1926 and an extra dividend of 2%.
BONDS.—The first mtge of 1916 is a direct first lien on all the railroad
property, equipment, Ac., owned by tbe company in the U. 8. and also
covers securities owned In several subsidiaries. Tbe mortgage Is for
$7 5,000,000 (see V. 103, p. 1692, and offering In V. 104, p. 1265, 1388),
{■.cable In series, with. If desired, different maturities and call features, the
Interest rates to be fixed at not over 6% p. a. for the following purposes:
Now Issued all equally secured, covering as a direct first lien
about 1,821 miles of main line and branches and as a sec­
ond collateral Hen 199 miles; total, about 2,020 miles ($6.000.000 Series A for sale to syndicate; rem. for exchange)—
Series A 6%. due July 1 1956, redeemable at 105 A lnt._ 34,476,000
Series B 4%, due July 1 1956, redeemable at par & Int_ 8,479.000
Reserved to retire undisturbed bonds, viz.: $3,000,000 P. M.
(Lake Erie & Detroit River Ry. div.) Collateral Trust 4)4s 3,000,00;)
Rt served for Issue, for acquisitions, additions, betterments and
1 mprovements, under restrictions________________________ 29,045,000
Equipment trusts Issued to Director-General for rolling stock allocated
ts this company. See article on page 3 and V. 114, p. 410.
REPORT.—For 1925, showed:
1925.
1924.
1923.
Freight revenue----------------------------- $35,503,610 $33,552,524 $36,345,428
Passenger________________________ 4,275,249
4,878,996 5,241,020
Mail
465,541
480,281
499,038
Express .
991,666
938,098
985,544
Miscellaneous____________________ 2,618,402
1,948,016 2,794,707
Total operating revenue---------------- $43,854,468 $41,797,915 $45,965,737
Maintenance of way and structure__ $4,850,274
$5,084,399 $5,949,529
Maintenance of equipment_________ 9,104,647 8,693,760 9,841.415
Traffic---------640,320
629,430
598,623
Transportation------------------------------ 14,928,247 15,381,093 17,352,107
Miscellaneous------------------------------- 1,339,018 1,380,971 1,420,643
Transportation for investment_______ Cr.137,250 Cr.206,723 Cr.291,220

Total operating expenses................. $30,725,256 $30,962,930 $34,871,097




Rate

$1,000
1.000
100
100
100
l.OOOAc

PEORIA RAILWAY TERMINAL CO.—Owns terminal road between
Peoria and Pekin, Ill., 7.69 miles, over private right-of-way, and local lines;
total, 8.73 miles; 25.28 miles of track. Passenger service discontinued on
Sept. 1 1924. Now operates steam freight service only. Has union depot
In Pekin. Owns a 1,000-ft. steel drawbridge over the Illinois River. Capi­
tal stock, $1,000,000, all owned by Chicago R. I. & Pac., which guaranteed
the 1st mtge. bonds. Chic. R. I. & Pac. owns the $1,500,000 1st & ref.
mtge. 4J^s. Valuation, V. 113, p. 1574. For year ending Dec. 31 1925,
gross, $288,041; net inc., $47,989; other income, $4,069; deductions.
$131,628; bal., def., $79,570.
W. G. Beird and H. I. Battles were appointed receivers in Aug. 1922.
V. 115, p. 989. H. I. Battles now sole receiver.
Pres., J. E. Gorman; V.-P., F. H. Hammill; Sec. & Treas., Carl Nyquist:
Aud., W. H. Burns.—(V. 115, p. 989.)
PERE MARQUETTE RY. CO.—Total system Dec. 31 1925 2,263
miies. The company’s lines gridiron the State of Michigan. serving Detroit,
Port Huron, Bay City, Lansing, Grand Rapids, Muskegon. Manist'e.
Traverse City, Ac., Ac. By means of extensions of its own lines and track­
age over other systems the company is able to reach Chicago (entering over
B. A O.), tbe Suspension Bridge at Niagara Falls, using the Michigan Cent.
RR. from St. Thomas, Ont., east., Toledo, Ac. In Aug. 1921 was author­
ised to acquire control of Flint Beit RR, V. 113. p. 1157.
Lines Owned—

Amount
Outstanding

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Jan 2 1937
Dec J 1941
May 1 1926 2^
May 1 1926 1 X
May 1 1926 1
July 1 19(6
July 1 19(6
Aug 1 1932
To Jan 15 1935

First Nat Bank. N V
<1e
Office of company, N Y
Office of company, N Y
do
do
Office of company, N Y
do
do
do
do
Guaranty Trust Co. N Y

Q—J Jan 1 1938
Reading Terminal. Phils
Q—J Jan 1 1938
do
do
A O Apr 1926 2% Nashua, New Hampshire
Dec 31 ’25. 3% Broad St Station. Phila
ds
do
1932
do
do
1943
do
1960
do
do
do
1974
do
do
1951
do
do
1940
do
1933
do
Reading Terminal. Phil*
Apr 1 1938
Apr 1 193$
do
do
June 4 1926 3% Mar * Mer Bldg. Phils

IQOK

iqok

iqoq

Net operating revenue__________ ..$11,985434 $10,834^985 $11,094^640
Railway tax accruals____________
2,064,675
2,028.020 1,848,822
Uncollectible railway revenues___
18.330
7.803
13,604
Equipment rents, net___________
459,834
919,635 1,625,249
Joint facility rents, net__________
672,374
678,697
520,593
Total_______________________ —. $3,215,213 $3,634,156 $4,008,268
Net railway operating income___ ... 8,770,220
7,200.828
7,086,372
Other income, net________
288,642
406.053
357,191

Balance before deduction of interest $9,058,862 $7,606,881
Interest on bonds___________________ $2,197,960 $2,197,960
Interest on equipment notes_______
404.880
445,246
Miscellaneous interest_____________
15,640
28,652

Divs. on prior preference stock.
Divs. on preferred stock______

$6,440,382
560.000
621,450
1,801,840

$4,935,022
560.000
621.450
1,801,840

$7,443,563
$1,664,974
485,881
89,898

$5,202,810
560,000
870,030
1,351,380

Balance, surplus........... .............. .. $3,457,092 $1,951,732 $2,421,400
OFFICERS.—E. N. Brown, Chairman; F. H. Alfred, Pres.; Clarence S.
Sikes, V.-Pres. & Gen. Aud.; J. L. Cramer, V.-P. & Treas.; E. M. Heberd.
Directors.—S. T. Crapo, F. H. Alfred, G. W. Currier, Francis R. Hart.
John W. Stedman, E. N. Brown, Franklin Q. Brown, E. V. R. Thayer,
Walter W. Colpitts, Wm. J. Wilson, Matthew C. Brush, George C. Fraser,
M. L. Bell, Frederick Osborn and Wm. H. Porter. New York office,
120 Broadway. Detroit office. Fort St., Union Depot Bldg.—(V. 122,
p. 2325.)
PERKIOMEN RR.—Owns from Perkiomen Jet., Pa., to Emaus Jet.,
Pa., 38.21 m.; trackageon Reading Company, Emaus Jet. to East Penn Jet.
3.6 m. The l.-S. C. Commission has placed a tentative valuation of
$1,896,532 on the total owned and used properties of the company as of
June 30 1917. Stock ($1,500,000, par value of shares $50) owned by the
Reading Co. and mostly deposited under its Jersey Central collat. 4%
mtge. of 1901. V. 72, p. 283. The bonds, extended till Jan. 1 1938, are
subject to call at 105 and int. V. 105. p. 1802. For 1925, gross, $1,402,134;
net after taxes, $549,444; other income, $53,631; Interest and rentals,
$160,682; balance, surplus, $418,938 (to profit and loss).
For latest earnings, see “Railway Earnings Section” (issued monthly).
PETERBOROUGH RR.—Wilton to Greenfield. N. H.. 10.64 mile*
Leased April 1 1893 to Boston A Maine for 93 years at 4% on stock and ex
penses Capital stock, $385,000; par. $100; div A A O
PHILADELPHIA BALTIMORE & WASHINGTON RR. CO. (THE).

—(See Map Pennsylvania RR.)
Lines owned—
Miles.

Lines controlled. Leased. Ac.—

Phila to Washington, D. O., via
Delaware RR_____________ ____ 245
Balt., all double track_______ 131 Delaware. Maryland & Virginia 98
Phila. to Octorara. Md., A brs._ 93 Other lines________________ ___ _ 5
Perryville. Md.. to Columbia.
Pa.. Ac.......................................... 43
Bowie to Pope’s Creek, Md____ 49
8undry branches, Ac____________ 98
Total operated_____________ 762
ORGANIZATION.—A consolidation 1916-17. V. 104. p. 1586; ▼.
103. p. 1033; V. 102. p. 1897; V. 107. p. 2009. 2188
Property leased to Penn. RR. Co. (V. 106, p. 1031) for 999 years from
Jau. 1 1918 at a fixed rental providing for dividends on stock at rate of
6% per annum. V. 105, p. 1709. 1898. 2543.
STOOK.—Stock authorized, $29,900,450; outstanding, $29,836,950.
The Pennsylvania RR. owns $29,836,944 of the stock.
Dividends since consolidation Dec. 31 1902 to June 1916. 2% seml-ann.;
4% p. a.; Dec. 1916 paid 4%; June 1917 to Dec. 1925, 3% s. a.; 6% p. a.
BONDS.—The first mortgage of 1904, ($20,000,000 authorized) Is a first
lien on the Philadelphia-Baltimore division, 117 miles, all double-tracked,
and also secures pari-passu the $2,930,000 debentures of the former P. W. A
B., and also on the line from Baltimore to Washington. V. 78, p. 49; V. 92.
p. 795; V. 97, p. 1427, 1734; V. 98, p. 237, 1000.
The $11,000,000 gen. mtge. Ser. A 6% bonds were issued to the Pennsyl­
vania RR. in part payment for advances and are pledged by that company
as part collateral for its 10-year 7% secured gold bonds due April 1 1930
and its 15-year 6X% secured gold bonds due Feb. 1 1936. V. Ill, p. 2424.
In Feb. 1924 $10,000,000 Series B 5% bonds were sold. V. 118, p. 665.
The authorized amount of general mtge. bonds is limited to $60,000,000,
of which $22,885,000 are reserved to retire a like amount of prior lien obli­
gations, all of which are closed at their outstanding amounts (except that
Phila. Balt. & Wash. RR. 1st mtge. 4s may be issued to refund $1,930,000
Philadelphia Wilmington & Baltimore RR. 4% debentures) and may
not be renewed or extended, but when due will be paid and canceled.
REPORT.—for 1925 shows: Income from lease of road, $3,848,380
other income, $1,385; int., Ac., charges, $2,058,163, dividends (6%)
$1,790,217; bal., sur., $1,385.
Pres., Samuel Rea; Treas., Jas. F. Fahnestock: Sec., Lewis Neilson,
Broad St. Station, Philadelphia, Pa.—(V. 122, p. 2489.)
PHILADELPHIA & CHESTER VALLEY RR.—Road from Bridgeport
to Downingtown, Pa., 23.96 miles. Chartered in 1888. Capital stock
(par $50) common, $550,000: preferred, $205,100; total, $755,100, of which
Reading Co. owns $489,300 common and $205,100 preferred. Reading
Co. guarantees bonds, with int. reduced. See. V 63, p. 1064.
PHILADELPHIA GERMANTOWN & NORRISTOWN RR.—Phila.,
Pa., to Norristown and Germantown, Pa., 21.85 miles; second track, 20.11
miles; third track, 7.61 miles; total track, 85.79 miles; leases Plymouth RR.,
9.22 miles. Leased on Nov. 10 1870 to Phila. & Reading for 999 years;
rental. $277,623, incl. $8,000 yearly for organization expenses.—(V. 119,
p. 2177.)

May, 1926.]

111

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
(For abbreviations, Ac., see notes on page 8]

Phila Newtown & N Y—IstM (3s first charge) _kv.c*
Philadelphia & Readinc Ry—See Reading Company
Philadelphia & Trenton—Stook 10% rental Penn RR
Philippine Ry—Stook <5.000,000 authorized
UtM $15,000,000 g int euar s f red I10--Ba.xo* Ar*
Pine Creek—See New York Central
Pittsburgh Bessemer & Lake Erie—Common3% rent
Preferred stook 6% cumulative guaranteed by rental
Pittsburg Shenango A Lake Brie 1st M g .Ce-no’
Consolidated Qrst mtge for $4,800,000 g .Ce.xxo*
Pitts Bess * L B oons mtge $10,000,000 g -Us.xxo*
Plttsb Chart & Yough—Gen M $1 000.000 g gu FPik
?lttsb Cincinnati Chic & St L RR (new)—Stock__
Ohio St L & Pitts oons M ($22,000,000) g-.Un.xoAr
“A” gold.xo
Plttsb Cln Chic & St Louis Ry—
“B" gold.xc*
Consolidated mortgage $75,000,000 C” gold.xo*
gold guaranteed prin & Int (end) by D” gold.xo*
Pennsylvania Company uncondi­ “E” gold.xo*
tionally, all equally secured_____ “F" gold.xo*
G” gold.xo*
“H” gold .xo*
“I” gold.xg*
.“J” gold TO*
Gen mtge Series “A” guar____________ UPyc*Ar
Gen mtge Series “B" guar________________ yc*&r*
Chartiers first mortgage assumed__________ .xc*
Vandalia RR ICons M Ser A sf assmd_F.xc*r&r*
$25 .000,0001 Series B assumed..___________ x
Pitts Ft Wayne & C— Pref stock (orlg’l guar stock)
Original guaranteed stock unexchanged_____ ____
Common stock (gu spec stock) 7% gu $100,000,000
Guaranteed special stock unexchanged__________
Pittsburgh A Lake Erie—Stook auth $50,000,000__
first mortgage gold__________________________ sc
Second mortgage gold Series A and B_______ N.sc
Equipment Trust Certificates______________ c*&r
do
do
due $99,000 yearly____ G.c*___
do
do
due $38,800 yearly__________ G
do
do
(N Y O) due $31,856 yearly____
do
do
(N Y C)....... ............... .

Miles Date
Road Bonds

22.18 1892
26.61

— - 1907

119 1890
136 1893
178 1897
20 1892

581
1,144

1.862
1,862
23
851
651
471

1883
1890
1892
1892
1895
11899
1903
1907
1910
11913
1914
1920
1925
1901
1905
1907

471
75
75 1878
76 1889
1913
1920
1920
1920
199?

Amount
Outstanding

Rate

$1,000 $1,599,000

3& 5

Par
Value

100
100
1,000

See text
5,000.000
8.549,000

50
50
1,000
1.000
1,000
1.00P
100
1,000
1,000
1.000
1,000
1,000
1,000
1,000
1.000
1.000
1.000
1 000
500 Ac
1,000
1,000
i.ooo
1,000
100
100
loo
100
50
1,000
1,000
1.000 See
500 Ac

10,000,000
2,000.000
2,981.000
572.000
6.447.006
50.000
84,715,265
1 375.000
9.508 000
8,220.000
1,335.000
3,163.000
1,142 000
7,015 000
7,078.000
2.124.000
6.197.000
3.400,000
20 000.000
26.000,000
625 000
9,429.000
5 744.000
17.591,300
2 122.9S6
48,485 100
38 327.709
35.98o,«00
2.000,000
2,oon.non
796.398
990.000
349,200
286,704
2 soq.oon

PHILADELPHIA NEWTOWN & NEW YORK RR.—Philadelphia to
Newtown, Pa., 22.18 miles; 2d track, 3.34 m.; 3d track, 2.15 m.; sidings
and laterals, 5.19 m. The I.-S. C. Commission has placed a tentative
valuation of $2,144,100 on the property of the company as of June 30
1917. Stock—common, $1,225,000; preferred, $400,000. Reading owns
preferred, $382,450; common, $672,950; par, $50. Of the bonds, $1,120,200
(with coupons only partly paid—see V. 64, p. 331) are owned by the
Reading Co. and deposited under its general and refunding mortgage of
1924. $26,000 additional being owned but not pledged. In Oct. 1898
interest on $570,000 bonds was reduced to 3% from April 1 1897 and made
a first charge; remainder, 5%, subject to said agreement.—V. 122, p. 1608.)
PHILADELPHIA & READING RY.—See “Reading Company.”
PHILADELPHIA & TRENTON RR.—Phila. (Kensington). Pa., t©
Morrisville, Pa , 30.66 m., mostly four-tracked. On June 30 1871 leased fo’
999 years to Pennsylvania RR. at 10% on $494,100 stook, the balance
$765,000. being owned by United New Jersey RR. & Canal Co.
PHILIPPINE RY. CO. (THE).—Under a concession granted July 1a
1906 by the Philippine Government, in accordance with an Act of Congress
of the United States in 1905, and with the approval of the Secretary of War,
this company has contracted to build lines or railroad in the Philippine Isl­
ands as follows; Island of Panay, 100 miles; Negros, 100 m.; and Cebu, 95 m.
ORGANIZATION.—Incorp. Feb. 5 1906 in Connecticut with an auth.
capital of $5,000,000. V. 80. p. 2622: V. 82, p. 219, 752; V. 83, p. 493, 970,
1412: V. 85, p. 794; V. 87. p. 1358. Under the terms of the concession the
Philippine Govt, guarantees Interest on an issue of 1st M. 30-year sinking
fund i% gold bonds, which may be Issued to extent of 95% of cost of
construction. Any interest payments by the Government become a cumu­
lative Hen on the property, subject to the lien of the 1st M. bonds.
REPORT.—For 1925 showed: Gross, $746,742, railway oper. income,
$199,376, other income, $2,418, deductions, $349,727; bal., def. $147,933.
DIRECTORS.—H. T. S. Green, J. H. Pardee, C. Lewis; Major-General
Frank McIntyre, Col. Wm. Barclay Parsons, J. G. White, Alonzo Potter,
Charles M. Swift, Gen. Cornelius Vanderbilt, Col. Orval P. Townshend,
Jacques Weinberger. Chairman, J. G. White; Pres., Charles M Swift;
Sec. & Treas., T. W. Moffat. Office, 33 Liberty St., New York.—(V. 118,
p. 2301.)
PITTSBURGH BESSEMER & LAKE ERIE RR.—East Pittsburgh.
Pa., to Conneaut Harbor, O., 184 44 miles; second track, 140.36 miles;
branches and spurs, 30.30 miles; yard track and sidings, 258.13 miles; total,
613.23 miles, all of which is leased to Bessemer & Lake Erie RR. Co., who
in turn leases to Union RR. mileage between North Bessemer, Pa., and
East Pittsburgh, Pa., of 8.04 miles; second track, 8.04 miles, and 86.88
miles of yard track and sidings, reserving traffic rights to operate passenger
trains over the 8.04 miles.
The I.-S. C. Commission has placed a tentative valuation of $31,000,000
on the property of the company as of June 30 1916. Valuation protested,
V. 119. p. 1283.
ORGANIZATION. Ao.—A consolidation Jan. 14 1897. Boat lines to
Canada, see V. 77. p. 1228: V. 76, p. 1358, 922: V. 61. p. 241, 795.
Of the stock, $5,500,500 common and $761,000 preferred are owned by
the U. S. Steel Corp. Leased for 999 years from April 1 1901 to the Besse­
mer & Lake Erie RR., a subsidiary organization of the U. S. Steel Corp.,
for 6% on pref. and 3% on com. stock, interest on bonds and organization
expenses, &c., lease guaranteed by the U. S. Steel Corp. V. 72. p. 137.
BONDS.—The mtge. of 1897 is for $10,000,000; $3,568,000 reserved t®
retire Pittsburgh Shenango & Lake Erie bonds.—(V. 119, p. 1283.)

%

When
Payable

A

10
4g

& O Oot 1 1942

O—J

J

Last Dividend Places Where Interest ane
and Maturity
Dividends are Payable

A

Reading Termlaal, Phil®

JanlO ’26 2)4% Treas Penn RR Co, Phila
J July 1 1937

8
A A O Apr 1 1926 1)4
J A D Junel 1926 3%
6
5g A & O Oot 1 1940
5 g J A J July 1 1943
5 g J A J Jan 1 1947
4 ft
A A O Aor 1 1932
4
J & J20 Jan 20 1926 2%
5 g A A O Oct 1 1932
4W g A A O Oot 1 1940
4)4 g A A O Apr 1 1942
4)4 g MAN Nov 11942
4 g MAN Nov 11945
3)4 g F A A Aug 11949
4 g J A D Deo 1 1953
4 g MAN Nov 11957
' 4 g F A A Feb 1 1960
4)4 F & A Aug 1 1963
4)4 MAN May 1 1964
5 g
J & D June 1 1970
5 g A & O Apr 1 1975
3)4 g A A O Oot 1 1931
5 g F A A Feb 1 1955
4 g MAN Nnv 1 1957
Q—J Apr 5 1926 1)4
7
7
O—J Apr 5 1Q26 1)4
7
Q—J Apr 1 1926 1)4
7
Q—J Apr 1 1926 1 <4
F A A Feb 1 1926 5%
10
6 g J & J Jan 1 1928
5 g A A O Jan 1 1928
4)4 J & J Jan 1 1028
6)4 g A & O To Oct 1 1935
J & J 15 To Jan 15 1935
7
A & O 15 To Apr 15 1935
5
A J

Bankers Trust Co. N Y

Check from Co’s Office
do
do
Centra) Union Trust N Y
do
do
United States Tr Co, N Y
Office. Pittsburgh. Pa
Treas office. Plttsb, Pa
Reg Penn RR, N Y coup
Penn RR Co., N Y
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Pittsburgh and N Y
Co’soffloe, Pittsburgh .Pa
Treasurer. Pittsburgh
Pa RR Oo. N Y
Wlnsiow, Lanier ACo,NY
do
do
do
do
do
do
Co’s Office, Pittsburgh
do
do
New York Trust Co, NY
Guaranty Trust Oo, N Y
Guaranty Tr Co, N Y
Guaranty Tr Oo, N Y

ORGANIZATION.—This railroad company completed Its organization
□n Jan. 1 1917 with $100,000,000 of auth. capital stock, per plan in V. 103.
Q. 666, 844, 2429, as a consolidation of the folio wing cos belonging to the
Pennsylvania RR. system: Pitts. Cine. Chic. & St. L. Ry., Vandalia RR..
Pitts Wheel. A Ky.. Anderson Belt Ry. and Chic. Ind & East Ry.
The stockholders on Dec. 29 1920 approved the lease of the road and
property to the Pennsylvania RR. for 999 years upon the general basis of
paying a rental sufficient to cover the fixed charges and a dividend at the
rate of 4% per annum upon the stock for five years and thereafter at the
rate of 5%. V 111, p. 1950: V. 112. p. 63; V 115. p 437.989
The I.-S.C. Commission has placed a tentative valuation of $184.131,934
on the property of the company and its subsidiaries, as of June 30 1916.
STOCK.—Pennsylvania Co. owns $74,577,800 of the outstanding stock
and Pennsylvania RR. $10,000,000. In March 1920 the Penn. RR. and
Penn. Co. offered to acquire the minority holdings. See under “Bonds”below
BONDS.—The Consolidated Mortgage for $75,000,000, made in 1890 by
the Pitts. Cin. Chic. & St. Louis Railway Co. reserves sufficient bonds for
the purpose of retiring all sectional bonds at maturity, at which time they
must be paid off. The remainder are issuable for Improvements. additions.
Jcc. They are guar, unconditionally as to prin. A int. by the Penn. Oo.
The ten series are all equally secured See adv. In “Chronicle” May 21
1892 and guaranty on bonds. V. 96, p. 48$: V. 97, p 365. 596; V. 90. p.
$03.1555; V. 91. p. 337; V 92. p. 1243; V. 98. p. 1461: V. 99, p. 199: V. 100.
p. 475; V. 103, p. 2342. Equipment trusts Dec. 31 1924 $8,904,245.
Dec. 31 1924, collateral notes, U. S. Government, $10,250,000.
To retire the $1,899,000 old bonds of Terre Haute Sc Ind. told Vandalia
RR.) an equal amount of consols of 1905 was reserved. See V. 80. p. 1243.
1236: V. 82. p. 162, 630; V. 86. p. 1531; V. 90. p. 850, 915. 1426.
The stockholders on May 27 1020 authorized an issue of Gen. Mtge
bonds, $20,000,000 (Series “A”) of which were issued to reimburse the
Pennsylvania Co. for advances made to cover the impt. & exten. of the
“Panhandle" property. In March 1925, $26,000,000 Series “B” bonds
were sold. Gen. Mtge. dated June 1 1920, will be a direct mortgage upon
all the lines of railroad and appurtenances thereto now owned and upon
all properties acquired by the issuance of any of the Gen. Mtge. bonds.
These Gen. Mtge. bonds are subject to $69,753,000 of prior lien bonds,
which may not be extended or renewed and for the retirement of which,
at or before maturity, Gen. Mtge. bonds are reserved. Total authorized
amount of Gen. Mtge. bonds is limited so that the amount thereof at any
one time outstanding, together with all outstanding prior debts of the
company, after deducting therefrom the bonds reserved under the Gen.
Mtge. to retire prior debts at maturity, shall not exceed three times the
then outstanding paid-up capital stock.—V. 120, p. 1323.
REPORT.—For 1925 showed: Gross income, $8,844,580; deductions,
$5,455,890; dividends, $3,388,690.
Pres., Samuel Rea., Phila.; Sec., S. H. Church; Treas., T. H. B. McKnight, Pittsburgh.—(V. 122, p. 2489.)

PITTSBURGH FORT WAYNE & CHICAGO RY.—(See Maps Penn. RR }
ROAD.—Owns from Pittsburgh, Pa., to Chicago. Ill., and branches, 471
miles. Double track, 469 miles.
Leased to Penn. RR. Co. for 999 years from July 1 1869, and Is operated
directlv by that railroad (V. 105, p. 2095); rental, 7% on stocks outstanding,
payable Q.-J., and a sum sufficient to cover actual organization expenses.
in 1901 an extra dividend of 2% was declared on both stocks, but on
guar, special stock only in case courts so decide. V. 72, p. $21, 118$. In
Jan. 1920 paid special dividend of 5)4 % on both common and preferred In
addition to regular quarterly payments of 1 % % • Compare V. 108, p. 1275
CAPITAL STOCK.—A plan was adopted Oct. 17 1917 (1) increasing
PITTSBURGH CHARTIERS & YOUGHIOGHENY RY.—Owns from the limit of capital stock to $100,000,000, thus permitting the Issuance
Ohartlers to Beechmont,20 miles; traokage (Chartiers Ry., 1.40 m.; 22 m. in from time to time as required of $27,849,414 additional guaranteed
all. STOOK outstanding, $1,390,000, owned jointly by guarantors men­ special stock, or as It is now known, common stock, with dividends pay­
tioned below. Auth. stock, $1.500,000. V. 82, p. 1269.
able under lease at such rate as shall be fixed at time of Issue; (2)
The I.-S. O. Commission has placed a tentative valuation of $1,976,543 on to rename the guaranteed special stock “common stock" as above stated,
the total owned and $1,950,350 on the total used property of the company, and the "original” guaranteed stock as pref. stock and the latter to continue
as of June 30 1916.
to receive dividends out of sum of $1,380,000 set aside annually for this pur­
pose under terms of lease, being equal to 7% thereon and to be protected as
DIVIDENDS.—In 1895, 4%: 1896, 11%: 1897, none; 1898, 7%: 1899. stated in V. 105, p. 716; (3) the distribution of funa of approximately
1%; 1900.4%; 1906, 6%; 1907.10%; 1908, 4%; 1909, 8%; 1910, 4%; 1911. $1,500,000. after meeting expenses of recapitalization, to all stockholders
none; 1912, 6%: 1913. 1914 and 1915. none; 1916, June 1. 5%; 1917, 12%
other than Penna. RR. and Penna. Co. See V. 105, p. 716. Undertheabove
1918. 5% 1919-21, none; 1922 to 1925 inclusive. 4%. Of the 4s, half plan the authorized capital stock was increased to $100,000,000, and there
are guaranteed (endorsed) by Pitts. Cin. Chic. & St. Louis, the other half by had been Issued to Dec. 31 1925 $17,747,200 of pref. stock In exchange for
Pitts. & Lake Erie. See guaranty, V. 56, p. 650. In 1925, gross income, original guaranteed clock and $49,090,300’of common stock In exchange for
$493,900; net income, $109,405; other income, $68,167; deductions, $16,463; guaranteed special stock and to Penna. RR. for additional betterments.
divs., $55,600; sinking and other reserve funds, $21,745; bal., sur., $83,766.
In May 1922 the authorized common stock was increased from $80,285,700
Ptes.. Henry C. Nutt.—(V. 120, p. 2682.)
to $100,000,000.
Penna. RR. Co. owns $32,100,000 guar, spec! al stock and $37,954,900
PITTS. CINCIN. CHIC. AND ST. LOUIS RR. CO. (THE) .—Main
Miles. common stock. Penna. Co. owns $5,320,000 guar, special stock, $19,Line:
Pittsburgh, Pa., to East St. Louis, Ill_____________________ __ 610.54 700 pref. stock and $807,100 common stock.
Bradford, Ohio, to Chicago, Ill_____________________________ 231.89
Capital Stock Dec. 31 1925 [Total Authorized $119,714,300).
Rendcomb Jet., Ohio, to Anoka Jet., Ind____________________ 166.11
Indianapolis to Clarksville, Ind_____________________________ 104.39
Authorized.
Issued.
Reserved for Conversion.
Indianapolis to Vincennes, Ind___________________ ___________ 115.50 Pref. stock_______ $19,714,300 $17,747,200 $1,967,086 (original guar.)
Rockville to South Bend, Ind_______________________________ 176.41 Common stock____ 100,000,000 40,090,300 37,722,500 (special stock)
Logansport to Butler, Ind________________ __________________
93.10
REPORT.—For 1925, gross Income, $7,479,218: deductions, $21,779,
Chartiers Branch—Carnegie to Washington, Pa_________________
23.61
New Cumberland Br.—New Cumberland Jet. to Chester, W. Va_
22.19 dividends, $7,456,896; balance, sur., $529.
Wheeling Branch—Wheeling Jet. to Benwood, W. Va___________ 28.04
Pres., Charles Lanier; V.-Pres., James F.D.Lanier and Charles A. Pea­
Muncie Branch—Converse to Muncie, Ind_____________________
43.02 body; Sec. & Treas., R. M. Coleman, N6w York.—(V. 118, p. 795.)
Miles.
PITTSBURGH AND LAKE ERIE RR CO (THE) —(See Maps N. Y.
Effner Branch—Peoria Jet. to Effner, Ind_____ _______
60.34 Central
RR.).—Owns from Pittsburgh, Pa., to Haselton, 0., 65 m., to be
Cambridge City Branch—Columbus to Dublin Jet., Ind.
62.01 4-tracked: branch lines to Newcastle. Elwood City. Ac.. Pa., 11 m.; total
Madison Branch—Columbus to Madison, Ind_________
44.95 owned. 76 m. (of which 68 m. double track; 51 m. 3d and 49 m. 4tb track,
Sundry branches____________________________________
93-60 leases Pitts. McKeesport & Yough. (which see), 122 m.; Mah. State Line.
Total mileage owned. ____ .________________________
.1,875.70 RR., 3 m.; trackage rights, 31 m.; total, 231 m.




113

[Vol. 122.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Miles Date
Road Bonds

1882
Pittsburgh McKees & Youth—Stock guar (see text)
First mortgage guar by P 4 L E and L S & M S.xc
57 1882
57 1884
Id M guar p * I (end) byP &LE and LS 411 S.xc
1920
Equipment trusts due $186,700 yearly_________ G
1922
do
do
(N Y O Lines)..................................
do
do
(P & LB)------------------------------Pittsburgh & Shawmut RR—Stock--------------------_
First mortgage gold rea 105__________ CE.xc*Ar*
1909
First Lien Trust 10-year notes $8,760,000 g_______
1917
Collateral trust notes $1,500,000 auth (ext. 1 yr.)-1920
__ 1916
Equipment trusts $13,000 semi-annually------ Colx
1917
ao
do
$7,000 semi-annually____ Colx
1924
Pittsburgh Shawmut & North—Receivers’ certific
1892
Central N)4 Western RR 1st M_______________
__
1899
First mortgage gold $12,000,000---------------Ea-xo’
1902
Refunding mortgage gold $15 000.000------------------Pittsburgh & West Virginia Ry—
Common stock auth___________________________
Preferred stock 6% cum $15,200,000 auth----------1897
West Side Pelt 1st M i— ---------UPlx Text
1917
do
Equip tr ctf Ser “B” due $75,000 s-a FP c*
1924
Equip trust cert due $300,000 ann red 102>3----- c*
... 1926
do
due $134,000 ann red 102)^---------------- c‘
__
Pitts Youngst & Ash—Com stk $2,100,000 7% guar.
138
Preferred stook 7% guaranteed $9,100,000______
138
123 1887
Consol mtge sinking fund 1% not drawn— F.xo*
First General mortgage $15,000,000 goldsf..Ce.xo*
140
140 1908
do
Series B_____________________ Ce.xc*
do
Series O_____________________ Ce.xc*.
140 1924
Portland & Rumford Falls RR—Stook $1,000,OOo.
Portland & Rumford Falls Ry—Stook 8% guaranteed
Cons (now 1st) M $1,000,000 gold------------OB.so* 96 02 1896
1897
Debentures sinking fund gold $350.000....... so
Debenture bonds guar p A 1 by end by Me Oen RR
1915

Par
Value

Amount
Outstanding

Rate
%

When
P ayable

$50 $1,959,650

6
6
6
6 g
5
6)4

j *
J A
J A
J A J
J &
A &

l.UOt
l,00(

2,250,000
1 000.00(
1.680,300
3,122,000
232.000

$i0t $(6,000 OOO
1,000 2,218,000
7 260,000
1,001
1,100,000
26,000
1,000
14,000
1.000
1.00(
2,170.001
1,000
733.00C
l.OOt
164.000
1.001 14.491.601
100 15.117,550
100 15,117,550
7,000
1.000
1.000
150,000
1.00(1

1,000

lot
101
1,000
1OO<
1,000
1.000
AU»
100
1,000
500 Ac

In Jan. 1910 a 99-year traffic agreement was made with the Western
Maryland. V. 90. p. 237: V. 92. p. 874.
STOCK.—Operated in harmony with the N. Y. Central, which, Dec. 3i
1924. owned $17,993,100 of the $35,985,600 outstanding stock.
P. A L. E. owns stock of Pitts. McK. & Yough. Ry. (see below; stock
and bonds In Monongahela Ry. Co., which see above), Mahoning State
Line RR., $95,600; Pittsburgh & Clearfield RR.. $107,000: Lake Erie A
Eastern RR.. see that co.
The Pittsburgh & Lake Erie and N, Y. Central RR. Jointly own $3,136.
850 of the $3,959,650 Pitts. McKeesport A Youghiogheny RR. stock.
Covenants to pay New York Central Lines equipment trusts of 1913. it*
share of the amount outstanding Dec. 31 1924 being $796 398
Equipment trusts of 1920, V. Ill, p. 1473.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113. p. 1472.
DATE DIVS.— f’07. ’08 '09. ’10. ’ll ’12 ’13 ---- 1914 to Feb ’26.—
Per cent................112 11 10 60 35 22 15 10% yearly (F A A.)
An extra dividend of 20% was paid Aug. 12 1916, and simultaneously
shareholders were allowed to subscribe at par for 20% ($5,997,600) nev
stock, increasing outstanding amount to $35,985,600 V. 103. p. 494.
REPORT.:—For calendar 1925, in V. 122, p. 1446, showed:
Net, after Total Net Interest, etc. Dividends Balance
Calendar
Gross
Charges.
(10%).
Surplus
Year— Earnings. Taxes, Ac. Income.

2,700.000

2,000,000
2,100,000

9.089,001
1.485,001
4,346,000
4.995.000
1.479.000
X.UUU.UUb
2.000.000
813,000
350.000
300.000

Owned—

5g
5g

5g
6g
5
5g
4 R

Last Dividend Places Where Interest ana
Dividends are Payable
and Maturity

j
J
J
15
D
O

Jan 2 1926 3% Central On Tr Oo. N Y
do
do
July 1 i932
do
do
July 1 1934
To Jan 15 1935 Guaranty Tr Oo. N Y
1937
Oct 1 1935
Guaranty Trust Co, N Y

JAL
MAN
MAS
J A J
A A O
Semi-an.
J A J
F A A
F A A

inter nat Bank, New York
Deo 1959
May 1 1927
Irv Bk-Ool Tr Oo. N Y
Mar 1 1922
July 26-Jan 27 Irv Bk-Ool Tr Oo, N Y
Oct 26-Apr '27
do
do
do
do
1927
Jan 1 1943
In default
Feb 1 1949
Feb 1905 Int last paid
Feb 1 1952
do
do

6
Q—J 31
6
O—J 31
58 M A e
5
A A O
414 g MAN
4)4 g MAS

See text
Sept 1 1937
Oct '26 -Apr '27
To Nov 1 1934
To Mar 1 1941

Plttsb’h Colonial Tr Oo
Fidelity Trust Co, Phlla
N V A Un Tr Co. Cleve
(Dillon, Read A Co, N Y
(Union Trust Co, Cleve
7
Q—M June 1 1926 1)4 treasurer, PltMburgn
7
Q—M June 1 1926 1)4
do
do
5
MAN Nov 11927
Pennsylv BB Oo. N Y
do
do
4 sr J A r June 1 1948
do
do
5g F A A Feb 1 1962
J A D June 1 1974
5
do
do
See text See tex See text
Portland, Me
8
0—F May 1 1926 2% Portland, Me
4 g MAN Nov 21926
Old Colony Trust, Boston
4 g F A A Aug 11927
Portland, Me
4
JAL June 11935
do

Miles.

Wayland, N. Y., to Hyde, Pa.144.50
Prosser to Olean, N.Y_______ 9.00
SasBon to Hazlehurst, Pa.__ 4.82
Brown’s Run Branch________ 1.50
Horton City to Drummond_ 1.27
Leased—

Leased—
Miles
Clarion River Ry________ ... 11.83
Trackage—

Hyde to Brockwayville. Pa
Wayland to Wayland Jet.,N.Y.
St. Mary's, Depot to Junction
Brockport to Horton City. Pa.

6.17
1.26
0.42
2.42

vloralne to Hornell. N. Y__ _ 10.38
Kersey RR. to Cardiff, Pa.__ 16.92
Total operated___________210.48
REORGANIZATION.—On Aug 1 1905 a receiver was appointed. V.
12. p 188: V 96 p 864: V 101 p 208- V 111. p. 2521.
Stock, $15,000,000 authorized and outstanding.
Receiver's certificates and promissory note, V. 118, p. 2180.
The $5,836,000 old firsts of 1899 exchanged for the bonds of 1902 have
□ot been canceled. V. 75. p. 29l.
Protective committee for P. 8. A N. bonds, Howard Bayne. Chairman;
A. N. Hazeltlne, Sec., 60 Broadway, N. Y. In April 1916 a majority of
each class of bonds had been deposited with Columbia Trust Co. as deposi­
tary. V. 102. p. 438. For causes delaying reorganization. V 105. p. 389.
REPORT.—For 1925. gross, $1,901,899; netoper. income inc ,$238,182;
□therincome, $17,728; Int., rentals, Ac., $227,604; bal., $28 306.
For latest earnings, see "Railway Earnings Section (issued monthly).
Receiver, John D. Dickson.—(V. 118, p. 2950.)
PITTSBURGH & SUSQUEHANNA RR.—(V. 113, p. 2615.)
$
$
$
$
$
PITTSBURGH & WEST VIRGINIA RY. CO. (THE).—Owns road
1925___ 32,026,689 8,891,790 10,097,898 2,728,295 3,598,560 3,771,043 extending
from connection with Wheeling & Lake Erie Ry., near Jewett, O.,
_________________
1924
___ 31,421,148 8,146,221 9,225,897 3,060,742 3.598,560 2,566,595
1923___ 44,666,690 15,574,595 16,794,617 3,624,510 3.598,560 9,571.546 easterly to Pittsburgh, Pa., 60 miles; Longview, Pa., to Mifflin, Pa., 3
1922....29,570,983 5,279.742 6,018,304 1,686.291 3,598,560 733,451 miles; Virginia, W. Va., to Bellfield, Pa., 3 miles; also extensive terminals
at Pittsburgh, and ownership of the $1,080,000 capital stock of the West
For latest earnings, see “Railway Earnings Section’’ (issued monthly).
Side Belt RR., operating a belt line from Pittsburgh to Clairton, Pa., 21
Pres., P E. Crowley: Sec., Edw. F. Stephenson; Gen. Treas., H. G. miles, and branch of 2 miles. Total main line mileage operated (incl.
that leased from the West Side Belt RR.) at Dec. 31 1925 was 89 miles;
Snelling; Compt., W. C? Wishart.—(V. 122, p. 1446.)
second main track, 5 miles: yard track, sidings, Ac., 72 miles; total, 166 m.
On Nov. 15 1920 the stockholders approved the purchase of the West Side
PITTSBURGH McKEESPORT & YOUGHIOGHENY RR.—(See Maps
Belt RR., which was taken over for operation as of Jan 1 1921. V. Ill,
New York Central Lines).—Owns from Pittsburgh to Connellsville. Pa.
56.70 miles; Belle Vernon Jot. to Brownsville Jot., Pa.. 38.52 m.; branohes p. 897, 2041; V. 113, p. 2721. The I.-S. C. Commission on Jan. 12 1926
21.00 m.; leases, 2.00 m.; total, 118.22 m.. of whioh 96.22 miles double tr'k authorized the company to.ontinue control of the railroad of the West Side
Belt RR. for a period of 10 years from Jan. 1 1926, through agreement pro­
LEASE —Leased to Pittsburgh A Lake Erie RR for 999 * ears. Renta) viding for the operation of both companies by the Pittsburgh & W. Va. Ry.
is 6% on the stook. prlnolpal and interest of the Pittsburgh MoKeesport A
ORGANIZATION.—Incorporated in Penn, and W. Va. in Jan. 1917 as
Youghiogheny bonds being guar, by Pitts. A L. Erie and Lake Sh. A Mich
of Wab. Pitts. Term. Ry., foreclosed per plan in V. 103, p. 940;
Sou. (now N. Y. Central RR.) companies, the guaranties being endorsed or luccessor
v 104. p. 74. 258.
the share certificates and bonds. The guaranty of the stock is on the ex
STOCK.—Holders of common stock of record Sept. 30 1924 were offered
press condition that the holder shall accept par for the same on July 1
the right to subscribe for pref. stock (par $100) and common stock (par
1934- See wording of guaranty In V. 56. p. 774. Stock authorised
$4,000,000; first mortgage bonds authorized, $2,250,000; seoond mortgag> $100) of the Pittsburgh Terminal Coal Co. to the extent of 13 shares of said
pref. stock and 26 shares of common stock for each 100 shares of common
bonds authorized, $1,750,000.
The Pitts. A Lake Erie and Lake Shore A Mich. Sou. (now N. Y. Central stock of the Pittsburgh & West Virginia Ry. held, on payment of $1,300.
RR.) offered Jointly to purchase the stock at $65 per $50 share; $3,136,800 V. 119, p. 1511. The I.-S. C. Commission on March 22 1926 authorized
the company to issue )£ share of common stock (par $100 per share), and
acquired up to Dec. 31 1924.
Equipment trusts issued to Director-General for rolling stock allocated X share of pref. stock (par $100 per share), both pref. and common stocks
to have equal voting power,for each share of common stock (par $100)
to this company. See article on page 3 and V. 113, p. 1472.
outstanding. V. 122, p. 1916.
Pres., J. M. Schoonmaker: Sec., E. F. Stephenson;Treas., M. S. Barger
—(V. 113, p. 1472.)
DIVIDENDS.—In March 1926 a dividend of 6% was declared payable
in four quarterly installments, as follows: 1)4% on April 30 to holders of
PITTSBURGH & SHAWMUT RR.—Owns from Erie June., Brock
record April 13, 1)4% on July 31 to holders of record July 15, 1)4% on
wayville. Pa., to Freeport. Pa., main line, 102.66 miles; sidings. 67.06 miles
Oct. 30 to holders of record Oct. 15 and 1)4 % on Jan. 31 1927 to holders
BONDS AND NOTES.—In 1909 sold $4,000,000 of an authorized $12,- of record Jan. 15 1927.
REPORT.—For 1925, in V. 122, p. 2486, showed:
800.000 of 50-yr. 5% g. bonds, callable at 105; ann. s. f., $100,000. beg
1925.
----1924.
1923.
1922.
Dec. 1914. The bonds are secured on* the 103 m. In operation; also pledge
$4,164,733 $3,844,587 $2,835,601
of $11,953,000 of $14,491,600 Ref. 4s and $58,000 of $164,000 Pitts. S. A Railway oper. income__ $4,856,384
2,901,327
3,020,328
2,236,824
Nor. 1st 5s outstanding, pledge of entire $3,606,362 stock and $2,019,703 Railway oper. expenses. 2,967,268
5% notes of Allegheny River Mining Co.; also contract with last-named
Net revenue__________ $1,889,116 $1,263,406
$824,259
$598,777
company for minimum coal tonnage. Total bonds Issued $12,000,000.
tax accruals__
561,327
498,228
481,112
365,285
of which $2,218,000 outstanding, $1,782,000 have been canceled by sinking Railway
Uncoil, ry. revenues___
647
300
46
17
fund and $8,000,000 pledged as collateral (see below).
Under plan of refinancing May 1 1917, $8,760,000 10-year 6% Trusi
Ry. oper. income___ $1,327,142
$764,877
$343,101
$233,474
Notes were authorized, of which $7,260,000 were Issued together with com
_____
220,000
720,000
560,000
any’s $1,500,000 one-year 5% trust notes, to provide for bills payable and Divid end income______
782,291
812,073
979,483
564,229
emand notes then outstanding also to provide for cash payments on cat Hire & rent of equip, (net)
299,519
437,746
44,597
50,556
trust dated April 1 1917. These $7,260,000 10-year notes, which in June Inc. from sec. & accts__
40,114
215,070
42,237
30,327
1917 were held by the owners of the property, were on Jan. 1 1918 secured Miscellaneous income__
by pledge of $7,000,000 of the company’s 1st M. 5s of 1909 and $3,000,000
Gross income_________ $2,449,067 $2,449,767 $2,129,418 $1,438,587
1st M. bonds of Allegheny River Mining Go. and “$600,000 value of loco­
—Interest, Ac__
132,839
22,727
120
69
motives and cars borrowed for this purpose from the Alleg. Mining Go. Deduct
Dividends (6%)____
_____
542,260
544,242
544,242
The remainder ($1,500,000) of the 10-year notes were reserved to retire the
Rent
for
leased
toad..
397,491
302,617
253,275
161,136
$1,500,000 1-year issue due In May 1918; but In March 1918 $1,500,000
Miscellaneous charges
20,258
4,401
150
134
2-year notes were sold to take up the latter.
The one-year Collateral Notes ext. to Mar. 1 1922 are secured by $1,000,
Balance, surplus------- $1,898,478 $1,577,762 $1,331,632
$733,005
000 1st mtge. 5% bonds of Pittsburgh & Shawmut RR., $339,771 6%
For latest earnings, see “Railway Earnings Section” (issued monthly).
demand note of the receiver P. S. & N. RR. and $600,588 demand note of
Allegheny River Mining Go. V. 110, p. 2388. Announced In Mar. 1921
OFFICERS.—Frank E. Taplin, Chairman and Pres.; H. W. Nethken,
that the notes “are held privately by majority stockholders of the co. and V.-P. & Gen. Mgr.; J. R. Kraus, V.-P.; F. H. Harvey, Sec. & Gen. Aud.;
are being carried as over-due company obligations, on which the int. will be H. C. Moore, Treas., Pittsburgh; Charles F. Taplin, General Counsel.
Cleveland. Office, Wabash Bldg., Pittsburgh, Pa.
regularly paid but the principal may not be called for a year or more.”
Directors.—Charles F. Taplin, Francis W. Paine, Richraf Sutro, H. W.
REPORT.—For year ended Dec. 31 1925: Gross, $1,324,498 net oper
Nethken, Walter L. Haehlen, Robert S. McVeigh, William C. Atwater,
Income, $249,776 other income, $289,884; int. & rentals, $572,517; bal., Joseph R. Kraus, Frank E. Taplin, John Sherwin Jr., A. W. Thomson,
def., $32,857.
Alec B. Uhrig, Charles B. Hutchins.—(V. 122, p. 2647.)
DIRECTORS.—Arthur T. Walker (Chairman). Wm. Shillaber Jr., John
PITTSBURGH YOUNGSTOWN & ASHTABULA RY. CO.—Owns
Hubbard, Edwin E. Tait (Pres.), H. H. Gardiner, Nathan L. Strong, West
Rochester, Pa., to Ashtabular Harbor, O., 102 m.; Niles to Alliance
A. O. Griffith (Treas. & Aud.), Lewis L. Delafield, E. E. Rudd, R. E
June., O.„24 m.; Homewood to Wampum June., 6 m.; Lawrence June, to
Ball, W. W. Morrison, Edgar W. Tait (V.-P.). J. T. Colbert.—(V. 117
New Castle. 3 m.; Bessemer Branch. 5 m.; trackage, 1 m. Total, 140
p. 2771.)
miles
Pennsylvania Company owns $774 300 ot the pref. stook and also
PITTSBURGH SHAWMUT & NORTHERN RR—Owns a road ex­ the $2,100,000 common. Leased to the Pennsylvania Oo. for 999 years
tending from bituminous coal fields In Elk County, Pa., northerly to Way- from July 1 1910, the rental to oover all oharges, maintenance and 7%
dividends on both classes of stock, the oost of betterments to be represented.
land, N. Y. Total road owned. 161 miles; total operated, 210 miles.

S




113
R A IL W A Y S T O C K S A N D B O N D S
M ay , 1926.]



114

RAILROAD CO IPANTES
[For abbreviations, Ac., see notes on page 81

Miles Date
Road Bonds

Portland Term Co—P Un St bds (not M) ser A AB g s f
—
New M $10,000,000 gold guar $2,800,000 are 5%
(text)--------------------------- -------------- - .xc*Ar*
21
Port Reading—1st M g guar by old P A R..PeP.xo*Ar
Providence lermlnal—See New York New Haven A H artfor
51
Providence & Worcester—Stock (10% rental)______
First M (ref) our $1,500,000 (V 63. p 1064) —..zo*
51
Raleigh A Chari—1st M prior lien Dds g redtextg.xo*
43
Consol mtge bonds $ 1,000.000 g guar red text__ xo*
43
Raleigh & Southport Ry.—See Norfolk Southern
(Raritan River RR—Stock $1,000,000 auth________
23
First mortgage gold_____ ___________________ zc
Reading & Columbia—1st consol M g_____ PePkv 54.03
Debentures___________________________________ o
—
Debentures...__ .
______
________________
Reading Company—Common stook _______________
First preferred stook 4% non-oumulative_______
•
Seoond preferred stock 4% non-cnmulatlve___
Gen A ref mtge g. Series A red 105__________ Ce
Jersey Central col) trust mtge g reu 105-PeP.xo* Ar
Wllm A Nor stk tr otfs g red 105 (V 72, p 340) QP.xr
Equip trust Ser F due $300,000 s-a_________ PeP
do
do Ser G due $450,000 s-a_________ PeP
do
do Ser H due $95,000 s-a_____________
do
do Ser I....... _________________ PeP
do
do Ser .J due $415 .000 «-a_______ .PeP.C
do
do Ser K due $400,000 s-a_____________
do
do Ser L due $375,000 s-a .
_______
Delaware River Terminal purch money M gold .xo*
Delaware River Term ext purch money M gold_xo*
Mortgage loan of 1868 gold extended 1893- -kvoAr
148
Imp M gold ext ’97 (see V 65. p 870) g--PeP. kvcAr
325
Consol mortgage 5s ext 1897 (V 65 p 278) _-kvoAr
327
Terminal mortgage gold (see V 64, p 85) .kvc*Ar
Reading Belt lstmtge.. _________________ _kv 7.78
Phila & Frankford 1st mtge________ GuP.kvc* 2.55
Schuylkill & Lehigh 1st mtge______
____ kv
48
Sham Sunb & Lewisb Second mtge gold___ kvc
32
N Y Short Line 1st mtge g___ ______ PePkvc* 9 38
Norristown & Main L Conn 1st mtge g.__ GPkv
0 64

’87-’89

d

Par
Value




Amount
Outstanding

$1,000

1911 1.000 Ac
1,000
1891
1897
1906
1906

1889
1912
1877
1912
1924
1901
1900
1916
1917
1920
1922
1922
1923
1924
1892
1892
1868
1873
1882
1801

1900
1892
1898
1890
1907
1902

100
1,000
$200 ac
200 Ao

100
1,000
$1,000
50
50
50
100 Ac
1.000
1,000

1,000
1,000
l .non
1.000
1,000

l.ouu
1,000
1,000

500 Ao
l nnn
1,000
1.000
1.000
1,000
1,000
1,000

by stock or bonds bearing such rate of dividend or Interest as may be
satisfactory to the lessee. On Jan. 1 1918 lease was transferred to Penn
RR. Oo. V. 90. p. 915, 1364; V. 92, p. 1243.
BONDS.—First Gen mtge. bonds of 1908, $15,000,000 auth.. of which
•4,346,000 Series A outstanding, $654,000 having been canceled by sinking
fund; also $4,995,000 Series B outstanding. V. 118. p. 665; V. 108. d
1823: V. 105, p. 73: V. 87. p. 416; V. 97. p. 729; V. 98, p. 1538, 1994: V. 99,
p. 50: V. 107, p. 2290.)
REPORT.—For 1925, gross Income, $1,356,757; deductions, $573,427;
dividends, $783,230—(V. 119, p. 3007.)
PORTLAND & RUMFORD FALLS RR.—Leases for 1,000 years from
April 1 1907 the Portland 4 Rumford Falls Ry. and the Rumford Falls A
Rangelev Lakes RR., together extending from Oquossoo, Me., to Rumford
Jet., 92.35 miles, with branch to Livermore Falls, 10.27 m.; total, 102 62 m
Lease provides for Interest on bonded debt of two companies and 8% on
$2,000,000 stock of P. A R. Falls Ry. and2% on $300,000 stock of the R F
A Rangeley Lakes RR. The company Is Itself leased to the Maine Central
RR. V. 84, p. 868: V. 85. p. 922. Has $1,000,000 auth. stock. Divi­
dends, 6% per annum since 1907. Of the $2,139,000 bonds of the R. F. A
R T, RR and P A R F Ry as above. $360,000 were In sinking funds io
April 1926. Collateral trust 4% bonds were called for payment Feb. 1 1924.
Debentures of 1915. see V. 102. p. 773.—(V. 117, p. 1993.)
PORTLAND TERMINAL CO.—Owns railroad property In the cities of
Portland. South Portland and Westbrook; sub-leases from Maine Centra)
the property belonging to the Portland A Rumford Falls RR. and
Portland A Ogdensburg Ry. Furnishes terminal facilities at Portland
(Inoludlng passenger and freight stations, wharves, oeal-dlsoharglng
plants, shoos and yard facilities) for the Maine Central and Boston A Maine
Owns 23.88 mites and leases 7-73 miles of track; 2d, 3d A 4th tracks owned
12.55 m.; leased, 4,64 m.: yard tracks and sidings .owned. 78.64 m.; leased
12.44 miles. V. 95, p. 1202. Formerly Portland Union Ry. Station Oo.
V. 92, p. 1566. The tenant companies pay In proportion to use all costs
of maintenance and operation. Stock, $ 1,200.000, owned by Maine Cent.
Valuation. V. 113. p. 1540.
BONDS, ETC.—The Boston A M. andMalne Cent. Jointly guarantee the
•300,000 bonds of 1887-89. V. 93, p. 940. The 1st M. bonds of 1911
($10,000,000 auth. issue; Fidelity Trust Co., Portland, Me., trustee), are
uar. by Maine Central, prin. A int.; $4,500,000 bear 4% and $2,800,000
% Interest; the unissued bonds are reserved for extensions and improve­
ments at not exceeding cost. V. 95, p. 1332, 1404; V. 108, p. 2023.
Pres., Morris McDonald: V.-P. & Gen. Mgr., D.O. Douglass. Port­
land. Me.—(V. 120. p. 700.)
PORT READING RR.—Owns 19.71 miles of road, completed Sept. 1892
from Port Reading Jet., N. J., to coal piers on Staten Island Sound; second
track, 1.13 miles; sidings and laterals, 59.17 miles; total, 80-01 miles.
The T.-S. C Commission has placed a tentative valuation of $3,527,590
on the total owned and $3,527,800 on the total used properties of the com­
pany as of June 30 1917.
Capital stock authorized. $2,000,000: par, $100, all owned by Reading
Co., $1,995,000 being deposited under its general and refunding mortgage
of 1924.—(V. 121, p. 1346.)
POTOSI & RIO VERDE RV.—San Luis, Potosi, on National Rys, of
Mexico to Ahuacatal, 38 miles. On Aug. 16 1923 the management of this
company was assumed by the American Smelting and Refining Co. In
connection with the acquisition of smelter site near San Luis Potosi and
the operation of a group of so called Towne properties. Incidental to the
reorganization which took place at that time the Potosi and Rio Verde
Bonds no longer have the guaranty of the Compania Metalurgica Mexicana.
Warrants were issued for unpaid interest on the bonds ana scrip in the
amount of $240 for each $1,000 par value of bonds, and $43 20 for each
$180 par value of scrip. The total of warrants issued to public was $189,539 20. The reorganization managers were Spencer Trask & Company.
President, H. A. Guess, N. Y.—V. 107, p. 1193.
PROVIDENCE & WORCESTER RR.—Owns from Provldenoe, R. I.. tt
Worcester. Mass., 44 miles, of which 5 miles are owned jointly with Boston A
Providence: branches, 7 miles; total owned. 51 miles; July 1 1892 leased fot
99 years at 10% per annum on stook to N. Y. N. H. A H.—(V. 105, p. 2457.)
PUEBLO UNION DEPOT & RR.—Owns union passenger station at
Pueblo, Colo., with 2.59 miles of track and sidings. Stock auth., $300,000:
outstanding, $40,600; one-fourth being owned by each of the tenant roads,
Denver & Rio Grande Western, Atch. Top. & Santa Fe, Colorado & South,
and Missouri Pacific. Operations are all at cost for benefit of tenant lines.
Pres., Robert Rice, Denver, Colo.; V.-P., J. S. Pyeatt, Denver, Colo.;
Supt., C. W. Climenson; Sec. & Treas., A. S. Booth, Pueblo, Colo.—
(V. 117, p. 1018.)
QUEBEC MONTREAL & SOUTHERN RY.—Owned lines: St. Lambert
to Fortierville, 109.69 miles; Bellevue Jet. to Noyan Jet., 81.09 miles;
trackage rights, 7.46 miles. Napierville Junction Ry., also owned by
Del. & Hudson, operates frem International Boundary to Delson Jet.,
27.15 miles, west side of loop to Delson Jet., 1.30 miles, and has 14.56
miles of trackage rights over Canadian Pacific Ry.
Stock authorized, $2,000,000; outstanding, $1,000,000, all owned by the
Del. & Hudson. Certificates of indebtedness, $6,000,000. For year end­
ing Dec. 31 1925, gross, $602,535; exp. & taxes, $771,456; other Income,
$343,079; charges, $283,184; balance, deficit, $109,026.
“QUEEN & CRESCENT."—Common name lor Cin. N. O. A Texas Pao
Ala. Gt. Sou.. Ala. & Vicks, and Vicks. Shreve. A Pac. lines.
RAHWAY VALLEY RR.—Owns Aldene, N. J., on Central RR. of New
Jersey, to Roselle Park on Lehigh Valley RR., and Summit, on the Del.
Lack. St West.. 10 miles. V. 83, p. 380. Operated under lease by Rahway
Valley Oo.
Stock auth.. $400,000; outstanding, $213,200. Bonds auth., $400,000
1st 25-year 5s due July 11931. Of the bonds, $328,000 with $164,000 stock

f

[Vol. 122,

RAILWAY STOCKS AND BONDS

$100,000

Rate

%

4

7,300,000 4A 5 X
1.500.000
5g

When
Payable

Last Dividend
and Maturity

Places Where Interest and
Dividends are Payable,

J

A

J 3 St 3 1927 to ’29 Portland. Me and Bostoa

J
J

A

J July 1 1961
J Jan 11941

A

Q—M
10
3,500,000
1 500,00C
4
A A O
$350,000
4g F A A
200.000 See text. F A A

N Y. Boston A Portland
Reading Terminal, Phila

June 30 '26 2)4 Checks mailed
RI Hosp Tr Co, Prov. RI
Oot 1 1947
Baltimore Tr Co, Md
Feb 1 1956
do
do
Feb 1 1956

920,000 See text
See text
400,000
5 « J A J Jan l 1939
$850,000
4 g MAS Meh 1 1962
1.000,000
J A D Dec 1 1917
8
159 non
5
MAS Mcb 1 1962
69,989.100
8
Q—F May 13 ’26 2%
27,991.200
4
Q— M June 10 26 1%
4
41.970.650
Q— J Apr 8 1926 1%
59.5^4 667
4)4g J A J Jan 1 1997
21,5)4.000
4 g A A O Apr 1 1951
1.289.0)0
Q—M when drawn
4 x
300.000
4)4 s J A J July 1926
900.000
4)4 J A J July 26-Jan ’27
855.000
MAS Sept'26 Sept '30
6
None.
To Nov 1932
5
5.405,000
5
J A ,T July 26 luh'32
6,000.000
4)4 M&S S?pt’26-Sept*33
6,750.000
4)4 A A O Oct '26-Apr '35
500,000
o g man May 20 1W42
534.090
5 g J A J July 1 1942
2.614.00!)
5 It A A O Oot 1 1933
9,178,000
4 £ A A O Apr 11947
5,725.717
4 g MAS Meh 1 1937
Q—F May 1
8,498,000
5g
750.000
4
MAS Sept 1950
98.000
4)4 g F&A Aug 1 1952
488,000
4
MAN May 1 1948
888,000
5g
J A J July 1 1945
1,500,000
4g
F A A Feb 1 1957
250.000
4g
M A S Sept 1 1952

Jersey City
New Jersey Title A Tr
Reading Terminal, Phila
interest not paid

Beading Terminal, Phils
do
do
do
do
JP Morgan AO ,N Y A PhU
Girard Trust Co, Phila
Philadelphia
do
do
do
Philadelphia
do
do
Guarantee Trust Co, Phil
do
do
Beading Terminal, Phils
do
do
do
do
Prov Trust Co, Phila
Reading Terminal, Phila
do
do
do
do
do
do
do
do
do
do

were at last accounts deposited as collateral for notes payable. Pres, of
R. V. Co., O. J. Wittenberg, Springfield, N. J.—(V, 90, p. 699.)
RALEIGH & CHARLESTON RR.—Owns Lumberton, N. O., to South
Marion. S.O., 42.58 m. V. 81, p. 1241, 1437. Owns stock of Marion St
Southern RR., 27.0 miles. Stock outstanding $574,500, all owned by Sea­
board Air Line Ry. V. 95, p. 892.
Of the bonds (Baltimore Trust Co., Balt., Md., trustee), $350,000
are 1st mtge. prior Hen 4s and $1,000,000 consols, the first ten coupons on
;he latter to be paid In cash up to 4% as earned, the balance In 10-year 6%
interest-bearing scrip, with Interest payable semi-annually and subject to
sail at par. Of the consols, $350,000 are reserved to retire the prior liens
ind $450,000 for future extensions and Improvements. The Seaboard Air
Line guarantees all of the bonds. V 95. d. 892.; V. 83, p. 97.
Year ending Dec. 31 1925, gross, $137,268; net. after taxas, $33,002;
gross income, $38,287; Interest, Ac., $57,031; bal., def., $18,744. Pres.,
8. Davies Warfield, Baltimore; Sec. & Treas., Robert L. Nutt, 24 Broad
St.. New York.—(V. 95 p. 892 )
RARlTA.N RIVER RR.—South Amboy to New Brunswick, N. J., 13
miles; branches, 10 miles; total, 23 miles.
The I.-S. O. Commission has placed a final valuation of $1,215,416 on
the company’s property, owned and used, as of June 30 1916, and used
but not owned, $148.
DIVS. (%) ’09. 10. "14 to July'15. ’16. ’17 to’20. 1922. 1923. 1°24. ’25.
(Cal year)s. 5)4 8 8% (J. A J.) 9 10 yrly.
1
4
5)4 7)4
Dec. 1916. 8% extra; 1917. Dec., 12% extra; 1918. Sept. 3. 15% extra.
For 1925, gross, $599,804: oper. income, $176,455; other income, $13,793;
int. A rentals, $80,301; com. divs., $69,000; bal., sur., $40,947. Pres.,
Geo. Holmes: V.-P., George T. Smith; Sec. A Treas., Chas. H. Sisson.—
(V. 119, p. 2408.)
READING & COLUMBIA RR.—Owns Columbia to Sinking Springs,
Pa., 40.33 m.; branches, 13.82 m.; operates Marietta Jet. to Chickies, 6.17
m.; operated under trackage rights. Sinking Springs to Reading, 5.70 m.;
total operated, 66.02 m. The I.-S. C. Commission has placed a tentative
valuation of $2,071,083 on the owned and used properties of the company,
as of June 30 1917. Stock, $958,373 (par $50), of which $788,200, together
with $698,000 1st consolidated 4s and $1,000,000 debentures of 1917
and $150,000 new debentures of 1962, are owned by Reading Co., all except
$3,200 stock, deposited under its general and refunding mortgage. The
1st consols, of 1912 are guar., prin. A int., by the Reading Co. V. 93, p.
1789; V. 94, p. 632; V. 95, p. 833. Year 1925, gross, $824,657; net, $114,847: other income, $5,399; deductions, $207,870; bal., def., $87,624.—
(V. 122, p. 2188.)
READING COMPANY.—(See Map.)—Operates a system of roads cen­
tering at Philadelphia, extending to Hazleton and Williamsport on the north
and westerly to Harrisburg, Shippensburg and Gettysburg, in Pennsylvania,
and Wilmington, Del., on the south; also easterly In N. J. to Atlantic City
and Cape May on Atlantic Ocean and to Pt. Reading on N. Y. Harbor, viz.:
Lines Owned in Fee—■
Miles. Wilmington A North. RR*__
86.5
Philadelphia to Mt. Carbon,
Phila. A Reading Term. RR.
1.3
Ac., and branches_________ 128.32 East Trenton RR______________ 3.1
Shamokin Sun. A Lewisburg_ $1.06 Allentown Terminal RR____
3.6
Schuylkill A Lehigh RR_____ 47.21 Mount Carmel RR_________
5.8
Phila. Harrisburg A Pitts. RR. 44.71 Phila. Wilm. A Baltimore RR. 10.0
Lebanon Valley branch_____ 61.36 Plymouth RR_______________
9.2
Lebanon A Tremont branch.. 51.33 Swedesford Bridge Co________
0.3
Mahanoy A Shamokin branch- 83.95
Schuylkill A Susq. branch___ 53.55
Totalleased (2dtrack280m.) 562.1
West Reading branch_______
1.88 Trackage rights_____________ 40.6
Other branch lines___________ 44.18
Total Dec. 31 1925............ 1,150.3
Total (2d track, 265 miles)_547.55
Controlled—
Leased Lines (See each Co.)—
Colebrookdale RR__________ 12.8 Central RR. of New Jersey__ 642.7
East Pennsylvania RR*_____
35.8 Reading A Columbia RR*__ _ 60.3
Allentown RR*_____________
4.2 North East Penn. RR*_____
25.6
Little Schuylkill Nav. A RR*. 31.8 Phila. A Chester Valley RR*. 24.0
MineHill A Schuylkill Haven* 61.8 Atlantic City RR. A branches 161.3
Mt. Carbon A Pt. Carbon RR* 2.6 Catasauqua A Fogelsville RR* 31.5
Mill Creek A Mine H. RR...
5.9 Gettysburg A Harrisburg Ry* 41.6
Schuylkill Valley Nav. A RR* 17.2 Perkiomen RR*___________________ 38.2
East Mahanoy RR*_________
8.7 Peoples Ry.
________
3.5
Phila. Germant’n A Nor. RR* 21.9 Phila. Newtown A N. Y. RR* 22.2
Chestnut Hill RR*__________
4.0 Port Reading RR*_________
19.7
Catawissa RR*______________ 103.3 Pickering Valley____________ 11.2
North Pennsylvania RR*___ 87.7 Stony Creek RR____________ 10.2
Delaware A Bound Brook RR* 31.6 Williams Valley RR________
11.1
Ironton RR________________ 13.0
(♦See this company.)
from tne company's docks at the extensive terminal at Port Richmond
It operates a line of steamers and barges In coastwise ooal trafflo and pro­
vides berths, with elevators, graln-drler and accommodations for several
trans-Atlantic steamship lines, new ore-unloader and ooncrete dock
capacity 600 tons per hour.
Pursuant to the final decree of the U. S. District Court for the Eastern
District of Pennsylvania, entered June 28 1923 on the mandate of the
U. S. Supreme Court in the suit by the Govt., Reading Co. merged and
Acquired as of Jan. 1 1924 the properties of the following railroad cos.:
Philadelphia A Reading Ry.
Philadelphia A Frankford RR.
Chester A Delaware River RR.
Philadelphia Harrisburg A Pitts­
burgh RR.
Middletown A Hummelstown RR.
Rupert A Bloomsburg RR.
Schuylkill A Lehigh RR.
Tamaqua Hazleton A Northern RR. Shamokin Sunbury A Lewisburg RR.
Norristown Junction RR.
New York Short Line RR.
Reading Belt RR.
Norristown A Main Line Conn. RR.
ORGANIZATION.—The Philadelphia A Reading RR. (chartered April
4 1833) and the P. A R. Coal A Iron Co. were sold In foreclosure Sept. 23
1896 and reorganized per plan In V. 61. p. 1109. See V 64. p. 709
The "Reading Company” In the reorganization acquired the seourlty
holdings, real estate, equipment, Ao., of the old Phila. A Reading RR. Co.,
also the $20,000,000 stook and $20,000,000 bonds of the Phila. A Reading
Ry. and the $8,000,000 stook of the Coal A Iron Co.

May, 1926.]

115

BAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations. Ac., see notes on page 8]

Miles Date
Road Bonds

Rensselaer & Saratoga—Stook 8% guar D * H (end)
First mortgage. Interest guar D. & H__ USM xxx
Richmond Fredericksburg & Potom—Com stock___
Dividend obligations (same div as oommon stock)..
Stook guar 7% except $19,300 guar 6%_________
Com stock non-voting 6% (see text)_____________
Consolidated mortgage $500,000 gold__ Ce.xo’&r
General mortgage $4,000.000__________________ x
Washington Southern Ry 1st Mtge bonds (assumed)
Equipment trusts due $93,700 yearly.. ________ O
Richmond & Petersburg—See Atlantlo Coast Line RB

190 1921
—--___
...
82 1»»U
■ __ 1903
1903
1920

Par
Value

Amount
Outstanding

Rate

%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable.

$100 $10,000,000
8 • I A J Jan 2 1926 4%
1,000 2,000,000
6 « R & N May 1 1941
100 1,316.900 See text I & D See text
100 9,017-500 See text I & D See text
100
500.400 See tex< Mt A N See text
100 4,000,000
6
J & D See text
1.000
500.000
4)4 k A * O Apr 1 1940
Various
2.680 000
3)4 A & O Apr 1 1943
4 g J & D June 1 1943
4.000.000
6g J & J 15 To Jan 15 1935
843,300

Del & Hudson Co, N Y
do
do
Richmond. Va
Richmond, Va
Richmond, Va
Richmond, Va
M I, Phila or Richmond
Richmond
Sav Dep & Tr Co, Bah
Guaranty Tr Co. N Y

i

The U. 8. Supreme Court on Dec. 10 1912 In the Govt, suit (1) dismissed
the charge of combination and conspiracy In restraint of trade against the
company and other anthracite coal companies and coal-carrying roads
(2) held that the Temple Iron Oo. Is an Illegal organization and should be
dissolved; and (3) also held Illegal the arrangement under which the coal
companies pay the independent operators for coal at the mines 65% of sell
Ing price at tidewater. See V. 95, p. 1084, 1852; V. 96, p. 286, 554, 1090,
1557. The U. S. District Court on July 31 1915 held that the company and
Its subsidiaries, had not violated either the Sherman Law or the commodi
ties clause of Commerce Law The Government filed an appeal. V. 103
p 1119; V. 101, p. 85. 929. 1465. 1807; V. 96, d. 1425; V. 97. p. 666; V 99
p. 82l. The U S. Supreme Court on April 26 1920 sustained most of the
Government's charges of illegal combination against the company and cer­
tain of,its railroad and coal subsidiaries, and ordered their dissolution. See
V. 110, p. 1816. The company on June 1 1920 sought a modification of the.
dissolution decree. The motion, however, was dismissed by the Court on
June 7 1920. V. 110. D. 2358. 2488.

(a) The Reading Co. shall execute a new mortgage which will provide
for the creation of a series of bonds to be known as Series A, to be limited
to the aggregate principal amount of $63,084,666 2-3, and to be issuable
only upon the surrender of general mortgage bonds as hereinafter provided
Said bonds of Series A will bear interest at the rate of 414 % per annum, will
mature Jan. 1 1997 and will be redeemable as a whole only at 105 and int,
on any int. day on 60 days’ notice. The new mortgage will contain appro­
priate provisions for the creation and issue of additional series of bonds
equally secured thereby bearing interest at such rates and maturing on
such dates and otherwise in such form and containing such provisions as
may be determined by the directors at the time of issue.
(b) The Coal Co. shall execute a new mortgage which will provide fo
an issue of bonds limited to the aggregate principal amount of $31,542,
333 1-3, and to be issuable only upon the surrender of gen. mtge. bonds a
hereinafter provided. Said bonds will bear interest at the rate of 5% pe
annum, will mature Jan. 1 1973, and will be redeemable as a whole, but no
In part except for the sinking fund, at 105 and int. on any int. day on 60
days’ notice.
Third Modified Segregation Plan.
(c) The Reading Co. and the Coal Co. shall offer to the holders of gen.
The company on May 10 1923 filed with the U. S. District Court for the mtge. bonds the right to surrender their bonds and receive in exchange
Eastern District of Pennsylvania a third modified plan for the carrying therefor an equal aggregate principal amount of new bonds (with an adjust­
ment of interest as of the date of the surrender of the gen. mtge. bonds for
-out of the decision of the U. S. Supreme Court, which provided as follows:
exchange) as follows:
1. No additional general mortgage bonds shall be authenticated except
Two-thirds of said principal amount In 4 )4 % 74-year gen. (or, if and when
that, to refund underlying bonds and obligations (other than those men­ practicable, first") & ref. mtge. gold bonds, Series A, of the Reading Co.
tioned in clause (a) of Section 5 below], additional general mortgage bonds
thereof in 5% 50-year ref. mtge. sinking fund gold bonds of
may be issued to the trustee of the new mortgage of the Reading Co. (pro­ theOne-third
Coal Co.
vided for in Section 10 below] and stamped to show that they represent
(d) The exchanged bonds will be pledged under the new mortgages.
obligations of the Reading Co.
(For details, see V. 116, p. 2256.)
2. After payment by the Reading Iron Co. to the Reading Co. of a div.
Plan Approved by Court.—Judges Buffington, Davis and Thompson filed
■or divs. of $6,000,000 in cash or marketable securities at market value, the a final decree in the U. S. District Court June 28 1923 at Philadelphia,
Reading Co. will sell all its right, title and interest in and to the stock of the directing the dissolution of the Reading Co. and its subordinate concerns
Iron Co., including the present right to vote and receive dividends thereon, within six months.
to the Coal Co. for $8,000,000. The stock of the Iron Co. will, however,
The decree adopted the third modified segregation plan submitted May
remain subject to the lien of the general mortgage but as security for the 10 1923.
obligation of the Coal Co. and not the obligation of the Reading Co.
STOCK.—Reading Oo. has the right to convert the 2d pref. stock Ints
3. The liability of the Reading Co. on the $94,627,000 gen. mtge. bonds ine-half first pref. and one-half common stock. See V 64. p. 709.
outstanding on Nov. 30 1922 will be decreed to be two-thirds thereof and
Pursuant to the final dissolution decree, the Reading Co. in Jan. 1924
the liability of the Coal Co. thereon one-third thereof.
offered to its stockholders, preferred and common, share and share alike,
4. (Section 4 deals with sinking fund payments, for details of which the right to subscribe for certificates of interest in 1,400.000 shares of the
capital stock (no par value) of Philadelphia & Reading Coal & Iron Corp.
-compare plan published in full in V. 116, p. 2256.)
5. There are outstanding certain underlying bonds mentioned in the
Stockholders of record Dec. 17 1923 have the right to subscribe for said
Gen. Mtge These bonds Include (a) $810,000 of the Phila. & Reading certificates of interest at the rate of a certificate of interest in one share of
RR. Oo. 10-year Sinking Fund Coll. Gold bonds of 1892, extended to stock of Philadelphia & Reading Coal & Iron Corp, for each two shares of
Feb. 1 1932, which are secured by pledge of bonds of coal companies belong­ stock of Reading Co. pref. or com. held. This right of subscription must
ing to the Coal Co., were assumed by the Coal Co. in 1896 and are in be exercised before Jan. 1 1927, and certificates of interest may be exchanged
effect guaranteed by the Reading Co.; (5) $5,766,717 of the Phila. & for stock of the coal corporation by filing the necessary affidavit prior to
Reading RR. Oo. 1st Series Consol. Mtge. bonds of 1882, extended to July 1 1927. The price of subscription is $4 for each share of stock of
March 1 1937. which are secured by property of the Railroad Oo. and of Philadelphia & Reading Coal & Iron Corp, represented by the certificates
the Coal Co. and are in effect guaranteed by the Reading Oo. and the Coal of Interest subscribed for, or $2 for each share of Reading stock. Compare
•Co., and (c) certain other bonds which are not the obligation of the Coal V. 118, p. 203, and Segregation Plan above.
Co. and are not secured upon any property of the Coal Co. The final
’01 *02. *03. *04.
*06-’09. T0-T2. 13 to 2nd quar.*26
decree will make provision so that the covenants of the companies in the DIVS.—
4 yrly. 4 yrly. 4 yrly. (Q—M)
3
4
4
Gen. Mtge. in respect of these underlying bonds shall bind only the Reading First pref__ %f 4
4 yrly. 4 yrly.
0
1)4 4
Co. in respect of the bonds described in (5) and (c) above and shall bind Second pref. % I 0
0
0 0 3)4 4 yrly. 6 yrly. 8 yrly.
only the Coal Co. in respect of the bonds described in (a) above; and, as Common _^.%l 0
between the companies, the Coal Co. will remain ultimately liable on the
BONDS.
—
The
final
decree
of
the
U.
District Court for the Eastern
bonds described In (a) above, and the Reading Co. will remain ultimately District of Pennsylvania, entered June 288.
1923, pursuant to the mandate of
liable on the bonds described in (6) and (c) above.
the U.S. Supreme Court, in the suit of the U. S. of America against Reading
6. (Section 6 deals with defaults, liens. &c.. and is publishedLln detail Co. et al., severed the joint liability of Reading Co. and Philadelphia &
Reading Coal & Iron Co. upon the Gen. Mtge. bonds and the lien of the
In V. 116, p. 479.)
7. The Coal Oo. will pay to the Reading Co. $10,000,006 in cash or general mortgage upon the properties of said companies and decreed that
current assets at market value. General releases of all claims and liabilities the liability of Reading Co. in respect thereof be two-thirds thereof and the
as between the Reading Co. and the Coal Co., including the claim of approxi- liability of Philadelphia & Reading Coal & Iron Co. one-third thereof. As
-mately $70,000,000 carried on the books of the Reading Oo. as an asset further directed by said final decree, Reading Co. and Philadelphia &
and on the books of the Coal Oo. as a liability, will be exchanged. The Reading Coal & Iron Oo. offered to the holders of Gen. Mtge. bonds the
current indebtedness of the Reading Oo. to the Coal Oo. amounting to right to surrender their Gen. Mtge. bonds and receive In exchange: (a)
$666 2-3 principal amount of Gen. & Ref. Mtge. 4)4% Gold bonds. Series
$2,500,000 will first be paid.
A,” of Reading Co., issued under the mortgage and deed of trust dated
8. The Reading Oo. will, subject to the lien of the Gen. Mtge. (but as “
2 1924, made by Reading Oo. to Central Union Trust Co., {New York,
security for the obligation of the Coal Co. and not the obligation of the Jan.
and (b) $333 1-3 principal amount of Ref. Mtge. 5% Sinking Fund
Reading Co.), sell, assign and transfer all its right, title and Interest in trustee;
Gold
bonds of the Philadelphia & Reading Coal & Iron Co. issued under
and to the stock of the Coal Co. to a new corporation to be formed with the mortgage
deed of trust dated Jan. 2 1924, made by Philadelphia &
appropriate powers, in consideration of the payment by the New Coal Oo. Reading Coal and
& Iron Co. to Central Union Trust Co., New York, trustee,
to the Reading Co. of the sum of $5,600,000, and its agreement to issue its for each $1,000 of Gen. Mtge. bonds so surrendered. Two-thirds in prin­
shares to the stockholders of the Reading Co. as hereinafter provided. The cipal amount of the Gen. Mtge. bonds surrendered for exchange will be
New Coal Oo. will issue 1,400,000 shares of stock without par value. Such stamped to show that they are solely obligations of Reading Co. and pledged
no par value stock will be sold by the New Coal Co. to the stockholders of under the mortgage securing the new Gen. & Ref. bonds of Reading Co.
the Reading Co., preferred and common, share and share alike, for $5,600,- One-third in principal amount of said Gen. Mtge. bonds will be stamped to
000, or $2 00 for each share of Reading stock. Provision will be made for show that they are solely obligations of Philadelphia & Reading Coal & Iron
the disposition by the Reading Oo. of any rights to subscribe which may not Oo. and pledged under the mortgage securing the new Refunding bonds of
be availed of by the Reading stockholders within such period as may be Philadelphia & Reading Coal & Iron Co.—V. 118, p. 203, 2305.
fixed by the Reading Co., with the approval of the Court, to the end that
Improvement mortgage 6% bonds of 1873 due Got. 1 189/ were extended
the New Coal Co. shall receive the full purchase price of $5,600,000. This
sale will be carried out by issuing to Reading stockholders assignable certifi­ at 4% for 50 years from April 11897. payable In U. S. gold, and guaranteed
cates of Interest in stock of the New Coal Co., exchangeable for such stock principal and Interest by the Reading Co. V. 64. p. 470; V 65. p. 516.
only when accompanied by an affidavit that the holder is not an owner of The consol 5s of 1882 for $5,766,500 were also extended at 4% till Maroh 1
1937, the Reading Co. and the Coal & Iron Co. becoming responsible. See
any stock of the Reading Co.,
7. 65, p. 870. for contract V 65, p. 152, 870
9. The Reading Co. will merge the Railway Co. under the authority
contained in the present charter of the Reading Co., and will subject the
Terminal mortgage bonds, see V 64, p. 85, and V. 60. p. 732
Railway Co.'s property to the direct lien of the Gen. Mtge. The name
The Jersey Central collateral trust bonds ($23,000,000 present issue) are
of the Reading Co., after merger, will not be changed.
secured by deposit of $14,504,000 Gent. RR. of N J. (cost $23,200,000) of
10. In order to compensate for any injury to the security which the modi­ the $27,436,800 stook outstanding, $1,495,000 Perklomen stook and $440,fication of the terms of the gen. mtge. bonds and the general mortgage may 000 Port Reading RR. stock, the remainder of the $45,000,000 auth. being
cause, and to leave the Reading Oo. properly financed to meet its obligations reserved to acquire the minority stock of the Central Co. They are callable
to the public, the Court will direct the Reading Co. and the Coal Co. to on any Int. day at 105 & int. See abstract. V. 72. p. 487: V. 73. p. 847.
Equipment trust Series F, dated Jan. 11916, covers equipment described
-tender for acceptance by the bondholders the following proposals for the
-execution of new bonds and mortgage and the delivery of new bonds to ■n V. 107. p. 697. Series G covers equipment mentioned In V. 106, p. 1786.
V. 108, p. 684. 2324. Series J, V. 115, p. 183.
(. holders of general mortgage bonds;




116

[ Vol. 122.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations. Ac., see notes on page 8]

Rich-Wash Co—Coil trust gold guar red 105.Njto*Ar
Rio Urande Southern—First M g $2,277,000 aregu x
Rio Grande Western—See Denv & Rio Grande West.
Roberval-Saguenay Ry—
Consolidated mortgage sinking fund____________
Rochester & Genesee Val—Stook rental Erie RR.—
Rock Island 'rk & Louisiana—See Ohio R I & Paoiflc
Rock Island-Frisco Term—1st M gold guar jolntly_xo*
Rome & Clinton—Stook irental guaranteed)_______
ttoscoe Snyder & Pacific—
1st ref M $5 000.000 gold red text
_________ Gy
Rumford Falls & R L—Stock $300,000............. — Rumford Falls & R L first mtge gold sink fund .zc*
do
do
sinking fund g mtge---------------- zc

Amount
Outstanding

Rate

•03-’12 $1,000 Ac $10,000,000
1,000 4,509,000
176 1890

*a
4g

Miles Date
Road Bonds

~18
12H

Par
Value

1919

1907

1912
.534 1897
1923

100
1,000
100
1.000
100
600 &c
1,000

REPORT.—For 1925, in V. 122, p. 2062, showed:
Railway Operating Income—
1925.
1924.
1923.
Freight—Coal___________ ______ — .$34,914,501 $36,056,193 $42,842,557
Freight—Merchandise_____________ 41,668,494 40.860,078 45,480,722
Passenger________________________ 9,881,422 10,187,574 10,635,379
Excess baggage.
19,190
17,196
19,061
5,254
Parlor and chair car.
5,411
5,418
409,923
Mail.
431,330
438,441
1,538,229
Express__________________________ 1,617,531
1,422,449
177,752
Other passenger train.
179,736
162,502
Milk_______________
468,240
401,193
433,543
879,554
Switching___________
509,574
601,168
10,040
Special service______
9.617
14,085
All other transportation.
737,264
1,556,691
937,848
1,783,736
Incidental________________________ 1,031,676
1,041,487

%

When
Payable

Last Dividend Places Where Interest aud
and Maturity
Dividends are Payable

JAD June 1194S
J A J July 11940

New York Trust Oo. N T
Jan 1922 int unpaid

1,330,000 o 7 g J&J July 1 1955
555.200 See text J A J See text

Credit Gen du Can, Mont
Erie RR Co. New York

3,390,000
5g J
345.360 See text J
See text
300.000
400,000
276,000

5g
2
5g
6

A
A

J Jan 1 1927
New York or St Louis ■
J Jan 1 1926 254 By check

New York
M&N Nov 1 1942
M&N May 1 1926 1% Portland, Me
A&O Oct 1 1937
Old Colony Tr Oo. Boston
UnionSD&Tr.Portl’d.Me
M&N Nov 1 1948

The I.-S. O. Commission has placed a tentative valuation of $11,384,700
on the company’s property and $7,108,460 on the property of former
Washington Southern Ry. Co., as of June 30 1916. Compare also V. 119,
p. 694.
DIVS. on voting stock and (1905-16. 1917. 1918-22. 1923. 1923-24. 192 5
dividend obligations _.% (9 yearly 14 9 yearly 7
7 yearly 12
'Also in Jan. 1907 25% In dividend obligations, and in Feb., 1916 60% in
same on both stocks and dividend obligations V 102. p. 610; V 83 ,p. 1525.
In Feb. 1923 paid 100% in dividend obligations. V. 116, p. 296.
On non-voting common stock paid 6% in 1922, 1923, 1924 and 1925.
STOOK.—The 6% non-voting common stock was issued in exchange for
a like amount of common stock of Washington Southern Ry.
The stockholders on Feb. 5 1923 increased the authorised capital stock
from $9,500,000 to $15,000,000. V. 116, p. 722.
BONDS.—Of the gen. 3Hs of 1903 due April 1943 ($4,000,000 author­
$91,496,379 $92,088,258$105,807,431 ised),
$3,500,000 were Issuable for double-tracking and Improvements (of
Railway Operating Expenses—
which
$2,680,000,outstanding) are owned Dy Rlohmond-Washington Co and
Maintenance of way and structures..$12,055,882 $11,289,009,$10,778,239 pledged
under Its mtge. (V. 81. p. 1178), the remaining $500,000 being reMaintenance of equipment________ 20,381,953
21,798,35823,940,443
the oonsol 4Hs at maturity. See V 77. p 2388. 2391
952,082 •erved to retirejointly
Traffic___________________________
862,643
840,986
with Atlantic Coast Line RR., $3,380,000 1st mtge.
Transportation___________________ 33,152,857 34,030,945 138,271,93 5%Guarantees,
gold bonds due Jan. 1 1952 of Richmond Terminal Ry. V. 114, p. 948,
245,908
Miscellaneous operations__________
165,846
137,606
Equipment
trusts
issued
to Director-General for rolling stock allocated
2,645,903
General expenses__________________ 2,236,259
2,261,209
deb75,603 to this company. See article on page 3 and V. 113. p 1472
Transportation for investment_____ deb221,927 deb 51,560
REPORT.—Year ending Dec. 31 1925, gross, $12,891,176; oper. income ,
Net revenue from ry. operations..$22,862,863 $21,781,702 $29,048,522 $3,277,685; other income, $201,845; deductions, $579,709; net income;
Railway tax accruals________________ $4,349,772 $4,284,017 $4,952,591 $2,899,821. For latest earnings, see “Railway Earnings Section” (issued
Uncollectible railway revenues______
5,611
6,010
26,239 monthly). Pres., Eppa Hunton, Jr.; V.-P. & Sec., Norman Call; Treas.,
D. K. Kellogg. Office, Broad Street Station, Richmond, Va.—(V. 122,
Total operating income___________ $18,507,479 $17,491,674 $24,069,691 p. 2489.)
Non-Operating Income—
RICHMOND-WASHINGTON COMPANY—Controls a •union” line,
$1,169,012 $2,254,341 Washington,
Hire of freight cars—net___________$1,537,333
D. C., to Rlohmond, Va , 117 miles, in the )oint Interest of the
Other equipment rents—net_______
256,083
219,057
274,177 following roads,
viz.: the Pennsylvania RR., Baltimore & Ohio RR., Atlan­
57,214 tic Coast Line Co.,
Joint facility rents—net____________
53,732
87,997
Southern Ry., Seaboard A. L Ry and Ches & O. Ry ..
of which owns 1-6 of the $2,670,000 capital stook. Divs in 1902, 3®/, ,
Net railway operating income____ $20,354,629 $18,967,741 $26,655,425 each
1903 to 1905, ind., 4% yearly; 1906 and 1907. none: 1908 to 1915, 4 <7, ;
Other Non-Operating Income1916. 5%; 1917 to 1922, 6% yearly; 1923. 7%; 1924-25 , 8%.
$256,812
Miscellaneous rent income__________ $578,222
$526,350
Incorporated on Sept. 5 1901 and acquired $n47,2uu ol the voting oapital
Miscell. non-oper. phys.property___
307,567
162,449 ■took ol the Richmond Fredericksburg & Potomac RR. and the entire stcck
251,869
Dividend income__________________ 2,760,347
2,590,434 *5,955,118 of Washington Southern Ry.. Long Bridge to Quantico, 36 miles.
477,432
Income from funded
securities.
‘ ‘
829,818
818,879
The collateral trust 4s of 1903 ($11,000,000 autn. issue) are guaranteed,
567,532
555,328 Jointly and severally, prin. and int.. by the six roads named above Of the
Inc. from unfund. sec. & accounts._
433,078
Income from sinking funds, &c.___
29,843
30,654 bonds. $10,000,000 (Ser. A to E) have been sold V. 77,p. 629, 695; V. 78.
34,731
Release of premiums on funded debt.
5,202
5,202
7,523 p. 684, 1393; V. 84, p. 932. This collateral consists of $2,680,000 Rich­
Miscellaneous income______________
7,467
8,228
12,503 mond Fred. & Potomac gen. 3J4s, $947,200 common. $2,604,800 dividend
Separately oper. property—profit__
134,322
obligations, $4,000,000 Washington Southern 1st 4s, $4,000,000 Rich.
Fred. & Pot. non-voting stock. See form of guaranty, V. 77, p. 2391; V. 81.
Gross income.....................
$25,574,952
$23,636,516$34,113,248
p. 1178.—(V. 84, p. 932.)
Deductions from Gross Income—
RIO GRANDE SOUTHERN RR. CO. (THE)—Ridgeway, Colo., t»
Rent for leased roads_______________ $2,829,443 $2,831,655 $2,832,262
Miscellaneous rents________________
1,968
1,954 Durango, 162 m., and branches, 13 m. Stock, $4,509,000, of which $3,2,840
Miscellaneous tax accruals.
168,568
115,201
159,469 579,737 owned by Western Pacific Holding Co. Mortgage abstract.
Interest on funded debt____________ 5,085,742
5,059,157 V. 54, p. 163, and application to N. Y. Stock Exchange in V. 54', p. 446;
5,213,930
28,232
Interest on unfunded debt.
41,999
265,978 7. 61, p. 1014. Of the bonds, $2,277,000 were guar, by the old D. & R. G..
27,007
Amortiz. of disc, on funded debt___
27,007
27,007 »hich owned $1,779,000 of the issue. V 70. p 791. See guaranty,
V. 70, p. 1295. The interest due Jan. 1 1922 was not paid. V. 113, p.
Miscellaneous income charges______
260,604
296,332
381,248 2819;
v. 114, p. 80. Protective committee, V. 114, p. 80, 199; V. 117,
p. 1235. (No provision was made for these bonds in the Denver & Rio
Net income________________________ $17,159,618 $15,121,316 $25,386,171
Grande Western reorganization plan. See V. 117, p. 1235.)
Disposition of Net Income—
For 1924, gross, $601,041; net, def., $198,945; other income, $2,605; de­
Inc. applied to skg. & oth. res. funds
$46,243
$47,031
$48,914
Additions abd betterments________
4,090,291
3,577,343
3,217,332 ductions, $209,925; bal., def., $406,267. Pres., T. H. Marshall; Sec. &
Treas., R. F. Watkins.—(V. 114, p. 80, 199, 411.)
Income bal. transf. to P. & L___ $13,023,083 $11,496,941 $22,119,924
ROBERVALrSAGUENAY RR.—Main line. Port Alfred to Ha-Ha
♦ Includes $3,000,000 special dividend received from the Reading Iron Bay Jet., 19.2 miles. Branches, 37 miles. In Oct. 1925 it was reported
Co. in connection with the segregation of the coal and iron properties.
that the Aluminum Co. of America had acquired control of the road. Stock
common, $500,000, and pref., 6% non-cum., $800,000; par $100. The
For latest earnings see "Railway Earnings Section" (issued monthly)
$536,400 consol, ref. mtge. 5s, $723,600 Ha-Ha Bay Ry. 1st 5s, and the
OFFICERS.—Chairman, Edward T. Stotesbury; Pres., Agnew T. Dice $70,600 bonds issued June 1 1919 were replaced by a single bond for $1,330,V.-P. in charge of operations and passenger traffic, Chas H. Ewing; V.-P. 000 7%), payable to the General Trust of Canada, Montreal, on July 1
in charge of freight traffic: E. D. Hilleary; Sec., Jay V. Hare; Treas., H. E. 1955. For year ended Dec. 31 1924: Gross, $229,172; net, $58,455; other
Paisley; Compt., Albert B. Bierck.
income, $1,041; deductions, $122,791; bal., def., $63,305. Pres., Hon.
DIRECTORS.—E. T. Stotesbury, Joseph E. Widener, Agnew T. Dice, F. L. Beique, Montreal; V.-P., J. E. A. Dubuc.— V. 121, p. 2154.)
Daniel Willard, Charles H. Ewing, William A. Law, Samuel M. Curwen,
ROCHESTER & GENESEE VALLEY RR.—Avon to Rochester, N. Y..
Ira A. Place, Patrick E. Crowley. Office, Reading Terminal, Philadelphia. 18 m. Leased 1871 in perpet. to Erie Ry. Rental, $34,012, paid by Erie
—(V. 122, p. 2647.)
RR. direct to stockholders, $33,312, organiz'n, $700. See V. 108, p. 580.
ROCK ISLAND-FRISCO TERMINAL RY.—Furnishes part of St. Louis
RENSSELAER & SARATOGA RR.—(See Map Delaware & Hudson.)—
terminals of the Rook Island and St. Louis-San Francisco systems, Includ­
ing freight station and yards in St. Louis, Mo., the Chicago R. I. &
Road Owned—
Miles. I Leased—
. Miles
Troy to Lake Station, Whitehall, 72(Albany to Waterford Junction___ 12 Pao., St. Louis-San Fran, and Chic. & E. Ill. contributing proportionate
Fort Edward to Lake George----- 15 Schenectady to Saratoga------------ 20 amounts equal to operating expenses, taxes and fixed charges. Incorpo­
Eagle Bridge to Rutland. Vt____ 631 Vermont Line to Castleton. Vt____ 7 rated April 9 1906; V. 84, p. 929. Auth. stock, $5,000,000; outstanding,
$500,000, $300,000 being owned Dec. 31 1925 by Ch. R. I. & Pacific Ry.
LEASE.—Leased in perpetuity May 1 1871 to The Delaware & Hudson, and $200,000 by St. Louis-San Fran. Ry Oo. The bonds (see above)
which owns $800,000 of stock: rental. 8% on the stock and Interest on bonds
are Jointly guaranteed by endorsement by Ohic. R. I. & Pac. Ry. and old
Dividends being paid less income tax, V. Ill, p. 1184. Guaranty on stock, St, Louis & San Francisco RR. Co., Merc. Trust Oo. of St. Louis is trustee.
V. 56, p. 773. The $2,000,000 7% bonds due May 1 1921 were refunded V. 84, p. 571, 749. Pres., J. M. Kurn; V.-P. & Gen. Mgr., A. D. Aiken;
by a like amount of 6% bonds due May 1 1941. V. 112, p. 1867.—(V
Sec., Carl Nyquist, La Salle St. Station, Chicago. Office, Chicago, Ill.
114, p. 1652.)
ROME & CLINTON RR.—Owns road from Rome to Clinton, N. Y., 13
RICHMOND FREDERICKSBURG & POTOMAC RR. CO.—Owns nlles. Organized in 1869. Leased in perpetuity in 1891 to Delaware A
from Richmond. Va., to South End Potomac River Bridge, 109.15 miles, Hudson Canal (now D & H.) Oo. and sub-leased to N. Y. Ont. & Western.
double-tracked; James River branch, 3.56 m.; other mileage, 4.91 m.: total, Rentals, $22,375 yearly and taxes, except income tax. V. 118, p. 907.
117.62 miles. The div. obligations carry no voting power. The R. F. & P. Divs. at 6)4% p. a. (3H% J.-J.) paid to Jan. 1910, but payments reduced
RR. guar, stock is secured by mtge.
thereafter on account of Federal income tax; 3% paid July 1910; 1911 &
The Richmond-Washington Oo. (see below) in 1901 took over $947,200 1912, 6)4%; 1913, 6)4%; 1914 to July 1917, 6)4%; Jan. 1918 to Jan. 1919,
of the $1,316.900 common stock. V. 74, p. 149. Connection RR. franchise 3% s-a.; July 1919, 2%%; Jan. 1920, 254%; July 1920, 3%; Jan. 1921.
suit, V. 107, p. 2188. The Washington Southern Ry. was merged in Feb. 2)4%: July 1921, 3%: Jan. 1922 to July 1924. 254% s.-a.; Jan. 1925, 3%1920. V. 110, p. 168, 872. 1416.
July 1925, 2?4%: Jan. 1926, 254%-—(V. 118, p. 907.)




May, 1926.]

RAILROAD COMPANIES
[For abbreviations, &c.. see notes on page 81

Rutland—Stock cum 7% pref (see text)________
First oonsoi mortgage (or $3,600,000 gold- __U*.>c
Ogd A L Ch 1st M $4,400,000 gold assumed.Ce.xo*
Rut-Can flrst M gold assumed $1.350,000--OB.xo*
Bennington a Rutland—1st ref M g ass----------- N.x
Chatham & Leb Val 1st M $500,000 g p & I guar.Q
Equip trust* due $34,000 yrly (V 94, D 1250).G.zc*
do
do due $14,000 yearly_______________ »
do
do
due $16,400 yearly____________ G
do
do
due $55,000 yearly________ G.zc*
Rutland Toluca & Nor—1st M g gu red Oot 15-NC.xo*
Rutland & Whitehall RR—Stock (no bonds)_______
ft Clair Madison & St Louis Belt—See Missouri & 1111
it John & Quebec Ry — 1st M <leb stk guar see text___
Prov Govt 4 44 % bds $10,000 per mile____________
Prov Govt 5 44% bonds________________________
Prov Govt 6% bonds__________________________
ft Johnsb & Lake Champ -1st M quar..------------xo*
ft. Joseph & Grand Isl Ry—Common stock--------1st pref stock 5% non-cumulatlve $5,500.000___
2d pref stock 4% non-cumulatlve_______________
First mtge $5,000,000 gold - -__________ Ce.xc*Ar
ft Lawr & Adirondack Ry—1st M $800,000 g --N.xc*
Second mortgage $400,000 g ________________ N.x
St Loula & Cairo—See Mobile A Ohio
St Louis Bridge—See Terminal Railroad Association
Kt Louis Iron Mt & Southern—See Missouri Pacific
It Louis Merchants’ Br Term—1st M gu p & 1 g.SSt.so
Merch Bridge 1st M red since Feb 1 1909 at 110-SSt.x
it Louis & O’Fallon—
Second M $300,000 g red par beg Oot 1912____ -y
It Louis Peoria & N W Ry—See Chicago A North W
St Louis-San Francisco R.v—Com stk $250,000,000
Pref stk non-cum $200,000,000 serA6% red par__
Prior lien M $250,000,000 gold securing—
Series A 4% callable at par_________ Cexc’Ar*
Series B 5% callable at 105_________ Cexc*Ar*
Series O 6% callable at 102 44________ Ce.xc*Ar*
Series D 544% callable at 10244______ Ce.xc*Ar*

Miles Date
Road Bonds

397
. 120
127
4344
59
58

27
6.75
not* B

170
118
251
43
43

Par
Value

Miles..

Leased, Ac.—

Rate

%

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

July 1 1941
July 1 1948
July 1 1949
Nov 1 1927
July 1 1951
To May 1927
To Apr 1928
To Jan 15 1935
To June 1 1939
Oot 1 19.30
May 15 ’26 144

466 Lexington Ave, N Y
do
do
do
do
Old Colony Trust Co.Bos
466 Lexington Ave, N Y
do
do
Guaranty Trust Oo, N Y
do
do
do
do
do
do
See text
United Nat Bank, Troy

1962

Bank ot Montreal, Lono

Moh 1 1944

B & MRR office, Boston

1902. 5%
Jan 1 1947
July 1 lv 96
Oot 1 1996

ffs'Mtge A Tr Oo._N Y
New York Trust Oo. N Y
Eaultahle Trust Co. N Y

A O Oot 1 1930
A A Feb 1 1929

St Louis Union Tr Oo
Farmers L & Tr Oo, N Y

ol St Louis

1890
... 1889

$500 Ac
1.000

9 1903
estern Ry

500 Ac

...

Text
Text
Text
Text

1916
1916
1918
1922

3.500.000
2.000,000

5g
6

A
F

State Bank. Chicago
300.000
6 g MAS Sen 1 192*
100 45 277,826 See text Q—J Apr 1 1926 1 44
Q—F Nov 1 1926 144
100 6.975,200
6
100 Ac <191,562.875
A J July 1 1950
4g J
Office of Company, N Y
100 Ac 24.950.000
A J July 1 1950
do
do
fig J
100 Ac 10.598,000
A J July 1 1928
6g J
do
do
500 Ac 17,173,000
do
do
544 g J A J Jan 1 1942

Miles.

Bellow’s Falls, Vt., to OgdensLinec to Tloonderoga, Ao_______ 17
burg. N. Y________ ______ .-282
Rutland, Vt., to Chatham, N. Y.114 I
Owns entire $100,000 stook and $100,000 4% bondr of Rutland A Noyan
RR., entire $200,000 stock of Rutland Transit Co., entire $100,000 stock
Ogdensburg Term. Co.. $495,900 (total $500,000) stock of Addison RR. Co.
and entire $50,000 stock of Rutland Transportation Corp. V. 75, p. 1029,
V. 73, p. 437, V. 72, p. 88, 822. In May 1915 the I.-S. C. Commission
ordered the company to sell the Rutland Transit Co. by Dec. 1 1915, six of
the Transit Co, ships were sold in Aug. 1915. V. 101, p. 695, V. 100,
p. 1753, V. 104, p. 26.7.
In a supplemental tentative report on the valuation of the Rutland RR.,
the I.-S. C. Commission placed a value of $20,897,414 on the total owned
property and $21,221,980 on the total used property as of June 30 1917.
In a tentative report issued Nov. 14 1922, the Commission placed a
valuation of $21,881,255 on the total owned and $22,205,821 on the total
used property of the road, as of June 30 1916.
STOCK.—In Dec 1925 all but $147 8‘)0 com. stock had been exchangee
for pref.—10 of common for 1 of preferred. V. 72. p. 439. On Dec. 31
1925 the Rutland RR. owned $98 100 and the N. Y. Central RR. and the
N. Y. N. H. & H. RR. Co. each owned $2,352,050 of the company’s pref.
stock.
Divs.f ’98-’99. ’00. ’01. ’02. ’03. ’04-’05. ’06-’08. ’09-’16. ’17-’18. ’19-’25
Onpf-.t
2
3
4
3
1
0
1% y’ly
0
2
0
Accumulated dividends on preferred aggregated about 293% Jan. 1926.
Equipment trusts issued to Director-General for rolling stock allocated
to this company See article on page 3.
REPORT.—For 1925, in V. 122, p. 2940, showed:
1925.
1924.
1923.
Railway operating revenues__________ $6,440,041 $6,509,063 $6,695,786
Net railway operating income______
786,663
799,608
868,143
Gross income_____________________
860,309
878,694
919,741
Surplus after charges_______________
371,913
407,309
463,909
For latest earnings see “Railway Earnings Section” (issued monthly).
OFFICERS.—Pres.. P. E. Crowley; Sec.. Edw. F. Stephenson; Gen.

Treas., H. G. Snelling; Compt., W. C. Wishart. Office, Rutland, Vt.
Gen. Treas. office, 466 Lexington Ave., N. Y.— V. 122, p, 2940.)
RUTLAND TOLUCA A NORTHERN RR,—Rutland to McNabb, Ill.,
27 miles. Leased to Chicago & Alton RR which owns all the $97,000
stock tor 990 vear« from Oot t 1910 and guarantees the bonds, prin * Int
V. 93, p. 408 Default having occurred In the payment of the Int. due
Oct. 1 1922 on the bonds. Clifford Bucknam (of Pynchon & Co.). Nathan
8. Jonas (Pres. Manufacturers Trust Co.) and Arthur S. Dewing (Professor,
of Harvard University) consented to act as a protective committee, and
J. B. Wardwell, 20 Broad St., N. Y. City, Sec. Depositary Manufac­
turers Trust Co., Brooklyn. N. Y. The committee in May 1923 announced
that the Oct. 1922 coupon on the bonds had been paid. The Chicago &
Alton RR. having failed to pay the rental due on the Rutland Toluca A
Northern RR., and the Rutland having defaulted in payment of int. due
April 1 1923 to Oct. 1 1924, incl,, on Its 1st mtge. bonds, the committee,
which has over 95% of the bonds on deposit, have instructed their counsel,
Wollman & Wollman and Robert G. Starr, to begin proceedings to foreclose
the mortgage and terminate the lease.
Pres., W. G. Bierd; Sec. & Treas., James Williams. Office, 340 W
Harrison St., Chicago.—(V. 117, p. 1778.)
RUTLAND A WHITEHALL RR.—N. Y. State Line to Castleton, Vt
8 75 m. Leased 1870 In perpetuity to Rensselaer & Saratoga RR. (renta
$15,342 —6‘g on stock less U 8 Income tax); operated by Del A Hudson.
ST. JOHN & QUEBEC RY.—Operated bv tne uanadlao National Rail­
ways
Fredericton northwest to Centreville, 88 miles, and Fredericton
southeast to Gagetown: also since Oct, 1 1919 from Gagetown to Westfield
Beach thence over the Can. Pacific Ry. to St. John.
The 1st M. debenture stock, unconditionally guaranteed, prin. A Int.,
by the Province of New Brunswick. Callable for 1% fund beginning In
1922 at 105. V. 94. p. 1450; V. 95. p. 1747.
The tlt'e of the railway being now vested In the Prov. of N. B.. the Prov.
of N. B. Issued Provincial 4 !4 % bonds to complete the railway between
Centreville and Westfield, 157 miles. W. P. Jones, Pres., Woodstock
N. B.; Robert Bayley, Sec.. Fredericton. N. B.—(V. 98, p. 1678: V. 112
p. 2191.).
ST. JOHNSBURY AND LAKE CHAMPLAIN RR. CO. (THE).—Owns
Lunenburg, Vt., to Swanton, Vt., 118 miles (22 miles from Lunenburg to
St. Johnsbury, Vt., is leased to the Maine Central RR. Co.). The road Is
now being operated under local management, the Boston & Maine RR.
having withdrawn from participation In the management as of Jan. 1 1925.
The 1st mtge. 5% bonds are guaranteed, principal and interest, by the Bos­
ton & Maine RR., V. 119. p. 3007. Stock, com., $2,452,449; pref., $1,154,400; par, $50. Valuation, V. 113, p. 1540. In 1925, gross, $458,978; net
ry. oper. Income, $85,770; other income, $26,343; deductions, $183,790;
bal., def. $71,677.—(V. 119, p. 3007.)




Amount
Outstanding

$100 $8,959,500
1891
1.000 3,499.000
4 44 g J A J
1.000 4.400,000
1898
4g J A J
1899
1,000 1,350.000
4g J A J
1897
1.000
500.000
4 44 e MAN
1.000 In treasury
1901
4s J A J
1912
1,000
34.000
444 e MAN
1913
1.000
28,000
444 A A O
1920
1.000
J&J
147,600
6
1924
1,000
5g J&D
715,000
4g A A O
1910 100&1000
225.000
100
255.700 Seo text 0—F 15
ridge
A Belt RR
4
1912
£560.543
1.700 000
1914
1,268,000
1.416,000
$1,000 $1,328,000
5 g MAS
1894
100 4.600.000
mo 5.499.400
100 3,500.000
1897
1.000 4.000.000
4 K J A J
1896
1,000
800,000
5 8 J A J
1896
1.000
400.000
6 ff A A O

ROSCOE SNYDER & PACIFIC RY.—Owns Roscoe, Tex., to Flu
vanna. 60 miles. Stock, $200,000. Dividends for year 1914-15. 25%
1915-16, 15%; 1917, 15%; 1920,331-3% in stock: 1921-22, none; 1923-24-25.
6%. 1st ref. g 5s ($5,000,000), limited to $20,000 per mile, $158,000 were
reserved to retire 157,511 prior liens due July 1917 held by Texas A Pacific
Ry. Of these $57,511 were paid off at maturity and the remaining $100,000
extended for 2, 3 and 4 years, respectively, due one-third each year (paid
in full in June 1921). Bonds are subject to call on any interest day in
blocks of $1,000 non. V. 05. p. 1685. Eor voar ending Dec. 31 1925 gross.
$291,578. net, $90,874, other income, $12,232, int., rentals, Ac., $38,000,
divs., $12,000, bal., sur., $53,107.
RUTLAND RR. CO.—(See Maps N. Y. C. RR.)—113 miles, viz.:
RR. Lines Owned—

117

RAILWAY STOCKS AND BONDS

ST. JOSEPH & GRAND ISLAND RY.—Owns St. Joseph, Mo., to
Grand Island, Neb.. 251 miles; Stouts to Highland, Kan,, 7 miles.
HISTORY.—A reorganization Feb. 23 1897 iper plan in V. 62, p. 784,
160) of the St. Jos & Grand Island Railroad, sold In foreclosure. Union
Pacific Dec 31 1925, owned $4,585,200 com. $5,365,690 first pref. and
$3,448,430 2d pref. V. 84. p. 52. 671, V 92. p 597, 1244. On July 9 1915
Circuit Court, of Appeals In a suit by certain pref stockholders reversed the
decision of the lower court, which held Illegal the control by the Union
Pacific RR. Oo. The appeal of the plaintiffs from this decision to the
(J. S. Supreme Court was voluntarily dismissed June 12 1916. In Jane 1916
the preferred stock deposited with the committee referred to in previous
reports was all sold to the Union Pacific RR. Oo. V. 102. p. 1812.
DIVIDENDS (%)—
/1898 1899 1900 1901 1902 None
On flrst preferred______________ 1 5
3
3
5
5
Since
BONDS.— Bonds for $1,000,000 oan be sold under mtge. of 1897 only for
new mileage af not exceeding $6,000 per mile. See listings In V. 64, d. 1138;
V. 94, p. 763.
f’res., O. R. Gray; Sec., Thos. Price; Treas., E. G. Smith.—(V. 113,
p. 1675.)
ST. JOSEPH SOUTH BEND & SOUTHERN RR.—Owns South Bend.
Ind., to St. Joseph, Mich., 39 m. Stook, $500,000 oom. and $250,000 5%
pref. Leased to Ind. Ill & Iowa RR. (now New York Central RR.) for 50
years from Feb. 23 1900, the Michigan Central assuming operation on Feb.15
1905; 5% per annum on pref. and 2% on oom we'e paid yearly (MAS 151
since Sept. 1901; in March 1926 paid %% on common. In 1905 and 1907
and March and Sept. 1909, Sept. 1911, Sept. 1913, Sept. 1915, Mar. 1918,
and Mar. 1920 paid 44% extra on common. No bonds. Oficers: Jacob S.
Farlee, Pres.; Colgate Hoyt, V.-Pres.; S. C. Masters, Sec. & Treas.—
(V. 106, p. 930, 1127.)
ST. LAWRENCE & ADIRONDACK RY.—(See Maps N. Y. C. Lines.
—Owns from Malone, N Y.. to Adirondack Jet 43 67 miles Leases from
Canadian Nat. Rys., Valleyfield to Beauharnois, Que., 12.7 m., and has
trackage rights over Can. Pac. from Adirondack Jet. to Montreal, Que..
8.80 m.: other lines. 6.46: total. 70.63miles New York Central RR owns
entire stock, $1,615,000, and leased the road for 21 years from Jan. 1 1916.
V. 102, p 1443: V 99. p. 1599; V. 101. p 450, 775- As per lease, the earn­
ings are now Included with those of the lessee.— (V. 101, p. 776 1
ST. LOUIS & HANNIBAL RR.— Hannibal to Gilmore. Mo.. 85.6 miles;
Rolls Junct. to Perry, 17.80 m. The railway was sold under foreclosure
Sept. 28 1917 and reorganized per plan in V 105, p. 717, all the old bonds
being retired and no new bonds issued. The new company took possession
Dec 31 1917. The company In Sept. 1920 withdrew its petition made to
the Missouri P. 8. Commission in May 1919 for permission to abandon the
entire system and scrap the entire road. George A Mahan, Hannibal,
attorney for the company, stated that the property had been sold to John
Ringling (one of the brothers who owns Ringling Bros Circus), who intends
to Improve the property and operate it. Auth capital stock, $250,000
non-cum. 5% prei. stock and $790,000 common (par $100); all the pref. and
$370,000 common stock had been issued to June 1 1918 (V. 105. p. 717).
The I.-S. C. Commission on Sept. 23 1925 authorized the company to
issue not exceeding $650,000 1st mtge. 6% bonds dated Jan. 2 1925, due
Jan, 2 1955, $250,000 to be delivered to John Ringling to be used In satis­
faction of advances of a like amount and $400,000 to be sold at par and the
proceeds used for capital purposes.
The I.-S. C. Commission has placed a tentative valuation of $1,929,706
on the total used and $1,928,770 on the total owned properties of the
company, as of June 30 1918.— V. 121, p. 1675.)
ST. LOUIS IRON

MOUNTAIN &

SOUTHERN RY.—(Bonds.')—

See Missouri Pacific RR. Co. and V. 119, p. 456.

ST. LOUIS KENNETT & SOUTHEASTERN RR.—Owns Kennett,

Mo., to Piggott, Ark., 20 miles. Stock. $300,000; par, $100. Pres.
W. D. Lasswell; V.-Pres.. H. B. Pankey; Sec. A Treas., H. B. Pankey.
Office, Kennett, Mo.—(V. 118, p. 1.393 )
ST. LOUIS MERCHANTS’ BRIDGE TERMINAL RY.—ORGANI­
ZATION.—Double track road from near Union Station, via Main St., Hall
St... &c., to Ferry St., opposite the Merchants’ Bridge, 4.01 m.: it owns and
controls the Madison 111. & St. L. Ry., 1.91 in.; total. 5.92 miles. The
property of the Merchants' Bridge Co. (1.99 m.) was conveyed by deed
Aug. 24 1920 to the company subject to mortgage for $2,000,000.
The I.-S. C. Commission on Sept. 19 1925 authorized the acquisition
by the Terminal Railroad Association of St. Louis of control of the com­
pany by lease. V. 121, p. 1786.
Stock auth., $3,500,000; Issued, $2,939,500; par, $100; of this the Ter­
minal Railroad Association owns a majority. In Nov. 1893 Term. RR.
Assn, of St. Louis guaranteed by endorsement the prin. and int. of its
$3,500,000 1st mtge. bonds and the interest on $2,000,000 Merch. Bdge. 6s.
Year—

Gross.

Net.

Other Income

Charges.

Balance.

1925 ______ $4,966,629 $1,096,925 $1,025,563 $1,372,240 sur.$750,248
1924 ............ $4,609,469
$748,463
$926,332 $1.296.225 sur.$378,570
1923 ............ $4,885,640 $1,117,296
$962,546 $1,424,229 sur.$655,612
1922 -------- 4,118,952
961.826
775,444
1,043,227 sur. 694,043
— V. 121, p. 1786.)
ST. LOUIS & O’FALLON RY.—East St Louis. III., to Mine No. 2
8.94 miles. Incorporated in Illinois June 1 1896. Stock. $410,000. all
issued. For 1925, gross, $343,811; net oper. inc., $88,829; other income,
$31,096; int., Ac., $18,800; divs., $41,000; sur., $60,125. Pres. William
Cotter, St. Louis, Mo.; Treas., Philip Marsh.—(V. 103, p. 62.)
ST. LOUIS-SAN FRANCISCO RAILWAY CO.—The company on
Dec. 31 1925 operated directly or through subsidiaries a total of 5.632 m. of
readof which 5,537 miles are owned, 11 miles leased and 84 miles operated
under trackage rights. The mileage of the company extends from St. Louis
into the States of Missouri, Kansas, Arkansas, Oklahoma, Texas, Alabama
Mississippi and Tennessee. Through the Kansas City Ft. Scott & Memphis
Ry., which it controls by stock ownership, the St. Louis-San Francisco Ry..
also has a direct through route from Kansas City to Memphis and Birming­
ham. V. 106, p. 2006; V. 107, p. 2377.

118

[Vol. 122.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
IFor abbreviations, &c., see notes on page 81

Miles Date
Road Bonds

St Louis-San Francisco Ry (Concluded.)—
adjust M cum $76,000,000; ser A, call par A IntBax Text 1916
Income M non-cum $75,000,000; ser A, call par.Un Text 1916
Old Gen M gold(lston658m>$3,659,OOOare6sUs.zo*
986 1881
Collateral gold notes red 100___________________
— 1924
Secured gold notes .
G
1926
Equip notes due $954,000 ann________________ G
1920
Equip trust certif due $400,000 yearly______ Gc*
1922
do
Series BB due $620,000 yearly___ Ce.c*
... 1926
Kansas City Ft Scott A Memphis System bonds— see that co.
Remnants Old Bonds. Ac, still exchangeable under plan
8t Louis * San Francisco—
Oonsol mtge (V 64. p 1861) gold, no option.Ba-z
188 1896
Quanah Acme A Pac Ry 1st M call 105___________
79 1909
Kansas City Fort Scott A Memphis—See that co
KC Memphis A Birm—See KO Ft Scott A Memphis

Par
Value

Amount
Outstanding

Rate

%

$
$100 Ac d40,532.693
6g
100 Ac 35,172,000
6g
1.000 9,362,000 5 A6g
1,000 3,000,000
6g
5 g
1,000 5,000,000
6g
8,586.000
1.000 4,800.000
5 g
1,000 7,800,000
4X

When
Pagable

Last Dividend Places Where Interest and
and Maturity Dividends are Pagable.

Paid In full to Apr
A A O July 1 1955
Paid In full to Oct
Oct. 1 July 1 1960
Rankers Trust Go.
J A J July 1 1931
New York
MAS Mar 1 1930
F A A Feb 1 1928
J A J15 To Jan 15 1935 Guaranty Trust Co,
MAS To Sept 1 1937 New York
F A A To Feb 15 1941 New York

1,000
1.000

8,000
120.000

4g
6g

J A J July 1 1996
A A O Oct 1 1939

Ft Worth A Rio Gr 1st M gold old 5s Int red.Ce.xo*
223 1888
1.000
St Loula Southwestern—Common stock $110,000,000
100
Preferred stook 5% non-cumulative $20,000,000__
100
First mortgage oerts ($16,500 per mile) gold.Ce.xo* 1.223 1891
1,000
Seoond M 4% Ino $10,000,000 non-cum g_.Ba.xo* 1,223 1891
500 Ao
First Consolidated mtge $25,000,000 g_.Ea.xc*Ar 1.271 1902
1,000
FlrstTerm and UnifyingM $100,000,000 g_Oxc*Ar*
1.000
1912
Stephenville Nor A Sou Tex 1st M g gu red 105.XO*
1.000
106 1910
Paragould Southeastern 1st M $5,000,000 gu____
1.000
37
Equipment gold notes—
1.000
do
Ser F. due $21,000 s-a___ _____ G.c*
1916
do
Ser H due $90,000 s-a__________Ba.c*
1.000
1923
do
Ser I due $60,000 s-a______________ c*
1,000
1924
do
Ser J due $51,000 s-a________________
1,000
1925
Guaranteed bonds, &c.—
Gray’s Pt Term 1st M guar p A 1 gold____ SSt.scAr
1.000
16 1897
1st Ref AExt M$4,0()0,000g red text gu pAlEq.xo*
1,000
1906
Oen ArAE 1st M $3,000,000 g red 105 text SSxo* Ar*
1,000
45 1910
Shreveport Bdge A Term 1st M $500,000 g gu___ x
1,000
1905
d On Dec 31 1925 an additional $1,745,625 Prior 1 len “A '4% b onds and
managers for retirement of trust certificates f.or K. O. F. 8 . A M. R

1.046.000
16,356,100
19,893.650
20,000,000
3.042.500
20,799.750
8,063 000
2,423.000
See text

4g

J

5
4g
4
4g
5g
I*

Q—J
MAN
J A J
J A D
J A J
J A J

Auxiliarg Companies

The stockholders on Sept. 4 1925 approved the purchase, at a price not
exceeding 81,750,000, of the capital stock of Jonesboro Lake City & East­
ern RR., and the lease of tbe property. The acquisition was approved by
the I.-S. C. Commission on Oct. 14 1925. V. 121, p. 2035.
The I.-S. C. Commission in Nov. 1925 approved the purchase by the
company of the Muscle Shoals Birmingham & Pensacola Ry. V. 121, p.2518.
It was announced in Jan. 1926 that the company had purchased a sunstantlal amount of stock of the Chicago Rock Island & Pacific Ry. Co.
V. 122. p. 477.
The I.-S. C. Commission on Jan. 7 1925 placed a tentative valuation of
•135.753,722 on the total owned property of the St. Louis-San Francisco Ry.
system, as of June 30 1918, and 8186.337,063 on the total owned and used
properties. The latter figure, however, does not include the Texas lines
Valuation figures protested, V. 120. p. 450.
ORGANIZATION.—Incorporated in Missouri Aug. 24 1916 and suc­
ceeded on Nov. 1 1916, per plan in V. 102, p. 896, 1061, to certain proper­
ties of St. Louis & San Francisco RR., foreclosed under tbe General Lien
and also the Refunding Mortgage. V. 102. p. 2167, 1256. 1342.
STOOK.—The company's share capital embraces:
Non-Cum. Pref. Stock. 8200.000.000 Auth.; Now Issued.______ 7 500 000
Entitled to receive for any fiscal year such non-cumulatlve dividend*
as may be determined by the board, provided for the two fiscal years next
preceding the full Interest shall have been paid on the Income Mortgage
bonds. Issuable in series and redeemable, In whole or in part, at such
premiums. Ac.. as may be fixed at time of Issue.
Common Stock. 8250,000.000 Authorized; 850,447.026 Now Issued.
Of the pref. and common stock issued, the reorganization managers on
Dec. 31 1925 held 8524,800 pref. and $5,169,200 common.
BONDS,—Compare V. 104, p, 452, 1703: V. 107, p. 2477.
Prior Lien Mtge., Series A 4%; B 5% Bonds; C 6% Bonds; D 5X % Bonds.
Limited to 8250,000,000. Issuable In separate series bearing such Inter­
est rates not to exceed 6%. maturing at different dates and redeemable at
such times, and premiums as may be determined. Including Dec. 31 1925.
Series A 4% bonds In bands of public______________________ $91,562,875
Held to retire remnants of old securities__________________ 1,745,625
In Insurance fund_______________________ __________ _____
90.000
Series B 5% Bonds, held by public (V. 103. p. 1889: V. 106. p.
2006)................................................................................................... 24,950,000
Held In Insurance fund__________________________________
50.000
Held in treasury_______________________________________
5,533,500
Series C 6% bonds sold in Dec. 1918 (see V. 107, p. 2477; V. 108,
p. 2325)..............

Pledged to secure the 6% coll, gold notes dated Sept. 11924-.

10.598.000

4,000.000

Series D bonds held bypublic______________________________ 17,173.000

Held in treasury_______________________________________
3,208,700
The balance, bearing such rates of interest not exceeding 6% and having
such maturities as may be determined by the directors, are under the mort­
gage reserved and issuable for the following purposes:
9,484,000 for the refunding or acquisition of St. Louis & San Francisco
Ry. Co. gen. mtge. 5% and 6% bonds maturing in 1931.
522,000 for the refunding of equipment obligations heretofore retired.
41,591,500 for the acquisition of other lines of railroad and terminals or the
capital stock and bonds representative thereof.
25,773,600 for new equipment at the cumulative rate of $4,000,000 bi­
ennially, but only for two-thirds of cost thereof.
13,717,200 for improvements and betterments and additions other than
new mileage at the cumulative rate of $4,000,000 biennially,
but only for two-thirds of cost thereof.
•
The prior lien bonds are secured by a mortgage which is a first lien on
over 3,500 miles of railroad and, subject to the lien of $9,484,000 under­
lying mortgage bonds, for the refunding, payment or acquisition of which
rior lien bonds are reserved, and to the equipment notes and certificates,
i a lien upon all other property of the company, whether now owned or
hereafter acquired.

S

Cumulative Adjustment Mortgage Bonds.

Limited to $75,000,000. Bankers Trust Co. and E. F. Swinney, Trus­
tees. Interest payable at such rate not exceeding 6% per annum as fixed
at time of issue, but payable, prior to the maturity of the principal, only out
of the “Available Net Income.” Interest accumulated must be paid at
or before maturity, but accumulations shall not bear Interest.
The full semi-annual 3% Interest on the outstanding Adjustment bond*
has been paid to and including Apr. 1 1926, and the full 6% (annual) inter­
est on the outstanding income bonds has been paid to and including Oct. 1
1925. V. 106, p. 822; V. 107, p. 1005: V. 108, p. 1166; V. 109, p. 888.
Outstanding as of Dec. 31 1925__________________ _________ $40,532,693
Res. for part ref. stock trust certif. for pref. stock of K, O. F. 8.
AM Ry.Co........... ........................................... ...................... ........
15,125
Reserved for 33 1-3*55 of cost of equipment and Improvements
$4,000,000 biennially ($2,000,000 for equip, and $2,000,000
for improvements)_____________________________________ $20,000,000
Reserved to be issued at par after Jan. 1 1932, at the cumulative
rate ol $3,000,000 annually for that part of the cost of im­
provements and for additions other than new mileage. In re­
spect of which Prior Lien Mtge bonds shall not be Issued_ 14.452.183
Non-Cum. Income Mtge. Bonds, 875.000,000: Now Issued $35,172,000Limited to $75,000,000. Trustees, Central Union Trust Co. of N. Y and
J. H. Smith. To bear non-cumulative Interest at such rate not exseedlng6% per annum as may be named at time of Issue, but only after the
payment of all Interest on the Adjustment Bondi, which see above.
Reserved for Issue at par for Improvements, additions and equip­
ment. 1922 to 1931 $2 000.000: thereafter $3,000,000 yearly 39,808.000
Southwestern Division Bonds.—All of the outstanding 1st Mtge. South­
western Division gold bonds were redeemed on Oct. 1 1925 at par and int.
Notes.—The 6% collateral gold notes of 1924 are secured by pledge of
$4,000,000 prior lien mtge. gold bonds. Series O, 6%, due July 1 1928.
V. 119, p. 2177.




21,000
2,160.000
1,560,000
1,428,000
500,000
See text
1,085,000
450,000

A

J July 1 1928

Mar 31 '26 1X
Nov 11989
Nov 1 1989
June 1 1932
Jan 1 1952
July 1 1940
1943

1926
1926
N Y

NY

Bankers Trust Go. N Y
American Tr Co, St L

Central Union Tr N Y
Offloe, 501 5th Ave, N Y
Guaranty Trust Go, N Y
Bankers Trust Go. N Y
Equitable Tr Go, N Y
New York, London, As
New York and St Louis

Guaranty Trust Co, N Y
4Xg M A 815 Sept 1926
5X g A A O Oct '26-Apr '38 Bankers Trust Co, N Y
5X g MAS Sept '26-Mar’39 Nat Bk of Commerce.NY
5 g MAS Sept ’26-Mar ’40 New York
N Y, Eq Tr A St Louis
5 g J A D Deo 1 1947
do
do
5g F A A Aug 1 1956
Guar Tr Go. N Y A St L
5 g J A J July 1 1940
St Louis, Mo
5g F A A Aug 11955

$15,125 A 6% ad justment bonds were hel d
y. pref. stk. and und erlylng b onds.

by reorganization

Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114. p. 411: V. 119. p. 695.
DIVIDENDS.—An initial quarterly dividend of 1X% on the preferred'
stock was paid Nov. 1 1924: same amount paid quar. to Nov. 2 1926.
An Initial dividend of 1X % on the common stock was paid Jan. 15 1925:
same amount paid April 1 1925 and July 1 1925; Oct. 1 1925 to April 1 1926
paid 1X % quar.
REPORT.—For 1925, in V. 122, p. 2970, showed:
1922.
1925.
1924.
1923.
Total oper. revenue.-..$94,715,375 $90,509,130 $89,633,152 $83,008,023
Net operating revenue.. 28,786,428 26,417,127 23,698,532 20,376,291
Operating Charges—
Taxes__________________ $5,093,124 $4,631,330 $4,289,337 $3,726,684
61.142
Uncoil, railway revenue.)
(
31,757
1,051,832
Hire of equipment—net.) 1,371,199
712,907)
479.996
174,799
Joint facility rents—net. J
(
243,560

Operating income____ $22,322,105 $21,072,890 $18,653,881 $15,361,834
Other income...................
516,209
611,063
451,827
494,650

Grossincome............. .$22,838,314 $21,072,890 $18,653,881 $15,361,834
236.307
239.497
196,036
Deduct—Rentals
161,977
171.163
Misc. income charges__
167,381
Miscellaneous taxes____
13.002
13,429
16,368
574,158
271,927
Sink. & other res. funds.
245,244
295,160
Separ. oper. prop’y—loss
82.601

Bal. for bond int., &c.$22,264,156 $21,012,374 $18,339,467 $15,184,212
Interest on—
Fixed charges_______ $10,559,076 $10,439,740 $10,039,232 $9,887,7952,432,112
2,427,656
2,431,884
Gum. adjust, bonds_ 2,432,207
2,111,529
Income bonds_______ 2,110,320
2,110,320
2,109,720
Preferred dividends..
420.932
104,628
Common dividends__ 2,489,140

Balance of income___ $4,252,480 $5,925,574 $3,762,859
$753,013
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—Chairman, E. N. Brown; Pres.. J. M. Kurn; V.-P., Sec.
& Treas., F. H. Hamilton; V.-P., J. R. Koontz, J. E. Hutchison, B. T.
Wood and O. W. Michel.
DIRECTORS.—E. N. Brown, Frederick H Ecker, Walter 8. Franklin,
C. W. Michel, Theodore G. Smith, Jesse Hirschman, Ge>rge O. Fraser.
E. V. R. Thayer, Henry Ruhlender, Robert M. Thompson, New York,.
J. M. Kurn, Festus J. Wade, St. Louis; B. F. Yoakum, New York; David
P. Bennett, Pittsburgh: Grant R. McCullough, Tulsa, Okla; H. P. Wright.
Kansas City; R. E. Lee Wilson, Wilson, Ark. General office, Frisco Bldg.,.
St. Louis, Mo. New York office, 120 Broadway.—(V. 122, p. 2936.)
ST. LOUIS SOUTHWESTERN RY. CO.—System embraces:
Shreveport Branoh_____ _____ 63.2
St. Louis S W. Rg. (970miles).—
Main Line—Delta to Texarkana412.4 Paragould 8. E. Ry. (leased).. 37.3
Main line trackage__________ 1.9 SI. L. SW. Rg. of Texas (807 miles).—
Illinois Division (traokage)___ 132.4 Main L—Texark to Comanche.373.9
Cairo and New Madrid Branches 63-7 Fort Worth A Dallas Branohesl71.6
Grays Point Term. Ry. (leased) 13-3 Sherman A Hillsboro Branches 92.5Memphis Div. traokage, Ao__ 68-6 Lufkin ranoh_____________ 130.9
38.3
Cent. Ark. & Eastern (leased). 43.3 Steph. N. A 8. T. (leased).
StuttgartA Little Rook Branohea 78 8
Pine Bluff Ark. River (leased). 25.7 Total operated Dec. 31 1925.. 1.748On Jan. 1 1918 leased Pine Bluff Ark.River Ry.,26 miles.—V. 106,p.297 .
The Stephenville North A South Texas Ry.. Stephenville to Gatesville,
75 m., and Edson (near Hamilton) to Comanche, 30 m., Is leased from:
July 1 1913 with option of extension for 40 years, or right to purchase at
anytime. V. 96. p. 1090,1490,1774: V. 96, p. 1841. Leases for 30 years.
from July 1 1910. with privilege of purchase on payment of bonds, the Cent.
Arkansas A Eastern, operating from Stuttgart, Ark to England, and Rice
Jet. to Hazen; total, 45 miles. V. 90, p. 1045; V. 91, p. 397: V. 93, p. 104,
228; V. 94, p. 417, 632. Tentative valuation V. 113, p. 534, 1540.
On Nov. 22 1922 the I.-S. C. Commission authorized the company to
acquire control of the Valley Terminal Ry. by lease. V. 115, p. 2581.
It was announced in Oct. 1925 that the Chicago Rock Island A Pacific
Ry. had disposed of its interest in the stock of the company to the Kansas
City Southern Ry. V. 121, p. 1906.
Proposed Merger.—L. F. Loree, Pres, of the Delaware A Hudson, In
March 1926 announced that he was preparing to present to the I.-S. O.
Commission a petition for consolidation of the Kansas City Southern,.
Missouri-Kansas-Texas and St. Louis Southwestern railroads. V. 122;.
p. 1915, 2489.
ORGAN.—Reorg. of St. Louis Ark. A Texas, foreclosed in Oct. 1890.
•09. TO. ’ll. T2. T3. T4. T5-’21. ’22. 23. 25PREF. DIVS. (%).... 2
5
4 5X 4X IX None. 2X 5 y’rly.
Divs. on pref. stock were resumed on Dec. 30 1922 with a payment of
2X%; April 2 1923 to Mar. 31 1926 paid 1X% quar.
BONDS.—First Consols; auth. Issue. $25,000,000; unissued bonds were
reserved to retire the balance of 2d mtge. Incomes outstanding. $900 of'
consols for $1,000 of Incomes. See V. 74, p. 831; V. 75. p. 790; V. 77. p.
3160: V. 84. p. 1249: V. 87. p. 814; V. 88. p. 453.
The First Terminal and Unify ng 5s ol i912 ($100,000,000 auth. Issue)
cover ail the property secured by existing mortgages and will also have aflrst lien on all extensions, branches, equipment, Ao., oonstruoted or aoeulred with the proceeds of the bonds. Gf the bonds, $14,793,000 have
been issued, including $6,730,000 held by or for company on Dec. 31
1925. Of the remaining bonds, $38,191,000 are reserved to retire prior
lien bonds of the company and controlled companies maturing during the
life of the mortgage, and $46,924,000 for additions, improvements, equip­
ment, Ac., under stringent provisions. See V. 94, p. 1450, 1120, 560, 488:

Mat, 1926.]

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
IFor abbreviations, &c., see notes on page 81

Miles Date
Road

Bonds

Par
Value

Amount
Outstanding

Bate

When
Payable

119
Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

St Louis Troy & Eastern—
Equip trust cert SeriesA due semi-ann_________
6
1923
$1,000
$180,000
Oct ’26-Oct ’30 Liberty Cent Tr Oo, St L
St Paul Bridge & Term Ry—1st M $500,000.-xxFCz
First Tr A Sat Bk, Chis
400,000
Jan 1 1929
1909
1.000
6 g
St Paul Eastern Grand Trunk—See Chic & North West
St Paul & Kansas City Short Line RR—See Chicago R I A P
Central Union Trust, NY
m a : May 1 1930
St Paul Union Depot—First M gold, int as rental__ s
250,000
1880
1.000
1,000
North west'n Tr Oo, St P
Consol mtge gold (5100,000 are 4s), Int as rental
250,000 4 g & 5 g m & : May 1 1944
1894
J P Morgan A Oo, N Y
1st & ref M Ser A gu $20,000,000 auth red (text) .zc*
Jan 1 1972
1922 500&1000 15,000,000
5g j &
Bankers Trust Co, N Y
Salt LC Un Dep& RR—1st M 51.500.000gred 105 Bax 4.38 1908
$1,000 $1,035,000
b g m a : Nov 11938
A
Salt Lake Qar &West Ry—1st M $600,000 call 104CC
lOOAc
258.000
1916
To Sept 1941 Oont A Oom Tr A SB. Obis
7 8 MQ—
F
Second mortgage $200,000 authorized___________
35,443
Third mortgage, $150,000 authorized____________
Q—M
1919
150,000
7
San Antonio & Aransas Pass—Stock_______________
100 1,000,000
Central Union Trust, NY
First M 521.600.000 g guar p & 1 (end)...Ce.zo*&r 724.86 1893
1,000 17,544,000
4 8> J A J Jan 1 1943
San Antonio Uvalde A Gulf—1st M $13.500.000.gx
1.000 4.413.000
St Louis. Me
818 1913
g8 7 A A Feb 1 1943
See text
July 1 1957
San Diego & Arizona Ry.—Mortgage $12,000,000
1917
Quar. equip, trust certif. Series “A”_____ xxxc*
500 Ac
600,000
1921
6M J A J15 June 15 1936 San Francisco
San Francisco & San Joaquin Valley—See Atohlson T opeka & Sana Fe
Secur Tr A Sav Bk. Los A
San Joaquin & Eastern—1st M gold red text.__ c*
1.000 1.000.000
6g M A
Mar 1 1952
61 1912
San Luis Southern Ry—First mtge $1.000,000 gold..x
Internat Tr Co, Denver
32 1909
327,000
Dec 11939
1.000
0 K J A
San Pedro Los Ang & Salt Lake RR—See Los Ang ales & Salt L ake RR above
127,000
Sec Tr A Sav Bk. Los An
Santa Marla Val RR—1st M $200,000 g red 105.c*
1.000
18 1911
6g MAS Sept 1 1931
Santa Fe Prescott & Phoenix—See Atchison Topeka & Santa Fe
450,000
A J Jan 1 1926 3« Troy, N Y
Saratoga & Schenectady—Stock, $450,000 guar 7%..
100
7
Bank of Montreal, N T
294 000
Sault Ste Marie Bridge—1st M gold s f___________ xc
A J July 1 1937
1.000
ili i887
8K
865.000
6 g M A N May 1 1935
Savannah & Atlanta Ry—Brinson Ry lstMg._Fxc*
1,000
May 1921 coup in default
111 1910
Bank of America, N Y
1st & Consol M $5,000,000 conv par call 105___ c*
500 Ac 2,500.000
6 g J A J 15 May 1 1935
144 1917
8g A A O Oct 1 I960
Pt W Ter Corp g bonds $2,000,000 not o«_.x.Eq.c»
600 Ac 1.000.000
1920

SALT LAKE CITY UNION DEPOT & RR.—Owns union depot and
facilities at Salt Lake City, opened Aug. 20 1910. Stock, $200,000,
equally owned by Denver A Rio Grande Western and Western Pacific, which
Jointly guar, bonds, prin. and int. Bonds are subject to call at 105. See
table above—(V. 91, p. 523; V. 107, p. 1102.)
SALT LAKE GARFIELD & WESTERN RY.—Salt Lake to Saltalr
Beach, Garfield, Utah, Ac., 16.73 miles. V. 65, p. 824. In Aug. 1919 elec­
trification of line was completed, only electric power now used. The 1st M.
Is limited to $600,000 issued, $300,000 paid off, $42,000 call, at 104 and int.
on any int. date in reverse of numerical order. Remaining bonds are Issuable
for 80% of cost of extensions, Ac., when net earns, are twice the int. charge.
Including the additional bonds. The Salt Air Beach Co., an amusement
resort, was purchased in 1918; property is pledged on both the first and
wond mortgages. See particulars. V 104. p. 560, 864; V. 109 p. 2074.
stock, $750,000. Year 1924, gross, $203,420; net oper. Inc., $43,394; other
Income, $13,035; deductions, $45,067; bal., $11,353.—(V. 105, p. 608;
V. 106, p. 2011.)
SAN ANTONIO & ARANSAS PASS RY.—Owns from Kerrville to
Houston, 308.79 miles; Kenedy to Corpus Christi, Texas, 88.97 miles;
Yoakum to Waco, 170.95 miles; with branches, 156.15 miles; total, 724.86
miles.
The I.-S. O. Commission on Mar. 25 1925 approved and authorized (1)
the acquisition by the Southern Pacific Co. of control of the San Antonio A
Aransas Pass Ry. by purchase of capital stock; and (2) the acquisition by
the Galveston Harrisburg A San Antonio Ry. of control of the railroad of
the San Antonio A Aransas Pass Ry. by lease. V. 120, p. 1878.
The I.-S. O. Commission has placed a tentative valuation of $17,396,228
on the total owned and $17,402,723 on the total used properties of the
company as of June 30 1919.
BONDS.—Mortgage is for $21,600,000 (trustee. Central Union Trust
Co.), and the Sou. Pac. Co., by endorsement on each bond, guarantees*
unconditionally, “the punctual payment of the principal and interest.”
Bonds for $2,700,000 reserved for extension, limited to 100 miles at $27,000
per mile equipped. Abstract of mtge., V. 56, p. 540.
In 1003-04 <under order of the Texas Railroad Commission) canoeUd
11,356,000 of the outstanding $18,900,000 bonds, reduced the stook to
$1,000,000. and separated the management from -the Southern Pacific.
V 77. d. 90. 148. 401. 452, 2340: V 78 O. 2600 V 82 P. 453
For latest earnings, see “Railway Earnings Section” (issued monthly).
Pres., W. H. McIntyre, N. Y.; Treas., O. M. Louguecker. Houston, Texas;
Sec., G. R. Cottingham, Houston, Texas.—(V. 121, p. 1675.)
SAN ANTONIO & MEXICAN RY.—(V. 119, p. 1626.)
Deductions__
ANTONIO UVALDE & GULF RR. CO.—Owns San Antonio, Tex.,
Joint facility rents..........
668,388
698,396
775,001
787,116 to SAN
Crystal City, 144.43 miles; Uvalde Jet. to Carrizo Springs, 52.83 m.;
Miscellaneous rents-----43,789
42,046
61,578
20,259
Jet. to Corpus Christi, 117.26 m.; total 314.52 miles. The
Interest on funded debt. 2,667,974 2,649,714
2,522,425
2,449,192 Pleasanton
I.-S. C. Commission has placed a tentative valuation of $4,204,300 on the
Other interest..................
10,194
13,873
6,110
2,874 owned
and
used
property of the company as of June 30 1919.
Miscellaneous...............
28,284
29,113
29,292
32,346
The I.-S. C. Commission on Nov. 2 1925 approved the acquisition by
Net income.. ---------- $2,379,292 $2,365,162 $3,401,092 $2,256,679 the New Orleans Texas & Mexico Ry. Co. of control of the road by pur­
For latest earnings, see “Railway Earnings Section’’ (Issued monthly).
chase of its capital stock and bonds.
For 1924, gross, $1,521,348; net oper. Income, $282,276; other Income.
OFFICERS.—Chairman, Edwin Gould, N. Y.; Pres.. Daniel Upthegrove
St. Louis; V.-Pres., Dave H. Morris, F. W. Green, Frank M. Gould and $18 224; int., rentals, Ac., $373,626; bal., def., $73,126For latest earnings, see “Railway Earnings Section” (issued monthly)-.
N. B. Burr; Sec., Paul J. Longua, N. Y.; Treas., Charlton Messick, St.
—(V. 122, p. 607.)
Louis; Gen. Aud., J. H. Pahlmann, St. Louis.
,
SAN DIEGO & ARIZONA RY.—Owns and operates a standard gauge
DIRECTORS.—Edwin Gould (Chairman), Walter E. Meyer, Charles
Hayden, L. F. Loree, Paul Rosenthal, E. Roland Harriman. New York; steam railroad connecting San Diego with El Centro, Calif. Main and
Daniel Upthegrove, C. F. G, Meyer and F. W. Green, St. Louis. Office, branch line trackage owned aggregates 140.49 miles. In addition, company
leases or operates under trackage rights 19.68 miles of line. Lines in lower
Buder Bldg., St. Louis. N. Y. office, 501 Fifth Ave.—V. 122, p. 2647.
aggregating 44.4 miles are controlled through stock ownership
ST. LOUIS TROY & EASTERN RR.—East St. Louis, Hl„ to Troy, Ill,, California
Tijuana A Tecate Ry.
with branch 1 mile to Donkviile, III.; total. 18.9 miles; leases St. Louis A of The
of the stock is divided equally between Southern Pacific
Hl. Belt, Edwardsville, HL, to near Formosa, Ill., 7 m.; yard track and Oo. andownership
J. D. A A. B. Spreckels Securities Oo. The Southern Pacific Co.
sidings, 17.28 m.; total, 45.19 miles. Strictly a freight road. Stock, owns $7,815,000
of the total outstanding bonded debt of $10,104,000.
$850,000. The Illinois Commerce Commission in March 1925 authorized
In Dec. 1917 obtained authority to purchase physical properties of the
the Illinois Power A Light Corp, to acquire all of the outstanding stock of 8an
Diego A Southeastern Ry. In March 1919 isued $1,500,000 of its own
the company. Div. record: 12>$% in 1903 and 1904; 25% each year 1905 bonds
to make payment therefor. The San Diego & S. E. Ry. owns some
to 1909 incl.; 12^ % in 1910 and 10% in 1912. None thereafter until 1918, 73 miles
of road in and about San Diego, Calif. V. 105. p. 2366; V. 106, p.
when a div. amounting to $403,649 was paid; none in 1919; 12 % yearly, 1231, 2758;
V. 108. p. 80.
1920 to 1924, Inclusive. Equip, trusts. Series A, V. 117, p. 1557. For year
In Oct. 1918 the Oalif. RR. Comm, authorized execution of a mtge.
1925, gross, $438,373; net, $24,070; other income, $78,906; fixed charges, securing
$12,000,000
6% bonds, due July 1 1957, and also the issue of
$38,841; bal., sur., $64,135. Pres., L. E. Fischer, St. Louis.—(V. 120, $7,289,088 of the bonds.
In June 1920 the California RR. Commission
p. 1323.)
authorized the issuance of $1,000,000 bonds to pay loan advanced by
ST. PAUL.—See Chicago Milwaukee A St. Paul.
Southern Pacific RR. V. 109, p. 1987; V. 108. p. 1275; V. 107, p. 1670’
ST. PAUL BRIDOE & TERMINAL RY.—Owns 2.31 miles of right-of- In July 1921 issued $600,000 guaranteed equipment trust certificates.
way from St. Paul terminals to stock yards at South St. Paul, with receiv­ V. 113, p. 534. Stock auth.. $8 000.000; issued. $7,826,800. Income
ing yard and other tracks; total, 8.88 miles. Total owned and operated account year ended Dec. 31 1925, gross, $1,361,149; oper. income, $234,953$
other income, $103,687; deductions, $1,063,978; bal., def., $730,338. Pres.,.
under lease, 38.38 miles. V. 104. p. 953.
Bonds (auth $500,000). see table above and V. 104, p. 953. For year John D. Spreckles; V.-Pres., R. O. Gillis; Sec., L. J. Masson; Treas., W. G.
ending Dec.31 1925, gross earnings were $579,050; net after taxes. $232,611: Daniels: Gen. Mgr., A. T. Mercier. Office, Spreckles Bldg., San Diego.
rentals. Interest, Ac.. $35,312; bal., sur., $197,299. Pres., L. F. Swift. —(V. 121, p. 327.)
V.-P. A Gen. Mgr.. T. E. Good; Sec., A. A. McKechnie; Treas., H. A.
SAN JOAQUIN & EASTERN RR.—El Prado, Cal., on'the Southern
Barber. OfTice. South St. Paul, Minn.—(V. 107. p. 697; V. 108, p. 1611.) Pacific, to Oascada on Big Greek. Gal . 55.9 miles; sidings 5.8 miles.
ST. PAUL UNION DEPOT CO. (THE)— wns Union Passenger Station The I.-S. O. Commission has placed a final valuation of $1,148,000 on the
with 11.56 miles of track and Is building a new station, the first unit of property of the company as of June 30 1916. Stock, $1,000,000. all owned;
which was placed in operation in April 1920. V. 110, p. 2293; V. 109.D. by South. Cal. Edison Co., par $100. Bonds are redeemable as a whole at
par and int. on 60 days’ notice or by lot for a sinking fund of 1 % of out­
1987; V. 107, p. 1838; V. 105, 2543; V. 104, p. 560, 2119; V. 100, p. 641.
standing bonds from Mar. 1 1917 to Mar.l 1951. For year ended Dec. 31
Great Northern, Northern Pacino, Chic. St. Paul Minn. A Omana, Chic
1925, gross, $376,*>21; net oper. income, $26,085; other income, $7,532;
MU. A St. Paul, Ohio. Great Western, Ohio. Burl. A Qulnoy, Minn. St
deductions, $70,438, bal., def., $36,821. Chairman, H. E. Huntington;
Paul A S. Ste. Marie, Minn. A St. Louis and the Ohio. R. I. A Pacific
Pres., J. B. Miller; Treas., E. G. Miller; Sec., O. V. Showers; Compt.,
own the entire capital stock equally
The first A ref. mtge. 5% bonds Series “A” are guaranteed, principal and D. M. Trotfc. Office, Los Angeles, Cal.—(V. 122, p. 2188.)
interest, by the nine railroads using the depot. They are redeemable as an
SAN LUIS SOUTHERN RY.—Owns Blanc*. Colo., ou Denver A Bio
entirety at 110 and Int. on any int. date from Jan. 1 1942 to July 1 1956, Grande to Jaroso, on New Mexico-Colorado State line, 31.53 m. A. O.
both Incl., and at 105 and int. on any int. date thereafter. V. 117, p. 2543. Robinson was appointed receiver in March 1924. V. 118. p. 1521. Oom.
Stock authorized, $1,000,000; outstanding, $932,400; par, $100. Rentals stock, $750,000; pref., $250,000. Receiver’s ctfs., $40,000. V. 118, p.
oover Int. on bonds, Ac., and 4% on stock since May 1 1901. From 1881 2180. Bonds ($1,000,000) outstanding, $327,000. International Trust
to May 1901, 6% divs. were paid. Pres., C. O. Jenks: Sec., Charles Jensch. Co., Denver, trustee. The I.-S. C. Commission has placed a tentative val­
—(V. 120, p. 2266.)
uation of $303,090 on the total owned and $307,090 on the total used prop-

V. 95, p. 887; V. 98, p. 891; V. 100, p. 1673; V. 102, p. 1718. Equip,
trusts. Series F. V. 103, p. 1211. Series H, V. 116, p. 1650. Equip,
trusts of 1924, V. 118, p. 552, 1136. Secured gold not participation certi­
ficates, V. 119, p. 326.
Guaranties.—Gray’s Point Term. guar, of 1st 5s, V. 69, p. 1062. St
Louis So. W. owns all stook and leases road till Aug. 1958. V. 65. p. 413Of the Gray’s Point Term.Ry 1st Ref. A Ext. 50-yr. gold 5s, redeemabl*
after 5 yrs. at 105 (54,000,000 auth lrsue), 5500.000 are reserved tr
retire ihe first 5s, $600,000 to aoquire 5600,000 So. Ill. A Mo. Bridge bonds
$843,000 Issued and pledged under St. L. A 8. W. First Term, and Unlf
mtge. V. 93, p 273 819,890 V 85. p 222.601.
The Shreveport Bridge A Terminal Oo., which is controlled by St. L.
S. W. Ry. Co. and its $500,000 bonds ($450,000 issued) being guaranteed
by them. V. 81. p. 1097, 1101; V. 82, p. 753; V. 83, p. 815.
Oeni Ark. A Eastern 1st 5a Issuable at *25,000 per mile are guar. p. A I..
also St ephensvllle No. A So. Texas 1st 6s and Paragould Southeastern 1st
6s ($5, 000.000auth. Issue; $511,000 issued, held by St. Louis S. W. Dec. 31
1925). V. 97, p. 366, 1025, 1824. Pine Bluffs Arkansas River Ry.
(leased) 1st 5s, $126,000 issued, held by St. L. S. W. (pledged) Dec. 311925.
REPORT.—For 1925, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Freight revenues---------- $22,093,552 $21,783,501 $24,596,071 $22,297,231
Passenger........... .............. 2,486.944
2.918,929
3,390,917
2,686,794
Mail, express, Ac............ 6,504.331
1,157,549
1,085.618
946,331
Incidental, Ac------------477,578
466,312
478,514
229,557
Total oper. revenue..$26.132.262 $26,326,291 $29,551,120 $26,159,914
Maint. of way A struc.. $4,626,890 $4,232,984 $4,251,897 $4,299,438
Maintenance of equip... 5.504,331
5,878.093
6,798.326
4,831.412
Traffic expenses..............
913.528
848,087
784,522
740,968
Transportation............ 7,536,034
7,770,502
8,984,543
9,091,609
General. Ac....... .............. 1,345,076 1,298.248___ 1,170.924
1,043,999
Total oper. expenses..$19.925.859 $20,029,914 $21,990,212 $20,007,425
Net earnings.............
$6,206,403 $6,298,377 $7,560,908 $6,152,488
Tax accruals..................... 1,171.512
1,286.014
1,630.624
1,261,882
Uncollectibles...............
5,532
4,960
5,855______ 5,066
Operating income.... $5,029,359 $5,007,403 $5,924,429 $4,885,541
Hire of freight cars------162,264
184,519
249,766
109,980
Joint facility rents------299.838
252,762
254,777
239,373
Interest income-----------147,573
197,170
217,397*
169,074
Miscell. other income...
158.887
153,350
149,129
144,499
Gross income.................. $5,797,921 $5,798,304 $6,795,498 $5,548,467




120

RAILROAD COMPANIES
IFor abbreviations. &c., see notes on page 8]

Savannah Florida & Western—See Atlantlo Coast Lin
5av & Statesboro—1st M $500,000 gu p & I (end) .xo*
Savannah Union Station Co—1st M $600,000 g—Qjxr
Schuylkill Valley Navigation & RR—Stock................
Seaboard Air Line Ry Co—Com stock $40,041,000Pre!4-2% (non-cum) and partlo. $25,000,000-----Pref stock 6% non-cum & participating $2,373,100Flrst mtge gold sub] to call (see text)__ CoBa.xo*i
Refunding mtge $125,000,000 red 105__ N.xo**r*
1st & Cons M $300,000,000 serA calllO7S4 Ozc*&r*
Adjust M(5% cum int) $25,000,000 red par.FBa.xo*
Divisional Bonds and Equipment Trusts.

Atlanta-Blrm Division 1st M $10.000,000_ Coljo*
Florida West Shore first mortgage gold_____ ___ x
Equip mtge due $25,000 and $26,000 s-a__ GP.c*
do “S” due $60,000 s a___________________
do “T” due $87,500 «-a red 105__________ c
do “U” due $81 OOO s-a red 105_______ xxxc*
do “V” due $275,000 s-an red 105___ xxxc*
do “W” due $60,000 s-a red 105______ xxxc*
do “X” due $113,000 s-a red 105____ B.xxxc*
do “ Y” due $94,000 s-a red 105____ Cexxxc*
do Seab-Bay Line Co “A” due $157,000 s-a..
Equip trust No 66 due $110,000 yearly_________
Oaroilna cent 1st oons M gold guar p & 1 (end) ..Fz
Durham * Northern flrFt mtge $150,000__ MeBaz
Florida Cent & Penin second M (1st on ext, 92 m)
$5,226 p m g_______________________ Mp.xo*
Consol mtge $7,800,000 ($10,000 p m, gold.Q.zo*
South Bound 1st M gold interest rental - MeBa.zo*
Raleigh & Augusta Air Line 1st M red. (tezt)____ z
Georgia & Ala 1st M oons $6,185,000 gold-BBa.xo*
Ga & Ala Term Co 1st M oallable at 110 guar p & t.x
Georgia Carolina * North 1st M gold guar.MeBa.zc*
Raleigh & Gaston first mortgage gold___ MeBa.zc
Seaboard & Roanoke first mortgage..MeBa.zc*&r
Fla West & Nor 1st M s f“A” gu p & 1 (end)kxxx.c*
Seaboard-All Florida Ry 1st M g Ser A guar p & i
red (text)._____________________ Ba.kxxxc*&r*
a For details of proposed extension see text.
gr i Additional amountsoursrandlnv as collateral.

Miles Date
Road Bonds

e RR

33 1903
1902

2,483 1900
3,057 1909
Text 1915
1909

viz

Par
Value

Amount
Outstanding

$1,000
1.000*0
60
100
100
100
1,000 *c
1,000
100 &c
1.000

217 1903
66 1904
1916
1917
1922
1922
1923
1923
1925
1925
1922
1920
271 1898
42 1888

1,000
1,000
1,000
1,000
1,000
1.000
1,000
1,000
1,000
1,000

607
808
139
107
400
2
268
99
81
238

1.000
1,000
1,000
1,000
1,000

1890
1893
1891
1885
1895
1898
1889
1897
1886
1924

1,000

1,000
1.000

1,000
1,000

Rate
%

$185,000
600.000
4 it
676.050
6
37.019.100
23.894,100
37.300
q 12775,000
4g
r 19.350.000
4g
s37.767.500
6g
25.000.000 Up to 5
5,910,000
755.000
26.000
180,000
1,883,000
1,805,000
4.950,000
1.320.000
3,164,000
2,820,000
3,643,000
990,000
3.000,000
100,000

344.000
4.372.000
2.033 000
1.000.000
6.085.000
1,000.000
5,360.000
1.200.000
at. 500. non
7,000,000

When
Payable

Last Dividend Places Where Interest ant
Dividends are Payable.
and Maturity

3

St

3 Jan 1 1953
O Apr 1 1952
3 See text

Savannah Bk & Tr, Sav’h
Guaranty Trust Co.N V
Reading Terminal. Phila

A
A
M
F

* O Apr 1 1950
* O Oct 1 1959
&
' s Sept 1 1945
* A Oct 1 1949

24 Broad St, New Yort
24 Broad St, New York
Guaranty Trust Oo, N Y
New York Trust Co, N Y

A
J

*
&

24 Broad St, New York
M
May 1 1933
J
do
do
Jan 1 1934
J
Girard Trust Co. Phll»
July 19.’6
Dec '26-Dec’27 Com Tr Co, Phila
J
Aug '26- Aug '37 Chase Nat Bank, N V
F
do
do
A & O Oct 26-Oct '32
do
do
A & o Oct ’26-Apr '35
do
do
J & D Dec’26- J’ne'37
5g J & J July ’26-Jan ’40
4)4 g J & D June ’26-Dec’4O Cent Un Trust Co, N Y
F & A Aug ’26-Feb ’37
6
6
J & J 15 To Jan 15 1935 Guaranty Trust Co, N Y
Blair & Co, New York
4 g J * J Jan 1 1949
Mero Tr * Dep Co. Ban
*
Nov 1 1928
6
24 Broad St. New York
Jan 1 1930
««
do
do
Jan 1 1943
6g
Continental Tr Co, Bah
Apr 1 1941
5K
Continental Tr Oo, Bals
5
Jan 1 1931
24 Broad st. New v,,rk
Oot 1 1945
I*
24 Broad St, New York
Deo 1 1948
6g
24 oroau at ny;* bait
July 1 1929
5g
Continental Tr Co, Balt
Jan 1 1947
5g
5
July 1 1926
24 Broad St, New York
Dillon, Read & Co. N Y
7g M&N15 May 15 1934

n

64*
6
514
6g
6g

Dillon, Read & Co, N Y
1925
500 &c 25,000,009
6g
F & A Augl 1935
a $27 00 0 000
$45,831.000 a $18,578 ,500: bon ds proprietary c os. $5,947,000

erties of the company as of June 30 1919. Pres., Henry S. Thompson;
Sec., G. W. Brebauer; Treas., Chas. A. Robinson. Office, San Acacio,
-Colo.— V. 120, p. 3184.)
SANTA MARIA VALLEY RR.—Bettaravla to Roadamite, Cal., 18 m.
leases Guadulupe to Bettaravla, 5 m.; total, 23 miles. Has traffic arrange­
ment with Southern Pacific Co., which owns one-half of bonds. V. 101
p. 132. Stock. $300,000; par. $100. Bonds. $200,000 1st 20-year 6a.
sinking fund
gross earnings yearly: redeemable after 1915 at ’OR
For year ended Dec. 31 1925, gross, $101,964: net oper. def., $66,871;
other income, debit $1,722; int., rentals, &c., $21,760: bal., def., $86,910.
Pres., C. Allen Hancock; V.-P., C. C. Magenheimer; Sec., Gerald Magen­
heimer, Los Angeles, Cal.; Auditor, J. M. Davis, Santa Maria; Treas.,
James Irvine, Los Angeles, Cal.—(V. 101, p. 132.)
SARATOGA * SCHLNECT 40Y RR.—(See Map Del.
Hudson.)—
Saratoga to Scheneotady 20.56 m. Leased in perpetuity In 1861 to Rens
* Saratoga and lease assigned to Del. * Hudson, by which It Is operated
Rental. $31,750 per year Stook, $450,000. Divs., 7% yrly. (J. * J. 1)
—(V. 106 p. 924.)
SAULT STE. MARIE BRIDGE CO.—Owns Sault Ste. Marie Bridge,
incl. 6,421 feet of main track. The Can. Pac., Dul. So. Shore & Atl. and
Minn. St P v S Ste Marie RR cos. aerer 'o par f<»t use of bridge an
amount equal to operating expenses and interest and s. f. on debt. The
I.-S.C. Commission has placed a final valuation of $500,750 on the property
of the company, as of June 30 1916. Bonds authorized, $1,000,000. issued,
$900,000, sinking fund, $5,500 yearly, redeemable at 110 if not purchasable
at a lower figure, outstanding in hands of public, $294,000, held alive in
sinking fund, $606,000. Stock, $1,000,000. Office, 64 Wall St., New Yk.
SAVANNAH & ATLANTA RY.—Owns and operates 144.7 miles ot
railroad, extending from Camak, Ga.. on Georgia RR., to Savannah
The Port Wentworth terminal, which Is owned by the Savannah & Atlanta
Ry. Co., comprises about 3,000 acres of land lying along the Savannah River
on tidewater, 6 miles from Savannah. On this property are located a lumber
company, sugar refinery, shipbuilding concern, pulp mill, barrel factory, &c.
In Mar. 1921 Charles E. Gay Jr. and Thomas B. Felder were appointed
receivers for both companies. V. 112, p. 1025. Mr. Felder resigned as
receiver for Port Wentworth Term. Corp, in July 1922 and was succeeded
by Paul J Burrage.
The property of the Port Wentworth Terminal Corp, has been ordered
-sold at foreclosure. V. 122, p. 2647.
STOOK. &c.—In July 1917. to purchase the Savannah & Northwestern
Ry., the company Increased its authorized capital stock from $500,000 tc
$2,250,000. of which $1,250,000 is to be 7% pref. stock cumulative after
Oct. 1 1920. and the remaining $1.000,000 will be common stock.
BONDS.—In the merger of July 1917, the old securities were retired,
except the $865,000 Brinson Ry. 6s and $46,198 equipment trusts, and
there was created a new $5,000,000 First * Consol Mtge. to the Franklin
Trust Oo. of N. Y., as trustee, of which $2,500,000 Issued. Additional bond*
can be Issued for only 85% of the cost of extensions. &c., when net earning*
are twice the total Interest charge as Increased. See V 104, p 2642
May 1921 coupon was defaulted and protective committee formed; V. 112, p
1979; V. 113, p. 2506. Foreclosure proceedings to be instituted, V. 113, p
1888, 1983. Port Wentworth Term, bonds (not guaranteed), V. Ill, p
1370.
In Sept. 1919 was authorized to issue $145,125 of equipment notes to
purchase 3 locomotives and one locomotive crane. V. 109. p. 1180.
The I.-S. C. Commission on Sept. 28 1925 authorized an issue of 8% re­
ceiver’s certificates for $150,000 to retire a certificate of like amount which
matured on June 29 1925 and on Feb. 4 1926 approved the issuance of
$150,000 8% receivers’ certificates to retire a certificate of like amount which
matured on Dec. 29 1925.
EARNINGS.—For cal. year 1924, gross, $1,084,102; ry. oper. income
$154,321; other income, $1,650; deductions, $602,425; bal., def., $446,454.
Office, Savannah, Ga.—(V. 122, p. 1023.)
SAVANNAH & STATESBORO RY. CO.—Owns Cuyler to Statesboro,
Ga., 32.69 m.; sidings, 5.26 m.; trackage, Cuyler to Savannah, 20 m. Stock,
$200,000, all outstanding. Has traffic agreement with Seaboard Air Line,
which guarantees bonds by endorsement, principal and interest; Continental
Trust Co., Baltimore, trustee. V. 75, p. 1303; V. 77, p. 695. Form of
guaranty, V. 81, p. 614.
The I.-S. C. Commission has placed a tentative valuation of $349,029 on
the total used and owned properties of the company as of June 30 1918.
EARNINGS.—For year ending Dec. 31 1925, gross, $88,907; net oper.
income, $3,665; def. after charges, $19,872. Pres., J. Randolph Anderson;
Sec., Samuel A. Cann, Savannah, Ga.; Treas. and Asst. Sec., T. W.
Matthews, Portsmouth, Va. Office, Statesboro, Ga.—(V. 121, p. 1225.)
SAVANNAH UNION STATION CO.—Owns union pass, station and ter­
minal at Savannah, Ga., with 8 m. of track. Leased iy the Southern Ry.
Sav. Fla. * West, (now Atl. Coast Line RR.) and Seaboard A. L. Ry..
which own the $300,000 stook,tne rental providing for Interest and s.f, on
bonds, maintenance, *o. Pres., J. R. Kenly; Treas., Savannah Tr. Oo.
Sec., W. V. Davis.—(V. 71, p. 343; V. 74, p. 1039, 1253.'
SCHUYLKILL VALLEY NAVIGATION & RR.-Port Carbon to Reevesdaie Pa., 17.21 m.; 2d track. 5.24m.; total track, 28.94 m. Leased July 25
1861 for 999 years to Phila. & Read. RR.; assumed by P. & R. Ry. Dec. 1
1896. Rental, $29,450, which has paid 5% on stock (J&J) and State taxes.
SEABOARD AIR LINE RY. CO.—This system Includes a line from
Richmond and Portsmouth, Va., to Atlanta, Birmingham, Charleston and
Tampa. On April 1 1925 was operating 3,778 miles of road, viz.:
Mileage owned---------------------- 3,472 I Leased lines__________________ .259
Less leased to others_________
2 Operated under contract______ _ 4
Proprietary companies------------ 101 Trackage—To Atlanta, &c______ 31




[Vol. 122,

RAILWAY STOCKS AND BONDS

Also owns a 1-6 Interest in the Richmond-Washington Co., controlling the
roao from Richmond, Va., to Washington, D. C. (V. 73, p. 843), and under
traffic agreement with the Penn. RR. maintains through car service between
N. Y., Phila., Washington and the South In Jan. 1907 the entire stook of
"he Macon Dublin & Savannah, Macon to Vidalia. Ga., 93 m. was acquired
or secured under option, the $1,529,000 5*5 bonds ($1,840,000 auth Issue)
being guar., prin. and int. V. 84, p. 104, 451. Owns the entire capital stock
of tne Balt. Steam Packet Co., operating a line of steamers between Balti­
more and Norfolk.
Owns entire stock of Chesterfield & Lancaster Ry., 38 m.; also owns
entire capital stock of Charlotte Monroe & Columbia RR., McBee to Jef­
ferson, S. C., 18 miles; East & West Coast Ry., Bradentown to Arcadia,
Fla., 51 miles; Florida Central & Gulf Ry., Hernando to Inglis, Fla., 29
miles, and Kissimmee River Ry., Walinwa to Nalaca, Fla.. 7)4 miles.
In July 1912 acquired all the stook of Raleigh & Charleston RR., extendng from Lumberton, N. C., to Marlon, S. C.. 43 miles, and, through stook
jwnersblp, a 12-m extension known as the Marlon * Southern RR.; also
jf the Tampa Northern RR., extending from Tampa, Fla., to Brookville,
78 miles. V.94.P 49; V. 95. p. 906. Also guarantees $750,000 bonds and
owns stock of Tampa & Gulf Coast RR., Tampa, Fla., to St. Peters­
burg. V. 96, p. 1425. See caption “Tampa Northern RR.”
In Aug. 1925 entered into contract with the American Agricultural Chem­
ical Co. for the acquisition of the Charlotte Harbor & Northern RR. under
a 3-year lease and for the purchase of the property at the expiration of the
lease. V. 121, p. 1098.
In Jan. 1922 organized the Seaboard-Bay Line Co. V. 114. p. 522.
The I.-S. C. Commission on Aug. 13 1924 approved the acquisition by the
company of control of the Florida Western & Northern RR. under lease
and by purchase of stock Compare V. 118. p. 1774.
The Seaboard-All Florida Ry. was organized in June 1925 for the purpose
of constructing lines of railroad on both coasts of Florida, including an ex­
tension to Miami. V. 121, p. 327, 1098, 2518.
The l.-S. C. Commission on Sept. 19 1925 issued a certificate authorizing
the Brooksville & Inverness Ry. to construct a line of railroad extending
from a connection with the Tampa Northern RR. at Brooksville in a general
northerly direction to a connection with the railroad of the Seaboard Air
Line Ry. at or near Holder, a distance of 18.74 miles, all in Hernando and
Citrus counties, Fla.
The I.-S.C. Commission on Jan. 5 1926 approved acquisition by the Sea­
board Air Line Ry. of control of the railroad of the Tampa Northern RR.
by lease. The Commission also approved the control of the Brooksville &
Inverness Ry by purchase of capital stock and by lease. V. 122, p. 477.
The I.-S. C. Commission on Jan. 25 1926 authorized the acquisition by
Seaboard Air Line Ry. of control of Tavares & Gulf RR. by purchase of
stock. V. 122, p. 745.
It was announced on Feb. 18 1926 that a new and important through rail
route opening up new gateways to connections throughout the West and
extending along the west coast of Florida and across the State of Georgia
will be established as part of the Seaboard System. Compare V. 122, p .1023

CAPITAL STOCK.—

In Treasury

or Pledged.

Held by

Public.

Common Stock (par $100) --------------------------------- $3,021,900 $37,019,100
Preferred Stock $27,280,000, issued [without prefer­

ence of one part over another] as follows:
(а) As 6% non-cumulative preferred _________ 2.235.800
37.300
(б) As 4-2% non-cum pref.. 1. e., entitled to noncum. pref. divs. at 4% p. a., and after 4% on
the common, to an additional 2%___________ 1.105.900 23.894.100
Stockholders of record Feb. 24 1926 were offered 304,753 shares of stock
of the Investment & Securities Co. of Florida at $25 per share on the basis
of one-half share of Investment Co. stock for each share of preferred or com­
mon stock of the Seaboard Air Line Ry. owned, subscriptions to be accom­
panied by checks for $10 per share, the right of subscription closing March
11 1926. Further payments run from one to ten years. Compare V. 122,
p. 1023, 1452.
BONDS.—The new First and Consol. Mtge. to the Guaranty Trust
(Jo. of N. Y., as trustee secures an auth. Issue of $300,000,000 bonds, of
variable Interest rates and maturities. This mortgage is a first lien on the
136 miles of main-line track between Hamlet and Savannah, via Charleston,
Lanes and Georgetown, S. O., and on the lines running from McBee, S. O.,
located on the Hamlet-Columbia line, to Florence. Poston Sumter and
Timmonsville, S. O. The mortgage has no direct lien on the former Seahoard Air Line Ry.’s property, but there are pledged under It a majority
($45,831,000 out of $65,181,000 outstanding) of the Refunding Mtge. bonds,
which gives It a collateral Hen on 3,057 miles; and also all the stock of
Raleigh & Charleston RR. Co., Kissimmee River Ry., Tampa & Gulf
Coast RR., East & West Coast Ry. and Tampa Northern RR. Co., Florida
Central & Gulf RR., and h of the outstanding stock of Tampa Union
Station Co.,and all refunding bds. hereafter issued will be pledged '.hereunder.
On Oct. 1 1925 $37,767,500 1st & consol, mtge. 6s (Series A) were out­
standing and a further $18,578,500 were pledged; $69,739,000 were re­
served for refunding an equal amount of Seaboard refunding bonds and
various underlying bonds; the rest of said issue are to be reserved for
betterments, improvements, additions and extensions, refunding or pay­
ment of liens on after-acquired property and retirement of equipment obli­
gations under restrictions. V. 101, p. 528, 1189, 1974: V. 103. p. 1707,
1981, 2156.
Of the First Mtge. 4s of 1900 ($75,000,000), $12,775,000 are In hand*
at public and $27.000.000 are pledged as collateral under the Ref. mtge. of
1909. Of the $12,775,000, $12,433,000 are stamped subject to call at par
•n any Interest day. V. 89, p. 666.
The $125,000,000 Refunding Mortgage of 1909 provided for the Issuing
of bonds as follows: (a) To retire underlying and divisional bonds, excep

May, 1926.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on paoe 8]

Rate
%

When
Payable

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable,

$50
50
1,000
1,600

$869,450
1.389,000
164,000
250,000

6
5

1897
1904
1905

1,000
1,000
100

1,118,000
751.000
365,000

6 g A 12 & O Apr 121937
5g M15 4S Sept 15 1944
4X g M A 'S Sept 1 1945

1887

100
1,000

104.600
3.297,000

6
4g

J
J

1901

1.000

3,000,000

4g

MAN Nov 11951

1899
1909
1909
1910
1914
1924
1920
1923
1924
1925
1920

374,831,415
34,100,500
53,811,000
227.000
24,877,600
3.185 000
29,400.000
1.000 11,250,000
1,000 23 100.000
1,000 15,288,000
1,000 10,491,000
1.688,400

100
500 *0
1.000 Ao
1,000
100 Ac
500 See

Notes to steerotnfv of Treas of IT 8 (Dec 31 1924' 814.957,400,

due

1931-35: note to Director-General of Railroads, $2,000,000.
REPORT.—For 1925, showed:
Invome Account for Calendar Years.
1925.
1924.
1923.
Railway operating revenues________ $62,864,710 $53,384,173 $52,249,110
Railway operating expenses________ 46,733,363 41,387,635 40,342,260

Net rev. from railway operation__ $16,131,347 $11,996,538 $11,906,850
Tax accruals______________________ 3,023,401
2,442,535
2,204,054
Uncollectible railway revenues_____
22,583
17,808
12,314
Equipment rents__________________ 2,148,605
412,865
1,644,548
Joint facility rents_________________
114,027
109,816
87,971
$9,013,514 $7,957,963
1,035,318
516,756

Gross income___________________ $11,923,128 $10,048,832 $8,474,720
Rents and other charges____________
987,583
115,342
107,095
Fixed interest charges______________ 6,850,385
6,601,413
6,095,245
Discount on securities______________
250,185
253,134
252,939
Interest adj. mtge. bonds__________
1,250,000
625,000
1,250,000
Net income_____________________ $2,584,975

Outstandino

1889
1887

iome $10,728,000 maturing prior to 1950 and certain short-term obligation
and equip, obligations not over $72,076,000; sundry Improvements, doubles
tracking. Sue., $8,424,000; further Improvements and additions at not ovei
$2,750,000 yearly, $44,500,000. As part security for this mortgage are
pledged $27,000,000 1st M. 4s of 1900. On Dec. 31 1924 $45,831,000 ofthe
$65,181,000 Ref Mtge. bonds outstanding had been pledged under the new
First A Consol. Mtge., as will also all further Ref. Mtge. bonds. V. 92.
p. 189, 1110. 1179. 1244; V. 93. p. 470. 956.
The Adjustment Mtge. bonds (issue limited to $25,000,000) are entitled
to cumulative int. at 5%, to be payable as earned in installments of 1 X%
or multiples thereof, and are redeemable at par and all unpaid cumulative
Int. on any int. date, their lien to be immediately subsequent to the refund­
ing bonds. No divs. to be paid on the stock until any arrears of int. on
the bonds are paid in full. V. 90. p. 1171, 1297, 1555; V. 91, p. 1575. Int.
on adjustment bonds, 2 % Aug. 1 1910; 1911 to Feb. 1921 incl . 5% yearly;
then none until Feb. 1 1924, when 2X% was paid; same amount paid semi­
annually to Feb. 1 1926.
Atlanta & Birmingham division 4s of 1903 ($10,000,000 authorized issue),
see V. 76. p 1302; V. 77, p. 647; V. 81. p. 1850. Equip Tr. “R.” V. 105
p. 2007; “8.” V 105. p. 2273; “T.” V. 115, p. 1101; “U.” V. 115, p. 1430;
“W.” V. 117, p. 2433; “X,” V. 119, p. 2758.
GUARANTIES.—On Dec. 31 1924 the company was liable as guarantor
of the Athens Terminal Co. 1st M.. $100,000; Birmingham Term. Co 1st
M. (Seaboard proportion, 1-6). $1,940,000; Fruit Growers Express Co.,
payments, $474,204; Jacksonville Term. Co. 1st M. (Seaboard proportion
1-3), $400,000; 1st & gen. (Seaboard proportion, X). $100,000. and ref. &
ext. mtge., X of $3,100,000. Macon Dublin & Savannah RR. 1st M.,
$1,529,000: Raleigh & Charleston RR. prior lien & consol, mtges.. $550,000
Richmond-Washington Co. coll, trust mtge. (Seaboard proportion, 1-6),
$10,000,000; Savannah & Statesboro RR. 1st M., $185,000; Tampa & Gulf
Coast RR. 1st M.. $750,000; Wilmington Ry. Bridge Co. (Seaboard pro­
portion, >4). $217,000 S. E. Investment Co. notes, $150,000. SeaboardBay Line Co. payments, $250,000; notes to Secretary of Treasury of U. 8.,
$3,925,000: Fla. West. & Nor. RR. 1st Mtge., $7,6OO,OOO; Georgia & Ala.
Term. Co. 1st Mtge.. $1,000,000.
In July 1925 $25,000,000 1st mtge. gold bonds, Series A, of SeaboardAll Florida Ry. were sold, guaranteed, prin. and int., by Seaboard Air
Line Ry. Red. as a whole only on any int. date on 60 days’ notice, to aud
incl. Aug. 1 1926 at the principal amount thereof plus a premium of 3%,
and thereafter at the principal amount thereof plus a premium of X % for
each full year to elapse prior to Aug. 1 1935. Part of the proceeds were to
be used to redeem the entire outstanding $7,000,000 Florida Western &
Northern RR. 1st mtge. s. f. 7% gold bonds and $525,000 East & West
Coast Ry. 1st mtge. 6% gold bonds. V. 121, p. 583The Fla. West. & Nor. 1st mtge. 7% gold bonds Series “A” carry title
to Common stock of the Florida Land & Development Co., which stock in
the amount of 10 shares for each $1,000 bond will be deposited with the
trustee, deliverable without cost not later than May 15 1929 or on prior
redemption of the bond. The bonds are callable at 104 and int. on any
interest date on 60 days’ notice up to and incl. May 15 1930, and thereafter
prior to maturity at X of 1% less for each subsequent half year. V.
118, p. 2303.
The I.-S. C. Commission on Feb. 4 1926 approved the extension of $1,000,000 Raleigh & Augusta Air Line RR. 6% 1st mtge. bonds to Jan. 1 1931,
with interest at 5 %. The extended bonds shall be subject to redemption at
any time on 30 days’ notice at par and int., plus a premium of 1 %, at any
time prior to and incl. Jan. 1 1927, and at any time thereafter at par and int.,
plus a premium of X % for each full year to elapse between the date desig­
nated for redemption and Jan. 1 1931. V. 122, p. 1023.
The company in May 1926 offered to extend the $2,500,000 Seaboard &
Roanoke RR. 1st mtge. 5% bonds maturing July 1 1926, so that they shall
mature July 1 1931, with int. at the rate of 5% per annum, payable semi­
annually on Jan. 1 and July 1 at the office or agency of the company, New
York, or Continental Co., Baltimore, the present mortgage security of the
said bonds to remain unimpaired. The extended bonds shall be red. at any
time on 30 days’ notice at par and int., plus a premium of 1% of such prin­
cipal amount at any time prior to and incl. July 1 1927, and at any time
thereafter at par and int. plus a premium of X % of such principal amount
for each full year to elapse between the date designated for redemption and
July 1 1931. V. 122, p. 2648.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.

Net railway operating income____ $10,822,730
Other income____________________
1,100,398

Amount

Par
Value

Miles Date
Road Bonds

40
Shamokin Valley & Pottsville—Stook guarby Pa.R.R.
Sharon—Stock ($1,600,066) guar by rental text__ F
33
Sharon first mtge gold (Sharon toPymat, Ao) ..F.x
16
New Castle & Sben.V.—First M extended Int guar.x
17
■hreveport Bridge & Terminal—See St Louis Southwe stern
Sierra Railway (of California)—First mortgage gold.z
76
Seoond mortgage $860,000 gold____ ___________ *
76
Yosemite Short Line 1st M gold guar___________ 1
Somerset Railway—See Maine Central RR •
South Carolina & Ga—See Southern Ry Carolina Div.
South Carolina Pacific—Pref stock 6% cum_____
11
South Pacific Coast—1st M gold gu (s f 1912) ~.F,zo
97
South & North Alabama—See Louisville & Naahvil! e.
Southern Illinois & Mo Br—1st M $3,000,000 g-Ba.xc* 4.64
Southern Indiana—See Chlo Terre H & Southeastern
Southern Pacific Co—Stook ($394,451,800 auth.)...
__
Coll trust mtge gold subjeot to call par._Un.xo* Ar
Oonv bonds $82,000,000 gold redeem text..xo*Ar*
Gold bds $106,000,000 call 105 since July ’12__ G.x
S. Fr.Term. 1st M. g call 165 since ’15Usmxo*Ar*
Oonv bonds $55,000,000 g call text____ yc*Ar*
—
Collateral trust gold bonds_____ ________________
Equip tr8er E $1,250,000 due yearly_________ yc*
do Ser F due $2,100,000 yearly beg 1928 . .c*
do Ser G due $1,176,000 yearly_________ xxxc*
do Ser H due $807,000 yearly___________yc*
Equip gold notes due $187,600,yearly___________G




m

BAILWAY STOCKS AND BONDS

$1,828,943

$1,394,440

F
M
6X 8 J
4X g J

& A Feb 1926 3% Broad St Station. Phila
& S
See text
Sharon, Pa
& D Jan 1 1937
Farmers L A Tr Oo. N Y
A J Jan 1 1937
do
do

A
A

Crocker FirstN Bk.San F
do
do
do
do

J July 1926 3% Wilmington, N C
J July 1 1937
So Pac, 165 B’way, N Y

6
Q—J
4g J A D
4 g MAS
4X g J A J
4g
A A O
5g J A D
5g
J & D
J & D
5
5
M & N
4X J & D
6
J & J 15

July 1 1926 IX
Aug 11949
June 1 1929
July 1 1929
Apr 1 1950
June 11934
1944
To June 1 1935
Dec 1 ’28 to ’38
To May 1 1939
June 1 '28 to '40
To Jan 15 1935
«

Bankers Trust Co. N Y

Checks mailed
165 Broadway, New York
do
do
do
do
New York, London, As
New York
New York
New York
New York

DIRECTORS.—S. Davies Warfield (Chairman), J. Wm. Middendorf,
L. R. Powell Jr., Baltimore; L. F. Loree, B. F. Yoakum, R. C. Ream,
F. N. B. Close, Robert L. Nutt, F. Q. Brown, W. E. Hooper, Jas. C. Col­
gate, Westmore Willcox Jr., New York; Mills B. Lane, Savannah, Ga.;
Robert F Maddox, Atlanta, Ga.; J. P. Taliaferro, Jacksonville, Fla.; A. H.
Woodward, Woodward. Ala.
OFFICERS.—Pres., S. Davies Warfield; V.-P., O. R. Capps, M. J.
Caples, L. R. Powell Jr., W. R. Bonsall, W. L. Seddon, Walter L. Stanley,
M. H. Cahill; V.-P., Sec. & Treas., R. L. Nutt. General offices, Norfolk
and Portsmouth, Va.; executive offices, Continental Bldg., Baltimore, Md..
and 24 Broad St., New York.—(V. 122, p. 2944.)

SHAMOKIN VALLEY & POTTSVILLE RR. CO.—(See Maps Pa. RR.)
—Sunbury, Pa., to Mt. Carmel, Pa., and branches, 40.93 miles. Leased
Feb. 27 1863 for 999 years to Northern Central Ry. Co., with a guaranty of
taxes, interest on bonds and 6% on stock, of which N. O. owns $619,650.
The lease assumed in 1914 by the Penna. RR. Oo.—(V. 97, p. 1735.)
SHARON RY.—Owns from Newcastle, Pa., via Sharon, to Pymatuning,
Pa., with branches, 32.75 miles. Leased to Erie RR. for 900 years from
Dec. 1 1900 for taxes, interest and a sum equal to 6% on stock. Ac. In
1918 reduced to 5X% and In 1919 to 5%. due to refusal of lessee to pay
income tax. In 1922, 1923, 1924 and 1925 paid 5X% yearly.
The stock has been Increased from time to time on account of Improve­
ments and in 1919 was increased from $1,203,650 to $1,389,000 In connec­
tion with double tracking of the New Castle branch. V. 108. p. 380.
The New O. & 8. V. 6% bonds were extended In 1917 at 4X% Int. and
$164.0004Xsdue Junel 1919 until Jan. 1 1937 at 5X%.—(V.Ill p.793!)

SIERRA RAILWAY (OF CALIFORNIA).—Owns road from Oakdale
In Stanislaus County,Cal.,to Tuolumne, Tuolumne County, 56.65 m.; James­
town to Angels, 19.3 m.; total, 75.95 m.; yard, &c., track, 23.24 m. Tenta­
tive valuation, $2,077,276 as of June 30 1916.
Stock authorized. $5,000,000; issued, $3,248,000. Bonds, V. 79. p. 270.
For year ending Dec. 31 1925. gross. $592,425; net. $158,580; other in­
come, $14,402; Interest, &c., $162,671; bal., 110,311. Pres., R. H.
Downes; Sec., J. T. Bullock; Treas., O. N. Hamblin, Jamestown, Cal.—
(V. 115, p. 2047.)
SOUTH CAROLINA PACIFIC RY. CO.—No. Caro. State line to Ben­
nettsville. S. C., 10.58 miles. Oommon stock $100,000. $82,206 being
iwned by Atlantic Coast Line RR., which leases the road for a term of
Fears from Jan. 11915 at a rental sufficient to pay 6% yearly on $104,600
•um. pref. stock and dividends on the $100,000 common stock as follows
t% for 4 years ending Jan. 1 1922, and 5% thereafter to end of lease. The
pref. stock is convertible with all accumulated dividends, at option of holder
»t par into any bonds that may be Issued which would rank ahead of the
pref. stock either as to prin. or divs. V. 99 p. 1675; V. 100. p. 142.—(V.
100. 0. 142.)

SOUTH GEORGIA RY. (THE).—Adel, Ga. to Hampton Springs. Fla.
82 miles. The l.-S. C. Commission has placed a final valuation of $657,800
on the owned and used property of the co. as of June 30 1917. Inc. Mar.
6 1896 in Georgia as the South Georgia RR., name changed to present title
In 1902. Road opened from Heartpine to Quitman, Ga., 28.0 miles in Mar.
1897; extension from Quitman, Ga., to Greenville, Fla., 23.0 miles opened
In Oct. 1901. The northern terminus of the road was changed from Heartpine to Adel, Ga., 1904, and in the same year an extension (built under the
charter of West Coast Ry. Co.) was opened from Greenville to Perry, Fla.,
26.0 miles. Extension 5 miles from Perry to Hampton Springs, Fla., built
In 1915. Under date of June 30 1924 the entire holdings of the West Coast
Railway Co., bought by permission of the Interstate Commerce Commission
and the two companies consolidated under the name of The South Georgia
Railway Co.
It was announced in April 1926 that the Seaboard Air Line Ry. had
entered into a tentative agreement for the leasing of the company. V. 122,
p. 2188. Stock, 7% cum. pref., $199,000, common, $487,000. Dividends
paid in 1908-09, 20%; in 1909-10,30%; in 1910-11, 25%; in 1911-12, 35%;
in 1912-13, 45%; in 1913-14, 50%; in 1914-15, 60%; 1916, 40%; 1917, 40%;
1918, 6%; 1919, 47X%: 1920, 24%; 1921, 12%; 1922, 40%; 1923, 35%;
1924, 15% on old capitalization and IX % on new; also a stock dividend of
400%; 1925, 5%. Year ended Dec. 31 1925, gross, $265,165; net, after taxes
$56,061; other income, $15,542; int., rentals,* &c., $28,111; divs., pref.
(7%), $13,930; divs., com., $24,350; bal., sur., $5,212. Pres., J. W.
Oglesby; Sec. & Treas., C. T. Tillman. Office, Quitman, Ga.—(V. 122,
p. 2648.)
SOUTH PACIFIC COAST RY.—Elmhurst to Santa Cruz, with
branches, total, 105 miles; ferry, 3 miles. Leased for 55 years from July 1
1887 to Southern Pacific Co., which guarantees the bonds and owns all the
$6,006,000 stock.
SOUTHERN ILLINOIS & MISSOURI BRIDGE CO.—Owns bridge
(and 4.64 miles of track) across Mississippi River at Thebes, Ill. Stock,
$50,006, all outstanding, equally owned by the St. Louis Southwestern,
Illinois Central, Chicago & Eastern Ill. and Missouri Pacific, all of which,
except the last-named, have a 50-year contract dated Nov. 1 1901 for use
of the bridge, under which they agree to meet all charges. Pres., W. J.
Jackson; Sec. & Treas., F. P. Johnson.—(V. 119, p. 1283.)

SOUTHERN PACIFIC COMPANY.—(See Map.)—This company owns
only 564 m. In fee (operated by Oregon & California RR., Ac.), but prin­
cipally through ownership of stock, it controls a great system of roads
extending from San Francisco to New Orleans (thence by company’s
steamers to N.Y..&C.) and to Portland, Ore.,to Ogden. Utah, with branches:
System comprises the following, mostly described under their own titles;

122

[Vol. 122.

RAILWAY STOCKS AND BONDS

RAILROAD CO MPANIES
[For abbreviations, Ac., see notes on page 8]

Southern Pacific RR Co—Stook $160,000,000 auth
So Pao Br 1st M gold s t $50,000 1897 not drawn
First Oonsol mtge guar gold s t not drawn.Ce.xo* Ar
Northern Ry (Cal) consmow 1st) M gold.Un.zo*Ar
Northern California first mortgage gold-------- .—.a
First Ref M g gu red 105--------------------- Eq.xo’Ar*
Coast Line Ry 1st M (owned by So Pac Co)-------Southern Railway—Common stook $120,000,000 —
Preferred 6% non-oumulatlve $60.000,000----------M A O stock trust certificates__________________x
Southern Railway Issues—
First Cons M 1st on 900 m g($120,000,000)Ce.xo* Ar
Development & Gen M ($200,000,000) g..Q.xo*Ar
do
do
________________________
do
do
__________________

Miles Date
Road Bonds

240
1.686
377
54
3,109

1887
1893
1888
1889
1905

4,943 1894
text 1906
text
1906
text 1906

Par
Value

Amount
Outstanding

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

$100 160,000,000 See text See text
A O
3,533,000
68 A
500 Ac 4.127.500
5 6 M A hi
1.000 4.751,000
5g A A O
1.000 1.074.000
5g J A D
500 Ac 143,758 500
4 g J A J
M A N
700,000
6
100 120,000.000 See text
Q-F
100 60.000,000
Q-J
5
100 5.650.200
A A O
4
1.000 Ao 82 439.000
6g J A J
1.000 Ac b61,333,000
4e A A O
1,000 Ac 30,000,000
6^ g A & o
1.000 Ac 20,000,000
6g A A o

See text
So Pao, 166 B’wajf. N Y
Apr 1 1937
do
Nov 1 1937
do
do
Oct 1 1938
do
do
June 1 1929
do
do
Jan 1 1955
Nov 1 1941
(Held by So Pac Oo)
May 1 1926 1 % J P Morgan A Oo. N v
do
do
Apr 15 1920 1 X
do
do
Apr 1 1926 2%

Rate

%

July
Apr
Apr
Apr

1 1994
11956
1 1956
1 1956

do
do
do
do

do
do
do
do

b Also on Dec 31 1925 $37,519,000 in treasury.

(1) Controlled; also leased.
Miles.
Central Pacific Ry (see below) .2,359
South Pacific Coast Ry_______
105
Southern Pacific RR__________ 4,999
Oregon A California RR______ 704

Controlled as above (Concl.)— Milhs.

Houston A Shreveport RR.__
41
Houston E. A W. Texas Ry... 191
(3) Controlled by Morgan’s La. A Tex.
Iberia A Vermillion RR______
21
Less duplications. Ac. (net)__ __ 36
(2) Controlled by So. Pac. Co.—Op­
Total In system Dec. 31 ’24.12,447
erated by Cos. owning them.

Other Proprietary Companies—

(x Jointly controlled.)
Galv. Harrisb. & San Ant. Ry. 1,380
Houston & Texas Central RR.. 929 Southern Pao. RR. of Mexico.. 1,249
Louisiana Western RR_______ 208 Northwestern Pacific RR ____ x480
x63
Morgan’s La. & Tex. RR.A S3. 401 Sunset Railway (if)_________
Texan & New Orleans RR____ 508 San Diego & Arizona Ry_____ 200
Lake Charles A No. Ry.............
73 Affiliated companies______ .__1,094
Trackage agreement with Western Pacific. V. 118, p. 1270.
PROPRIETARY LINES.—These, with a total mortgage indebtedness
Dec. 31 1924 of $453,863,408, are controlled through stock ownership, only
$2,479,800 out of their total capital stock of $363,702,900 not being held on
Dec. 31 1924 by the Southern Pacific Co.
ORGANIZATION.—Organized under laws of Kentucky.
As to disposal made by Union Pacific of Its interests in company In
1913 under order of court, see V. 97, p. 50, 445. 667.
Suit by the Govt, to compel the company to dispose of its holdings in
Central Pacific was decided against the Govt. In the lower court In March
1917; an appeal by the Govt, came up for hearing In the Supreme Court on
April 17 1921, and, after full oral argument, was submitted on April 19 1921
and taken under advisement by the Court. On Jan. 9 1922 the Court
ordered a re-argument of the case. On May 29 1922 the U. S Supreme
Court ordered the dissolution of ownership and control of the Central
Pacific Ry. by the Southern Pacific Co. V. 107. p. 1542; V. 104, p. 1046;
V. 107, p. 513; V. 114, p. 199, 2470, 2718; V. 115, p. 646, 1732. The com­
pany in Oct. 1922 filed an application with the I.-S. C. Commission asking
authority to acquire control of the Central Pacific by lease and stock ownersnip, pending final determination by the Commission of a plan for con­
solidation of the railroads into a limited number of systems. This applica­
tion was approved by the Commission upon certain conditions on Feb. 6
1923. Compare V. 116. p. 685, 2768; V. 117, p. 782. As to Union Pacific
decision In 1912. see V. 97, p. 445, 667.
Oil land decision. V. 98. p. 1994; V. 99. p. 1461; V. 100, p. 399.734, 2011
V. 103. p. 1221; V. 106 p. 2123; V. 107, p. 513; V. 109. p 889. 1988. 2172
V. 110, p. 1090. In Sept. 1925 the company was awarded $4,075,478 in the
final accounting of the old Oregon-California RR. land grant cases. Com­
pare V. 121, p. 1457.
The directors on Dec. 1 1920 adopted a plan for the separation of the
company’s California oil properties and of its stock holdings in the Asso­
ciated Oil Co. from its railroad properties, a new company, known as the
Pacific Oil Co., being organized for this purpose. See Pacific Oil Co. un
der “Industrials.”
On Jan. 11917 agreed to take part In building and then to operate the San
Diego A Arizona Ry. (V, 104, p. 74). San Diego to Yuma, Cal.. 220 milet
and [tranches. V. 104. p. 74: V 105, p. 2367; V. 107. p. 514.
Southern Pacific RR. of Mexico, incorporated 1909 with $75,000,006
stock (all owned Dec. 31 1924 by Southern Pacific Co.), took over the 1,507
miles covered by Mexican concessions, extending from Empalme to Guada
lajara, 815 miles, with branch lines 692 miles, of which 1,249 miles had bees
completed Dec. 31 1924. In Dec. 1910 obtained additional concession
from Guadalajara to Mexico Olty V. 83, p. 1536; V. 84, p. 1141; V. 86
p. 350: V. 87. p. 414; V. 88, p. 303, 1622; V. 91, p. 1645, 1770. It was
announced in March 1923 that work had been resumed on the Southern
Pacific RR. of Mexico, which will connect the main line at Tucson with
Mexico City by meeting the National Railways of Mexico at Orendian All
but 98 miles of the line were completed when revolutions interrupted In
1910. This gap is now to be bridged. The road is not expected to be com­
pleted before 1926. Northwestern Pacific RR. (jointly owned with
Atchison), see that company
The Southern Pacific Equipment Co. was incorp. In May 1920. V
110. p 2293.
The I.-S. C. Commission in Sept. 1924 authorized the acquisition by the
Southern Pacific Co. of control of the carriers comprising the El Paso &
Southwestern System by stock ownership through purchase of the interest
of the El Paso & Southwestern Co. therein and by lease. Also granted
authority to the Southern Pacific Co. to issue not exceeding $28,000,000
common stock and not exceeding $29,400,000 5% 20-year collateral trust
bonds in payment for the interest of the El Paso & Southwestern System
in the Nacozari RR. Co. The operation of the properties of the El Paso
& Southwestern System was formally taken over on Nov. 1 1924. V. 119.
p. 1626. 2177.
ELECTRIC RAILWAYS.—The electric roads controlled Include (a)
Pacific Electric Ry., 689 miles of electric interurban road radiating from
Los Angeles; (b) Peninsular Ry.. serving San Jose, Santa Clara. &c., 65 m.
C) San Jose Railroads 30 m ; (d) Stockton Electric Co., 13 m.’ Visalia Eiecrlc RR., 59 m., and (e) Fresno Traction Co., 31 m. See “Public Utility
Compendium.”
OAPITAL STOOK.—Against the common stock of Southern Pacific Oo.
there was on deposit with Union Trust Oo. of N. Y. on Dec. 31 1924, stocks
of subsidiary companies as follows (at par value); Gal. Har. & San Ant,
$27,005,600: La. West. RR., $3,310,000, Morgan’s La. & Texas RR. & SS.
Oo.. $4,994,000; Sou. Pac. RR.. $124,671,861; Texas & New Orl. RR..
$4,997,500; total, $164,978,961.
Stockholders of record Jan. 14 1921 were given the right to purchase at
$15 per share one share of stock of the Pacific Oil Co. for each share of South­
ern Pacific Co stock held. See Pacific Oil Co. under “Industrials ”
DIVIDENDS.—
lOot. ’06-Apr. ’07. July’07. Oct. ’07 to July'26.
(Oommon stock)
f5% yrly. (2H 8.-a.) 1K% 6% yrly. (1>£ quar.)
BONDS. Ac.—The funded and other interest bearing debt of Southern
Pacific Co. on Dec. 31 1924 aggregated $203,181,960; of proprietary co.,
453,863,408; total, $657,045,368; held as follows: In hands of public,
526.910,418; owned by Southern Pacific Co., $102,549,951; owned by pro­
prietary cos., $4,880,000: held in sinking funds of proprietary cos., $16,-

(




256,000; owned by affiliated cos., $6,231,000; held in sinking funds of
affiliated cos., $218,000.
The 4% collateral trust gold bonds of 1899 are limited to $36,819,000 and
are subject to call at par on 6 months' notice. The $34,100,500 outstanding
Dec. 31 1924 were secured by $67,274,200 common and $17,400,000 pref.
•tocks of the Cent. Pac Ry. Co. See mtge abstract. V 69, p 59
Collateral for Central Pacific Ry. 4% 35-year European Loan of 1911:
ia) Stocks: Houston E. & W. Texas, $1,919,000; Morgan’s La. &
Tex. RR. A SS. Co., $10,000,000; Oregon & Cal. RR. com..
$6,900,000, and pref., $11,991,000; So. Pac. RR.. $35,000,000;
So. Pac. Term. Co.. $1,999,500
(b) Bonds; Galv. Har. A San
Ant. Ry 1st M, East Div., $4,728,000, and 2d Div., $1,000,000; Houston
& Texas Central Lampasas Exten. 5s, $450,000: Northwest Pac. 1st & ref.
4^s, $5,882,000; total par value, $79,869,500. V. 103. p. 1222; V. 101.
p. 2146; V. 94. p. 130, 1762; V. 92. p. 593, 794.
In March 1909 the stockholders subscribed for $81,814,000 of 4% 20-year
bonds at 96, convertible to June 1 1919 Into common stock at 130 at option
of holders and red. at 105. A total of $27,319,240 bonds were so converted
Into $21,014,800 par value of stock. V. 109, p. 285; V. 88. p. 507, 1062;
V. 89, p. 44, 105.
On June 8 1909 the directors authorized an issue of not exceeding $100,
000,000 4 H % 20-year gold bonds for “corporate purposes”; under option
then given $227,000 was exchanged, along with $20 per share in cash, for
$227,000 pref. stock; no others issued. V. 88, p. 1501; V. 89, p. 1420
“San Francisco Terminal" bonds ($50,000,000 auth.; Int. rate 5% or less)
jover Bay Shore line and terminals; $24,877,600 4s outstanding. V. 90, p.
373 448, 1555, 1615, 1678: V. 91, p 1631 v -12 p 1180.
The 5% 20-year convertible bonds sold In 1914 were convertible prior to
June 1 1924 into full-paid stock at par. They are subject to call (as a whole
only) at 105 on 90 days' notice.
Guarantees, principal and int., $40,000,000 5% gold bonds, due Aug. 1
1960, of Central Pacific Ry. V. 121, p. 194.
Equipment trusts. V 96, p. 1425; V 97. p 597. 730; V. 99, p. 1599.1675
V. 110, p. 2488; V. 117, p. 2213: V. 120, p. 2812.
Guaranty of Pacific Fruit Express Co. equipments, V. 110, p. 2082.
Eauipment trusts issued to Director-General for rolling stock allocated
to tms company. See article on page 3 and V. 113, p. 1472.
REPORT.—For 1925, in V. 122, p. 2207, showed:
[Southern Pacific Co. and Proprietary Companies.]
1922.
1925.
1924.
1923.
Operating Income—
$
$
$
$
Freight......................... .211,314,582 193,692,958 199,591,192 180,438,952
Passenger_____________ 56,101,353 56,566,134 62,158,876 59,003,550
3,581,755
Mail________
(11,054,123 11.649,054/ 3,864,973
Express_______________ [
7,653,473
1 7,748,345
All other transportation. 8,052,861
7,430,607
6,802.889
5,797,645
Incidental____________ 6,822,288
6,459,204 6,921,630
5,878,419
181,099
175,771
Joint facility—Credit__
260,824
216,139
50,763
Joint facility—Debt___
531,478
74.946
59,041
Total railway op. revs.293,074,553
Railway Oper. Exp.—
Maint. of way & struc_ 40,110,806
Maint. of equipment__ 49,196,333
Traffic_______________ 5,638,295
Transportation_______ 106,977,411
Miscellaneous operations 4,706,362
General________________ 10,513,786
Transp. for invest.—Cr. 1,533,675

275,904,111 287,204,635 262,519,170
39,367,717 41,235,817 36,806,129
47.213,238 50,451,491 48,264,068
5,239,731
4,990,768 4,417,409
99.119.568 98,559,831 92,454,185
4,347.543
3,928,319
4,105,406
8,323,359
9,399,614
8,590,865
529,013
1,393,945
1,009,728

Total railway op. exp.215,609,318 203,051,329 207,166,588 193,664,456
Net rev. from ry. oper.. 77,465,235 72,852,782 80,038,047 68,854,713
Railway tax accruals... 21,275,282 19,867,104 20,365,328 18,859,356
Uncollectible railway rev
95,349
144,539
87,738
127,593
Equipment rents—net.. 5,764,352 4,802,215
5,555,374
3,815,727
Joint facility rents—net.
16,492
Cr.62,492 Cr.198,417 Cr.170,810
Net railway oper. inc. 50,313,759

48,101,416

54,228,023

46,222,846

90,657

88,144

1,110,185
261,024

1,009,653
300,461

159,053
1,587
883,317
281,621

Dividend income______
2,780,977
Income from funded secs 3,772,912
Income from unfunded
securities & accounts. 2,365,930
Incomefrom sinking,&c.,
reserve funds_______
947,738
Other miscell. income__
536,887

2,787,677
5,852,059

16,889
4,443,170
6,045,373

30,510
3,174,044
3,252,044

1,084,931

509,276

875,035

925,102
385,440

887,573
81,050

848,925
86,396

62,613,202

60,598,491

67,609,607

55,815,379

Rent for leased roads__
227,880
Miscellaneous rents___
760,992
Miscell. tax accruals__
206,700
Interest on funded debt. 25,339,335
Int. on unfunded debt..
212,341
Amortization of discount
on funded debt_____
30,199
Maint. of invest’t org’n.
38,880
Misc. income charges__
139,466

232,968
743,735
130,092
23,091.183
392,905

239,108
762,002
542,567
21,175,721
97,122

238,399
656,088
478,234
21,202,672
107,103

72,737
28,276
152,180

76,563
23,376
140,665

87,419
23,390
421,923

Total deductions____ 26,955,792
Net income._________ 35,657,410

24,844,076
35,754,415

23,057,125
44,552,482

23,215,229
32,600,150

Non-Operating Income—

Inc. from lease of road. _
81,853
Standard return______
_____
Miscell. rent income___
1,493,683
Misc. non-op. phys. prop
314,464
Separately operated prop-

Gross income_______
Deductions—

183
R A IL W A Y S T O C K S A N D B O N D S
M a t , 1926.]



124

[Vol. 122.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
For abbreviations. <Ssc., see notes on page 8)
Southern Railway—(.Concluded,')—
Monon Joint M red 105 since 1907half share Q.xc’&r
Ool M g J9.500.000 ■ t (Mob & Ohio)___ Q,xc*&r
Eq Series
Series U gold due $255,000 M&N 15.......... PeP
Series 67 due $686,200 yearly______________ Qc*
Series W gold due $310,000 M&N___________c*

Date
Road Bonds

Miles

Par
Value

Last Dividend Places Where Interest ant
Dividends are Payable
and Maturity

Rate
%

1902 1,000&o $5,892,500
— 1901 1,000 &o 8,355.000
1.000
1916
255,000
1920
1,000 6,175,800
1922
1,000 6,820,000
1,000 5,400,000
1923
1,000 5,720,000
1924
1,000 6,345,000
1924
1926
1,000 6,900,000

4g
4g

J&J July 1 1952
M & S Sept 1 1938

4H
6g

M&NISNov 1926
Pa Co for Tns, &c,'Phila
J & J To Jan 15 1935 Guaranty Trust Co, N Y

5g
5 g

A&O Oct '26-Apr '38
M&S Sept '26-Mar '39

Disposition of Net Income—1925.
1924.
1923.
Income applied to sink­
ing, &c., funds______
1,232,776
1,203,379
1,165,183
Income appropriated for
invest, in phys. prop.
126,669
191,308
372,348
Dividends (6%)______ 22,342,854 20,942,854 20,662,854

1022.

1,128,116
20,662,854

Balance ............
11,955,111 13,416,875 22,352,097 10,809,180
DIRECTORS.—J. N. Jar vie, J. Horace Harding, Paul Shoup, Henry
W. De Forest, James S. Alexander, H. E. Huntington, Lewis J. Spence,
Ogden Mills, Cleveland H. Dodge. Walter Douglas. Edward S. Harkness,
William Sproule, Samuel Rea, Chauncey McCormick and A. D. McDonald.
OFFICERS.—Chairman Exec. Comm., Henry W. De Forest; Pres.,
William Sproule; V.-P. in charge of Traffic, T. M. Schumacher: Exec. V.-P.,
Paul Shoup; V.-P. & Sec., Hugh Neill; Treas., George M. Thornton;
Compt., G. W. Mulks. Offices, 165 Broadway, N. Y., 65 Market St., San
Francisco and Poydras & Camp Sts., New Orleans.—(V. 122, p. 2796.)
SOUTHERN PACIFIC RR CO.—(See Maps.)—4.999 m„ embracing
a through line from east bank of Rio Grande River through New Mexico and
Arizona, via Los Angeles, San Francisco and Oakland, to Tehama, in No.
California, with branches (V. 105, p. 181); 24 m. are leased to other roads
STOCK.—Sou. Pao. Co. Dec. 31 1924 held all the $160,000,000 stook.
Divs.: 4% in 1906-07; 13%, 1907-08; 5%-, 1908-09: 6% from 1909-10 to
June 1914, incl.; 5% 1914-15; 6% 1915-16; 1917 to 1924 . 6% yearly.
BONDS.—Consolidated Mortgage of 1894 abstract was in V. 57, p. 104.
The First Refunding 4s of 1905 ($160,000,000 auth. issue) will eventually
be a first lien Guaranty V 82 p 49 The mortgage is a lien subject to
existing mortgages on the entire owned mileage. It is a first lien on 2,438
miles, save lien of consol. 5s of 1893 at less than $1,700 per mile (V. 87, p.
1012). V. 88, p. 159 ; V. 89, p. 164; V. 98, p. 264. Sufficient of the issue
is reserved to retire the underlying bonds.
On Dec. 31 1924 Union Pacific owned $6,027,000 and Southern Pacific
Co. S6.425.500 or the bonds. V. 106. p. 2758.
REPORT.—For year ending Dec. 31 1924 earnings were: Income from
lease of road, $17,687,420; other income, $2,956,915; deductions, $6,548,938;
divs., $9,600,000; bal.. sur.. $4,234,055.
Pres., William Sproule.—(V. 122, p. 746.)
SOUTHERN RAILWAY CO.—(See Maps.)—System embraces 6,908
miles, extending from Washington, D. C., and West Point and Richmond.
Va., to Danville, Va.. Greensboro. N. O-, Norfolk, Va., Charlotte, N. O..
Columbia, S. O. and Atlanta, Ga., thence northerly to Bristol, Tenn..
southeasterly to the coast at Brunswick. Ga..and to Columbus, Miss.
Owned in fee—
Mines. Leased (»see this co.)—
Alexandria (near Washington)
•North Carolina RR.—
to Greensboro, N. G_______ 275
Goldsb.,N. C., to Greensboro,
Charlotte, &o_____________ 221
Charlotte, N. G., to Augusta,Ga 190
Columbia,S.Co., toGreenv.,S.C.. 144 Atlantic & Danville Ry.—
Norfolk to Danv., Va.. & br. 276
West Point, Va„ to Neapolis .. 179
Salisbury, N. C., to Morristown,
•Virginia & 8. W........................ 188
Tenn ____________
228 North Carolina Midland______
54
Memphis to Stevenson, A a___ 273 Other....................
13
Bristol to Chattanooga. Tenn
242
Controlled by Securities—
Coster to Cumberland Gap, Tenn 64 Cumberland Ry_____________
11
Ooltewah Jot., Tenn., to Bruns­
Trackage Rights—
wick, Ga__________________ 412 Hardeev’e, S. C., to Savan., Ga.
17
Austell, Ga., to Mlss.State line. 259 Washington, D. O., to Alex.,Va.
9
Atlanta Jot.. Ga., to York. Ala. 271 Stevenson,Ala.,to Chattanooga,
Roseland, Ga.. *o Ft.Valley.Ga. 102
Tenn., &c_________________
38
B.St.L.,. Ill.,. to Ind. State Line 147 York, Ala., to Meridian, Miss..
27
Branches, &o________________ 1,504 Kentucky as Indiana Term. RR.
8
Selma, N.C., to Pinnert Pt., Va. 154
Total owned_______________ 4,290 Savannah,Ga.,to Jaoksonn. Fla, 152
Leased—(*see this oo.)—
Mites Other________________
106
•Atlanta & Charlotte Air Line,
Total mileage Dec. 31 1925 .6,908
Chari., N C., to Armour, Ga. 255
•Georgia Midland Ry........... ......
98 Leased to other companies__ 117
•Mobile & Birmingham RR.—
Balance oper. Dec. 31 1925 .6,791
Mobile, Ala., to Marlon Jot.. 147
Controlled—operated separately—
•Southern Ry., Car. Div.—
Blue Ridge____________________ 44
Charleston, S. C., to Augusta,
Tallulah Falls..................................... 67
Ga., with branches to Co­
Danville & Western_____________ 83
lumbia, S. C., &o_______ 217 Atlantic & Yadkin_____________ 163
Camden,S.C.,to Marion,N.C.. 208 Yadkin RR..................
52
Blltm., N. C., to Alston, S. O. 134 H. P R. A & So. RR..................2»
Other branches___________
186 State University_____________
10
•Richmond & Mecklenburg RR.
Ensley Southern_____________ 33
Lockhart RR.________________
Tenn. & Carolina Southern___
31
Elberton Southern Ry.
Seivern & Knoxville__________ 25
Leased for 50 years from July 1 1912. Bluemont branch. 54 m.. to Wash.A
Old Dominion Ry. Water lines—Chesapeake SS Co.. 200 miles.
Also nas one-sixth Interest in Richmond-Washington Co., owning line
between Richmond and Washington, 115 miles V. 75, p. 449
Affiliated—(See each company).

Alabama Great Southern______ 3181 Northern Alabama_____________ 111
Cincinnati N. O. & Texas Paoiflc.3381 Georgia Southern & Florida____ 402
Mobile & Ohio______________ 1,1611 New Orleans & Northeastern____ 208
In July 1918 the Carolina & Northwestern RR. (V. 105, p. 605), with
lines from Chester, 8. O., to Edgemont, N. C., 134 miles, was acquired
by Southern Railway interests, but remains a separate corporation V.
107, p. 1670.
Tentative Valuation.—The I.-S. C. Commission has placed a tentative
valuation of $250,342,174 on the total owned and $349,066,622 on the total
used properties of the company and its subsidiaries as of June 30 1916.
Compare V. 121, p. 196.

Payable

do
do

do
do

5)4 g M&N Nov '26-May’37 Pa Co for Ins, &c, Phila

4)4 g A&O Oct '26-Oct '39

4J^ g
A—Properties Merged in Southern Railway Co
R1chm& Danv deb M old 5s (no longer Incomes) Cet
1882
1.000 3.368,000
6
Virginia Mid—50-yr. 5s Series “K”______________
100 &c 1,310,000
1881
5
1,000 4,859,000
General mortgage.__ ...__________ ___ .Cei
403 1886
5
East Tenn Virginia & Georgia Div mtge g...Un.so*
552 1880
1.000 3,106,000
6g
E T Va & Ga cons M g ($20,000,000) . -Ce.xc&r 1.020 1886
1,000 12,770,000
5g
B—Southern Railway Divisional Securities.
1,020 1894
1,000 4,500,000
5g
292 1898
1,000 6,883,000
5g
24 1898
500
150,000
4g
1,000 12,474,000
365 1901
4g
Mobile & Ohio bonds—See Mobile & Ohio RR Co
to (a) Southe rn Ry.
1,000
31 1898
315,000
4g
aAtlanta & Charlotte—Stock.
100 1,700,000
9
263 1914 1,000 &c 20,000,000 4)4 & 5
C—On Properties Practically Owned by (*) or Leased to (a) Southe rn Ry.
1,000 1,650,000
oGeorgia Midland first mortgage interest guar. _ Ce.x
98 1896
3g
100 4.000,000
oNorth Carolina stock 7% guaranteed____________
7
aMobile & Birmingham RR prior lien gold___ Ce.xc
149 1895 2001,000
600,000
5g
First mortgage $1,200,000______________ Ba.xc
149 1895 2001,000
4
Preferred stock______________________________
100
4
aNorth Carolina Midland RR 1st M bonds__ Ce.c*
1,000
53 1891
6g
Stock__________________________________
100
3
Northern Alabama Ry—See that company
1,000
aAtlantic & Danville first mortgage___________ Ba
278 1900
4g
1,000
Second mortgage gold______________________ Eq
278 1904
4g
Virginia & Southw—1st M g gu by Va I C & C-.G.x
136 1903 1,000 &c
5g
First consol mtge $7,000,000 gold_____ G.xc*&r*
209 1908 1,000 &c
5g




When

Amount
Outstanding

do
do
do
do

do
do
do
do

A&O Oct '26-Apr '41
J P Morgan & Oo, N Y
A&O Apr 11927
Safe Dep & Tr Go. Balt
M&S Mar 1 1931
J P Morgan & Co, N Y
M&N May 1 1936
to
dc
J&J July 1 1930
do
do
M&N Nov 11956
J P Morgan & Co, N Y
M&S Sept 1 1938
do
do
J&J July 1 1996
do
do
J&J July 1 1998
do
do
J&J Jan 1 1951
do
do
M&N Nov 1 1948
M&S Marl '26 4)4 % U S Mtge & Trust, N Y
Central Un Tr Oo, N Y
J&J July 1 1944
J P Morgan & Co, N Y
A&O Apr 1 1946
F&A Feb 1926 3)4%, Burlington, No Caro
J P Morgan & Co, N Y
J&J July 1 1945
do
do
J&J July 1 1945
do
do
J&J Jan 1926 2%
Treas, Washington, D O
J&J July 1 1931
Dec 30 Dec 1925 3% Bankers Trust Co, N Y
Bankers Trust Co, N Y
J&J July 1 1948
Equitable Trust Co, N Y
J&J July 1 1948
Guaranty Trust Co, N Y
J & J Jan 1 2003
do
do
A&O Apr 1 1958

ORGANIZATION.—Organ. 1894. V.58, p. 363.385.058.874. 1016.1058
In 1903-04 Jointly with Louisville & Nashville aoquired $13,680,300 of
the $15,500,000 Chicago Indianapolis & Louisville stook in exchange for
their Joint 50-year 4% bonds. V. 74, p. 1029, 1090.
In 1916 purchased most of stock of N. O. & Northeastern RR., which
•ee: also V. 104. p. 74: V 105. p. 1530
Effective Mar 1 1920. for the purposes of administration, the lines con­
stituting the Southern Railway system were divided into two groups, viz.:
(1) Lines West—Cincinnati New Orleans & Texas Pacific Ry., Alabama
Great Southern, New Orleans & Northeastern, Harriman & Northeastern,
Cincinnati Burnside & Cumberland River, Northern Alabama, Georgia
Southern & Florida and the St Louis Louisville, Memphis, Atlanta, Oolum-,
bus, Birmingham and Mobile operating divisions of Southern Railway;
(2) Lines East—the following operating divisions of Southern Railway:
Washington, Danville, Charlotte. Richmond. Norfolk, Winston-Salem
Columbia. Charleston, Spartanburg, Knoxville, Coster, Appalachia, Ash*
ville, Murphy and Transylvania.
STOOK.—Authorized $120,000,000 com. and $60,000,000 5% non-cum
pref. stock. As to whether the pref. is callable, see V. 72. p. 1136.
DIVS.—1’12. *13. '14. '15-’16. '17. '18. '19. '20. '21. '22. '23 to Apr. '26.
Onpf.,%/4^ 5 4J4 None 2^ 5
5
5
0 2^ 5yly. (Q.-J.15)
On common stock, paid initial div. of 1 % quar. on May 1 1924; same
amount paid quar. to Nov. 2 1925; on Feb. 1 and May 1 1926 paid 1%%>
quarterly.
Dividend suit, V. 122, p. 1165, 1606.
BONDS AND NOTES.—In Feb. 1917 plan for creation of a refunding
and impt. mtge. V. 103, p. 1593, 2079; V. 104, p. 765: V. 105, p. 1530.
First Consol. Mtge. for $120,000,000, abstract, V.59. p. 783; see V.81,
p. 1850; V. 84, p. 392; V. 89, p. 1598; V. 92, p. 796; V. 97, p. 300, 1205;
V. 99, p. 1834; V. 100, p. 310; V. 102, p. 610; V. 103. p. 580; V. 107, p. 1921.
The $1,000,000 1st mtge. 6s of Ala. Central RR., due July 1 1918, were
acquired by So. Ry. Co. and pledged under its first consol, mtge.
Application of $120,000,000 First Consol. Mortgage 5s of 1894.
Issued to date (of which $154,200 in treasury)---------------------$82,593,200
Issuable only to (“prior bonds” (see V. 59, p. 785)---------------137,406,800
retire certain I stocks (see V. 69, p. 786)_________________ J
Application of $200,000,000 Development and General Mortgage Bonds.
Issuable fortwith and to retire coll. tr. 5s ($16,000,000) Apr.1909$31,000,000
(1) To retire prior liens not provided for by consol mortgage.. 31,158,000
(2) To retire equipment obligations maturing 1906-21----------- 18,008,000
(3) To acquire capital stocks of certain leased lines-------------- 10,000,000
(4) For Eastern Division of Tennessee Central (option expired) 10,000,000
(5) To provide for future acquisitions and betterments under
stringent provisions (a) at not exceeding $5,000,000 yearly
for improvements and equipment and (b) in exchange for
1st mtge. bonds not exceeding in amount the actual cost
thereof of railroads and terminals hereafter acquired------- 99.834.000
On Dec. 31 1925 $61,333,000 of development & gen. mtge. 4% bonds
were outstanding and a further $37,519,000 was available for company’s use.
These bonds, subject to underlying liens, are now said to be a direct mtge. on
some 3,880 miles of road, a coll, lien on 1,175 miles, a lien by pledge of lease­
holds on 1,813 miles and are also secured by pledge of securities, &c. V. 82,
p. 397; V. 86, p. 1468; V. 88, p. 565, 626, 1622; V. 105, p. 1530. In Jan. 1922
$30,000,000 development and gen. mtge. bonds were issued, bearing inter­
est at the rate of 61-6%, and in Nov. 1923 $20,000,000 bonds were issued,
bearing 6% interest. Principal and 4% interest secured by lien of the
dev. & gen. mtge. Pursuant to a supplemental indenture, the company
affixed to the bonds its obligation to pay additional interest (2)4% and 2 %,
respectively), thus making the total int. rate 6J^% and 6% per ann. The
additional int. obligations will not be secured by the dev. & gen. mtge., but
In the supplemental indenture the company will covenant that it will not
create any new mtge. upon any part of the railways subject to the dev. &
gen. mtge. unless such new mtge. expressly shall secure the payment of the
additional interest obligation equally and ratably with any indebtedness
secured by such new mtge. The total 6)4% aud 6% int. obligation is com­
bined in the several coupons. V. 114, p. 307: V. 117, p. 2214.
Divisional First Mtge. 5s were Issued in 1898 on account of purchase of
Mem. & Chari. Ry. Total auth. issue, $8,000,000. V. 67, P- 179; V. 81,
p. 1180; V. 83, p. 436; V. 84, p. 392. St. Louis Division Mtge.,
V. 72, p. 138; V. 84, p. 392.
The collateral trust 4s of 1901 have been issued, $ for $, in exchange for
the Mobile & Ohio gen. 4s as acquired, by a pledge of which they are secured.
Stock trust certificates for M. & O. stock are now entitled to dividends at
rate of 4% per ann. in perpetuity (V. 72, p. 242, 822); $8,356,000 of the
$9,472,000 bonds and $5,650,200 of the $6,017,000 stock have been depos­
ited. V. 72, p. 439; V. 73, p. 664. See M. & O. statement.
Jointly with St. Louis & San Francisco RR. guaranteed bonds of New
Orleans Terminal Co., and subsequently acquired entire control of property
(see St. L. & San Fr. plan, V. 102, p. 897). V. 77, p. 38, 699; V. 79, p. 1466.
Equipment trusts, V. 81, p. 1850; V. 82, p. 1323: V. 88, p. 1374; V. 90,
p. 978; V. 97, p. 366; V. 98, p. 1158; V. 102. p. 1897: V. 103, p. 1889, 1981;
V. 114, p. 1892; V. 118. d. 13S3; V. 119, p. 1396; V. 122, n. 2037.
Atlanta & Chari. Air Line Ry. (leased line) bonds, V. 102, p. 1058, 1162.
As to extension and guaranty of South Carolina & Georgia Ry. bonds in
1919 see Sou. Ry., Carolina Division, below, and V. 108, p. 1166, 1512.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 411; V. 115, p. 1321.
REPORT.—For 1925, in V. 122, p. 2217, showed:
1925.
1924.
1923.
1922.
$
$
$
$
Gross oper. revenues...149,313,892 142,486,514 150.467,985 128,489,847
Total oper. expenses___ 103,811,952 102,674,674 112,414,259 97,170,133
Net rev. from oper__ 45,501,940 39,811,840 38,053,727 31,319,714
Taxes and uncollectible
7,752,105
7,041,796
5,853,511
railway revenue_____
9,490,244
1,617,016
2,883,794
4,993,425
Eq. & joint facility rents
925,674

35,086,021

30,442,720

28,128,137

20,472,778

May, 1926.]

RAILROAD COMPANIES
IFor abbreviations. &c., see notes on page 81

Miles Date
Road Bon ds

Southern Railway, Carolina Division—
aSo Car & Ga 1st M g ext gu call 107^4 ..Ce.xxxc*
248 1919
1895
♦Spar Union & Col $1.000,000____________ g.C.xc*
1902
General mortgage $18,000,000 gold_____ _____ .N
42 1905
Transylvania RR 1st'mortgage.. .... G.xc*&r
Southwest Penn RR—See Pennsylvania RR
333
Southwestern (Georgia)—Stock (see text)------------Spartanburg Union & Columbus—See Southern Ry Caroli na Di
141 1905
Spokane Internatl—First M $4,200,000 g -Coi.vc*
Coeur d’A & Pend d’O 1st M $544,000 g gu. Us.vc*
22 1910
Spok P & S—1st M $125,000,000 g red text.Ce.c&r
495 1911
Spuyten Duyvil & Pt Morris—See New York Central RR
State Line & Sullivan—1st M $300,000 g._ Un.xc*
24 1898
Staten Island Ry and Staten Island Rapid Transit —See Baltim
Stephen Nor & Sou Texas RR—1st M g gu red 105 c*
105 1910
Stony Crk—lstM$35O.OOOext’O7 gu (V85,p532). FP.x
10 1872
1924
Sullivan County RR—First mortgage_______ c*&r*
Banbury Hazleton & Wilkes-Barre—Sunbury & Lewis town- See Pe
Suncook Valley—Stock---------------------------------------Susquehanna Bloomsburg & Berwick—See Penn sylvan la
Syracuse Binghamton & N Y—Stock 12% rental ...
81
Tallulah Falls—First mortgage
............................. 0
58 1909
Tampa & Gulf Coast—1st M g gu red 105.CoBa.xc*
78 1913
1909
Tampa & Jacksonville—First mtge (see text)......... Qx
1906
Tampa Northern—First M $5,000,000 g red 106.. OBx

-Other income_________

5,273,998

4,842,661

3,584,167

Par
Value

Balance------------------- 19,579,172

14,769,140

12,136,998

Amount
Outstanding

$1,000 $5,250,000
l,00fi 1,000,000
1.00C 5,000,000
434,000
1,000 &c
100 5,191.100
vision.
1,000 4,200,000
544,000
1.00C
1,000 &c 73,710,000

Rate
%

100
1,000
1,000
1,000

4,483,467

7,323,797

For latest earnings, see “Railway Earnings" Section (issued monthly).
OFFICERS.—Pres., Fairfax Harrison; V.-P. & Gen. Counsel, L. E.
Jeffries; V.-P,, H. W. Miller, R. B. Pegram, Elmer R. Oliver, J. B. Munson,
F. S. Wynn; Treas., E. F. Parham; Sec., C. E. A. McCarthy; Compt.,
E. H. Kemper.
DIRECTORS.—Fairfax Harrison, Belvoir, Va.; Henry W. Miller, Wash­
ington; Jonathan Bryan, Richmond, Va.; Robert Jemison Sr., Birmingham,
Ala.; Adrian Iselin, Devereux Milburn, Jackson E. Reynolds, Walter S.
Case, Guy Cary, Jeremiah Milbank, New York; Gasper G. Bacon, Boston;
R. S. Reynolds, Louisville, Ky. General office, 1300 Pennsylvania Ave.,
Washington, D. C. New York office, 120 Broadway.—(V. 122, p. 2037.)
SOUTHERN RAILWAY CAROLINA DI VISION—Cayce, S. C., to
Hardeeville, 129 miles; Charleston, S.C.,to Augusta, Ga., 136 m.; King▼ille, S. O., to Marion, N. C., 208 m.; branches, &c., 272 m.; total, 745 m.
Leased to the Southern Ry. Stock authorized, $7,798,700, of which
$4,174,700 owned by the Southern Ry. V. 75, p. 136. Holders of $5,250,000 South Caro. & Georgia 1st M. 5s, due May 1 1919, had the privilege
of extending their bonds for ten years at 514 %, at the same time receiving
a cash bonus of 2 %. The extended bonds are guaranteed (endorsed) as
to principal and interest by the Southern Ry. Co., and are subject to call
at 10714 and int. V. 108, p. 1166, 1512, 2023.
SOUTH-WESTERN RR. (Georgia).—Owns Macon, Ga., to Eufaula:
Fort Valley to Columbus, Ga., &c., with branches, total 333 m. Leased
for 101 years from Nov. 1 1895 to Central of Georgia Ry.; rental 5% on
stock. Office, Macon, Ga.—(V. 110, p. 872.)
SPOKANE INTERNATIONAL RY.—Owns Spokane, Wash., to Eastport, Idaho, on Can. Pac. Ry., 141.37 m.; leases for 50 yrs. Coeur d’Alene &
Pend d’Oreille Ry., Coeur d'Alene Jet., Idaho, to Coeur d’Alene, 9.04 m.;
Corbin Jet. to Bay View, Idaho, 11.61 m., operated under trackage rights
in Spokane, 3.67 m.; total operated, 165.69 m. Stock, $4,200,000; par of
shares, $100. V. 81, p. 156,1551. Tentative valuation, V. 113, p. 1054.
Year— Gross Earns. Net Earns.
Oth. Inc.
Int., &c.
Balance.
1925 -..$1,254,965
$354,666
$9,175
$343,561
sur.$20,280
1924--. 1,088,664
184,971
7,284
327,581
def.135,326
1923 — 1,165,813
229.432
11,549
339,860
def.98,879
1922 ... 1,229.532
335,424
10,137
325,621
sur.19,940
For latest earnings, see “Railway Earnings Section’’ (issued monthly)
Pres., C. T. Jaffray; Sec., W. R. Harley, Minneapolis; Treas., J. C.
Williams, Spokane, Wash.—(V. 113, p. 1054.)
SPOKANE PORTLAND & SEATTLE RY.—(See Map Northern Pacific.)
Road Oper. (554.60 to.)— Miles.
Corporations Controlled—
Miles.
Spokane,Wash., to Portl., Ore .369.47 Oregon Trk.Ry.(V. 89, p. 666)-151.9
Goble, Ore., to Holiday, Ore.. 79.41 Oregon Elec. Ry. (V. 92, p.
Lyle, Wash.,to Goldendale,Wash42.21
323; V. 107, p. 2188)_____ 156.26
Warrenton,Ore.,to Ft.Stevens.- 3.54 United Rys.(V.90,p.1297,1364)29.35
Trackage rights______________24.68
Leases Wilbridge to Goble, Ore.35.29
From Vancouver, Wash., to a point near Portland, Ore., the line is owned
•as to an undivided 2-3 by this company and 1-3 by Nor. Pac. Ry.
Jointly controlled by Northern Pacific and Great Northern. Stock auth.,
$62,500,000; outstanding $40,000,000, equally owned by Nor. Pac. and
Great Northern, together with the $73,710,000 bonds issued which were
Jointly guaranteed and held in treasuries of two companies.
Of the 1st gold 4s of 1911 ($125,000,000 auth. Issue), redeemable at 105
and int. after March 1 1931, $80,000,000 are issuable for corporate purposes,
$25,000,000 are reserved for acquisitions, stocks and bonds in other com­
panies, and $20,000,000 reserved for impts., &c., at not exceeding $1,000.000 a year. V. 92, p. 886.
Equipment trusts issued to Director-General for rolling stock allocated
■to this company. See article on page 3 and V. 119, p. 326.
REPORT.—For calendar year 1925, gross oper. rev., $8,184,940; net
oper. income, $1,983,580: other income, $942,031; interest, rentals, &c.,
$4,467,799; bal., def., $1,532,188.
For latest earnings, see “Railway Earnings Section” (issued monthly).
Pres., W. F. Turner; V.-Pres., Geo. T. Reid; Sec. & Compt., Robt.
Crosbie; Treas., J. E. Mang.—(V. 119, p. 326.)
SPRINGFIELD, HAVANA & PEORIA RR—(V. 122, p. 1452):
STATE LINE & SULLIVAN RR.—Owns Monroeton, Pa., to Berenice,
Pa., 24.06 miles. Stock, $980,250 (par, $50). Dividend, 1%, paid Dec. 7
1904. Mortgage covers 5,000 acres on coal lands. The bonds are subject to
call at par. V. 67, p. 1209. Road leased till 1934 to Pennsylvania &
New York Canal & RR. (rental, $40,000 per annum), and so operated by
Lehigh Valley.—(V. 74, p. 479: V. 76, p. 332.)
STEPHENVILLE NORTH & SOUTH TEXAS RR.—Owns Gatesville
to Comanche, Texas, 68.50 m.; Edson to Stephenville, 37.02 m.; total,
105.52 m. Stock all owned by St. Louis Southwestern Ry., which leases
the road (V. 118, p. 1912) and operates it as part of its Waco division.
—(V. 118, p. 1912.)
STONY CREEK RR.—Norristown to Lansdale, Pa., 10.22 miles; total
tracks, 14.15 m. The I.-S. C. Commission has placed a tentative valuation
of $382,225 on the owned and used properties of the company, as of June
30 1917. Stock, $300,000 auth. (par $50), of which $176,100 outstanding,
the Reading Company owning $110,900. Bonds, principal and interest,
guaranteed by P. & R. RR. Co.—(V. 122, p. 880.)

2,500,000
• .519,000
1,184,000
520,000
1,258,000

When
Payable

Last Dividend Places Whe e Interest and
and Maturity
Dividends are Payable.

J P Morgan & Co, N Y
514 g M&N May 1 1929
do
do
4 g J & J Jan 11995
do
do
4 g J & J July 1 1952
Guaranty Trust Co, N Y
J & J Jan 1 1956
5g
J & J Jan 1926 214% Macon and Savannah.Ga
5

5g
5g
4g

1,000
272,000
414 g
ore & Oh io
5g
1,000 2,607,000
4
350,000
1.00C
357,000
6g
1,000
nnsylvanl a RR
341.700 See text
100

Total gross income..'. 40,360,020 35,285,381 31,712,304 24,956,245
Interest & rentals___ 17,780,847 17,516,241 16,575,305 16,132,449
Dividend on pref. stock. 3,000,000
3,000,000
3,000,000
1,500,000




125

RAILWAY STOCKS AND BONDS

12
5
6g
5
5g

J &
J &
M &

J July 1 1955
J July 1 1960
S Mar 1 1961

J

J July 1 1929

&

J & J July 1 1940
A & O Oct' 1 1957
A & O Apr 1 1944

J

A

J See text

Q—F
M & S
A & O
A & O
J do J

Feb
Meh
Apr
Apr
July

1
1
1
1
1

Amer Exch Nat Bk. N Y
do
do
Central Union Trust,N Y
do

do

Guaranty Trust Co, N Y
Reading Terminal, Phila
Safe Dep & Tr Co,Boston
Manchester, N H, Nat Bk

1926 3% D L * W RR Co. N Y
1959
Guaranty Trust Co. N Y
1953
New York & Baltimors
1949
Oct 1914 Int not paid
Old Colony Tr Co, Boston
1936

SULLIVAN COUNTY RR. (THE).—Road from Bellows Falls to
Windsor, Vt., 26-04 miles. Operated since April 1893 by Boston & Maine
as agent under lease of Conn. River RR. (consolidated with Boston & Maine
RR. on Dec. 1 1919), the Sullivan County receiving earnings over charges
with a minimum guaranty of 8% on stock.
Stock, $500,000, owned by Vermont Valley RR. First mtge. 6% bonds,
V. 118, p. 2825.—(V. 118, p. 2825.)
SUNCOOK VALLEY RR.—Owns Suncook to Pittsfield, N. H., 17.55
miles. The lease to the Boston & Maine RR. was cancelled Sept. 15 1924,
and the road is now being operated independently. V. 119, p. 457. Pres..
Frank W. Sargent, Manchester, N. H.—(«V. 120, p. 2009.)
SUSSEX RR.—Stanhope to Franklin, N. J., and branch, 30 miles.
Operated under lease by Del. Lack. & Western, which owns a majority of
the $1,638,000 stock. V. 118, p. 1013.—(V. 118, p. 1013.)
SYRACUSE BINGHAMTON & NEW YORK RR.—Geddes, N. Y., to
Binghamton, N. Y., 81 miles. Stockholders voted Dec. 6 1911 to lease the
road during its corporate existence to the Del. Lack. & Western RR. for
12% on the $2,500,000 stock, of which the lessee at last advices owned
$2,199,100. Lease took effect Oct. 1 1912. In the suit of minority stock­
holders Justice Geigerich in the Supreme Court in N. Y. on Nov. 16 1916
decided that the lease of 1912 was inequitable to the minority interests.
Gn July 2 1920 the Appellate Division reversed the judgment of the trial
eourt and dismissed the complaint. The Court of Appeals affirmed the
judgment of the Appellate Division. The matter is now finally disposed of.
DIVS.— 1 ’89. ’90. ’91. —1892 to 1909— ’10-T2. Since to Feb. ’26.
Percent------ ] 8
8 13 8 y’ly (2% quar.) 10 y’ly
12 yearly (3.Q-F)
—(V. 94. p. 828; V. 95, p. 481; V. 103, p. 1982; V. 106. p. 601.)
TALLULAH FALLS RY.—Owns Cornelia, Ga., to Franklin, N. O„
57.20 miles. Southern Ry. owns $200,000 common stock, of which $199,500
and $123,400 pref. stock and $1,519,000 bonds are deposited under its
development and general mortgage. V. 88,, p. 687, 750, 884. Joseph
F. Gray, Cornelia, Ga., was appointed receiver in July 1923. V. 117, p. 89.
The I.-S. C. Commission has placed a final valuation of $1,795,000 on
the company’s property owned and used, as of June 30 1916, and $132 on
the property used but not owned.
Receiver’s operations for year ending Dec. 31 1924, gross, $213,422; net
oper. inc., $14,748.—(V. 120,p. 207.)
TAMPA & GULF COAST RR.—Operates from St. Petersburg to
Tampa. Fla., 55.2$ m., including trackage. 7.82 miles; Tarpon Springs RR.,
Tarpon Junction to Port Richey, 28.68 miles. Has a 50-year trackage agree­
ment with Tampa Northern RR., giving entrance into Tampa and use of
Tampa terminals. The Seaboard Air Line Ry. guarantees the bonds, prin.
and interest and also owns the entire capital stock.
The I.-S. C. Commission has placed a tentative valuation of $1,016,825
on the total owned, and $1,029,325 on the total used property of the com­
pany as of June 30 1918.
Of the 1st 5s ($5,000,000 authorized issue) the remainder is issuable
for extensions or branches at $12,000 per mile, or, in case net earnings for
a preceding year shall have been
times the Interest on outstanding
bonds, additional bonds may be issued to such an amount that the total
shall not exceed $17,500 per mile of main track. V. 96, p. 1425. For
1924, gross, $1,084,356; net oper. inc., $421,307; other income, $8,332:
Interest, rentals, &c., $290,760; bal., surp, $141,879. Pres., S. Davies War­
field, Baltimore; Treas., R. L. Nutt, New York.—(V. 122, p. 93.)
TAMPA & JACKSONVILLE RY.—Sampson City to Emathia, Fla.
56 m. Stock auth., $1,000,000; par, $100; issued, $604,900. The 1st 5s are
limited to $10,000 per m. V. 89, p. 1543. Coupons due Oct. 1 1914 in default
Reorganization Plan.—H. A. Smith and F. J. Lisman, the protective com­
mittee for the $520,000 1st mtge. 5% 40-year gold bonds under deposit
agreement dated Dec. 1 1916 and who are also reorganization managers,
have formulated a plan of reorganization dated Sept. 15 1925.
The committee has entered into an agreement witlj the Seaboard Air Line
Ry., subject to approval by the I.-S. C. Commission, pursuant to which,
if the committee is the successful bidder at the foreclosure sale, all of the
property so acquired will be transferred to a new company which will issue
$450,000 new 1st mtge. 6% 25-year gold bonds, which bonds, in consider­
ation of a transfer of all of the capital stock to be issued by the new company,
will be guaranteed as to both prin. & int. by the Seaboard Air Line Ry.
Under the reorganization plan it is contemplated that bondholders will
receive for each $1,000 certificate of deposit for bonds (with Oct. 1 1914,
and subsequent coupons attached) and for each $1,000 bond with like
coupons attached which have not already been deposited with the com­
mittee but which may be deposited under the plan of reorganization, $750
of new 1st mtge. 6% bonds, dated Jan. 1 1926, guaranteed both as to
principal and interest by the Seaboard Air Line Ry.
Capitalization.—Subject to the approval of the I.-S. C. Commission, the
new company is to issue the following securities:
(a) $450,000 1st mtge. 6% 25-year gold bonds, to be secured by and
Issued under an open railway mtge. covering the railroad and railroad
properties and after acquired properties. These bonds may be redeemed
by the new company on any coupon date at par on 90 days’ prior notice.
(b) 50 shares of common stock, par $100 each.
Upon the organization of the new co. and the sale and transfer to it of all
of the properties acquired at judicial sale by the committee, the entire capital
stock of the new co. is to be delivered to the Seaboard Co. in consideration
of the guaranty of the Seaboard Co. of the prin. & int. of the bonds.
The I.-S. C. Commission has placed a final valuation of $500,000 on the
owned and used property of the company as of June 30 1915.
Pres., F. J. Lisman, N. Y.; V.-P. & Gen. Mgr., G. F. Allen, Gainesville,
Fla.; Sec., H. W. Waits, Gainesville, Fla.—(V. 122, p. 2489.)
TAMPA NORTHERN RR.—Owns Tampa, Fla., to Brooksville, 50 miles.
In July 1912 the Seaboard Air Line Ry. acquired entire stock and in Jan.
1926 leased the road. V. 122, p. 477. The I.-S. C. Commission has placed
a tentative valuation of $1,112,464 on the owned and $1,123,713 on the
used properties of the company as of June 30 1918. Stock, pref., $250,000’
common, $500,000. Bonds (authorized issue $5,000,000) are limited to
$10,000 per mile of road, 80% of hte cost of new equipment and the actual

126




RAILWAY STOCKS AND BONDS

[Vol. 122.

May, 1926.]

RAILWAY STOCKS AND BONDS

127

128

RAILROAD CO TP ANTES
[For abbreviations. &c.. see notes on page 8]

Tampa Union Station Co—First mortgage-----------Tavares & Gulf RR—1st M gold---------------------- Bax
Tennessee Central Ry—Common stock--------------Convertible preferred stock______________________
First mtge bonds red 105 $3,000,000 auth_____ zc*
Collateral trust notes___________________________
Terminal Railroad Association—First mtge gold G vc*
First Consolidated mtge $12,000,000 gold—Gxo*
Gen M Ref $50,000,000 g s f call (text)— Ce.xo«*rEquipment trusts due $22,800 yearly_________ G
Terre Haute & Peoria—
First mtge $2,500,000 gold guar p * 1 (end).Un.zc*
Texas Central—Common stock $2,675,000 authorized
Preferred stook non-cumulative $1,325,000 auth
Texas Midland RR—First Refunding mtge $2,500,000

Miles Date
Road Bonds

Par
Value

1910
34 1890

295 1922
1922
L8»y
1894
inna
1920

145 1892

iii

1908

Amount
Outstanding

Rate
%

$225,000
299.000
60,000 shs.
500,000
3,000,000
1,500,000

5
5g

M & N Nov 1 1940
J&J July 1 1921

8*

A

5.000.000
23,790.000
205,000

4g
6

7.UOU.IXX)

1.000
$1,000

cost of terminals. V. 87, p. 814‘ V. 89, p. 1484. Govt, loan, V. 112, p.
2750. Pres., S. Davies Warfield, Baltimore- Sec. & Treas., R. L. Nutt,
24 Broad St., N. Y.—(V. 122, p. 478.)
TAMPA SOUTHERN RAILROAD.—(V. 120. p. 2939.)
TAMPA UNION STATION CO.—Property used Jointly by Atlantlr
Coast Line RR., Seaboard Air Line, Tampa Northern and Tampa &
Gulf Coast RR.
TAVARES & QULP RR.—Owns Ellsworth Jet. to Ocoee, Fla., 28.02
miles; Walt's Jet., to Clermont, Fla., 5.93 m.; trackage. Tavares to Ells­
worth Jet., 3.39 m.- total, 37.34 miles. Incorp. Mar. 27 1890. The T.-S.
O. Commission on Jan. 25 1926 authorized the acquisition by the Seaboard
Air Line Ry. of control of the road by purchase of stock. V. 122, p. 746.
Stock, $250,000- par, $100. The $299,000 1st mtge. 5s matured July 1
1921- no provision was made for their retirement.—(V. 122, p. 746.)
TENNESSEE ALABAMA & GEORGIA RY.—Owns road from Tennes­
see State line to Gadsden, Ala., 86.74 m.; trackage to Chattanooga, 7.85
m. V. 91, p. 1628, 336; V. 92,p. 323. Gen. Mgr., Charles Hicks was
appointed receiver in Dec. 1920. V. Ill, p. 2424; V. 112, p.1284. The
road was sold April 8 1922 to C. E. James, Chattanooga, for $130,000.
The I.-S. C. Commission has placed a tentative valuation of $1,422,809
on the total used and $1,372,809 on the total owned property of the company
as of June 30 1917.
STOCK.—The I.-S. C. Commission has authorized the company to issue
$200,000 Common stock and $400,000 Pref. stock and to assume obligation
In respect of $97,500 notes made by C. E. James. V. 115, p. 1533. Up to
May 1923 the entire preferred stock was held In treasury.
The I .-8. C. Commission on Aug. 30 1923 authorized the company to issue
$500,000 of common stock at par and $1,062,000 of 50-year 6% 1st mort­
gage gold bonds at 90. Compare V. 117, p. 1237.
For 1924, gross, $272,218; net oper. def., $20,331; other income, $41;
Int., rentals, &c., $54,533; bal., def., $74,824.
Pres., O. E. James; V.-P., W. T. James; Sec. & Treas., J. L. Davies,
Chattanooga, Tenn.—(V. 120, p. 2143.)
TENNESSEE CENTRAL RY. CO.—Incorp, in Tennessee Jan. 26
1922. Company purchased all the properties of the Tennessee Central
RR. and possession of same was given at midnight Jan. 31 1922. Mileage:
Main line owned and operated, 294.95 m.; leased, 1.40 m.; total operated,
296 35 miles.
STOCK.—In addition to the amount outstanding as shown in table at
head of page, 10,000 shares of common stock are reserved for conversion of
preferred stock.
BONDS.—See table at head of page.
REPORT.—For 1925, gross revenues, $3,197,233- net oper. income,
$430,167- other income, $15,367- interest, &c., $251,580’ balance, $193,954.
For latest earnings, see “Railway Earnings Section” (issued monthly).
Pres., H. W. Stanley: V.-Pres., B. P. Morse; Sec., W. T. Hale Jr.;
Treas., P. D. Houston; Comptroller, Wm. M. Mooney. Office, Nashville,
Tenn.—(V. 122, p. 2944.)
TENNESSEE KENTUCKY & NORTHERN RR.—Leases for long term
Cincinnati Nashville & Southern Ry., which extends from Algood, Tenn., on
Tennessee Central RR. to Livingston, 17 miles. V 98, p. 238. The
Cincinnati-Nashville South. Ry. is successor to Overton County RR., fore­
closed Aug. 13 1912; V. 95, p. 481. The Cin.-Nash. Sou. Ry. has issued
$25,000 stock and $150,000 1st M. tax exempt 25-yr. gold 5s, due Oct. 15
1937; int. A. & O. at Colonial Trust & Savings Bank, Chicago, Ill., trustee;
denomination $1,000 each. The Tenn. Kentucky & Northern has issued
$10,000 stock and no bonds. The I.-S. C. Commission has placed a tenta­
tive valuationiof $835 on the owned and used property of the company and
$195,000 on the used but not owned property as of June 30 1918. For 1924,
gross, $88,540' net oper. income, $19,305- deductions, $13,912- bal., sur.,
$5,393. Pres., Mrs. P. E. Clark- V.-P. & Gen. Mgr.. C. P. Clark; Sec. &
Treas., F. E. Gillis, Nashville, Tenn.—(V. 122, p. 2944.)
TENNESSEE & NORTH CAROLINA RY. CO.—A reorganization, as
of June 26 1920, of the Tennessee & North Carolina RR. Operates New­
port, Tenn., to Crestmont, N. C., 19)4 miles (2 miles over leased track).
Leases Pigeon River Ry., West Canton to Spruce, 17 miles; total operated,
41.48 miles. The road was bought in on June 7 1920 for $200,000 by Fred
Ely of Philadelphia on behalf of A. J. Stevens, representing the bondholders.
The I.-S. C. Commission has placed a final valuation of $431,322 on the
owned and used property of the company as of June 30 1916.
«
Capital stock authorized and outstanding, $250,000. Year 1925, gross,
$143,031; net oper. income, $35,403; other income, $12,550; rentals, &c.
$44,615; bal., sur., $3,338. Pres., C. Boice; V.-Pres., W. J. Parks; Sec. &
Treas., J. W. Bell.—(V. 122, p. 72, 1167.)
TENNESSEE RR.—Organized in 1918 in Tennessee, following a receiver­
ship of the Tennessee Railway (V. 107, p. 502). The main line as now oper­
ated extends from Oneida to Fork Mountain, about 45 miles, with several
short branch lines in Scott, Campbell and Anderson counties. The main
line and branches are chieflv used to handle timber and coal.
The road was in receiver’s hands from Jan. 21 1921 to Feb. 13 1922.
New securities authorized, &c., compare V. 115, p. 1633.
The I.-S. C. Commission has placed a tentative valuation of $1,006,865
on the property of the company, as of Jude 30 1918.—(V. 122, p. 2944.)
TERMINAL RR. ASSOCIATION OF ST.LOUIS.—PROPERTY .—Owns
and operates extensive terminals at St. Louis, with belt lines and bridges,
and a tunnel 4.800 feet in length; owns and operates East St. Louis &
Oarondelet Ry., 7.78 m., slnoe 1903. V. 74, p. 479: V. 83, p. 1168. Touoh
ing the Missouri * Illinois Bridge & Belt RR.. see that oo’s statement.
ORGANIZATION.—Organized in 1889. The following oompanles are
sole owners: Cleveland Cincinnati Chioago & St. Louis, Louisville & Nash­
ville, St. Louis Iron Mountain & Southern, Baltimore & Ohio Southwestern.
Missouri Pacific, Wabash, Pitts. Cln. Chic. & St. Louis RR., Chic. Rock




[Vol. 122.

RAILWAY STOCKS AND BONDS
When
Pavable

Last Dividend Places Where Interest and
and Maturity
Dividends are Pavable

& O Apr 1 1947
&
&

Amer Tr Oo.Nashv'e,or
Chem Nat Bank. N Y
P Morgan 4 Oo, N Y
do
do
Jan 1 1953
do
do
To Jan. 15 1935
Guaranty Tr. Co.. N.Y
Sept 1 1942
Penn RR Co. N Y
See text
61 Broadway. N Y
See text
do
do
None ever paid
Aug 11938

O Oot 1 1939
A Aug 1 1944

2.230.000
5 g
MAS
2.675.000 See text _________
1.325.000 See text _______
2.000.000
4
F & A

Safe Dep & Tr Co. Batl

J

Isl & Paolflo, St. Louis & San Fran., Chic. & Alton, Chlo. Burl & Qulnoy,
Til Cent., Southern Ry., Mo. Kan. & Tex. and St Louis Southwestern,
V. 75, p. 1355; V. 76. p. 103. These oompanles agreed under contract to
use the property forever and pay as tolls the Interest, taxes, rentals and
other charges, each line to contribute Its proportion to the extent of
one-flfteenth to make up any deficiency from unforeseen olroumstanoes.
See V. 79, p. 499. See also St. Louis Merchants’ Bridge Terminal RR.
Government suit, V. 88, p. 1374: V. 90, p. 373: V 91 o. 39.
Decision of U. S. Supreme Court permitting all would-be tenants to use
the property, see V 94, p. 1187; V. 95, p. 545, 1208, 1685: V 96. p. 136.
1774: V. 98. p. 764. 1394, 1994: V. 100. p 1734
In the litigation between the western lines of the Terminal Railroad Asso­
ciation and the eastern lines over the “bridge arbitrary,” Judges of the Cir­
cuit Court of Appeals, en banc as District Judges, on Feb. 8 1923 handed
down a final decree which declared that the Terminal and the eastern sub­
sidiary companies had been in contempt of Court since 1914, and ordered
the defendants to rebate to the western lines alleged unfair through freight
charges which they declared had been charged against them, to the advan­
tage of the Terminal Association and the eastern lines. Compare V. 116.
p. 1178. Appeal granted, V. 116, p. 1412. Appeal heard and decided
Oct. 13 1924 by the Supreme Court of the United States, reversing the
decree of the District Court entered Feb. 8 1923, and holding that the
making of rates and the division of joint rates is a legislative, and not a
judicial, function, and that the controversy was referable to the I.-S. O.
Commission. Feb. 4 1925 the West Side Lines filed a complaint with the
I.-S. C. Commissi »n and against the East Side Lines, asking for division
and reparation. In this proceeding no complaint is made against the
Terminal Railroad Association charges.
LEASES.—The leases of the Bridge and the Tunnel are for their oorporate
existence, and were made July 1 1881. As to litigation, see V. 77, p. 299.
512: V. 78. p. 1908. 2443. 2600; V. 81. p 32. 1666.
The I.-S. C. Commission on Sept. 19 1925 approved and authorized tne
acquisition by the Terminal Railroad Association of St. Louis of control
of the St. Louis Merchants Bridge Terminal Ry., the East St. Louis Con­
necting Ry. and the St. Louis Transfer Ry. by lease. V. 121, p. 1786.
STOCK.—Authorized. $100,000,000: outstanding $3,087,800.
BONDS. *o.—Of the Gen.M.Ref.4% s t. gold bds. of 1953($50.000.000
auth.), $17,500,000 are reserved to retire prior liens. A sink, fund which
began July 1 1906 retires $100,000 of these bonds yearly by lot at 110 and
int. if not purchasable for less; $2,000,000 bonds have been canceled by
sinking fund. The entire issue is subject to call at 110 and int. See V. 76,
p. 267, 383, 481, 807 V. 79, p. 499 V. 83, p. 1168; V. 85, p. 1647- V. 99,
p. 50: V. 100, p. 1079; V. 104, p. 2642.
Guarantees $3,500,000 St. L. Merchants' Bridge Ter. 1st 5s and interest
on $2,000,000 1st 6s of Merchants’ Bridge. See those companies.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1472; V. 114, p. 855.
REPORT.—For calendar years:
Charges. Bal.. Sum.
Year—
Gross.
Net.
Other Inc
1925 _______ $5,173,025
$804,978 $1,832,848 $2,804,450 df$l66,624
2,753,683 df290,815
1924 ......... .-. 5,103,883
752,939
1,709,929
1923
5,121,839
793.770
1,897.745
2,730,711 def39,196
1922
— - 4.498,456
728,907
1,867,561
2.664,200 def67.732
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—Pres., Henry Miller; V.-P. & Gen. Counsel, T. M. Pierce
Sec. & Aud., C. A. Vinnedge; Treas., G. H. Steinberg.—(V. 121, p. 2748.)

TERRE HAUTE AND PEORIA RR. CO.—(See Maps of Pennsylvania
RR.)—Road operated from Terre Haute, Ind., via Decatur, to Peoria, Ill.,
174 m., of which 138 m. are owned and half interest owned in 8 m., and 28 m.
is by trackage over other roads. From Oct. 1 1892 leased for 99 years to the
Terre Haute & Indianapolis at rental of 30% of gross earnings, with a mini­
mum sufficient to pay int. on debt, the lease being assumed Jan. 1 1917 by
Pitts. Cin. Ch. & St. L. V. 104, p. 73; V. 55, p. 766; V. 81, p. 212. Lessee
owns $646,700 of the $1,837,400 pref. and $1,570,400 of the $1,926,800 com.,
and Pennsylvania Co. owns $1,170,200 pref. and $277,300 common.
BONDS.—The consols (Union Trust Co., N. Y., trustee), carry the
guaranty of the T. H. & Indianapolis. In 19C5 all back coupons were paid.
V. 81, p. 156, 212; V. 72, p. 481, 873. See guaranty, V. 81, p. 212.
EARNINGS.—For year 1925, gross income, $337,331; deductions,
$280,535; dividends, $55,122; bal., sur., $56,696, before deducting divi­
dends, charged to profit and loss.
TEXARKANA & FORT SMITH RY.—See Kansas City Southern Ry.
and V. 122, p. 1452.
TEXAS CENTRAL RR.—Waco to Rotan, Tex., 268 m.; branch to
Cross Plains, 41 m. First 5s, V. 93, p. 1325; V. 92, p. 1437; V. 91, p. 95.
1631; V. 90, p. 1556. The Mo.-Kan.-Tex. RR. Co. owns all of the stock.
Mo.-Kan.-Tex. RR. of Texas leases the road for 99 years from May 1 1914.
with authority to purchase the same, &c.
DIVS.—%—’01.’02 to ’04. ’05to’07. ’08to’ll. ’12,'13. 1914. 1915-25.
Common..
2)4 2)4 y’ly. 5 yearly.
0
5 5 6 5-6
Below

Pref_.%

7)4 5 yearly

5 yrly.

5 yrly. 5 6

8 1-3

Below

Dividends paid under lease, 5% on both classes.
TEXAS CITY TERMINAL RY. OF TEXAS.—(V. 112. p. 373.)
TEXAS MIDLAND RR.—Road from Ennis on Houston & Texas Central
Ry. to Paris, Tex., 125 miles. Extension from Commerce to Greenville,
Tex., 14 miles, was completed and put in operation Nov. 15 1921. The
final valuation as of June 30 1914 has been fixed at $3,080,000 by the
I.-S. C. Commission. Stock, $112,000: par, $100.
Year end. Dec. 31 1924, gross, $916 763: net, $26,061; other income
$3,333; deductions, $150,751; bal., def., $121,357. Pres., E. H. R. Green;
Treas., W. P. Allen, Terrell, Texas.—(V. 119, p. 943.)

May, 1926.]

RAILROAD COMPANIES
(For abbreviations, Ac.. see notes on page 8]

Miles Date
Road Bonds

Texas & N O R R—Main line first mortgage____
208
Consolidated mortgage (ot $4,195,000 . . Gio’ii
Dallas Div 1st M gold $20,000 per m (text' Un.so
Burrs Furry Browndell A Chester first mortgage
Texas & Pacific Ry—Common stk $50,000,000 auth
Pref (a&d) stock 5% non-cum red par...........
General & refunding mortgage bonds—see text
First consol (now 1st) mtg, g_____________ FP.xc* 1.387
45ft
Louisiana Div Br lines 1st M gold $12,500 p m.Bax
Second Cons Inc Mtge g_________________ Ba.xc* 1.387
Secured and unsecured notes—See text.
Equip bonds. Series DDdue $25.oo0 • a
______
do

do

1900

1907

1888
1901
1888

$1,000
1.000

'1924
1895
1891
2411 1893
1902

1.000
1.000
1,000
1.000
1.000

103

Amount
Outstandino

Rate
%

$862,000

6
5g
4g
6

1 620.OOO

3.997.000
165.000

100 38,755.110
100 23,701,000
1.00( 21.989 000
1.000 4.970.000
1.000
282,000

1,000

Receivers' equip cert. Series FF________________

Texas Pacific-Missouri Pacific Term RR of New
Orleans—
1st mtge Series A (guar) red (text)__________yc*&r*
Toledo Col & Ohio Riv—Cleve & Mar IstM g gu F-to'
Tol W V & O 1st Ml “A'' guar p & 1 (end)__ F.xo‘
($15,700 per m)P'B”
do
do
.. -XC
$4,000 000 gold.J“O”
do
do
sk.fd.xo*

1875
1893

Par
Value

1916
1917
1924
1925
1920
1920
1920
1920
1922

Series BR due $60 000 s-a________

do
do
Series GG due $219,000 ann_____ y
do
do
Series HH due $165,000 ann_______
do
do (D. S. RR. Adm.i due $159,500 ann.O
do
lease warrants (Pullman Co )________
do
do
(American Car & Foundry)__ _
Receivers' equip 6% notes. _______________

1.000
1.00(1

1.000
1,000

TEXAS & NEW ORLEANS RR.—(See Map So. Pac.)—Houston, Tex.,
to Orange (Sabine River). Ill miles: and Sabine Pass to Dallas, 314 miles,
sundry branches, 83 miles; total Dec. 31 1924. 508 miles. In Sept. 1921
leased for 5 years the Texas State RR V. 113, p 1472.
The l.-S. C. Commission has placed a tentative valuation of $18,313,730
on the total owned and $19,809,819 on the total used property of the com­
pany, as of June 30 1918.
SECURITIES, &C.—The stock Is $5,000,000, all but $800 owned by tht
Southern Pacl&o. Dividend of 20% paid in 1909-10 from accumulated sur­
plus.
Of the $3,997,000 Dallas Div. 1st 4s. $466,000 are owned by the Son
Pac. Co. and the remainder are In sinking funds of proprietary companies
Of the $862,000 main line fir-t 30-year 6s. $460 000 were on Dec. 31 1923
held in the Sou. Pac. treasury and the remainder In the sinking funds of
proprietary cos. There were also $2,575,000 Sabine Division bonds,
$2,223,000 of which held by Sou. Pac. Co. Dec. 31 1924. Equipment 6s
$204,000 all owned by Sou. Pac.
In 1924, gross, $9,282,765: net oper. Income, $368,924: other Income,
$51,784; deductions, $1,232,547; bal., def., $811,839.
For latest earnings, see “Railway Earnings Section” (issued monthly).—
(V. 122, p. 2326.)
TEXAS AND PACIFIC RY. CO. (THE).—New Orleans, La., west to
El Paso, Texas. 1,164 miles; Marshall via Texarkana Jet. and Whitesboro
to Fort Worth. 312 m.; Opelousas branch, Melville to Crowley, La., 57 m
branches, 420 m.; total. 1,953 m.; deduct 105 m. trackage rights. Sierra
Blanco to El Paso: balance owned, 1,848 miles.
The I.-S. C. Commission has placed a tentative valuation of $68,170,227
on the total owned, and $65,083,616 on the total used properties of the
company, as of June 30 1916.
The Texas & Pacific Ry. Co. and the Missouri Pacific RR. Co. each
owns one-half of the $2,000,000 stock of the Texas Pacific-Missouri Pacific
Terminal RR. of New Orleans (formerly Trans-Mississippi Terminal Co.)
and guaranty an Issue of 1st mtge. 5 >4% gold bonds. Series “A”—see
that company below.
ORGANIZATION.—In 1888 reorganized (V. 43, p. 164: V. 45, p. 401)
without having foreclosure sale confirmed, thus preserving Federal charter.
In Oct. 1916 receivers were again appointed and on Dec. 31 1923 the
stockholders approved a plan for a readjustment of the road’s finances,
which was declared operative in May 1924. The plan did not disturb
the capital stock but offered holders of the 2d mtge. Income bonds 5%
non-cumul. pref. stock on a par-for-par exchange basis. The plan also
provided for the creation of an issue of new gen. & ref. mtge. bonds secured
by a new mortgage subordinate only to prior mortgages of about $31,000,000 and subordinate as to equipment to outstanding equipment trust
obligations aggregating approximately $4,600,000.
STOCK.—The Missouri Pacific RR. Co. on Dec. 31 1925 owned $10,000,000 common stock, $23,703,000 preferred stock and $4,440,583 un­
secured coupon serial 6% notes.
The pref. stock and the com. stock have equal voting power and no mtge.
to secure add’l Indebtedness shall be created (except the gen. & ref. mtge.)
no obligations maturing more than two years after their date (except the
notes described below, the Gen. & Ref. Mtge. bonds and equipment trust
obligations) shall be issued, and no stock on a parity with, or having a
priority, either as to dividends or assets, over the Pref. stock shall be issued
without, in each such case, the consent of the holders of a majority of the
outstanding Preferred stock.
DIVS.—Initial dividend on the 5% non-cum. pref. stock of $2 91 a share
was paid Dec. 31 1924. covering the period from May 26 1924 to Dec. 31 '24.
On Dec. 31 1925, paid 5%.
BONDS.—See 1888 mortgage abstracts, V. 47, p. 82; V. 78, p. 1448
The Weatherford Mineral Wells & Northwestern ($660,000 5s of 1902) art
guaranteed, principal and interest, by endorsement. V. 78, p. 344. Tht
$100,000 Denison & Pacific Suburban 5s are also guaranteed.
Louisiana Branch Lines mtg. is limited to $7,000,000. V. 72, n. 577, 1189
The $5,000,000 5s due Apr. 1 1942 of the Union Terminal Go., Dallas
Tex., are guaranteed jointly with seven other proprietary companies.
General A Ref. Mtge. Bonds.—Authorized issue not to exceed 1 limes
the par amount of the capital stock from time to time issued. The mortgage
securing these bonds shall be a lien, subject only to such of the existing liens
as are not displaced upon all the railroads, property and franchises, and,
subject to existing equipment trusts, upon all equipment now owned.
The lien of the mortgage shall also extend (subject to prior liens) to all
properties hereafter acquired by the use of the new Gen. & ReL Mtge.
bonds or their proceeds. Such lien shall be in the form of a direct mortgage,
but it may take the form of the pledge or assignment of securities of a cor­
poration or corporations owning property to which the lien is intended to
extend.
General & Ref. Mtge. bonds may be issued In separate series, maturing
on the same or different dates, and bearing the same or different rates of
Interest, and any series may be made redeemable, in whole or in part, at
times, on notice and at premiums, and may have such conversion privileges
and other provisions as determined by the directors.
Notes to Director-General of Railroads.—Such notes bear interest at the
rate of 6% per annum and were issued to fund indebtedness of the receivers
to the Director-General. They will mature Mar. 1 1930 and will be secured
by pledge of $5,500,000 gen. & ref. mtge. Series “A” bonds. Amount
issued, $4,400,000.
Unsecured Coupon Serial Notes.—Unsecured coupon serial notes bear­
ing interest at rate of 6% per annum were issued to the amount of the
judgments on the unsecured notes of the Texas & Pacific and int. thereon
to Jan. 1 1924. Such notes wil lbe dated Jan. 1 1924. will mature in equal
annual installments over a period of 10 years, beginning Jan. 1 1930, and
will bear interest from Jan. 1 1924. Amount Issued, $4,440,583.
Equipment trusts of 1917, see V. 104, p. 864. Equipment trusts, Series
GG, V. 119, p. 2065. Series HH, V. 121, p. 975.




129

RAILWAY STOCKS AND BONDS

25 000
120 00<
3.066.000
2,475.000
1,435,500
73 ),624
125,876
237.U00
648.000
5.000.000
1,109,001
1,489.000

950 'K)0
936.000

Lost Dividend

Payable

F
I
F
A

& A Aug 1 193&
& J July 1 1943
& A Aug 1 1930
& O Apr 1 1937

text

5
5g
6K
5g

J
1

Sr

1 & J
F & A
M & N
M & S
.1 & J15

6g
5
4>4
6
6
6
6
5

and Maturity

Ptacts Where Interest ane
Dividends are Payable

to Hr- 165 trwaj. N Y
do
do • •

Oominouw’th Tr Co, StA

See text

& D June 12000
& J Inn i lM.-n
Mar 1 Dec 1 2000

Julv 1926
Aug '26 Feb '27
I'o Nov 1 1939
To Sept 1 1940
To Jan 15 1935
May 1 1930
1 & J Jan 1 1930
M & S Sept. 1 1930
A & O Oct 1 1938

514 R M & S Sept 1 1964
4 n >1 dc N (day 1 1935
4 H ( & J luly 1 1931
4 H i r * J luly 1 1933 •
(1 & S Sept 1 1942
4K

Co’soffice, 120 Bway ,N Y
do
do
Blair & Co, NewYork
Equitable Tr Co. N Y
Co’s office, 120 Bway ,N Y
Guaranty Tr Oo. N Y

Bankers Trust Co. N Y
Henn RR Co. N Y
do

do
do

Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 1653.
REPORT.—For 1925, in V. 122, p. 2793, showed:
O aerating Revenues—
1925.
1924.
1923.
1922.
Freight-----------$26,051,237 $23,930,347 $22,482,491 $21,738,482
Passenger.____ _______ 6,558,959
7,150,275
7,573,856 7,279,004
Mail....................................
720,485
794,916
733,475
645,494
Express.............................. 1,022.288 1,047.445
934.413
945,643
Miscellaneous_________
321,767
314,414
302,309
216,987
Incidental, &c...................
598,163
547,183
565,945
556,185
Total............................. $35,272,899 $33,784,580 $32,592,489 $31,381,795
Operating Expenses
Maintenance of way. &c. $5,205,646 $4,841,083 $4,571,382 $5,051,050
Maintenance of equipt_ 6,982,329
6,471,081
7,273.178
6,544,264
Traffic expenses_______
786,060
700,031
625,094
586,305
Transportation exp____ 12,363,073 11,589,114 11.485.278 11,843.491
General expenses______ _1,127,694
1,767.090
1,157,622
1,225,780
Transportation for inv__ Cr .342,917 Cr .420.705 Cr.443.753
Cr .76,123
Miscellaneous operations
294.629
331,917
312.857
319,319
Total oper. expenses..$26,453,802 $25,242,324 $24,981,658 $25,494,086
Net earnings___________ $8,819,097 $8,542,256
$7,610,831 $5,887,710
Tax accruals, &c______ 1,952,406
1,876,696
1,457.832
1.239,339

Operating income-__ $6,866,691
Other operating income.
768,443

$6,665,560
714.804

$6,152,998
693.367

$4,648,370
621,590

Total oper. income__ $7,635,134 $7,389,364
$6,846,365
Hire of equipment_____
967,162
926,314
979.935
Rentals, &c...........
693,867
652,438
628.896

$5,269,960
1,029,132
611,356

Net inc. bef. fix. chgs. $5,974,105
Non-operating income._
373,137

$5,801,611
346,103

$5,237,535
371.812

$3,629,473
316,130

Gross income------------- $6,347,242 $6,147,714
Int. on funded debt___ 2,413,255
2,170,339
Int. on unfund, debt___
14,784
26,375
Misc. rents, taxes, &c__
97,648
72,407

$5,609,347
1,778,841
235,987
161.407

$3,945,603
1,755,683
272,785
144,550

Net income.......... .......... $3,821,555 $3,878,591 $3,433,111 $1,722,584
Pref. dividend................ 1,185,150
707,798
Inc. appr. for inv. in
physical property___
_____
_____
2,871,610
1,262,025
Misc. approp. of inc.__
_____
_____
561,501
510,559

Income balance_____ $2,636,405
$3,170,793
_____
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—Chairman, William H. Williams; Pres., J. L. Lancaster:
V.-P., Finley J. Shepard, Kingdon Gould. O. B. Huntsman, J. B. Payne
and J. A. Somerville: Sec. & Treas.. O. W. Veitch. New York office, 120
Broadway.—(V. 122, p. 2793.)
TEXAS PACIFIC-MISSOURI PACIFIC TERMINAL RR. OF NEW
ORLEANS.—New Orleans terminals, opened Feb. 15 1916. Formerly
known as Trans-Mississippi Terminal RR. Co., the stockholders on June 13
1924 changing the name as above.
STOCK.—The Texas & Pacific Ry. and Missouri Pacific RR. each owns
one-half of the $2,000,000 stock.
BONDS.—Kuhn, Loeb & Co., N. Y., in Sept. 1924 sold at 100 and int.
$5,000,000 1st mtge. 514% gold bonds. Series “A.” Guaranteed jointly
and severally by endorsement by Texas & Pacific Ry. and Missouri Pacific
RR. Entire amount of Series “A” bonds, but not a part thereof, will be
red. on Sept. 1 1934 or on any int. date thereafter, at 10714 and int., upon
not less than 60 days previous notice.
The first mtge. 514 % gold bonds. Series “A,” will be issued under a new
first mortgage of the Terminal RR. Total authorized limited to $7,500,000
at any one time outstanding. The bonds will be issuable in series and will
bear interest at the rate of not exceeding 6% per annum, and the remaining
$2,500,000 of bonds will be issuable under conditions to be stated in the first
mortgage for the acquisition of additional properties to be subjected to the
lien thereof, additions and betterments to the properties owned by the
Terminal RR., and up to but not exceeding $1,000,000 of bonds, for addi­
tions and betterments to the properties covered by said leases above de­
scribed, and also for the acquisition of equipment to the extent of 90% o
the cost thereof.
The mortgage will provide for a sinking fund of 5% per annum of the
amount of bonds issued in respect of equipment, for a period of twenty
years after such issue. V. 119, p. 1283.
For cal. year 1925, gross, $225,222; net oper. income, def., $223,599;
other income, $818,577; int., rentals, &c., $595,535; bal., def., $557.
Pres., J. L. Lancaster.—(V. 122, p. 2490.)
TIDEWATER SOUTHERN RR.—See Western Pacific RR.
TOLEDO COLUMBUS & OHIO RIVER RY.—(See Maps Pennsylvania
SR.)—Owns road Toledo Jot. to Toledo, O., 81 miles, and Loudonville to
loshooton. O., 45 tn.; Sandusky to Columbus, 108 m ; Marietta to Canal
Dover, 103 m., branch, 8 m. Total owned 345 miles; trackage, Cleve. Oln.
Chic. & St. L. In Sandusky and Columbus, 0., 2 miles; N. Y O. Lines,
B. & O. Jet. to Union Station. Toledo O . 2 miles: total 349 miles
Pennsylvania Co. owns $11,999,100 (auth. $12,000,000) capital stock
and leases the property for net earnings, and guarantees the bonds of the
old cos. V. 92, p. 1702; V. 93, p. 106.
To be merged into Pennsylvania Ohio & Detroit RR. See that company
above.
INCOME.—For calendar year 1925, gross Income, $678,729; deduction**
$198,729; dividends, $480,000.—(V. 121, p 3129.)
.

130

[Vol. 122.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

197
Text
395
60
60

1885
1892
1894
1901
1901
1913
1917
1920

Par
Amount
Value Outstanding

Rate
%

$100 $5,846,300 See text
100 3,701,400 See text
1,000 3,000,000
5g
1,000 2,500,000
5g
1,000 2,000,000
5g
1,000
500,000
4g
500.000
1,000
639,969
120,000
1,303,200

0

tol 5c Ohio Central—Com stock ($6,500,000 auth).
Preferred stock ($3,708,000 auth)___ ____ _______
First Mortgage gold (V 53. p 436)_________ Ce.x
Western Division first mortgage gold_______ N.xo*
General mtge (V 62, p 594) ($2,000,000) g ..Cejcc*
St Mary’s Division first mtge gold $500,000. _O.xo*
do
first pref lno $500,000 non-cum 4%-fl.r
Equipment trust certificates____________________
rto
do
du© $120,000 annually __
do
do
No. 52 due $144,800 annually.G
Guaranteed Bonds—Kan A Mich Ry—See that oo
o ejo Peoria fit Western—1st M (for $5,000,000) F vo*
o eJo Terminal—First $6,000,000 g lnt guar.Col.x
0 edo Walhondlnc Valley & Ohio—See Toledo Colum
„o«.pah & Goldfield—Common stock___________
Preferred stock 7% non-cum____________________
Tonopah & Tidewater RR,—1st M deb stk certs g gu
Sterling bonds, guar, redeemable 105____________
Toronto Ham & Buff—1st M g--------------------- AB.zo*
Consol 1st M $10 000,000 sk fund guar_________Gr
Transylvania—First mtge gold $500,000
fl.xo'Ar
Traverse City RR—See Grand Rapida A Ind Ry—
Tremont & Gulf—First mtge gold red text__ IC.xo*

Miles Date
Road Bonds

When
Payable

J A J
A A O
J A D
F A A
earned
J&J
J A J
J A J 15

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

July 1 1935
Oot 1 1935
June 1 1935
Feb 1 1951
Feb 1 1951
Jan 1 1928
Jan 1927
To Jan 15 1935

All owned by N Y O RR
All owned by N Y O RR
Central Union Tr. N Y
do
do
do
do
Guaranty Trust Co, N V
Seoond Nat Bank, Toledc
Guaranty Trust Oo, N 1
Guaranty Trust Oo, N Y

July 1 1917 lnt defaulted
230 1887
1.000 4,895,000
4 g J A J July 1 1917
1.000 a5,241,000
Irv Bk-Col Tr Co. N Y
31.27 1907
4)4 g MAN Nov 1 1957
bus A Ohio River Ry
100 1.650,000 See text Various Mar 15 ’24 3% Company’s office, Phils
do
do
500,000 See text Various Apr 12 ’26 7%
100
w_ 1905
Ind & Gen Inv Tr,London
£500.000
4)4 A A O 15 July 1 1960
MAS July 1 1960
5
61yn.Mllls.Curr A Co. Lon
1907
£100
160.000
1.000 3.280.000
4 g J A D June 11946
J Treas., 466 Lexington
104.31 1896
I Ave., N. Y, City.
1,000 2.000.000
1916
4)4 g F&A Ang 11966
Guaranty Trust Co, N Y
434,000
42 1906 l.OOOAc
6 B J A J Jau 1 1956
P <K A Feb 1 1948
New York and Chicago
6
67 1908
1.000 1,550,000

a Additional 259,000 In treasury.

TOLEDO & OHIO CENTRAL RY.—Mileage as of Dec. 31 1924:
Miles Second
Yard Tr'k, Total
Sidings,
Mile­
Main
of
Road.
age.
Track.
&c.
Toledo to Bremen_________
. ____ 160.08
1.63
121.44
283.15
90.80
Whitmore to Thurston________ ____ 158.52
254.64
5.32
New Lexington to Corning__
____ 12.33
11.84
24-17
13.73
Peoria to St. Mary’s_________ ......... 59.92
73-65
2.49
6.67
Truro to East Columbus_____ ____
4.18
Doty to Mine 24_______________ ____
.92
1.22
2.14
23.70
Corning to Chauncey________ __
23.70
At Carrington, Ohio_________
0.72
0.72
....
Total mileage___________ __ ____ 395.95 6.950
668-84
265.94
Owns all stock and bonds of Zanesville & West. Ry., Thurston to Shawnee
and Zanesville, O., with branches, 90 m., oper. separately. V 75. p. 906
In 1914 purchased from the Ches. & Ohio Ry. and Lake Shore & Mich
Southern Ry. now New York Central RR. $8,947,900 of the $9,000,000
Kanawha & Michigan Ry. stock, issuing therefor demand or one-year notes
for $8,719,012. V. 100. p. 1250.
New York Central RR. owns $3,701,400 pref. and $5,846,300 common
stock—all the capital stock outstanding—the balance authorized Is held
by the Toledo A Ohio Central Ry. V. 90. p. 771. 1095: V. 92, p. 804.
The directors of the N. Y. Central RR. on Dec. 14 1921 authorized th*
lease of this company for a rental of fixed charges and taxes, and in addition
thereto an amount equal to the net earnings for the year 1921. V. 113, p
2614; V. 115, p. 546.
DIVIDENDS.— f 1910. 1911. 1912-13. 1913-21. 1922. 1923. 1924.
Common (%)_____ ( 714
6
5 yearly
None
9
5
5
Preferred (%)_____ I. 714
5
5 yearly None
5
5
5
GUARANTIES.—The company guarantees the principal and int of the
Kanawha & Michigan first mtge bonds (see that company).
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114. p. 411.
Government loan, promissory notes, &c.. V. Ill, p. 2521: V. 112, p. 163.
Pres., P. E. Crowley; Sec., E. P. Stephenson; Gen. Treas., H. G. Snelling:
Compt., W. C. Wishart — V. 122, p. 2796.)
TOLEDO PEORIA & WESTERN RY. CO.—Owns from Effner, Indiana
State line, to Warsaw, Ill., 220 miles; La Harpe to Iowa, Ill., i0 miles;
jointly with Wabash, 1 mile; trackage at Peoria and Beurlington, la., 17m.;
total, 248 miles. Stock, $4,500,000 (par $100); outstanding, $4,076,900,
of which the Pa. Co. and C. B. & Q. each own about $2,011,200. Mort­
gage abstract, V. 45, p. 242.
In July 1917 Pres. B. N. Armstrong was appointed receiver, both prin
clpal and interest due July 1 1917 on the $4,895,000 1st Mtge. 4s being In
default. V. 105. p- 73. In Aug. 1921. Samuel M. Russell of Peoria was
appointed receiver to succeed E. N. Armstrong, deceased.
Bondholders' Committee- Thomas Denny. Adrian Iselin Jr. and Henry
K McHarg. Depositary. Farmers' Loan & Trust Co., N. Y. City
Majority deposited
V 104. p. 1046: V. 105, p. 73. 390.
Federal Judge Louis Fitzhenry on June 22 1925 ordered the sale of the
road. The road was offered for sale on Dec. 10 1925 but no offers for the
properties were received.
A decree authorizing special master Edward P. Allen of Quincy, Ill., to
re-advertise for bids for the road has been approved by Federal Judge
Fitzhenry. The upset price of $1,000,000 has been fixed.
Report for 1925 showed: Gross, $1,617,067; net oper., def., $155,788;
other income, $74,238; deductions, $334,101; balance, def., $415,651.
The I.-S. C. Commission has placed a tentative valuation of $7,118,684
on the total owned and $6,967,921 on the total used property of the com­
pany as of June 30 1917.—(V. 122, p. 2796.)

TOLEDO TERMINAL RR —Owns belt road, 28.77 miles (Inoludlng two
bridges), with 2)4-mlie branoh to terminal station; total, 31.27 miles.
ORGANIZATION.—Controlled by nine roads. V. 84, p. 130: V. 85,
p. 100, 347. 1402; V. 86. p. 170.
Stock authorized, $6,000,000; outstanding, $4,000,000. The Pere
Marquette and Baltimore & Ohio each guarantees payment of 16.12%
of the interest on the bonds, and the Hocking Valley, Pennsylvania Co.,
New York Central, Michigan Central, N. Y. Chicago & St. Louis, Grand
Trunk Western, Hocking Valley and Toledo & Ohio Central, 9.68% each.
For cal. year 1925, gross, $1,788,399; net oper. income, $466,832; other
income, $398,605; interest, rentals, &c., $379,380; bal., sur., $486,057.
A. B. Newell, Pres. & Gen. Mgr.; D. C. Follas, Sec. & Aud.; C. H.
McKeand, Treas.—(V. 120, p. 1745.)
TONOPAH AND GOLDFIELD RR. CO.—Owns Tonopah Junction
via Tonopah to Bullfrog Junction, Nev., 89 miles; trackage, 9 miles;
branches, &c., 14 miles. V. 82, p. 80. Tentative valuation, V. 113, p.1054
DIVS. ’13. ’14. ’15. '16. ’17. ’18. '19. ’20. ’21. ’22. ’23. ’24. ’25. Apr.’26
Com... 714 7 1014 7 314 1014 7
7
0
0
7
3
......
Pref... 77777
7770077
7
7
A sink, fund retired to July 1 1917, all the $1,150,000 bonds theretofore
Iwued under the $1.500,000 mortgage of 1906. V. 105 p 717: V 82. p 803.
REPORT.—For years ending Dec. 31
Gross
Total Net Int. Pf. Divs. Com. Div Balance,
Earns. Income Rents.Ac.(7°7„'p.a.) (7%p.a.) Sur. or Def
1925 __________ $345,172 $32,723 $11,546 $35,000
def.$13,824
1924 ................$360,218 $48,066 $11,372 ______
_____ sur.$36,694
1923
412,746 336,116 10.875 $35,000 $115,500 sur.74.741
1922 ................... 420.997
77.809 11,726 ______ _______ sur.66.083
OFFICERS.—Pres. & Gen. Mgr., M. B. Cutter; V.-P., W. L. Haehnlen;
Sec. & Treas., Wm F. Henshaw, Bullitt Bldg., Philadelphia.—(V. 122,
p. 2945.)




TONOPAH & TIDEWATER RR.—Owns Ludlow, Cal., on the Atch.
Top. & S. Fe., to Beatty, Nev., 169 miles; extension proposed to Tonopah,
Nev., 110 miles. Acquired the Bullfrog-Goldfield RR. In 1920. V. Ill, p.
1567. Stock auth., $1,000,000. The debenture stock certificates are guar,
by Borax Consolidated, Ltd., and are secured by deposit of mortgage and
bonds Issued thereunder with the Indian & General Trust Co., Ltd., of
London; redeemable at 105. V. 81, p. 1793; V. 82, p. 753, 871, 1440. The
bonds of 1905 and 1907 are guar, by Borax Consolidated. V. 86, p. 722.
OFFICERS.—Pres., R. O. Baker; V.-P. A Gen. Mgr., O. B. Zabriskie:
Sec.. M. R. Musser.—(V. 113, p. 1054.)
TORONTO HAMILTON & BUFFALO RY.—Owns Welland Junction
.o Waterford Junction, Ont., 80 miles; Port Maitland on Lake Erie, Ont.,
north about 20 miles to Smithville; trackage, 4 miles. Operates car ferry
between Ashtabula and Port Maitland In connection with N. Y Central
Lines V. 106. p. 930
STOCK.—Authorized. $5,415,000. $4,512,500 outstanding, held by
New York Central system .and Canadian Pacific, the last named on
Dec. 31 1925 owning $1,469,520 stock. V. 61, p. 753; V. 63, p. 359; V. 68.
p. 475. 1134; V. 69, p. 29. In Oct. 1912 a cash dividend of 20% was paid.
On Oct. 1 1913 144% (quar.) was paid; 1914, Jan., April and July, 1)4%;
none then to Jan. 1917, when 1)4% was paid; April 1917 to Jan. 1919.
5% p. a. (1)4% quar. J.). In April. July and Oct. 1919 and Jan 1920.
paid 1)4%; 1921, 6%; 1922, 6%; 1923, 6%; 1924, none; 1925, 6% and
20% in stock.
BONDS.—Under traffic agreement with N. Y. Central, Michigan Cent.
Oanada Southern and Canadian Pacific, Interest on 1st Mtge. bonds Is
practically guaranteed. See V. 68. p. 475, and advt. in “Chronicle” of
Mar 11 1899
The Consol 1st M bonds ($10,000,000 auth.) are a first lien on the former
Erie & Ontario Ry. at $45,000 per mile, and a second lien on remainder of
the property to provide for betterments refunding AV 10, p 528
V. 99, p. 1750. Canadian Pacific Ry. Co. owns $1,000,000‘of outstanding
bonds. The Michigan Central RR. Co., Canada Southern Ry. Co.
aud Canadian Pacific Ry. Oo were to join in a guaranty of the Interest
thereon and provide for sinking fund in proportion to their respective In­
terests therein, but in March 1917 the Ohio Supreme Court held that,
while the New York Central might guarantee such of the Toronto Hamilton
A Buffalo bonds as it may Itself own or acquire, lt is not permitted, under
the Ohio law, to make a Joint guaranty with the other proprietary com­
panies See V. 101. p. 1975, and Oan. Pac.. V. 103. p. 1508: V. 104. p.1146
Cal
Gross
Net (after
Other
Charges.
Balance
Year— Revenue
Income.
&r
Dividends
Taxes}
Surplus
1925.. .$2,821,733
$617,432 $223,038 $243,206 (6%)$270,570 $326,514
1924.. .$2,530,475 $143,879 $286,487 $252,091
............... $178,275
1923.. . 2,910,527
721,981 323,896 234,509 (6%)$270,570 540.618
1922.. . 2,444.381
450,108 327,852 255,557 (6%) 270,750 251.653
—(V. 121, p. 2872.)
TRANSYLVANIA RR.—Hendersonville to Lake Toxaway, N. C., 42
miles. Leased to Southern Ry. for 50 years from Jan. 1 1906 at a rental
of $25,000 yearly for 10 years and $30,000 thereafter. V. 83, p. 97. Stock
authorized, $420,000. Bonds, see table.—(V. 87, p. 814.)
TREMONT & GULF RY.—Owns Tremont to Winnfield, La., 48 miles,
Menefee to Rochelle, 18.47 miles; total, 66.74 miles. The I.-S. C. Commis­
sion has placed a final valuation of $1,222,430 on the property of the
company as of June 30 1916. Stock authorized, $5,000,000; outstanding,
$2,000,000; par, $100. Of the bonds ($5,000,006 auth. issue), redeemable
in whole or part on and after Feb. 1 1918 at 105 and int ; the $3,450,000
unissued are reserved for extensions at not over $30,000 per mile for im­
provements, &c., under restrictions contained in the mortgage. V. 88,
p. 1314. Pres., J. S. Joyce, Chicago; Sec., Frank P. Stubbs Jr., Monroe,
La.—(V. 122, p. 2796.)
TRINITY & BRAZOS VALLEY RY. CO.—Owns Cleburne to Houston;
Tex., 236 m.; Teague to Waxahachie, 67 m.; operates trackage, 67 m.;
total, 370 miles. On June 16 1914 J. W. Robins was appointed receiver,
the interest on bonds due Jan. 1 1914 being in default. In Sept. 1919
Gen. John A. Hulen was appointed receiver to succeed L. H. Atwell, re­
signed. V. 109. p. 1180; V. 98, p. 1921.
Colorado & Southern and Chic. R.l. & Pac. each own half interest in stock
(the Rock Island’s Interest being subject to the lien of the Colorado & South­
ern mtge.) The Chic. R. I. & P. Ry. Co. also agreed to pay for, on May 1
1935 (date of maturity of Col. A Sou. refunding and extension mtge.).
one-half of the 1st mtge. bonds and other securities of the Tr. & R. V. Ky.
V. 80. p. 1423, 2622; V. 82, p. 930, 986; V. 99. p. 1529. This latter obliga­
tion was disavowed by receivers of the Ch. R. I. & Pac., but in Jan. 1919
a settlement was reached by which the latter company on payment of about
$4,000,000 cash to the Colorado Southern, obtained ownership of a ba,
interest In the property. V. 109, p. 672, 677; V. 108, p. 380, 1611; V, 103
p 2429. V. 100. p 2087: V 102, p. 885.
Owns one-quarter interest in Houston Belt & Terminal Ry.
Tentative valuation, V. 113, p. 1054.
Stock, $304,000; par, $100. In Aug. 1905 made a first mortgage to
secure 30-year 6% bonds due 1935 at $3O,O00 per mile, all to be deposited
as issued under Col. & South, refunding mortgage; outstanding Dec. 1923,
$8,760,000. During 1919 the Colorado A Southern Ry. Co. and the Chicago
Rock Island & Pacific Ry. Co. canceled all of the outstanding and uusecured
6% certificates of indebtedness theretofore Issued by the Trinity & Brazos
Valley Ry. Co. under the provisions of the agreement of March 31 1906, for
advances made to cover deficits in the income of the Trinity & Brazos Valley
Ry. Co. from June 1 1907 to June 16 1914, Inclusive. The 5% equip bond*.
of 1907 are guar. Jointly, p. & 1., by Col. A Sou. and Chic. R. 1. A P
V. 84. d. 509.
For year end. Dec. 31 1925, gross, $2,652,732; oper. def., $60,437;
other income, $16,947; deductions, $320,226; bal., def., $363,716. Pres.,
Receiver & Gen. Mgr., John A. Hulen; Sec., D. C. Haggart; Treas., R. G.
Ballinger.
For latest earnings, see “Railway Earnings Section" (issued monthly).
Office, Houston, Texas.—(V. 122, p. 2037.)

May, 1926.]

131

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, <%c., see notes on page 8]

Troy & Greenbush—Stook 7% rental New York Cent
Tuckerton RR—1st M ext 1910 red 1920 at 105___ o*
Ulster & Delaware—Cons M for $2,000,000 -g.Ce.c*
Refunding mortgage $3.200,000---------------G.o*&r
Unadilla Valley—First M $200,000 gold redeem at 110
Union Pacific RR—Common stook $296,178,700----Pref stook 4% non-oum $200,000,000 (V 80, p 1364)
First M g RR & land grant $100,000,000 g___ Bax
Bonds redeemable (text!------------------------------ Bax
FlrstLlen & Ref mtge red 107 >4------------- Ea.xo*&r"
do
do
do
______________
do
do
do
sterling__________
Ten-year Secured gold bonds_______________ c*Ar
8erial equip trust certificates due $833,000 yrly_ c*
Equip tr ctfs Ser B due $618,000 ann beg 1927--CP
do
Series O due serially__________________
do
Series D due serially__________________
Union RR—See U 8 Steel Corp under "Industrials'
Union Station Co of Chicago—See Chicago Union
Un Term Co. Dali—1st M red 105 beg '22 text.CCyc*

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

$50
6
29 1880
500 &o
1.000
101 1888
1,000
1902
19 1904 1.000 &a
100
100
500 &o
2.090 1897
1907
500 Ao
3.656 1908
S
3,556 1908
1,000
£
3,656 1908
1918
1,000
1.000
1920
1922
1,000
1923
1.000
1,000
... 1924
Statio n Co
... 1912

Rate
%

$275,000
100,000
2.000.000
1,000.000
200.000
222.291,600
99.543.500
100.000.000
26.835.225
b63 922.500
20,000.000
1,920,600
20,000,000
6 664,000
6.800,000
5.687.000
3,000,000

7
5
5g
48
4g
10
4
4g
4g
4 sr
5g
4g
6g
7
5
4H
4H

$1,000 $5,000,000

6g

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

J & D 15 June 15 ’26 3H
J&J July 1 1930
J&D June 1 1928
A&O Oot 1 1952
J&J Jan 1 1934
Q—J July 1 ’26 2H%
A&O Apr 1 1926 2%
J&J July 1 1947
J&J July 1 1927
M&S June 1 2008
M A S Junel 2008
MAS June 1 2008
J A J July 1 1928
JAD To June 1 1934
MAS Mar 1 '27 to '37
MAN 1928 to 1938
MAS 1929 to 1939
A

Troy. N Y
Camden (NJ) S D & Tr Oo
Central Un. Trust Co.N Y
do
do
Bankers Trust Oo. N V
Offloe, 120 B’way, N Y
do
do
do
do
do
do
New York and London
do
do
do
do
Office, 120 B’way. N Y
New York

O Apr 1 1942

A

ContACom TrAS Bk. Ok

b Union Pacific RR on Dec 31 1925 owned an additi onal $ 14,098 .000.

.

TROY fir GREENBUSH RR.—Owns from Troy to Rensselaer, 6 miles,
double track; leased to the Hudson River RR. Oo. In 1851 at 7% on $275.*
000 stock. Lease assumed by N. Y. Cent. RR. Dec. 1914.—V. 106. p.924
TUCKERTON RR.—Owns Whitings Station to Tuckerton, N. J., 29 m
The I.-S. C. Commission has placed a final valuation of $503,946 on the
property of the company as of June 30 1916. Stock authorized, common,
$125,000; pref., $500,000: outstanding, common, $106,868; pref., $445,375;
par, $50. Year ending Dec. 31 1925, gross, $194,157: net oper. income,
$52,144; balance, $31,238. Pres., Theop. P. Price, Tuckerton; V.-P. &
Treas., Wm. Selfridge, Phila.; Sec. & Asst. Treas., G. J. Banse, Philadel­
phia.—(V. 122, p. 2490.)
ULSTER AND DELAWARE RR. CO. (THE).—Owns from RingstonPoint (on Hudson River), N. Y., to Oneonta, 107.03 miles, with branches,
a total of 128.88 miles. V. 74, p. 42. Stock, $3,000,000; outstanding,
$1,900,000; par, $100. As to refunding 4s of 1902, see V. 75, p. 667: V.
79, p. 153.
DIVIDENDS.—Divs.of3% declared annually In Dec. 1914 to 1922, lncl.
none since.
REPORT.—For calendar year 1925, showed: Gross, $1,331,587; net,
after taxes, $118,444; deductions, $213,426; bal., def., $94,982.
For latest earnings, see "Railway Earnings Section” (issued monthly).
Pres., Edw. Coykendall; Sec., H. H. Flemming; Treas., Frank Coyken­
dall. Office. Kingston, N. Y.—(V. 120, p. 2144.)
UNADILLA VALLEY RY.—Owns road from Bridgewater to New
Berlin, N. Y., 20 m. Stock, $200,000; par $100. V. 78, p. 104. Bonds,
see table above. V. 78, p. 1499. Lewis R. Morris is trustee. Year 19 ?5.
gross, $91,261; net oper.inc., $12,500; other inc., $2,793; int., rentals, Ac.,
$9,545; bal., sur., $5,748. Pres., Lewis R. Morris. 27 Cedar St., N. Y.—
(V. 117, p. 440.)
UNION PACIFIC RR. CO.—(See Map.)—The lines operated on Dec. 31
1925 aggregated 9,555 miles of road (with 1,494 miles of additional main
track and 3,733 miles of yard track and sidings), extending from Council
Bluffs and Kansas City in the east, via Denver, Cheyenne, Ogden, &c., to
Portland, Ore., and Spokane, Seattle, &c., in the west. The system
comprised;
Miles of Road on
Wholly Owned Leased Tr’k’ge DeducTota1
Owned. Jointly.
&c. Rights, tions. Operated.
Dec. 31 1925—
Union Pacific RR__________ 3,673
16
3,688
Capital Stock Owned (see each co.)Oregon Short Line RR______2,247
x237
13
54
2,443
Ore.-Wash. RR. Sc N. Co__ 2,006
77
95
2,237
306
y248
Los Angeles & Salt Lake RR.1,075
1
132
1,208
——Total.................. ............ ...9,001
81
335
9,576
467
309
A Nav. Co. y Includes 237 miles
leased to Oregon Short Line.
HISTORY.—Inoorp in Utah In 1897 per plan of Oct. 15 1895 (V 61, p.
704, 705, and V. 64, p. 424; V. 66, p. 618; V 67, p 790.)
Under the modified plan for tbe sale of the Southern Pacific stock ap­
proved by the U. 8. District Court June 30 1913 (V. 97. p. 50). $38,292,400
of the Southern Pacific Co. stock was on July 16 1913 exchanged for the
entire holdings of $42,547,200 Baltimore A Ohio stock (one-half pref.) of
the Penn. RR. The remaining $88,357,600 So Pac. stock formerly owned
was deposited with a trustee which issued certificates of Interest in the
stock, certificate holders to have no voting rights and receive no dividends
until they exercised the option to convert their certificates into So Pac
Co. stock, after first making affidavit to the effect that the applicant owned
no Union Pacific stock and was not acting for any stockholder thereof, or in
the interest of the Union Pacific
U. P. stockholders In 1913, under an offer, which was underwritten sub­
scribed for $84,426,700 of said $88,357,600 certifs. of interest at 92 8ee V
97, p. 177. 445. 662. 730 12«8 1004 V 99. p. 895 1675 V OS. o 1543
Relations with Southern Pacific in regard to Central Pacific Ry., see
I—S. O. Commission decision in V. 116. p. 685.

SECURITIES OWNED.—On Dec. 31 1925 the company and its sub
•Idiaries held; (1) Tn affiliated companies: (a? stocks, $34,258,453; (b) bonds
and notes, $20,217,319; (2) In outside companies’ stock, $71,513,947, and
their bonds, notes and equipment trusts, $80,458,362; (3) U. S. Liberty
bonds, $40,809,800.
Some of Principal Securities Owned as Aforesaid Dec. 31 1925 Face Value.
B.A O. RR. com. A pref. $5,400,027 Illinois Central [Concluded)—
Bonds A equip. 4Hs . 6.400,000
Joint Ref. 5s ($5.B. A Alt. RR. Gen.Mtge.
000.000), Ac............. 5.740.000
6s ($8,417,000). Ac 9.228.000 N. Y. Cent. RR. stock.w$22,700,00ti
C. A N. W. Ry. com. stk. v4.420.600
Ref. A Impt. M. 4H«. 3,000,000
Gen.M. ($4,600,000),Ac. 7,070,200 Penn. RR.Var. b’nds. Ac 7,600,000
Ch.Mil.A St.P.Ry.pref.. xl.845.000 EH. Secur. Oo. stocks.. 5,423.320
Sundry bonds______
4 ,975,000 So Pacific Co. 4s. 1949
6,399.000
Ch St. P.M. AO. deb. 5s 3.700,000
So.Pac.RR.1st ref. 4s. 6,026,000
D. A H. gold notes, Ac
3.466.000 N.Y Conn. RR. lst4Hs 3.000.000
Illiaols Cent. com.stock >24,750,000 Wabash Ry. equip. 5s__ 2,400,000
Preferred stock______ 6,975,000
v w x y Amounts Pledged.—Oregon Short Line mtge. covers $4,018,700
of item “v,” $20,000,000 of “w,” all of “x ” $8,700,000 of “y.”. See also
“Secured gold bonds” below.
Complete control of Los Angeles A Salt Lake RR. was acquired In May
1921 V. 112. p. 2307.
STOCK.—In 1901 common stock was authorized to be increased by
$ '00,000,000, to provide for conversion of First Lien 4s, and on June 15 1907
by $100,000,000. of whiob $42,857,200 was reserved for conversion of tb<
h15.000,000 4s of 1907; baianoe for future requirements See BOND5
below
v 82 p 1271: V.84. p 1115; V 85 p. 1587
LATE DIVS.—
f ’06. '07-T3. T4.
'16. T7. T8. T9-'25
......... j 8 10 y’ly 9 15,
Common (%) •
8
8
8 9H 10 y’ly
Extra (%)____________ ......... text - .. 3H H ...............




Jan. 1917 paid 2% and 2% extra, Apr., July and Oct., 2% and H % extra
Jan 1918. 2% A H% ext.; April 1918 to July 1926. 2H% quar.
There was distributed on July 20 1914 out of accumulated surplus profits
to the holder of each share of com. stock 12% in Balt. A Ohio pref. and
22H% of B. A O. com. held in the treasury and also $3 per share in casb.
V 98. p. 157. 238. 454. 525, 840, 914, 1246. 1394, 1539. 1847; V. 99. p.
199 1682.
BONDS.—The 1st mtge. of 1897 covers the original 1,854 miles, includ­
ing the telegraph, terminals, equipment and land grants. V. 66. p. 618.
Stockholders subscribed in 1907 for $73,762,000 of $75,000,000 new con­
vertible 4s at 90. These were convertible before July 1 1917 into common
stock at $175 per share, and are redeemable at a premium of 2H %. upon
90 days’ notice. V. 84, p. 1115, 1183; V. 85. p. 100, 161.
The 1st lien and refunding 4s of 1908 are secured by first mortgage
on 1,466 miles of main track, including the line from Julesburg to La Salle,
Colo., and also, subject to the 1st mtge., the 2,090 miles of road covered
thereby, making a total of 3,556 miles covered by the mtge. Of the
remaining bonds, $100,000,000 are reserved to retire the 1st 4s of 1947. In
Sept. 1923 $20,000,000 bonds bearing 5% int. were sold, the additional 1%
int. to be secured under a supplemental indenture by a lien on the lines of
railroad, franchises and appurtenances now. or hereafter, subject to the 1st
lien A ref. mtge., subordinate to the lien of the prin. of the 1st lien A ref.
mtge. bonds and int. thereon at the rate of 4% per annum. V. 99, p. 749,
818, 895; V. 86, p. 1468; V. 87, p. 546, 1012, 1541; V. 90, p. 448. V. 91. p.
872; V. 100, p. 1834; V. 101, p. 1465; V. 102. p. 801. 1719: V. 117, p. 1130.
In July 1918 sold an issue of $20,000,000 10-year 6% Secured Gold bonds.
Secured (V. 106, p. 2758) by deposit of the following collateral: $2,000,000
Chicago A N. W. Ry. Gen. Mtge. 4s and $2,500,000 5s, due 1987; $3,000,000
N. Y Central RR. Ref. A Impt. 4Hs, due 2013; $1,000,000 Penna. RR.
Consol. Mtge. 4Hs, due 1960 and $2,500,000 Gen. Mtge. 4Hs, due 1965:
$6,000,000 Southern Pacific RR. 1st Ref. Mtge. 4s, due 1955: $4,000,000
Balt. A Ohio RR. Ref. A Gen. Mtge. 5s, due 1995; $5,000,000 Illinois
Central RR. Co. A Chic. St. Louis A New Orleans RR. Co. Joint First
Ref. Mtge. 5s, due 1963; $4,000,000 Denver Union Terminal Ry. 1st M.
4Hs, due 1964 (guaranteed jointly).
In June 1920 sold $10,000,000 Serial Equip. Tr. Certs. V. 110, p. 2388
In March 1922 sold $6,800,000 5% equip, trust certf. Series “B,” due
$618,000 annually Mar. 1 1927 to 1936, both inclusive, and $620,000 Mar. 1
1937. V. 114, p. 1181.
In March 1924 sold $3,000,000 4H% .equip, trust certificates. Series
“D,” due serially 1929 to 1939.
Guarantees $54,691,995 Ore.-Wash. RR. A Nav. 1st A ref. 4s ($175,000,000 auth. issue), not including $17,247,000 in treasury and $45,000,000
Oregon Shore Line RR. refunding 4s. See those companies above. V. 92,
p. 1437: V. 93. p. 1325.
REPORT.—For 1925, in V. 122, p. 2214, showed:
1925.
1924.
1923.
1922.
Average miles------------9,547
9,510
9,483
9,406
$
$
$
$
Operating revenue-------- 198,039,901 199,035,118 211,318,465 192,877,122
Oper. exp. A taxes-------- 152,320,602 156,098,495 165,843,930 157,111,055
42,936,623
37,913,161
16,226,202

45,474,535 35,766,067
39,660,246 33,496,318
17,513,566 15,749,563

Total income------------ 56,578,343 54,139,363
Fixed charges, Ac--------- 18,365,964 18,394,838
Preferred divs. (4%)... 3,981,740
3,981,740
Common divs. (10%)... 22,229,160 22,229,160

57,173,812 49,245,881
17,270,343 16,915,574
3,981,740 3,981,740
22,229,160 22,229,160

Net revenue-------------- 45,719,298
Net from operations------ 40,038,645
Other income........... ......... {16,539,698
Income from inv., Ac__ {

Balance, surplus-------- 12,001,479
9,533,625 13,692,569 6,119,407
For latest earnings, see “Railway Earnings Section” (issued monthly).
OFFICERS.—Chairman, Robt. S. Lovett; Pres., Carl R. Gray; V.-Ps.,
E.-E. Calvin (in charge of operations), H. M. Adams (in charge of traffic)
V.P. A Compt., F. W. Charske; V.-P. A Gen. Counsel, H. W. Clark;
Sec., Thomas Price; Treas., Edward G. Smith.
DIRECTORS.—Newcomb Carlton, Paul M. Warburg, James H.
Perkins, H. W. Clark, W. A. Harriman, Robert S. Lovett, Oliver
Ames, H. J. Grant, Chas. A. Stone, Chas. A. Peabody, C. B. Seger.
Robert W. Goelet, Carl R. Gray, E. E. Calvin and E. Roland Harriman.
Offices. 120 Broadway. N. Y.. and Omaha. Neb.—(V. 122. p. 2188.)
UNION RR., Pittsburgh.—Owns East Pittsburgh to Streets Run and
Duquesne, Pa.. 9.92 m.; leased: North Bessemer to East Pittsburgh. Pa.,
8.04 m.; P. B. A L. E, RR.; Monongahela Jet. to Mifflin Jet. and Wilson,
Pa., 11.56c. St. Clair Terminal RR. (leased), 5.58 m.; total, 45.67 cm.
The I.-S. C. Commission has placed a tentative valuation of $14,905,000
on the total owned and $22,980,263 on the total used property of the com­
pany as of June 30 1917.
STOOK.—Auth. and outstanding. $2,000,000; par. $50; all or a majority
owned by U. S. Steel Corp.
BONDS.—See U. S. Steel Corp, under "Industrial Companies” below
(THE) UNION TERMINAL CO., DALLAS, TEX.—Owns union passen­
ger station at Dallas, Tex., completed Oct. 1916, for use by the Mo. Kan. A
Texas. Texas * Pacific. Houston * Texas Central. Gulf Colorado fr Santa
Fe (Atchison T. A S. Fe. system). Fort Worth A Denver ’ity, St. Louis A
San Francisco, Chicago Rock Island A Pacific and St. Louis Southwestern
systems, each owning Hth of the $48,000 capital stock. Under 99-vear
operating contract the company handles the passenger business of the afore­
said companies, who discharge all its expenses, liabilities and receive all
income.
Covers about 1 H city blocks on 10 H acres of real estate In business
district, with 10 parallel tracks and space for 8 more; total trackage, 4.84
miles of main track. 11.80 miles of yard tracks. All of the bonds ($5,000 000) have been issued under said agreement, guaranteed prin. and lnt\
Jointly and severally, by the eight proprietary companies. V. 98. p. 1073.
1158. 1394; V. 103, p. 146. In 1915-16 William Salomon A Co., N. Y.„

132
R A IL W A Y S T O C K S A N D B O N D S
[V ol . 122.




May, 1926.]
RAILROAD COMPANIES

(For abbreviations, Ac., see notes on page 8]

Miles Date
Road Bonds

United N J RR & Canal Co—Stock 10% guaranteed.
167
General mortgage of Loan of 1929 gold.. xc&ri
1871 for $20,000,- Loan of 1944 gold_____ xc&r
000 (now first- Loan of 1951 gold guar___ x
mortgage) FP se- Loan of 1948 g p & 1 gu.xc&r
cures all equally Loan of 1973_____________
Vtlcn & Black River—See New York Central RR
Btica Chen & Susa Val—Stook 6% guar by D L A W
97
Utica Clinton & Binghamton—Common stook-----First mtge guar p & 1 by Del * Hud (end)__ Njtc
31
Common stock, guar stamped div 5%__________
Va'ley (N V)—Stook 5% guaranteed by”D L & W___
11
1st & ref mtge______
_______________ ________
Van Buren Bridge—See Bangor & Aroostook RR
Vandalia RR—See Plttsb Cln Ch & St Louis RR
Vera Cruz & Pacific—See National Railways of M . exlco
Vermont & Mass—Stook 6% guar by Bos & Maine..
59
Vermont Valley Ry—Stock_______________________
24
First mortgage $1,500,000 gold................. BB.zoAr
24
Vicksburg & Meridian—See Alabama & Vicksburg
Vicksburg Shreve & Pac Ry—Com stock $3,000,000.
188
Preferred stock 5% non-cumulative $2,200,000....
General mortgage $3.500,000.......... .. .............. F.so*
188
Ref & Impt mtge Series “A” red (text)_______ zc*
Vicks Shrev A PRR prior lien ext '15 at 5% g-Ce.xc*
188
Virginia Air Line—See Chesapeake * Ohio
Virginia & Caro Sou—1st M $1,000,000 g (see text) _x 64.22
Virginia Midland—See Southern Ry
Virginia & Southw—1st M g gu by Va I C A C......... Gx
136
First Consolidated mtg $7,000,000 gold G.xo*&r*
209
Virginian Ry—Common stock auth $40.000,000___
Pref stock $35,000,000 auth 6% cum red text.__
First M $75 000,000 g Ser‘‘A’’ red at llOF.xc’&r*
470
Equip trust cert Ser r‘C’ due $260,000 s-a_____ c*
do
Ser "D” due $380,000 ann_......._ c*
do
Ser “E”due$240,000ann__________ Fc*
do
due $108,700 annually____________ G
—

1889
1894
1901
1908
1923
___

1889
i——

__ _
1910
_ -1901
1923
1885

Par
Value

Amount
Outstanding

$100 $21,240,400
1,000 6.020.00C
1,000 5.646.00C
1.000 5,669,000
1,000
841.000
1.824,000

100
100
1,000
100
1OO

1,000

100
50
1.000
100
100
1,000
1,000
1.000

4.000.000
649,224
800.000
200.000
75ft nnn
443,000

Rate

When

Last Dividend Places Where Interest and
Dividends Are Payable

Payable and Maturity
%
10
Q—J Apr 10 26 2)4
4 g M & S Sept 1 1929
4 g M & S Mar 1 1944
3)4 g M & 8 Mar 1 1951
4 g M & S Sept 1 1948
4)4 g M & S Feb 1 1973
MAN Mayl 1926 3%
6
See text F A A 10 See text
5
{ A J July 1 1P39
J & D June ’26 2)4%
5
J A J ■lan 2’26 2)4%
M & S 1974
5

3.193,000
A A O
0
1.000.000 See text J & J
1.500,000
4)4 g A A O
2.856.500 See text A & O
2.142.800
5
A & 0
677.000
5
MAN
1,845,000
6 g M&N
1.323.000
5 g M&N

1,000
524.000
8g J A J
1903 1.000 Ac 2.000.000
58 J & J
1908 1.000 Ac 5.000,000
58 A A O
100 31.271,600 See text See text
100 27.955,000
6
F & A
1912
100 Ac 55.344.000
5 g MAN
1.000 2.080,000
4 & O
1920
6g
1.000 4,560.000
1923
5 g M&N
1925
1.000 3,600.000
4)4 g J & J
1920
6
978,300
J & J 15
1913

offered these bonds. V. 101, p. 1887: V. 102, p. 1164, 1898. Notes extended
Y. Ill, p. 1662; V. 117, p. 89; V. 119, p. 199. The I.-S. O. Commission
has placed a tentative valuation of $4,667,300 on the property of the com­
pany, as of June 30 1917. Pres., J. L. Lancaster, Dallas, Tex.; Sec., A. S.
Steirer, Dallas, Tex.; Treas., M. L. Buckner, Dallas, Tex.—(V. 122, p.1167)
UNITED AMERICAN RYS., INC.—(V. 118, p. 3080.)
UNITED NEW JERSEY RAILROAD & CANAL CO.—GSee Map Penn.
BR.).—Part of a system of roads In Northern New Jersey, extending from
Camden to South Amboy and from Trenton to Jersey City, with branches
and connections, a distance of 165 miles; Hudson River ferries to New York.
1 m.; Del. & Raritan Canal, from Bordentown to New Brunswick, &c.
66 m.: Phila. & Trenton and Belvidere. Del.—which see—are leased lines.
LEASE.—Leased In June 1871 to the Pennsylvania RR. for 999 years:
rental equal to 10% on stook. Interest on bonds, taxes. &o.
Of the $21 240,400 stock outstanding, the Penn. RR. on Dec. 31 1925
owned $1,350,000.
EARNINGS.—For year 1925, gross income, $2,969,981; deductions,
$844,962; dividends, $2,124,040; bal., surp., $980—(V. 117, p. 1557.)
UNITED RAILROADS OF YUCATAN.—(V. 122, p. 1759.)
UNITED RAILWAYS OF THE HAVANA & REQLA WAREHOUSES
LTD.—(V. 117, p. 2105.)
UTICA CHENANGO & SUSQUEHANNA VALLEY RY.—Owns Utica
N. Y„ to Greene. N. Y., 75 miles; branoh to Richfield Springs, 22 miles
Leaaedto Delaware Lackawanna & Western at 6% on stock. No bonds.
—(V. 106. p. 601.)
UTICA CLINTON & BINGHAMTON RR.—Owns Utica, N. Y., to
Randallvllle. N. Y., 31 miles. Leased during continuance of charter and
renewals thereof to Delaware & Hudson Co..which pays rental of $61,500
per. ann., and sub-leased to N. Y. Ont. & Western. V. 118, p. 907. The
street lines owned (10 miles) are leased to Utica & Mohawk Valley Ry.
for $15,000 per ann. Capital stock. $849,224 (par $100), $200,000 of which
Is guar, by Del. & Hudson 5% per ann. (guarantee endorsed on face of the
certificate); balance, variable—3%%. 1898 to 1912, Incl.; 1913, 4%; 1914,
3%%; 1915 and 1916, 3«%: 1917. 3)4%; 1918. 3)4%; 1919. 3)4%: 1920,
3%; 1921,.3)4%; 1922. 3%; 1923, 3%; 1924, 3%; 1925, 3%; 1926. Peb..
1)4%.—(V. 118, p. 907.)
VALLEY (N. Y.) RR.—Binghamton. N. Y., to 8tate Line of Penna.,
11 miles. Leased to Delaware Lackawanna & Western at 5% per annum
on stock.—(V. 119, p. 1735.)
VANCOUVER, VICTORIA & EASTERN RY. & NAVIGATION.—
Passenger and freight terminal at Vancouver. B O.—(V. 103. p. 2080.)
VENICE ENGLEWOOD & SOUTHFRN RY.—The I.-S. C. Commis­
sion on April 19 1926 issued a certificate authorizing the company to con­
struct a line of railroad from Venice southeasterly to Englewood, a distance
of approximately 13 miles, ail in Sarasota County, Fla.
The company is a Florida corporation and was organized at the instance
of the Seaboard Air Line Ry. The proposed line will connect at Venice
with a line of the Seaboard terminating there and will form an extension of
that line. The Seaboard proposes later to acquire control of the applicant
by purchase of the latter’s capital stock or by lease.
The estimated cost of the proposed line is $547,426. Construction is to
be commenced within 6 months and completed within 18 months after the
certificate authorizing such construction is issued, ^unds for constructing
the line are to be furnished by the Seaboard.—(V. 122, p. 2490.)
VERMONT & MASSACHUSETTS RR.— Road. Fitchburg to Green
field. Mass.. 56 miles of double track branch. 3 miles. Leased to Boston &
Maine RR. for 999 years from Jan. 1 1874 at 6% on stock and organization
expenses.—(V. 79. p. 2589; V. 106, p. 818.)
VERMONT VALLEY RR.—Owns Bellows Falls to Brattleboro. Vt
24.69 miles. Controlled and operated by Boston & Maine RR., which owns
entire stock, tbe Vermont Valley receiving earnings over charges with a
guaranty of 4% on stock. V 76. p 214; V. 94. p. 1628. Owns all stock
of Sullivan County RR., Bellows Falls to Windsor, Vt., 26.04 miles. In
March 1911 acquired control of the Montpelier A Wells River, Barre and
Chelsea RRs.. incl.. with spurs, 68 miles. V. 92. p. 528. 660. Dividend,
long 6%‘ 1994 8%: 190fi to July 16 incl 10% vrly • '17-19. none; 20, 4%:
1921. 4%; 1922, 4%; 1923, 4%; 1924, 10%; 1925, 5%.
Bonds (5> 1 .oou.ixtu 1st 4
«f i»io<
aecuieu uy flrst lien on road, 24
miles, and additionally by deposit of $700,000 Connecticut & Passumpslc
Rivers RR and Sinn nnn vt «<<<;« wlppl Veliev Rv stock V 91 p 791
In Jan. 1914 sold $2,300,000 one-year 6% notes to construct the Brattle­
boro extension and for payment of notes for acquisition of the Montp &
Wells River and Barre and Chelsea roads: these are guaranteed by the
Connecticut River RR. and endorsed by B & M. RR., and were extended
to Aug. 31 1916. Entire issue owned by Boston & Maine RR. V. 97,
p. 1899; V. 98, p. 157, 238; V. 99, p. 1675: V 100, p. 1919; V. 105, p. 182.
999. 1310. 1414: V. 106, p. 930; V. 115, p. 1733.)
VICKSBURG SHREVEPORT & PACIFIC RY. CO.—Delta. La., on
Mississippi River, to Ixirraine, La., 188 miles.
The I.-S. C. Commission has placed a tentative valuation of $8,726,200
on the total owned, and $8,466,200 on the total used properties of the
company, as of June 30 1918.
The I.-S. C. Commission In May 1926 authorized the lease of the road
to the Yazoo & Mississippi Valley RR. under the guarantee of the Illinois
Central. V. 122. p 2945.
BONDS, &c.—Of the $3,500,000 general 5s, $1,245,000 have been re­
funded, $1,323,000 are reserved to take up at maturity the prior lien 6s
which were extended in 1915 to 1940 at 5%, and $255,000 have been can­
celled. V. 101, p. 774, 1629.
The ref. & impt. mtge., series "A,” bonds are redeemable as an entirety
on any int. date upon 90 days' notice at 107 % and int. on or prior to Nov. 1
1928 at 105 and int. after Nov 1 1928 and on or prior to Nov. 1 1963, and
at )4 of 1% less than 105 and Int. for each succeeding year




133

RAILWAY STOCKS AND BONDS

Offices, Penn RR, Phila
do
do
do
do
do
do
do
do
do
do
n l a w BR, New Vork
Utica Tr & Deposit Co
New York Trust uo, w p*

Del Lack A Western,N Y
do
do

Apr 1926 3% 53 Devonshire St, Boston
See text
Safe Dep A Tr Co, Boston
Oct 1 1940

Apr
Apr
May
Nov
Nov

1 '26 2)4
1 ’26 2)s
1 194)
1 1973
1 1940

Treas. office. New Orl
Treas office. New Orl
Farmers L & T Co, N Y
Nat Park Bank. N Y
Central Un Tr Co, N Y

July 1 1943

Safe Dep & Tr. Balt

Jan 1 2003
Apr 1 1958
Dec 31 ’25 6%
Feb 1 1926 3%
May 1 1962
Oct '26-Apr '30
To May 1 1938
To July 1 1940
To Jan 15 1935

Guaranty Trust Co, N Y
do
do
Famiprs' I. A T On A T ny
I Bk of N A & j»Tr Co. ,PhQ
I Nat’l City Bank, N Y
Farmers L & T Co, N Y
Guaranty Tr Co, N Y

Of the $1,845,000 series “A” bonds issued, $1,245,000 were Issued lb
exchange for a like amount of gen. mtge. 5% gold bonds (leaving only
$677,000 outstanding) and the proceeds from the remaining $600,000 of
bonds were used to reimburse the treasury in part for expenditures made
prior to 1923 for additions and betterments. V. 117, p. 1887.
DIVS.—
'13. ’14. ’15. ’16. ’17. ’18-’2O. ’21. '22. ’23. ’24. ’25
Common_______ _ 2
0
2)4
0
0 2)4 2)4 yly.
Preferred_______ 5
5
.
_5. 5. 5..yly.
,
5
Paid in 1926: On pref. and com., April 1 ,2)4 %•
REPORT.—For 1925, in V. 122, p. 1909, showed:
Year—
Cross.
Total Inc.Int.. <&c. Pref. I Hes. Com. Divs. Surplus.
1925.......... $4,552,077 $877,289 $438,667 $107,140 $114,260 $217,281
1924......... 4.259,264
740,025
419,896
107.140 114,260
9&.72B
1923____ 4,460,580
931,668
367,375
160.710
71.412 332.170
1922_____ 3,717.970
________
556.318
333,778
107.140 -------115,400
For latest earnings see “Railway Earnings Section" (issued monthly'.
OFFICERS.—Pres., L. A. Jones; Sec., Wm. Brewer; Treas., J. E. Cambias. Office, New Orleans, La.—(V. 122, p. 1909.)
VIRGINIA & CAROLINA SOUTHERN RR. CO —Owns from Lum­
berton, N. C., north to Hope Mills, 25,23 m.; St. Pauls. N. C., to Eliza­
bethtown, 27.7l m.; Lumberton Jet. to North Lumberton and Fast, Lum­
berton, 3.86 m.; sidings, &c., 7.45 m.: total, 64.69 m.; under trackage con­
tract, 0.92 m.; total, 65.61 miles. Stock, $141,000; majority owned by
Atl. Coast Line. The I.-S. O. Commission recently placed a tentative
Valuation of $659,075 on the property of the company as of June 30 1918k
Year ended Dec. 3l 1925, gross, $194,997; net oper. income. $44,236; int&c., $26,924; bal., sur., $18,260. Pres. & Treas., A. T. McLean; V.-P. &
Audior, J. O. Beckwith Sec,, Dickson McLean. Office, Lumberton, N. O.
—(V. 122. p. 2796.)
VIRQINIA * SOUTHWESTERN R Y.—Owns Bristol.Va.. to coal fields
around St. Charles. Va., and southerly to mines at Mountain City, Tenn.*
with branches, 151 miles; Moccasin Gap to Persia Jet.. Tenn.. 38 m. Leases
Rogersville via Persia to Bull’s Gap, Tenn., 14 m.; traokage, 22 m.; total,
225 miles. In 1908 Southern Ry. purchased the $2,000,000 stock at $200
per share and on July 1 1916 took a lease of the road for one year and from
year co year thereafter until terminated by either part” at a rental eanal
to int. on bonds and equip, trust obllgs. V. 87, p. 98; V. 103, p. 321>
Virginia Iron, Coal & Coke Co. guar. 1st M. bonds, p. & 1. V. 75, p. 318'.
398,736; V. 76, p. 273. Of the 1st consol. 50-yr. 5s ($7.000.000 auth. issued
dated April 1 1908, $2,000,000are reserved to retire 1st 5s. V. 86, p. 1102*
1161.1187; V. 87, p. 1606; V, 93, p. 1192 —(V. 115, p. 2478.)
VIRGINIAN RAILWAY CO. (THE)—(See mop.)—The main line ortho
road extends from Deepwater, on the Kanawha River, in West Va., to
8ewall’s Point on Hampton Roads, near Norfolk, Va., a distance of 441 miles*
Winding Gulf branch, Mullins, W. Va., to Willabet. 33 miles; other linos
owned and leased, 50 miles; trackage rights, 21 miles; total, 545 miles. Oh
Sept. 1 1922 leased for 999 years the Virginian & Wastern Ry. V. 115, p»
870, 989.
The stockholders on May 29 1925 approved the lease of the road to thp
Norfolk & Western Ry. Co., subject to the approval of the I.-S. C. Com­
mission. The terms of the lease provide for the payment by the Norfolk
& Western of operating expenses, taxes, interest on funded and unfunded
debt, a reasonable amount for maintenance of the corporate organization,
and divs. at the rate of 6% per annum on Virginian Ry. outstanding pref,
stock (279,550 shares) and on its Common stock (312.715 shares).
Road taps the Pooabon tas and N ew River coal neiuo, ana tor ms the short­
est possible route to tidewater over the lowest grades." From Princeton;
the main coal-gathering yard, 350 miles west of Sewell’s Point, the eastbound grade does not exoeed 0.2 of 1%, or 10 H ft. per mile, exoept for a
9-mlle seotlon over the Allegheny Mountains, where the maximum grade
is 0.6 of 1%, or 32 ft. per mile: on this seotlon a pusher Is used. One
locomotive will haul 80 loaded 50-ton coal car’ o- < nnn ton" cos' ner train
Tentative valuation as of June 30 1916, $55,862,622. Electrification of
line between Roanoke, Va., and Mullens, W. Va. compare annual report
In V. 122, p. 1599.
STOCK.—Pref. stock Is redeemable as an entirety at any time after S’
years from date of Issue by vote of majority in amount of all the outstanding
stock on payment of $105 per share, plus any accumulated dividends.
As of Aug. 1 1922 the div. rate nn the pref. stock was increased to 6%.
stockholders In return surrendering their right to accrued and unpaid divs.
amounting to $30 per share to July 3l 1922. V. 115. p. 1101.
DIVIDENDS.—On common initial div. of 4% wa« n-ld Dec. 31 1923
same amount paid Dec. 31 1924, On Dec. 31 1925 paid 6%.
BONDS.—The first 5s of 1912 ($76,000,000 auth. issue; are a first lien
on all property owned or hereafter acquired. Including terminals and
equipment. The remaining $19,656,000 are reserved for extensions of the
main line at not over cost, or $75,000 per mile, additional branches or
second track not to exceed $50,000 per mile, additional equipment and
other additions and equipment at not over 75% of cost, and 75% of cost of
not less than 60% of the securities of other companies whose properties
form extensions or can be operated advantageously therewith (to an aggre­
gate not exceeding $10,000,000), to acquire stocks under restrictions named
in the mtge. V 94, p. 1058, 1187, 1318. 1385 1765: V 95. o 44. 1270;
V. 98, p. 454.1539; V. 102, p. 252: V. 105, p. 2186: V. 118, p. 3199; V, 121,
p. 704.
Equipment trust 6% certificates of Apr. 1 1920. V. 110, p. 1291. Series
“D,” V. 116, p. 2008. Series “E.” V. 120, p. 3310.
Equipment trusts issued to Director-General for rolling stock allocated
to this company, see article on page 3.
Government loan, V. 111, p. 794, 1371.
REPORT.—For 1925, In V. 122, p. 1599, showed:
1925
1924
1923
1922
Freight revenues______ $16.876J)47 $16.873‘.194 $18,093 J533 $16.956‘,023
Pass , mail & express...
849.353
1.041,575
1.133.681
970,592
Other transportation.._ 1,136.779
1,100,669
1.101.034
1,082,829

Railway oper. rev___ $18,862,179 $18,988,439 $20,328,348 $19,009,444

134
R A IL W A Y S T O C K S A N D B O N D S

Clintwood
-

\

Glan'°l^a“ cveeU
*

Dorchester 2^Je.
/Fink

T E

Elizabethton \r"\




s'

\

I

3 Galax
-----------oSparta
N

Kiuier^o g^
/

Mountkiiy
Oo
\R
Dobson

,

Danbury

,
Byrdville tj_j
‘Leal/svliu
'r
'

’

[V ol . 122

Glade Spring
Mendota^ ^Abingdon,
rGate Citi__
Fail-wood
.Bristol'
//M' ishdain
/C.an<lu)l
C7
°)Mountain City [
fcvAN /N..• Jlfiymead
X

May, 1926.]

Miles Date
Road Bonds

RAILROAD COMPANIES
IFor abbreviations, <fec., see notes on page 8)
Wabash Railway Co—
Common stock, $70,328,050 auth_______________
“ref stock A 6% prof-shar. red 110 aft 5 yrs (text) _
Conv 5% pref stock B red 110 $3,893,900 auth___
First mortgage gold ($34.00D,UOUj_______ Ce.zc*
Second mortgage gold____________________ Mp.zc
Deben mtge Income non-oum Series B not red . Ba
Ref & gen mtge gold Ser A red (text)_____ xxxc*&r *
Detroit & Chicago Ext 1st M g s f red 110__ Ce.zc*
Des Moines Div 1st M g $1,800,000 (V 68, p 574) Nxo*
Toledo & Chicago Div mtge g $3,000,000--Col.xo*
Omaha Div $3,500,000 gold (V 75. p 686) —Ea.xo*
1st lien terminal mtge $10,000,000) gold-.Ba.xc*Ar
Kan City Exo Sp & Nor M g guar (V 79 p 2697) .z
Columbia A St Louis $300,000 gold guar p & l.SSt x
Secured gold notes red 100_____ ___________ PhP
Equipment gold notes, due $755,400 yearly_____ G
do
do
due $283,000 yearly_____ CP.c*
do
do
due $35,709 semi-ann___________
Equip trust ctfs Ser.“C” due $134,000 ann_ xxxc*
do
do
due $34,140 semi-ann____________
do
do
Ser “D” due $166,000 ann____ yc*
do
do
Ser “E ’ due $171,000 ann____ yc*
do
do
Ser “F” due $279,000 ann___ yc*
Wabash Chester & Western—First mtge gold----- zc*
First consolidated mortgage $1,000,000 g_ SSt.sc*
Warren (N J)—Stook 7% perpetual guar D L A W__
First ref mtge $2,000,000 g gu p A 1____ F.xc*&r
Washington & Columbia River—See Northern Pacific
Washington County—See Maine Central RR
Washington & Franklin—1st M $475,000 g Int rent-.i
'Wash Ter—1st M g gu($2,000,000 4s) (text) .Us.xo* Ar

Maint. of way & struct-.
Maint. of equipment__
Transportation, rail line.
Other expense^.______

1925.
1924.
2,700,209 • 2,490,590
4,102,491
4,077,656
4,462,199
5,141,383
504,583
499,817

— ....
1.542
1,009
1.542
2,034
150
94
225
144
9
22

__
---

1889
1889
1889
1925
1891
1899
1901
1901
1904
1901
1902
1925
1920
1922
1922
1923
1924
1924
1924
1925
1888
1893

42
65
18
18 1900

Par
Value

Amount
Outstanding

$100
100
100
1,000
1,000
1.000
500&1000
1,000
1,000
1,000
500 Ac
1.000 Ac
500
1.000
1,000
1,000
1,000
1,000
1.000
1,000
1,000
1,000
1,000
1,000
1.000
50
1,000

Rate
%

When
Pagable

1923.
2,219,868
5,344,302
5,536,112
511,139

1922.
2,193,206
4,838,605
4,902,969
504,610

$6,778,992
1,390,228
916

$6,716,927
1,181,790
2,426

$6,570,052
1,528,916
291

Railway oper. income. $5,789,017
Rent of tracks, &c_____
70,754
Dividend income______
136,697
Hire of equip, (net)____
622,618
Other income_________
1,119,077

$5,387,848
71,174
51,697
102,049
1,336,065

$5,532,711
72,940
36,697
293,359
541,936

$5,040,845
82,854
21,486
303,278
473,825

Int. on funded debt, &c_
Disc, on bonds & notes..
Rent of tracks, &c_____
Tax on bond int. & misc.

$7,738,163
3,069,849
119,745
659,129
29,663

$6,948,833
2,818,537
114,452
665,026
35,676

$6,477,643
2,156,243
69,466
557,621
22,869

$5,922,289
2,096,863
74,511
325,242
17,639

Preferred dividends___

$3,859,777
1,677,300
1,876,290

$3,315,141
1,677,300
1,250,860

$3,671,445
1,677,300
1,250,860

$3,408,033
2,306,288

$306,187
$386,981
$743,284 $1,101,745
OFFICERS.—Chairman, A. H. Larkin, 74 Broadway, N. Y.; Pres..
Chas. H. Hix, Norfolk, Va.; Sec., James Clarke, 74 Broadway, N. Y.;
Treas, G. H. Church; Asst. Treas., I. A. Browne, 55 Wall St., N. Y.
DIRECTORS.—William E. Benjamin, W. R. Coe, E. W. Knight, Geo.
H. Church, G. M. Hyams, Adrian H. Larkin, P. J. McIntosh, H. H. Rogers
•G. W. Davison. Charles H. Hix. James H. Perkins.—(V. 122. p. 1599.)
WABASH RAILWAY CO.—(See Map.)—Embraces lines as follows, viz
Owned and operated—
Miles.
Oioned and operated—
Miles
Delray, Mich., to Butler, Ind._ 110 Pattonsburg, Mo., to Council
Montpelier, O., to Clarke Jet.,
Bluffs. Ia_________________ 144
Ind....... ...............................
150 Other_____________________
451
Toledo, O„ to Aladdin, Ill____ 460
Total owned A operated.__ 2.034
O, & W. I. Jet. to Effingham,Hl. 205
79
Decatur to Bridge Jet________ 109 Leased_____ •_______________
St. Louis to Harlem, Mo_____ 274 Oper. under trackage rights__ 411
Moberly, Mo., to Ottumwa, la. 131
Total operated Dec. 31 1925.2,524
Owned and not operated_____
7
Entrance to Chicago is over Chic. & West. Indiana, of whose stock this
■company owns $1.000,000.
The I.-S. C. Commission on Nov. 2 1925 approved the acquisition by the
company of control of the Ann Arbor RR. by purchase of its capital stock
(66.9393% acquired as of Dec. 31 1925).—V. 121, p. 2400; V. 122, p. 607.
ORGANIZATION.—Incorporated in Indiana Oct. 22 1915 as successor
of Wabash RR. (foreclosed) under First Ref. & Extension Mortgage, and
reorganized per plan in V. 100, p. 1599, 1594; V. 101, p. 1975. Took pos­
session Nov. 1 1915. The plan reduced the fixed charges from $5,795,278
to $3,183,915, besides eliminating guaranties and unsecured obligations.—
V. 108, p. 270, 1927; V. 109, p. 2074. 2173; V. 110, p. 1090.
STOCK.—The pref. shares A and B are respectively pref., prin. and divs.
(non-cumulative) and are callable after 5 years at 110. The A shares are
entitled, after payment in any year of 5% on all stock (com. and pref.), to
participate in any further dividend for that year at the same rate as de­
clared on common stock (above said 5%). Of the authorized com­
mon and convertible preferred, $3,750,000 and $1,250,000 respectively
were issuable from time to time on account of unsecured creditors’ claims
against old co. The pref. and common are issuable as needed for conversion
of pref. B, and in Dec. 1925 the amounts outstanding had been increased
chiefly in this manner from the totals issued at reorganization in 1915,
namely $43,540,000 and $46,200,000, respectively, to the amounts shown in
table at cop of page. V. 108. p. 1929; V. 107, p. 182; V. 101, p. 2072,
1599: V 102, p. 1812
The holders of the convertible pref. stock may at any time after Aug. 1
1918, and up to 30 days prior to any date fixed for the redemption of the
entire issue of said profit sharing pref. stock A, convert the same into and
•exchange the same for profit-sharing pref. stock and com. stock at the rate
of $50 of profit-sharing pref. stock and $50 of com. stock for each $100 of
convertible pref. stock, with adjustment of unpaid dividends.
DIVIDENDS.—No. 1 on pref. “A” stock Jan. 29 1917, 1%; April, July
and Oct., 1%; 1918, Jan. and April, 1%; then none until May 25 1925,
when 1X% was paid; same amount paid quar. to May 25 1926.
BONDS, Ac.—The plan of 1915 left it to the new co., after reorganiza­
tion, to provide, by a first & ref. mtge., or otherwise, for refunding the
underlying bonds at maturity and for future capital requirements.
The stockholders on Dec. 29 1924 approved and authorized the creation
of a ref. & gen. mortgage, the aggregate principal amount of which at any
one time outstanding, together with all prior obligations as defined in the
mortgage or deed of trust securing the ref. & gen. mtge. bonds, shall be
limited to 1 % times the aggregate par value of the then outstanding capital
stock, determined as provided in the mortgage. The lines of railroad
covered by the mortgage comprise about 2,034 miles of first main track,
322 miles of second main track and 927 miles of other track, on various
parts of which the ref. & gen. mtge. is subject to prior obligations issued and
outstanding on Dec. 31 1925. in the aggregate principal amount of $68,443,526, for the retirement of which at or before maturity ref. & gen. mtge.
bonds are reserved. None of the prior obligations may be renewed or
extended and no further issues made under the indentures securing them,
except that $5,936,311 principal amount of additional bonds may be issued
under Wabash RR. 1st lien terminal gold 4% trust indenture dated Jan. 1
1904, for the acquisition of additional terminal properties. Ref. & gen.
mtge. bonds are reserved for the retirement of any such additional terminal

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

$66,638,575
69,273,850 See text See text May 25 ’26 1 K
2,580,542
Go’s off, 120 B’way, N Y
33,891,000
5 g MAN May 1 1939
13,993,000
do
do
5g F A A Feb 1 1939
J A J July 1 1939
209,000
do
do
6
12,500,000
do
do
5^ g M & S Mar 1 1975
do
do
2,239,000
£> It J A J July 1 1941
do
do
1,600,000
4 g J A J Jan 1 1939
do
do
3,000,000
4 g MAS Meh 1 1941
3,173.000
do
do
g A A O Oct 1 1941
do
do
3,555,000
4 g J A J Jan 1 1954
do
do
100,000
4 g J A J Jan 1 1928
200.000
do
do
4 g MAN May 1 1942
1,500,000
6 g M & S Mar 1 1930
6,798.600
6 g J & J 15 To Jan 15 1935 Guaranty Tr Co, N Y
3,396,000
F & A To Aug 1 1937 Co’s office. N Y
5
107,127
M & S Sept’26-Sept ’27 Co’s office. New York
5
1,742,000
5^ J & J To July 1 1938 New York
5
204,840
A & O Oct ’26-Apr ’29
J & D Dec 1 ’28 to ’38 New York
1,826,000
5
2,394,000
5
J & D To Dec 1 1939 New York
J & D To Dec 1 1940 New York
4,185,000
4J4
July 1913 coup last paid
300,000
fig J A J July 1 1918
July 1894 paid July 1 ’96
Bg J A J Jan 1 1928
390,000
1,800,000
7
A A O 15 Apr 15 1926 3^ Del Lack A W RR, N Y
do
do
1,394,000
3K g F A A Aug 12000

19 1901
1,000
378,000
Bg J
1905 1,000 *0 12.000,000 314 A 4g F

Net railway oper. rev. $7,092,697
Taxes________________ 1,288,048
Uncollectible ry. rev___
15,633




135

RAILWAY STOCKS AND BONDS

A J Jan 1 1939
A A Feb 1 1945

Reading Trust Co. Phila
Washington A New York

bonds which may be so issued. The $12,500,000 Series “A” gold bonds are
not red. before March 1 1935. The entire series, but not part thereof, will
be red. on Mar. 1 1935, or on any int. date thereafter at 105 and int. upon
not less than 60 days’ previous notice. V. 120, p. 700.
Abstracts of the mortgages of 1889 were in V. 49, p. 270-273; Detroit
& Chicago Exten. mtge., V. 54, p. 1049. Des Moines Division bonds
of 1889, see V. 68, p. 574; V. 69, p. 1248. Col. & St. L. RB.. V. 73, p. 338,
786, 1012; V. 74, p. 1040; V. 75, p. 686.
For $10,000,000 terminal gold bonds of 1904, see V. 76, p. 436, 753. 1032:
V. 81. p. 1437; V. 82, p. 570: V. 83, p. 1236: V. 84, p. 997.
The 6% secured gold notes due Mar. 1 1930 are a direct obligation of the
co. and are additionally secured by deposit of $729,000 Chicago & Western
Indiana RR. consol, mtge. 4% bonds, due 1952, and 1,217 shares (par $100)
American Refrigerator Transit Co. capital stock (out of a total issue of
5,000 shares capital stock). V. 120, p. 1324.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 1409: V. 118, p. 665.
Government loan, V. Ill, p. 794.
REPORT.—For 1925, in V. 122, p. 2515, showed:
1925.
1924.
1923.
1922.
Aver, mileage operated.
2,524.20
2,489.93
2,476.59
2,472.96
Freight revenue------------- $55,329,533 $51,546,110 $51,698,168 $43,911,074
Passenger_____________ 9,364,486 9,328,465
9,794,594 9,087,894
Mail-,,--------------------821,243
849,062
832,169
905,714
Express_______________ 1,849,684 1,702,325
1,690,049 1,493,995
Miscellaneous................... 2,545,356 2,354,967
2,602,656 2,263,819
Total oper. revenues-.$69,910,301 $65,780,929 $66,617,636 $57,662,496
Maint. of way & struct.. $9,311,985 $9,913,565 $9,501,515 $8,270,927
Maint. of equipment--. 12,348,291 11,579,914 13,884,271 12,282,949
Traffic......................
1,816,543
1,640,320
1,518,004
1,378,262
Transportation_______ 25,431,804 24,973,374 24,997,690 24,086,905
Miscellaneous operations
387,661
346,745
326,555
297,998
General_______
1,784,140
1,844,499
1,805,457
1,724,256
Total oper. expenses.-$51,080,424 $50,298,418 $52,033,494 $48,041,297
Net rev. from ry oper.. 18,829,877 15,482,512 14,584,141
9,621,199
Tax accruals_________
3,287,580 3,036,367
2,470,800
2,262,675
Uncollectibles_________
7,069
14,182
16,384
23,871

Operating income___ $15,535,228 $12,431,963 $12,096,957 $7,334,653
Otherincome...................
431,745
712,492
482,325
335,759
Non-operating income..
770,107
530,392
660,621
1,165,159
Gross income________$16,737,080 $13,674,846 $13,239,904
Hire of freight cars____
1,881,230
1,852,217
1,751,072
Joint facility rents____
1,673,350
1,710,086
1,623,654
Rent for leased roads__
361,704
365,251
296,527
Interest on funded debt- 4,587,596
3,953,703
3,860,182
Rent of equipment____
159,877
234,370
207,154
Miscellaneous________
126,884
84,270
90,483

$8,835,571
1,673,894
1,677,026
250,462
3,689,392
212,071
122,338

Total deductions____ $8,790,641
$8,199,898 $7,829,030 $7,625,183
Balance_____________
7,946,438
5,474,949
5,410,873
1,210,388
For latest earnings, see “Railway Earnings Section” (issued montnly).
OFFICERS.—Chairman, William H. Williams; Pres., J. E Taussig.
V.-Pres. (in charge of traffic). W. O. Maxwell; V.-P. & Gen Mgr., 8. E.
Cotter; V.-P. & Gen. Solicitor, N. S. Brown; V.-P. in charge of accounts,
J W. Newell; V.-P., Sec. & Treas., J. C. Otteson; V.-P., H. R. Winthrop;
Gen. Counsel. Winslow S. Pierce.
DIRECTORS.—William H. Williams, J. E. Taussig, Alvin W. Krech,
J. Horace Harding, George W. Davison, J. C. Otteson, Robert Goelet,
Winslow S. Pierce, William A. Jamison, H. R. Winthrop, J Leonard
Replogle, John N. Willys, T. E. Wilson, C. G. Edgar. Office 120 Broad­
way, New York.—(V. 122, p. 2484.)
WABASH CHESTER & WESTERN RR.—Menard, 111., to Mt. Vernon.
Ill., 65 miles. The company passed into the hands of J. Fred Gilster, re­
ceiver, on Jan. 4 1924. Mr. Gilster formerly served as receiver from July 15
1914 to Nov. 30 1920, when the first receivership was dissolved. Stock,
$1,250,000; par, $100. First consol, mtge. coupons due July 1894 paid
July 1896; none paid since; on 1st M. bonds the July 1913 coupons were
those last paid. Year ending Dec. 31 1924, gross, $200,870; net oper.
income, def., $34,431; gross income, def., $29,606; charges, $83,920; bal.,
def., $113,526—(V. 118, p. 796.)
WACO, BEAUMONT, TRINITY & SABINE RY —(V. 121, p. 975.)
WARREN RR., N. J.—New Hampton Jet. to Dela. Bridge, N. J., 19.9
m. Leased In perpetu-ty to Dela. L. & W. at 7% on stook and Interest
on bonds. See form of guaranty, V. 72, p. 628.—(V. 106, p. 601.)
WASHINGTON & FRANKLIN RY.—Hagerstown. Md.. to Zumbro.
1941 miles. Controlled by Phila. & Reading Ry. Leased to Western
Maryland for int. on bonds and 5% on $150,000 stock; par $50 per share,
(all owned by Reading Co.)—(V. 73, p. 392.)
WASHINGTON POTOMAC & CHESAPEAKE RY.—(V. 122, p. 1760.)
W'ASHINGION TERMINAL CO.—Owns union station at Massachusetts
Ave., Washington, D. C., with terminal and approaches; opened Oot. 17
1907. V. 85, p. 1144. The Phila. Bait. A Wash. (Penn.RR. system) are
the Balt. & Ohio own the outstanding $4,252,000 stook (auth amouzt
$5,000,000) and guarantee the bonds, of which $10,000,000 bear 3
int
and $2,000,000 4%. V. 80, p. 1973; V. 76, p. 812. S ; V. 77, p.
252; V. 80. p. 652,1176, 1364; V. 85, p. 42; V. 89, p. 44. Form of guaranty.
V. 84, p. 1368. Other tenants, Southern Ry., Rich. Fred. & Potomac RK.
and Ches. & Ohio Ry. Equipt. trusts issued to Director-General for rolling
stock allocated to this co. See article on page 3. Pres., Daniel Willard
Philadelphia; Sec., C. W. Woolford; Treas., E. M. Devereux, Baltimore
—(V. 110, p. 972.)

[V ol. 1Z2

RA ILW AY STOC KS AN D BO ND S

13 6



May, 1926.]

RAILROAD COMPANIES
For abbreviations, Ac., see notes on page 8]
Wash & Vand—1st M $1,500,000 g gu pAl.SBa.xc*
Weath Minn Wells & Nor—1st M gu end (text).—Mi
West Jersey & Seashore—Oom stock___________
First Oonsol Mortgage Series A g s f_______ xc*
Series B $1,500,000 guid ..................xc
Gold Series C & D ($714,000 Series 0 314s) .xo

Gold Series E---------------------------------------------- x

Gold Series F______________________________ xc*
p A 1 end by N Y C--Un.zoAi
West Virginia & Pittsburgh—See Baltimore & Ohio

West Shore—1st M gu

Miles Date
Road Bonds
400
41

1907
190?

338
33b
338
338
479

1896
1896
1896
1896
1896
1886

Oommon stock $50.000,000______________________
First Pref (p & d) stock 7% cum $18,000,000 autb.
2d Pref (p A d) stock 4% non-cum $10.000.000.__
1stA Ref M. $150,000,000 Ser A (see text).Eqc*Ar*
Collateral trust notes_________________________
do
do
do
do
do
do

--1 --

....

Underlying Bond and Equipment Issues—

First mortgage $50,000,000 gold______ Ba.xc* Ar

Eq tr
“C due $75,069 s-a_____________ ____ c*
Eaulp obligations due $52 028 s-a .
do
do
due $147 202 s-a
do
do
due $48.0 '1 s-a
do
do
due $57,100 ann
do
do
due $25,000 ann___________
due <30 ooo ann____________ CP
do
do
do
do
due $100,000 s-a_______________
Equip gold notes pref series due $100,000 yrly . Eq.c*
do
do
due $100,000 yrly_______________
Potomac Val 1st M $2,000,000 g assum.MeBa.so*&»
Balt * Cumb Val Ry 1st mtge________________
Balt A Cumb Val RR 1st mtge___________________
Balt 4 Harrisburg Ry mortgage gold.MeBa.*---.
Balt A Harrisburg Ry W Ext g guar__ MeBa.z.-c*
Securities of Leased Lines—
Balt & Cum Val RR Ext and Washington & Franklin
Western N V & Penn—1st M ($10,000,000) g.Ba.xc*
General mortgage $10,000,000 gold-------------IJn.xc

Income bonds $10,000,000 gold non-cum

FP xc

616
-----

Text

—

...
*

—

31
3
5
66
15

$

$ 20.00
4
b
•t«n
Rr
F
11.5X6,250 See text 4
1,477 000
J
1 a
637.000
3H t J
1,753.000 3H & 4 J
669 000
J
4 g
J
789 000
4 g
I
$19,994,500
4

(.000 A

49 426.09X
17,742.05*
9 999 00(
Pledged
1.000.000
622.800
2,000,000
5.800.00'

5g
6
6
6
7 g

1.0(8'
1,00b

46 565.866
1,125 000
52,028
335,775
96.182
513.900
75 OO
360 ooo
2,500,000
1 OOO.OOO
1 000.000
782 000
23 0 h
51,4 •'
(-89 (AX
197.0(8

4 g
6
6
4.52
4.52
6
6
5 g
5
7 g
6
5 g
6
6
6 g
5 8

1916
1917
1917
1Q90
1920
1922
1926
1921
1921
1891
1879
1879
1886
1888

1,00'
1.00(1
1,000
1.00
5(8
too &'
1.00
1.00'

Watertown & sioux

palls ry.—owns sioux Fails, s d

u

Watertown, 102 miles. Successor of South Dakota Central Ry foreclosed
June 12 1916. Capital stock. $1.500.000 authorized; $1,100,000 outst d g
As of Jan. 1 1922 the line of railway & properties of the Watertown A
Sioux Falls Ry. Co. were leased to tbe Great Northern Ry. Co. for a period
of 25 years and Is now operated as a part of the Great Northern Ry. System
OFFICERS.—Pres.. O. O. Kalman: Sec.-Treas.. F. L. Paetzold
—(V. 103. p. 62.)

WEATHERFORD MINERAL WELLS & NORTHWESTERN RY.—

Owns Weatherford via Mineral Wells to Graford, Tex., 41 miles. Tentative
valuation, $786,040, as of June 30 1916. Stock, $100,000. of which Texas
& Pacific owns $94,680. Latter guarantees the bonds ($1,354.000 author­
ized issue), principal and Interest, by endorsement. V. 75. p. 908, 1356.
See form. V. 78. p. 344. 1925, gross, $225,596; net oper Inc.. $53,280
■other Income, $7,621; Interest, rentals, Ac., $33,421 bal. $27,480 Pres.
J. L. Lancaster. Dallas; 8ec..F J. Burke. Dallas.—(V. 119. p. 326.)

WEST JERSEY AND SEA SHORE RR. CO.—(See Map Pennsylvania
RR.)—Owns all the lines on the Pennsylvania system in southern New Jersey,

Inoluding Camden, opp. Philadelphia to Atlantic City (59 miles) Camdei
to Cape May, 81 miles, Ao., total, 380.97 miles. V. 62, p. 366, 871 Of this
Camden to Atlantic City, with branch, total about 75 miles, is equipped
electrically. Operated as the "Atlantic Division” of the Pennsylvania
System.
The I.-S. O. Commission has placed a tentative valuation of $26,621,783
on the company’s property as of June 30 1916.
STOOK.—The stockholders on Feb. 4 1916 authorized an Increase In th»
common stock from $10,000,000 to $13,000,000. Penn RR. owns $6,477,900 common and $45,350 special guaranteed stock.
DIVIDENDS.—Common. Sept. 1896 to March 1905 lncl. 6% yearly
then to’07. Incl 6% yrly: 08. 4%; ’09 4M%;’10to Apr. 1 ’20. 5% (A.-O
In Oct. 1920 paid 2)4%: then none until Apr. 16 1923. when 2% was paid
-came amount paid Oct. 15 1923, April 15 1924 and Oct. 15 1924. On
April 1 and Oct. 15 1925 paid 2^%. On April 1 1926 paid 3%.
BONDS
First consol, mtge. Is tor $7,000,000; $90,000 reserved for prlo
lien bonds when due. V. 62, p. 1179; V. 84, p. 160; V. 89. p. 995: V. 92
D. 1702: V 100. p. 67. 311. 473. V. 102. p. 1156
REPORT.—For 1925. In V. 122, p. 2644, showed:

Net.

Total Inc. F xedChgs.

Dies.

Bal

$1,500,594 $381,823 $637,244 $481,527
1.099.128 342.955
521.381
234.792
1.547.494 530.246 463.450 553.798
1,279,702
1.533.986 434.177
231.725 868.083
For latest earnings, see “Railway Earnings Section” (Issued monthly)
-----(V. 122. p. 2644.)
WEST SHORE RR.—(See Maps N. Y. Central.)—Weehawken, N. J.
opposite N. Y. City, to Buffalo, N. Y., with branches 479 miles. Between
Utica and Syracuse Is equipped electrically.
LEASE.—Leased In 1885 for 475 years to the New York Central a
Hudson River (now New York Central RR.). with the privilege of a furthe’
term of 600 years, and all earnings. Ac.. Included In that company's report
The $10,000,000 of stock Is owned by the New York Central RR
BONDS.—The bonds cover 479 miles of road and also the terminals at
Weehawken. Abstract of mortgage In V. 42. p. 176.—(V. 109, p. 1457.)
1925.. $13,451,532 $1,178,305
1924.. 12.932.368
821.850
------------

1923.. 14.142.520
1922.. 14.018.091

990 X25

WESTERN MARYLAND RAILWAY CO.—Embraces:
Miles.
Main line—
Fulton Junction, Md., to Connellsville, Pa___________________ 25106
Emory Grove, Md., to Hlghfield, Md________________________
73 48
Ridgely, W. Va., to Belington. W. Va_______________________ 128 10
South Elkins, W. Va.. to Durbin, W. Va_____________________
46.38
Other main line________________________________ ______ _______
4906

Total main line.
Branches and spurs.

Leased lines______

Operated lines____
Trackage rights....

Total mileage operated Dec. 31 1925_________________________
Second track, 86.83 miles; sidings. 398.49 miles.

548 08
75.64
45 63
21.27
113.82
804.44

ORGANIZATION.—A consolidation Jan. 23 1917 per plan In V. 103, p
1700, of "The Western Maryland Ry. (formed as stated In V. 89. p. 287).

and subsidiaries. Ac. (V. 104, p. 74. 766. 1047, 1265: V. 105. p. 717.)
This plan was to affect the status of the coal, Ac...properties as follows:
(а) The acquisition by the new company of all the system's terminal

properties at Baltimore. Including grain elevator with storage capacity of
1,900 000 bushels Ac.
(б) The underwriting and offer to shareholders at par of $18,000,000 7%
lit pref. stock (cum. from July 1 1918) in amounts 30% of their holdings.
She subscriber with each $100 of 1st pref. receiving also $22 stock of Davis
Coal A Coke Oo. and $25 stock of Monongalia Coal Lands Co.. (V 103. p
2167; V.104, p.766). thus distributing the entire outstanding stocks of the
aoal cos. In 1917 these coal properties were merged. V. 105 p 1421. 717.
(c) The lease to the Davis Coal A Coke Co. for 99 years of all the rail-trays coal mining properties and the transfer of the reserve coal lands to tbe




J
A
F
M
F

&
&
&
A
ft

Places Where Interest and
Dividends Are. Payabl

a Balt
U S Mtge & Tr Co, N Y
1926 3% ■ tuau ol jLailobi, Phila
do
do
193b
1936
do
do
do
do
1936
do
do
1936
do
do
1936
236)
irand Central Term, N Y

Feb 1 194

A Aus’ 1
o Apr
J July
J luly
J July
J July
J July
J Jan

A
&
&

&

J
o
o
8
A

A A U
J
A 1)
M A 8
F A A
J
A D
1 St J 1 *)
May
4 A n
M & N
b
M A
M A H
J A J
J A J
.1 A J
M A N
81 A N

Ry— See sta tements for those co mpanies
i.OOi
J
9.990.001
5 g
576 1887
1.00' 10.000,001
A
4 g
600 1895
’ iWt
n 604 non
" 0

WASHINGTON & VANDFMERE RR.—Washington, N. C.. to Vande­
mere on Pamlico Sound, 40 miles, completed Jan. 1909. The I.-S. C. Com­
mission has placed a tentative value of $680,400 on the property of the
company, as of June 30 1917. Stock all owned by Atlantic Coast Line KK.
Co., which guarantees the bonds, prin. & Int. Bonds are issuable at $18,000
per mile, incl. $4,000 for equip. V. 84, p. 1249. Form of guaranty, V. 85,
®. 347. For year Dec. 31 1925, gross, $74,031: net oper. income, def-,
$22,526; other income $11,723; int., rentals, &c., $54,587; bal., def..
$65,390.

\

A
A
&

Last Dividend
and Maturity
1
1
1
1
1
1
1

•

106
TOO
10C
1.000 Ac

1902

When
Payable

Amount
Outs fanning

(MX
t.0('<
60
1 OO
1.00(
1,0(8
1,001

1917
'2L’22
1921
1922
1923

Rate
%

Par

Value

Western Maryland Ry Co—

Cal.Y<ars. Gross.

137

RAILWAY STOCKS AND BONDS

A
A

July
Get
fan
Mar
Aug

1
1
1
1
1

1967
1931
1931
1930
1928

71 Broadway, New York
E lo
do
do
do
do
do
do
‘ do

Get

1 1952

Bankers Trust Co, N Y

To 8ept 1926
Aug' 26 toFeb’27
D c 26ioJ’ne’27
l’o Jan 15 1936
To May 1 1929
To O<-t 15 1937

First Nat Bank, N Y
Nat City Bank, N Y
do
do
Guaranty True' Co. N Y
71 Broadway, New York
Commercial Tr Oo. Phila

To Mar 1 193b
To Mar 1 1936
Jan 1 1941
July 1 1929
July 1 1929
Vov 11936
Hay 1 1938

71 Broadway. New York
71 Broadway, New York
Xat Bank of Com . Balt
do
do
do
do
do
do
do
do
preas Phil. A N. Y.
do
do
Fidelity Tr—when earn

J fan 1 1937
G Apr 1 1943
Apr 1 1943

vfonongalla Coal Lands Co., this measure, with the distribution of their
<tock removing danger of legal complications owing to ownership of coal
jroperties by the railway
The new railway co under the lease, was to
eeel ve as rental 6 cts. per ton on coal mined and was to transport all tbe coal,
□avis O Sc C. Oo. was to operate 31 mines having an annual capacity of
( 500 (WM) tons —V 103 D 1791
Description or New $150,000,000 First ana Refunatno Mortgage.
(1) A direct first mtge upon road from Cumberland Md tu Connells-Ille, Pa together with branches, in all 119 49 miles: (2) a new First Lien
jy pledge of all securities reorienting ownership of branch lines (V 103. p.
1611) aggregating 17.82 miles: (3) a mortgage subject to existing $500,000
nortgage upon Western Maryland RR Terminal, and subject to a $115.000
nortgage upon the Baltimore Fidelity Warehouse and Hazard Wharf:
4) a blanket mortgage subject only to existing underlying mortgages,
amounting to $50,177,000. od lines acquired in tbe consolidation as well as
til extensions. Ac . hereafter constructed or acquired with the new bonds:

a) Reserved for corporate purposes_________________________ $1,000,000

b) For funding of underlying and divisional bonds__________ 6o.000.000

c) Under restrictions for terminals and terminal facilities.__ 25,000.000
d) Under restrictions for new equip., extensions A Improv'ts.. 67.5OO.OO0

• Od

Dec 31 1925 $15,458,000 of these bonds were pledged.
The 1st M. 4s ol 1902 cover some 522 miles of road subject as to part.
and coke properties which
In 1917 were taken over underlease or otherwise by the coal companies
mentioned
Compare V 103. p 1700. V 76. p 550 850; V 79. p 1074
• 79 p 2698, and V 81 p. 266; V 80. p 473 1914; V 81 p 614: V. 83,
0 273: V 89 p. 666, V. 92. O 120. 1437: V 93 p 1465
The 7% equip, gold notes, pref. series, are followed by $1,500,000 notes
of a Junior series, which were taken by the U. 8. Govt, and which will mature
serially at the rate of $100,000 per annum. V. 112. p. 746.
For 5% 10-year serial equip, trust notes of 1917. see V 103 p 2239.2348
V 108. p 270
Equipment trusts Issued to Director-General for rolling stock allocated
to this company
See article on page 3
The collateral trust notes of 1923 are secured by pledge of 1st A ref. mtge.
bonds
v 117 p 1888

6<> $1 281.500 underlying issues and also coal

REPORT.—For 1925 showed:

Calendar Years—

Railway operating revenues_____
Net operating income__________
Other income__________________
Rentals_________________________
Interest__________________________
Miscellaneous deductions_______

1925.
1924.
____ $19,861,774 $19,135,563
____ 4,726,158
3,560,637
____
80,976
104,917
____
70.051
69,883
____
2,944,166
3,020,521
____
13,858
1,002

Balance, surplus______________________________ $1,779,059
$574,148
For latest earnings, see "Railway Earnings Section" (issued monthly).
OFFICERS.—Chairman & Pres., M. C. Byers: V.-P., Traffic, D. G.
Gray: S9C., J. W. Broome; Treas., S. R. Gehlert. Offices, Standard Oil
Bldg., Baltimore, Md., and 71 Broadway, New York.—(V. 122,p.2945.)

WESTERN NEW YORK AND PENNSYLVANIA RY. CO.—(.See Map
Pennsylvania RR.)—Owns Buffalo to Emporium. Pa., 121 miles; Buffalo te
Oil City. Pa.. 137 miles; Oil ( lty to Olean. 110 miles; Stoneboro to Mahon­
ing town, 37 miles: Hinsdale to Rochester. 98 miles; branches, including pro­
prietary lines. 88 miles, total owned and operated under contracts. 663 miles,
trackage rights. 66 miles; total. 657 miles.

ORGANIZATION.—Reorganization Mar. 18 1895 (per plan In "Sup­
plement of Jan 1895) of tbe Railroad f'reclosed Feb. 6 1896.
Penna. RK owned on Dec. 31 1925 $19,439,001 of the $2'1.000.000 stock
and $9,508,000 of tbe 5% Income bonds and leases tbe road for 20 yean
from Aug. 1 1903. subject to termination on 60 days’ notice. V. 75. p.1255BONDS.—Abstract of 1st M. In V. 47. p 109
REPORT.—For 1925, gross Income, $1,357,580; deductions, $2,068,666
bal.. def., $711,086.—(V. 118. p. 2181.)

(THE) WESTERN PACIFIC RR. CORPORATION.—A Delaware
holding co. owning all the stock of the Western Pacific RR. (of Cal.), which
in turn uwus the railroad ruoulug from San Fiauviavu cu oan bane City,
via Oakland Stockton, Sacramento. Marysville and Oroville, Cal., a dis­
tance of 930 miles (including San Francisco Ray ferry, 3 miles); branch
lines, 116 miles.’ Total mileage Dec. 31 1925. ,.046 miles. Drosses the
mountains at maximum grade of 1%. Trackage agreement with Southern
Pacific Co.. V. 118. p. 1270
In October 1917 arrangements had been made to give financial assist­
ance to the following companies In the construction of their projected
lines which will serve as feeders for the Western Pacific, the latter receiving
in return for the Investment a considerable Interest In their capital stock:
(1) Indian Valley RR., Paxton Junction to Taylorsville and Engles Copper
Mine. Cal., 21 miles :(2) Deep Creek RR., Wendover, Utah southerly Into
Gold Hill and Ferber Mining District, 46 miles (3) In 1917 purchased
$1,137,968 of the capital stock of the Tidewater Southern Ry.. an electric
railway, now 65 miles In length, extending from Stockton to beyond
Turlock see “Public Utility Compendium"). Tentative valuation, V. 113,
p. 1055
ORGANIZATION.—Both the holding company (The Western Pacific
RR. Corp., Incorp. In Delaware), and the operating company (The Western
Pacific RR.. Co Incorp, tn Calif) . were formed in June 1916 per reorgani­
zation plan of Western Pacific Ry. foreclosed
Possession taken July 13
1916. See plan, Ac.. V 102. p. 155. 160. 2168. 2255: V 103. p. 62. 240.
408: V 104. p. 165. 258 560
V 103. p 2080
In 1917 the Equitable Tr Co. of N. Y .. as mortgage trustee, brought suit
against Denver A Rio Grande RR. as guarantor of the 1st M bonds of the
old (foreclosed) Western Pacific Ry. (the holding co. owning $47,437,60$

138

[Vol. 122.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see not£on page 8|

Miles Date
Road Bonds

*c»tern Pacific RR voip (holding co)—Com stock
Pref stock 6% (see text) red at 105 conv into com..
Western Pac RR Co. (oper co) IstM call par. xxc*&r 1,011 1916
do
do
call 102)4___________xxc*&r* 1,011 1916
Securednotes red par ______________________ xxx
1920
Equip trust ctfs due $375,000 annually__ Eq.xxxc*
1923
do
do Series "C" due $207.000 ann .Eq.xxxc*
1924
Western Ry.( Ala)—1st M g gu by GaER&BkgOo zc* 133.42 1888
Wneeling and Lake Erie Ry—
Prior Lien 7 % stock cum convert redeem________
Pref stock (a & d) 6% non-cum convert redeem.__
Common stock (further amounts for conversion)__
Ref mtge $50,000,000 gold callable 102)4Ce-ycMcr*
1916
Ten-year gold notes_________________________ CC
1923
Oartlfs of participation (in Lor Sc W Va Ry)__ CCI
1017
Equip trust ctfs Ser B due $462.000 yly call 102 )4. c*
do
Series C due $170,000 yearly---------------1925
Left Undisturbed (Issues closed by Ref M of 1916)
First mortgage Lake Erie Division gold.__ Ba.zc*
187 1886
50 1888
First M Wneel’g Div $ & £ (2d on 187 m) g..Ce.zc»
260 1889
Exten and Imp’t mtge ($1,900,000) gold__ Ce.zc*
First Consol mortgage gold $11,697,000___ Ba.xc*
451 1899
1920
Equipment gold notes due $305,000 annually___ Q
U S Government Long-term notes_______________
Natl Ry Service, Eq Tr “A” due $454,300 s a-------

Par
Vatue

Amount
Outstanding

$100 $57,462,862
100 38.126,704
100 &c 27.825 800
100 See 2.950,000
6.057,000
1,000 4,475,000
1,000 2.691,000
1.000 1.543.000

11.882,600
10.344.958
100 33.641,300
1.000
4.827.000
900.000
300.000
l.nnn
462 .non
1,000 1,530,000

Rate
%
See text
6
5g
6g
4g
6 >4
5)4
6g

When
Payable

Q—J
M&S
M&S
A&O
M&S
J&D
A&O

Last Dividend Places Where Interest and
and Maturity i Dividends Are Payable

See text
I.____________________
Apr 3 1926 1)4 Checks mailed
Mar 1 1946
(Equitable Trust Co, N 1
Mar 1 1946
do
do
Oct 1 1930
I New York
To Mar 1 1938 Equitable Trust Co, N 1
To Dec 1 1938
do
do
Oot 1 1928
Atlanta. Ga

100
100

1.000
1,000

1.000
1,000

of this $50,000,000 Issue), and In Jan. 1918 obtained a judgment for $38,270,343. V. 106, p. 1797. The Judgment was followed by a receivership
for the D. & R. G. V 106. p 85. 192. 498: V. 107. p. 503
In Sept. 1918, having realized to date about $7,771,395 on this Judgment
the Trustee made distribution of $150 per bond or old Western Pacific Ry.
over 90% of these bonds being owned In the interest of the new Westerr
Pacific RR. V 107. p. 1102 1187.
In June 1918 the equity in the $10,000,000 stock of Utah Fuel Co
owned by D. & R. G. (subject to collateral lien of $15,080,000 Rio Grand*
Western Ry. 1st Consol. 4s) was sold in partial satisfaction.of above Judg­
ment and was bid In for the Western Pacific RR. Corp, for $4,000,006
V.106.p 2648.2759.
On Aug. 16 1920 a further distribution at the rate of $40 on each $1,000
bond was made; In Dec. 1920, $32.50; in July 1921, $100; In Aug. 1921. $40
n April 1922. $25. V. 113. p. 732: V. 114. p. 1654.
A Delaware charter was granted Nov. 15 1920 to the Denver & Rio Grande
Western RR., authorizing it to own and operate railroads and railways out­
side of Delaware. The company was formed for the purpose of taking over
the Denver & Rio Grande RR. A plan of reorganization of the Denver &
Rio Grande RR. was submitted in Feb. 1922, but was subsequently with­
drawn. A receiver for the Denver & Rio Grande Western RR. was ap­
pointed in July 1922 and a reorganization plan was declared operative in
June 1924, under the terms of which the Western Pacific RR. Corp. acquired
a 50% interest (150,000 shares) in the common stock of the reorganized com­
pany. For details of plan, see Denver & Rio Grande Western RR.
The I.-S. C. Commission on July 8 1925 approved the acquisition by the
Western Pacific RR. of control of the lines and other property of the Sacra­
mento Northern RR., by purchase of the company’s bonds and by purchase
of stock of the Sacramento Northern Ry. V. 121, p. 460.
STOCK.—The two corporations have precisely similar capital stocks,
common and preferred, auth. and issued, the holding company owning
all the outstanding shares of the operating company. The pref. Is conver­
tible by holders. $ for $. Into common.
The stockholders on Nov. 18 1920 approved an Increase In the capital
stock from $75,000,000 to $100,000,000. Of the total capital $40,000,000
Is Preferred (par $100) and $60,000,000 Common (par $100), Compare
details in V 111. p. 1864.
The stockholders on May 11 1925 approved the plan of the management
to make the Pref. stock cumulative to the extent of two years’ dividends.
DIVIDENDS.—On pref., Feb. 1918 to Jan. 1919 paid 1)4% quar.; May
1919 to April 1920, 1% quar.; July 1920 to Apr. 1926, 1)4% quar.
On July 15 1925 also paid a cash dividend of $5 per share on the Com­
mon stock, a cash dividend of $1,558 on the Preferred stock and a stock
dividend of one share of Common and one share of Preferred stock on each
six shares of either common or preferred stock outstanding. V. 120, p.3063.
BONDS OF OPERATING COMPANY —Secured by a first mortgage
on the existing railway properties and all property hereafter acquired
Trustees, First Federal Trust Co., San Fran., and Henry E. Cooper.
Total auth. issue, $50,000,000. Sinking fund beginning in 1919, $50,000
annually. V. 104, p. 1593; V. 103, p. 2157, 2080.
The remaining 1st Mortgage bonds are reserved for future use. with
Int. rate not to exceed 6%. for or against betterments, add ns and extens.,
under safeguards, at not over $1,000 in bonds for $1,000 of money actually
Invested in additional physical property, subject to the new mortgage.
NOTES.—The holding company in Aug. 1920 offered to exchange its
4% 10-year secured notes for Denver & Rio Grande adjustment mortgage
bonds; $5,057,000 exchanged; $118,000 in treasury of holding company.
V. 113, p. 1573.
Equipment trust certificates. V. 116, p. 823: V. 118. p. 1270.
REPORT.—Of operating company for 1925, showed:
1925.
1924.
1923.
1922.
Gross earnings_________ $15,569,045 $14,370,467 $14,138,269 $12,505,348
Total income__________
5,610,627 4,158,200 4,327,347 3,150,102
Interest, rentals, &c____ 3,159,560 2,828,935 2,507,552 2,044,757

2.000.000
894,000
409.000
6.870,000
2,745,000
2.960,000
9,540,300

New York
4)4 g M&S Sept 1 1966
Union Tr Co. Cleveland
6
g
Jan 1 1933
A&O Jan 1 1927
5
To Apr 1 1927
J&J To Jan 1 1935 Guardian lr Co., Cleve.
5

«R
5g
5g
4 g
6g

A&O
J&J
F&A
M&S
J&J

Oct 1 1926
July 1 1928
Feb 1 1930
Sept 1 1949
To Jan 15 1935
Various
Various

Bankers Trust Oo, N
Central Un. Trust N
do
do
Bankers Trust Co, N
Guaranty Trust Oo, N

V
V
Y
Y

S. C. Matthews; Gen. Counsel, J. F. Bowie. Office, 43 Exchange Place,
New York.
Officers of Operating Company.—Chairman, Alvin W. Krech: Pres.,
Chas. M. Levey; V.-P. & Gen. Mgr., Edw. W. Mason; V.-P. & Treas.,
Charles Elsey; Sec., Wm. G. Bruen. Office, San Francisco, Calif.—(V.
122, p. 2648.)

WESTERN RY. OF ALABAMA (THE).—Selma to West Point, 133.42 m.
Oentral Trust Co. of N.Y., as trustee under Central Railroad & Bankii g
Oo. coll trust 5s of 1937, and Louisville & Nashville, as trustee for itself
and Atlantic Coast Line RR.. each own one-half the $3,000,600 stock
The $1,543,000 4^js of 1888 due Oct. 1 1918 were extended to Oct. 1 1928
at 6%
In March 1920 announced that the Georgia RR., the Atlanta & West
Point and the Western Ry. ef Alabama would in future be operated in close
organization independently. The three properties will be directed as u.
operation from Atlanta. Ga.
DIVS.—
1 '97. '98. '99. ’00. ’01. ’O2-’O6. ’07-’’3. ’14-’23. ’24. 1925.
Per cent____ / 3
0
2
7
4 4 yrly. 5 yrly. 6 yrly. 7
8
Paid in 1926: June 36, 4%.
For year ending Dec. 31 1925, gross, $3,392,382; ry. oper. income, $868,493; other income, $278,085; deductions, $318,556; dividends, $246,006;
bal., surplus, $588,022.
For latest earnings, see “Railway Earnings Section” (issued monthly)
O. A. Wickersham, Pres., Atlanta. Ga.—(V. 122. p. 2915 I
WHEELINO AND Lake ERIE RY. CO. (THE).—512 miles of road,
viz.:
Anes owned—
Miles. I
Miles
T jledo, O., to Terminal Juno. 210| Various branches owned
81
Cieveland to Zanesville, O______ 1441 Trackage (C. C. O. & St. L.) LinCanton to Sherrodsville________ 451 dale to Wellington___________ 39
ORGANIZATION.—Incorporated in Ohio Dec. 14 1916 as successor of
oldWheeling & Lake Erie RR., per plan In V. 103. p. 1211. 1689.
Tentative Valuation.—The I.-S. C. Commission has placed a tentative
valuation of $40,956,740 on the company’s property as of June 30 1918.
STOCK.—Issued: Prior lien. $11,882,600: com.. $33,641,300; pref.
$10,344,958.
Prior Lien 7% Stock, entitled to (a) cumulative divs. from Nov. 1 1916
payable quar.* (6) to priority over all other stock both as to divs. and
In liquidation, and also, so far as legal, redeemable on or after Nov. 1
1919 at $115 per share and divs.; (c) convertible at any time after Nov. 1
1919 Into com. stock, $ for $, with an adjustment of divs.; (d) To elect
for first five years a majority of the directors, and thereafter a majority
of the board, in case of failure to pay the full div on the Prior Lien stock
for five consecutive years; otherwise the three classes of stock shall have
proportionately equal voting rights. No cumulative dividends have been
paid on prior lien stock.
Preferred 6% Stock, entitled to non-cum. divs. from Nov. 1 1916. Pref
over the com. stock both as to divs. and n liquidation, and, so far as
legal, redeemable on or after Nov. 1 1919 at $105, and convertible at any
time after Nov. 1 1919 into common stojk, $ for $.
BONDS.—New Refunding Mtge. V. 104. p 864. 1900; V. 103, p. 1211
Purposes for Which the $50,000,000 Refu ■,d .ig Bonds Were Made Issuable
а) Issued In exchange for such 1st Consol. 4% bonds as
assented to plan: Gold, 4 )4s. callable on any int. date at l62 )4-$4,827.000
б) All other Ref. M. bonds to bear not over 6% int., and to be
redeemable on any Int. date, rate of Int., int. dates and re­
demption prices to be fixed at tin«e of issue. Reserved:
aa) To pay or refund the Lake Erie Div. bonds, the Wheeling
Div. bonds and the Extensions & Improvements bonds.___ 3,303.000
ibb) An amount equal to the amotuit of First Oonsoi. 4% bonds
not assenting to plan, reserved to pay or refund the same__
6.870,000
cc) Under restrictions for betterments, extensions and new
Net income__________ $2,451,067 $1,329,265 $1,819,795 $1,105,345
properties, and to aid In refunding the above-mentioned
1,650,000
1,650,000
Preferred dividends___
2,078,456
262,900
bonds, and to retire equip, obllg’ns of receiver or of old co__ 35.000,000
Sinking funds_________
50,006
50,000
50,000
50,000
Of the Refunding mtge. 4)4s of 1916 there had been issued to Dec. 31
1925. $15,423,000; held in treasury or temporarily pledged as collateral for
Balance, surplus_____ $322,617 def$370,735
$119,795
$792,445 loans.
$10,596,000: balance in hands of public. $4,827,000.
For latest earnings, see "Railway Earnings Section” (Issued monthly).
Equipment trusts of 1917. V. 104, p. 1047: of 1902, see V. 103, p. 2429
Report of Holding Company.
The $300,000 non-transferable certificates of participation are payable
Year Ended July 1 '23 to —Years Ended June 30— out of the earnings of the Lorain & West Virginia Ry. Co. A11 of the out­
standing securities of the L. & W. Va. Ry., viz.: $1,999,300 stock and
Period—
Dec. 31 ’25. Dec. 31 ’24.
1923.
1922.
$2,000,600 First Mtge. bonds of 1913 are owned.
Divs. on stock of West.
Equipment trusts issued to Director-General for rolling stock aUocated
Pacific RR. Co_____ $4,453,375
$2,475,000 $1,650,000 $1,650,000
to this company. See article on page 3 and V. 114, p. 1654.
Divs. on stock of Utah
Fuel Co_______ ____
2,928,813
REPORT.—For 1925, in V. 122, p. 2792, showed:
Interest receipts______
534,537
953,025
358,585
319,426
-------------Corporate------------- Fed. & Corp. Combined.
10,459
167,431
Rental railroad equipm’t
1,170
30,783
Operating Income—
1925.
1924.
1923.
1922.
Profit on securities sold382,484
76,624
Railway oper. rev_____ $20,395,618 $18,332,401 $19,213,669 $13,179,902
Railway oper. exp_____ 14,400,990 14,410,273 14,753,220 11,166,554
Total income_________ $5,371,567 $3,515,109 $2,176,016 $4,929,022
General expenses______
$209,489
$182,485
$220,265
$164,674
$5,994,629 $3,922,128 $4,460,449 $2,013,348
Taxes________________
53,813
52,775
112,265
18,696 Railway tax accruals__
1,568,458
1,255,606
1,326,809
1,229,557
13,802 Uncollec. railway rev__
Depr. on railroad equip.
549
3,374
63,158
4,108
4,732
1,128
1,915
Int. on 4% sec. notes__
202,286
303,420
202,281
202,281
Interest, miscellaneous.
6,776
83
4,678
1,719
$4,422,062 $2,661,791 $3,131,724
$782,663
Miscellaneous charges._
67,864
Rent from equipment__
$20,529
$61,050
$50,907
$46,474
Net income________ $4,898,665
$2,905,110 $1,576,327 $4,524,891 Joint facility rent income
46,174
41,236
40,101
27,940
♦Deduct divs. rec. on
Inc. from lease of road - a997,035
6,000
6,000
6,000
Utah Fuel stk. transf.
Miscell, rent income___
19,392
17,331
22,611
19,509
to deferred income__
_____
2,928,814 Misc. non-op. phys. prop
10
10
55
Preferred dividends____ 2,335,967
2,749,373
1,571,070
1,571,070 Inc. from funded sec__
100,279
100,279
100,279
100,279
Common dividends____ 2,276,055
Inc. from unfunded se­
curities and accounts.
b89,994
108,624
78,320
45,847
Balance___________
$286,642
$155,738
$5,257
$25,007 Miscellaneous income__
cl 1,903
4,409
5,637
d204,631
Officers of Holding Companv.—Chairman, Alvin W. Krech; Pres., Alex­
ander R. Baldwin; V.-P. & Sec., Lyman Rhoades; Treas. & Asst. Sec.,
Gross income.
$4,771,219 $2,963,571 $3,594,566 $2,047,728




May, 1926.]

139

RAILWAY STOCKS AND BONDS
Miles Date
Road Bonds

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Vheellng Term—1st M $2,000,000 g s f gu p A I.xc*
white & Black River Valley—1st M g int guar-.F.xo*

10 1900
62 1900

Par
Value

Amount
Outstanding

$1,000 $1,383,000
1,000
600.000
£10 £1,275,000
£1
(?)
£10 Ac
£582.870
£100
£273.385
£14,000
£168.430
1.000
200.000
381.750
381 750
1,000 2,300.000
550 & c
470,600
50
500,000
1,000
500.000
500
120,000
500
354,000
1.000
462.000
61.500

Rate

%

t8

6K

When
Payable

F
J

&
A

Last Dividend
amd Maturity

WinsIow.Lanier&Oe.N Y
A Aug 1 1940
First National Bank. N Y
J June 30 1980
Jan 15 1913 1% Office 7 Moorgate St .Lon

“A” shares £10,000, pref rights to 80% profits____
Prior Lieu debenture stock £100,000_____________
Dec 1 Dec 1 1935
1918
7
J A J Deo 31 1930
Cons first mtge deb stock £794,802 red after 1920 110 1900
5
J A J Jan 1 1930
Mortgage debentures (navigation) £273,440 red 105... 1901
6
Secured notes 6% £70,000______________________
6
Income debentures 6% £168.430 red_____________
Redeemable
J A J Jan 1 1933
White River RR—1st M $250,000 auth gold___ AB
20 1903
5x
Wichita Northwestern RR—1st M g call
. . . 100.2 1921
J A D June 1 1931
6
Wlch Un Term Ry—1st M g gu red 10814............... Cex
9-11 1911
4H g MAN Nov 11941
Wlidwood and Delaware Bay Short Line RR—IstM
4.2 1910
V J A D June 1 1940
Deo 31 See text
Wilkes-Barre & Scranton—Stock 5% rental_______
4.27
First mortgage gold guar p A 1 by L C & N Co-.xxx 4.27 1888
4)4 g MAN May 1 1938
Williams Valley—First mtge $120,000 auth_____ kv
J A D Deo 1 1938
4
11 1903
Willmar & Sioux Falls—See Great Northern
5
J A D Deo 1 1927
Wilmington & Northern—1st M call 1907 intgu__ xr
90 1887
Quar Aug 1 1932
Gen mtge $1,000,000 gold p & 1 guar (end) ..PeP.xr
90 1892
1*
Debenture bond__________________________ _ .__
J A J
Owned by
Wilmington & Weldon—See Atlantlo Coast Line RR
A A O Apr 1 1943
Wilmington Ry Bridge—M guar Jointly________ SBa
2.4 1893
217,000
5
Wlnston-SalemSouthbound—1st M g gu--Us.xo* Ar*
4 g J A J July 1 1960
89 1910 I.OOO Ao 5,000.000
Wins-Salem Term Co—1st M g(gu)red text F.c*&r*
1,000
800,000
5g A & O Apr 1 1966
1924
100 16.126.300
Wisconsin Cent Ry— Common stock $17,500,000-Pref stk 4% n-c$12,500,000 auth________________
100 11.265.900 See text See text Oct 1 1921 2%
First General mortgage. -........................ ........ Us.xo*
1,000 21,923,000
4 g J A J July 1 1949
831 1899
Marsh & S E Div 1st M gold subj to callat 105Usxc*
1.000
33 1901
303 000
4 g MAN May 1 1951
1,000 7.500,000
Sup & Dul Div & Term M $7,500,000 g (text) Us.xo*
4 g MAN May 1 1936
158 1906
First and Ref M g ($60.000.000au) intguEm.xc*Ar* 1022 1909 $ a e
4 g A A O Apr 1 1959
5.816.000
Secured gold notes (guar.) redeem (text)__ Eq.c*
1924
1,000 6.000,000
5)4 g A & O Apr 15 1927
—
Car trusts various dates_______________________
2,011,035 5,6)4. 7 Various To Mar 1 1935
11-'1

Deductions—

Hire of freight cars,
debit balance
_Rent for equipment___
Joint facility rents,_
Miscellaneous rents___
Interest on funded debtInt. on unfunded detat-.
Amort. disc, on fd. debtMisc. income charges__

$46,073
13,602
104,640
164
1,278,881
22,757
14,637
4,185

$294,944
13,036
84,465
742
1,254,247
21,653
11,740

$371,114
60,221
76,209
1,529
1,303,701
22,224
11,740

$279,350
86,002
66,176
475
1,326,315
66,073
11,740

Net income___ __
$211,596
$3,286,279 $1,282,744 $1,747,826
Invest, in rd. & equip__
77,820
141,612
78,115
87,149
Inc. applied to sinking &
other reserve funds__
25,000
30,000
30,000
30,000
Sur. trans, toprof.&loss- $3,114,667 $1,174,629 $1,630,677
$108,776
Note.— a) $991,035; b) $55,000 and c) $10,000 additional amounts re­
ceived in final settlement of accounts with Director-General of Railroads
and included in 1922. d) $202,547 additional amount received in final
settlement with the U. S. Govt, for guaranty period operation.
Por latest earnings, see “Railway Earnitgs Section” (issued monthly!

OFFICERS.—Chairman W. M. Duncan, V.-P. & Gen. Mgr., Geo.
Durham, Sac., C. E. Bahl, Treas., J. G. Stidger, Compt., H. H. Henderson.
DIRECTORS.—H. E. Cooper, Thomas S. Grass alii, Harris Creech,
E. A. Petrequin. George A. Coulton. W. M. Duncan, A. W. Calloway
Frederick H. Ecker, W. F. Nash, G. A. Tomlinson, Warren Bicknell. Ber­
tram Cutler, J. A. House, Walter S. Bowler, L. F. Loree. Office, Cleve­
land, Ohio.—(V. 122, p. 2792.)
WHEELINQ TERMINAL RY.—Owns a railway bridge at Wheeling
W. Va.. and 10 miles of terminal track. Leased to Penna. RR.
STOCK.—$2,000,000, all owned by Pennsylvania Company, which
guarantees prin. and int. of bonds of which $400,000 are reserved for
additions and improvements; mtge. trustees Commercial Tr. Co. of Phila
V. 98. p. 612, 1769. Form of guaranty, V. 76, p. 655. Divs. 2% paid in
1906, 1907, 1911, 1912and 1913. 1916,&%; 1917,3%; 1918-1921.4% ann
For the year 1925, gross income, $135,959; deductions, $55,959; dividends
$80,000. Sec., S. H. Church.—(V. 121, p. 1346.)
WHITE & BLACK RIVER VALLEY RR.—Brinkley to Jacksonport
Ark., 56 miles; Wiville, Ark., to Gregory. 6 m.; total, 62 miles. Leased for
80 years from July 1 1900 to Choctaw Oklahoma A Gulf RR. (now Chic
R. I. & Pac. Ry.) for guaranty of int., endorsed on bonds. Stock auth.
$1,876,000; paid In. $323,000.—(V. 90. p. 504.)
WHITE PASS & YUKON RY.—Owns a narrow-gauge line 110 miles In
length, extending from Skaguau, Alaska, to White Horse with branch tr
White Horse copper mines. 12 miles (V. 69, p. 335; V. 67, p. 1162, 1138)
also operated steamers between White Horae and Dawson City and Caribou
and Atlin. V. 73. p. 443; V. 75. p. 1300.
REORGANIZATION.—In 1918 the security holders formally approved
with some amendments, plan outlined in V. 107, p. 605, 2099. 2478
Interest due Jan. 1 1916 and subsequently was paid In scrip or defaulted.
In order to raise £95,000 (£52,000 for working capital, and about £38.000
to pay off loans, and £5,000 for commissions, Ac.), it was arranged under
the plan to issue £100.000 7% Prior Lien debenture stock.
Pres, of local (subsidiary) cos.. F. O. Elliott, 111 W. Washington Sq..
Chicago.—(V. 113. p. 2820.)
WHITE RIVER RR.—Owns Rochester to Bethel, Vt.. 20 miles.
The I.-S. C. Commission has placed a final valuation of $392,223 on the
property of the company, as of June 30 1917.
Stock, $250,000; par, $100 Bonds ($250,000 auth Issue), see table
above. For 1925, gross, $59,848; net operating income, $9,606; other
income. $100; deductions, $26,849; balance, deficit, $17,143. Pres.,
E. S. French, Rochester, Vt. Office, Rochester, Vt.
WICHITA FALLS fie NORTHWESTERN RY.—All the property of
this company was sold under foreclosure; now owned and operated by
Missouri-Kansas-Texas RR. Co.
WICHITA FALLS & SOUTHERN RY.—(V. 122, p. 1760)
WICHITA NORTHWESTERN RR.—A reorganization of the Anthony
A Northern RR. Road completed In 1917 from Trousdale; Kan., to
Vaughn, 47 miles, and Pratt via Trousdale to Kinsley, 53 miles. The
Inter-State Commerce Commission has placed a tentative valuation of
$961,700 on the property of the company as of June 30 1919. O. P.
Byers and J. E. Conklin were appointed receivers on Nov. 10 1922. Capital
stock, common, $860,000, and preferred, $830,000- The company obtained
a Government loan amounting to $381,750. The loan is in the form of
one bond deposited with the Treasurer of the United States. The Commerce
Trust Co., Kansas City, Mo., successor to Midwest Reserve Trust Co.,
is trustee under the terms of a 1st Consol. Mtge. in the principal sum of
$600,000 to secure the 6% 1st Consol. Mtge. bond amounting to $381,750.
The bond Is callable upon any s.-a. Int. payment date upon the railway co.
giving 30 days’ notice to those concerned or its intention to retire the same
For 1924, gross, $123,060; net oper. def., $9,544; other income, $1,149:
interest, rentals, &c., $34,182: bal., def., $42,577. Pres. O. P. Byers;
Sec., T. A. Fry.—(V. 119, p. 1066.)
WICHITA UNION TERMINAL RY.—Owns railway terminal at
Wichita, Kan., including a passenger station with elevated track approaches
of about 2 miles, including a 4-track main line, to be used by the Atchison,
Chic. R. I. & Pac. and St. Louis & San Francisco. These 3 roads own
the stock and guarantee jointly and severally the $2,300,000 30-year 4 %
gold bonds. V. 101, p. 1269. Pres., A. B. Warnes.—(V. 101, p. 1629;
V. 113, p. 629.)
WILDWOOD AND DELAWARE BAY SHORT LINE RR.—Road
connects with Atlantic City RR. (Phila. & Reading System) at Wildwood
Junction. 4.2 miles from Wildwood. Stock, $500,000; issued, $378,000;
par, $50. Bonds auth., $562,500 1st gold 5s; issued, $479,100. Broad­




Places Where Interest and
Dividends Are Payable

See text
See text

O D Parker A Co. Boston
MidwResTrCo, KC Mo
Dillon, Read A Co. N Y
BwayTrCo,Camden, NJ
437 Chestnut St, Phila
do
do
Tower City (Pa) Nat Bk
Reading Terminal, Phila
do
do
Reading Company
Safe Dep A Tr Co, Balt
United States Tr Co. N Y
New York

Checks mailed

I
1

New York
Bank of Montreal

New York

way Trust Co., Camden, N. J., trustee; see table above. For 1925, gross,
$144,836; net oper. income, $49,700; otherinc., $2,051; int., rentals, &cl,
$48,198; bal., sur., $3,553. Pres., L. R. Baker; V.-P. & Gen. Mgr., E. G.
Slaughter; Treas., J. H. Slaughter; Sec., O. it Blackwell. Office, Wild­
wood, N. J.—(V. 120, p. 2009.)
WILKES-BARRE & SCRANTON RY.—Owns from Scranton to
Minooka Jet., Pa., 4.27 m., of which 1.38 miles double track. Leased
from May I 1888 to Lehigh Coal & Nav. Co. (which holds all the stock)
during corporate existence, less one year, at $47,500 per annum and taxes.
Lease assigned to Central of N. J. at6% on cost of road ($1.141.676) & taxes.
WILLIAMS VALLEY RR.—Williams Valley Jet. to Lykens, Pa., 11.04
miles. Stock authorized, $120,000; outstanding, $89,900; par of shares*
$50. In April 1907 the Reading Co. obtained control. V. 84. p. 933.
The $120,000 first mtge. bonds were extended to Dec. 1 1938 at 4%, the
Reading Co. assuming obligation and liability in respect of the payment of
principal and interest.
The I.-S. C. Commission has placed a tentative valuation of $158,486 on
the t tai owned, and $158,485 on the total used property of the company,
aso* une 30 1917.—(V. 121, p. 2519.)
WILLIAMSPORT & NO. BRANCH RY.—Hall's to Satterfield, Pa..
*nd branch, 46 miles.
On Mar. 9 1921, the road, equipment, Ac., of the Williamsport & North
Branch Railroad, was purchased by Joseph H. Emery, Edgar R. Kiess,
D. K. Townsend and J. K. Rishef. at foreclosure sale confirmed by the
Court April 4 1921. V. 112, p. 1026. They, with others, on May 16
1921 organized this company to take over and operate the property.
The I.-S. C. Commission in June 1921 authorized the company to issue
at par (1) $500,000 1st mtge. 6% gold bonds; (2) $200,000 non-cumulative
6% pref. stock, and (3) $500,000 common stock, in full payment for its
railroad property, rights, and franchises.
The bonds are proposed to be issued under a mortgage to Harrisburg
Trust Co.. Harrisburg, Pa., dated July 1 1921. Authorized $500,000 of
which only $200,000 will be now Issued. The common and preferred stoCK
represent the entire authorized issues.
EARNINGS.—For 1925, gross, $130,681; net operating income, $14,209*,
other income. $152; deductions, $18,974; bal., def., $4,613.
Pres., Edward Bailey; Sec., F. W. Corcoran; Treas., J. H. Emery.
Office. Hughesville, Pa.—(V. 113. p. 72.)
WILMINGTON & NORTHERN RR.—Owns Wilmington, Del., to
Highs Farm, Pa.. 86.59 miles; total track. 146.55 m. Leased to Phila. A
Read. Ry. for 999 years from Feb. 1 1900 for int. on bonds and 3)4% div.
on stock, payable quar. (Q.-F. 15) and organization taxes. V 80, p. 1858;
V. 102. p. 1812. Supreme Court decision. V. 110, p. 1816.
WILMINGTON RY. BRIDGE—Owns Hilton to Navassa. N. O., 2.4
miles. Stock, $40,000, owned by Seaboard Air Line Ry. and Atlantlo
Coast Line RR., which Jointly guarantee the $217,000 bonds—see table
abo.e Pres.. Geo. B Elliott. Wilmington. N. O.: Sec. and Treas.. R. L.
Nutt. 24 Broad 8t.. New York.
WINSTON-SALEM SOUTHBOUND RY. CO.—Owns Winston-Salem.
N. O.. on Norfolk & Western, to Wadesboro on Atlantic Coast Line RR.,
88 miles; branches. 7 miles; trackage rights, 7 miles; total operated. 102 miles.
Under trust agreement (V. 106. p. 1239) said two roads own the $1,245,000
stock and, jointly and severally, guarantee the $5 000 000 bonds, prin &
int. See form. V. 92, p. 396: V. 105, p. 2367. The I.-S. C. Commission haa
placed a final valuation of $5,788,067 on the property of thp company owned
and used as of June 30 1915. Report for 1925: Gross, $1,387,332, ry. oper.
income, $481,462. other income, $54,329, deductions, $368,039, bad., sur.,
$167,752. Valuation report, 107, p. 1194, V. 108, p. 2124, 2434, V. 113,
, 1055. Pres., H. E. Fries, Winston-Salem, N. C.. Sec., J. F. Post, Treas.,
no. T. Reid, Wilmington, N. C.—(V. 120, p. 327.)
WINSTON-SALEM TERMINAL CO.—Has been formed for the pur­
pose of constructing, maintaining and operating a modern union passenger
station in the city of Winston-Salem, N. O. The terminal, when com­
pleted, will represent an investment of approximately $800,600.
The Norfolk & Western Ry., Southern Ry. and Winston-Salem South­
bound Ry. will enter into an operating agreement with the Winston-Salem
Terminal Co. under which they will be obligated to use the station facilities
of the Terminal Co., and no other, for their passenger business to and
from Winston-Saiem during the life of the bonds. As rental, the railway
companies will agree to pay to the Terminal Co., each in proportion to its
use, sums covering, in the aggregate, all operating expenses, taxes and
interest charges of the Terminal Co., and will jointly and severally guarantee
the payment of the principal of and the interest on the bonds by endorsement
The bonds are redeemable, as a whele only, on or after Oct. 1 1939 at
110 and interest.
The stock of the Terminal Co. is owned one-third each by the three
guarantor railway companies.—(V. 119, p. 1954.)
WISCONSIN & MICHIGAN RR.—Operates from Falthorn June.,
Mich., to Iron Mountain, Mich., 70.2$ miles. Successor, after foreclosure
sale, of the Wisconsin & Michigan Ry. Co., acquiring or at least operating
only the portion of the road above mentioned. The I.-S. O. Commission
in Dec. 1920 authorized the company to rebuild 7.17 miles of road between
Fairhorn Jet. and Aragon Jet., Mich., and to resume operation of 13.8
miles of road in Dickinson County, Mich V lll.p 2522 Capital stock,
$1,500,000 Tentative valuation as of June 30 1916, $2,209,333
For 1924, gross, $321,785: net oper income. $13,068; other income,
$17,799; interest and rentals, $20,800; bal., sur , $10,067
Pres , John Marsch, Chicago; V -Pres , W. H. Wright, Menominee,
Mich.; Sec. & Treas., Nicholas Marsch, Chicago; Auditor, Wm. A. Ahern,
Menominee, Mich. Office, Menominee, Mich.— (V. 119, p. 3007.)
WISCONSIN CENTRAL RY. CO.—System extends from Chicago
to Ashland, Wis., and Lake Superior iron mines: also to St. Paul and Minne­
apolis and to Superior and Duluth. By car ferry conneots with the I ere
Marquette and has a short line to the East. V. 63, p. 117. System Ino'udee

S

140

[Vol. 122.

RAILWAY STOCKS AND BONDS
RAILROAD COMPANIES

[For abbreviations. Ac., see notes on page 8]

Worcester Nashua & Rochester—See Boston & Maine
Yosemite Short Line Ry—See Sierra Ry ot California
Yosemite Valley—First mtge *3.000,000 gold s f _xo*.

Miles Date
Road Bonds

78

1006

Amount
Outstanding

Rate
%

$1,000 $2,415,000

il

Par
Value

hdil&Se
Chicago, Ill., to Withrow, Minn_________ ______________ 424.32
Oylon, Wis., to Downing, Wis., cutoff.________________
14.64
Oarnellan Jet., Minn., to Trout Brook Jet., Minn______
17 96
Neenah, Wis., to Manitowoc, Wis__
36 54
Stevens Point, Wis., to Portage, Wis___________
70 76 •
Packwaukee, Wis., to Montello, Wis____________________
7 86
Marshfield, Wis., to Greenwood, Wis.. ..
22-44
Chippewa Falls, Wis., to Eau Claire, Wis_______________
9.88
Abbotsford, Wis.. to Goodrich, Wis___________________ _
25-41
Abbotsford, Wis., to Owen, Wis........
1246
Spencer. Wis., to Ashland. Wis_____________ ~~~~
145 87
Chelsea, Wis., to Rib Lake, Wis___________________ .Z.Z
5.55
Mellen, W’is., to Bessemer. Mich_______________________
33.77
Ashland. Wis.. Ore Dock Line________________________ .__
210
Ashland. Wis., Commercial Dock Line___________ Z.ZZZZ
1.14
Marshfield, Wis.. to Nekoosa, Wis______________ Z..Z
32.65
Owen. Wis., to Superior, Wis________ Z.ZZZZZZZZZZZZZ 153 40
Duluth Terminals_____________________________________
4.71

When
Payable

3

A

Last Dividend Places Where Interest amt
and Maturity
Dividends Are Payable

J Jan 11036

Mercantile Tr Oo, San Fr

The "First and Ref." mtge. Is limited to *60,000,000, of which *36,469.060
is reserved to refund existing bonds and equipment obligations and the re­
mainder for general purposes; *5 816.000 have been sold
V 88, p. 687.
824 , 884: V. 89. p. 44. 1089; V 94 p. 489; V. 98, p 840
The Minn. St.
P A Sault Ste. Marie guarantees interest on the bonds. V. 95. p. 969.

lyOTES.—The 3-year notes of 1924 are secured by the deposit of $8,000.000 Wisconsin Central Ry 1st & Ref Mtge 5% gold bonds, due April 1
I95(t Principal and interest guaranteed by endorsement by the Minn.
St. Paul & S. S. Marie Ry. Co. Redeemable, all or part, by lot, at any
time on 60 days' notice, at 101 and Interest to April 15 1926, and at 100
and Interest thereafter. V. 118, p. 1776.

REPORT.—For 1925, showed:
Calendar Years—
1925.
Freight, iron ore................$1,422,993
Freight, other................. 14.844,354
Passenger.......................... 2,697.704
Mail..................................
224,707
Ewress..............
371.976
Miscellaneous..............
438,671
Incidental......... ..............
405,110

1924.

1923.

$1,118,718 $1,131,112
13.758.613 14.487.696
2,826,662 3,195.876
231,947
203,321
412.730
443.810
520.186
533.668
351,801
392.757

1922.

$1,040,056

13,172,829

3,008.377
251.234
491,292
514.899
361,480

Total mileage owned Dec. 31 1925.__ _______________________ 1,021.46
ORGANIZATION.—Suooessor July 1899 ot Wisconsin Cent. Co., tore
Total -------- -------------- $20,405,515 $19,220,666 $20,388,242 $18,840.16.
Closed per plan V 68. p 725 V 69. p. 29. 133: V 70. p 434
In J»d 1909 I Maint.
of way & struct. 2,508.546
Minn. St. Paul & S. S. M. acquired 61% of common stock, and In March
3,503,394
1924 acquired 95% of the remaining minority stock and operates the road : Maint. of equip_______
Traffic
expenses______
358,364
its “Vh,ca8O Division." the road being leased for 99 years from April 1
1909. Most of the pref slock has been exchanged for M St. PASHM ; Transportation expenses 8,305,047
135,183
leased line certificates, secured by Wisconsin Central pref. stock. As of 1 Miscellaneous operations
General expenses______
594.956
JJec. 31 1925. "Son" owned $15,968,000 common and $11,249,200 pref.
V. 88, p. 159, 232, 566, 626, 750, 1003, 1439; V. 89, p. 780: V. 118. p. 1667. Transp. for Invest.—Cr.___ 23,062
Total____
The I.-8. C. Commission has placed a tentative valuation of $50,245,800
....$15,382,429 $15,552,552 $15,726,030 $14,664,951
On the total used and $44,995,800 on the total owned property of the com­ Percent, of exp. to earns.
77.8
Net earnings_________
pany as of June 30 1917.
4,175,214
Inc. from other sources.
172,217
STOCK.—Stock, authorized, common. *17,500,000: pref.. 4% non
„1ToFaI-.............................. $5,348,391 $3,986,208 $4,893,211 $4,347,431
Cum. *12,500 000. Outstanding, oom., *16.126.300. pref. *ll,26r ,900
par of shares *100 After 4% dividends on both classes shall have been Fixed charges, taxes and
terminal rentals-------- 5.039,911
4,809,824
4.459,647 3.851,061
paid in any year both shall participate equally In any further dividends
for such year
The preferred bas the right to elect a majority of the dlrec
Surplus income..........
$308,480 def$823,616
$433,563 $496,370
tors on failure for two successive years to receive 4% per annum
—-Pres., CL
O. T. Jaffray, V.-P., O. W. Webster. Sec., W. R.
_ OFFICERS.
.
„
DIVIDENDS.—First div. on pref. 4% for the year, paid 1% Deo 23
1908 and it each on Mob 11 and July 15 and Oot 15 1900
On .Tune 15
1910. 2%: Oct. I, 2%: 1911 to Oct. 1 1921, 4% yearly: none since.

Harley, Treas., O. H. Bender, Comp., D. J. Bond.—(V. 122, p. 2945.)

BONDS.—The 1st Gen. gold 4s of 1899 are secured by a mtge upon all
the lines of railway, terminals, equlpm't and other property aoquired there
by, and also by deposit of all securities owned or aoquired under the plan
V. 76. p. 734. 1204: V . 77. p. 1238: V. 88. p. 1591.
The Superior & Duluth Division & Term. 4s are limited to *7.500,000
the present amount outstanding; they oover the road from Owen Wis.
via Superior to Duluth. Minn., 158 miles, and terminals at both Superior
and Duluth. V. 82. p. 806, 930, 1103: V. 83, p. 986; V. 84. p. 1429; V.
85. P. 632: V. 86. p. 1411: V. 88. p. 824.

YOSEMITE VALLEY RR.—Merced, OaL. to the Yosemite National
Park, 78 miles, completed May 15 1907
Stock. *5.000 000 all outstand­
ing; par. *100. IstM bonds ($3 000 000 auth 1 V 82 p 511 930: V 84
p. 1553: V. 122. p. 1453. Chairman of bondholders' committee^ Charles K*
McIntosh, care Mercantile Trust Co., San Francisco. 1st mfc?e. coupons
due Jan. 1 1919 were met in June 1919. the stockholders providing at least
* par,t,°/oShe £u?d.s' , YaJ.09-.P'.71- On Ju,y 1 1923 paid coupons due
Jan. 1 1923 and July 1 1923. V. 117, p. 90. Second mtge. 5s, $2,000,000
held in treasury June 30 1914. Pres., Frank G. Drum. West Coast Lift
Bldg., San Francisco.—(V. 122, p. 1453.)




WYOMING NORTH & SOUTH RR._(V. lig

p 645 )

Miscellaneous

Industrial

United States, Cuba, Canada, Mexico and Other Foreign Countries,
MISCELLANEOUS COMPANIES
IFor abbreviations, Ac., see notes on page 8]

uatt
Bond!

Abitibi Power & Paper Co Ltd—Com stk 250,000 sh auth_
Pref (a & d) stock 7% cum 11 ,000,000 authorized_______
1st (closed) M ser bonds due $292,500 ann_________ zc* 1914

.4 mount

Par
Valut

utstandini

None 250,000 shs
$100 $1,000,000
500 Ac 2.354 000

Gen s f mtge bonds auth $5,000,000 red 105_________ zc* 1920

500 Ac

3,647.000

Consol s f g bonds auth $14,000,000_____________ xxxxc

100 Ac

3,340,100

Adams Express—Stock, 120,000 shares (20,000 held by co'
Collateral trust mortgage gold ........................................ Bai
Collateral trust distribution mortgage gold
_0s
Advance Rumely Co—Common stock auth $13,750,000___
Preferred (a & d) 6% cum call 105 $12,500,000 authorized
Ahumada Lead Co—Stock $1,300,000 auth--------------------Air Reduction Co.. Inc.—Stock 293,334 shares auth____

121
1898
1907
____
____
----___

such as

Light, Power, Gas, Telephone and
Telegraph
Formerly appearing in this publication
will now be found in our

PUBLIC UTILITY COMPENDIUM
Issued May 1, 1926

ABITIBI POWER AND PAPER CO.. LTD.—ORGANIZATION.—
Incorp, under the Companies’ Act (Canada) by letters patent Feb. 9 1914.
Company manufactured ground wood pulp, sulphite pulp and newsprint
and is also a holding company. Charter is perpetual. Owns 12 buildings
at Iroqouis Falls, Ont.: at Twin Falls a dam and power house, also timber
and water power leases.
In June 1925 organized the Abitibi Electric Development Co., Ltd.
▼. 120, p. 3067.
STOCK.—Auth. and issued $1,000,000 (par $100) pref. 7% cumul. and
250.000 shares no par common. Pref. has preference as to cumul. divs. at
rate of 7% per annum; in event of liquidation or dissolution has preference
as to par and accrued dividends.
DIVIDENDS.—Pref. stock: 1916, 15<%; 1917-18, 7%; 1919, 7% and
9X% on account of accumulations; 1920-25, 7% yearly. Common: 1920,
4 60; 1921. $1: 1922, $2; 1923-24. $4; Jan. 20 to Apr. 20 1926. $1 quar.
BONDS.—Gen. mtge. bonds sinking fund amounts to sum equal to 3%
of par value of bonds outstanding plus int. at 6% per annum on par value
bonds previously purchased or redeemed. Consol, mtge. sinking fund
of 10% of annual net profits avail, for divs. (not less than $300,000) to be
applied to purchase of bonds at not over 110. Company guarantees bonds
and other obligations of the Abitibi Electric Developmet Co., Ltd..
Abitibi Lands A Forests. Ltd., and the Abitibi Transportation & Naviga­
tion Co., Ltd., to the extent of $2,470,956.
REPORT—For 1925 showed:
1922.
Calendar Years—
1925.
1924.
1923.
Gross sales....... ................ $10,364,677 $10,686,859 $11,047,668 $9,461,299
5,846,462
Oest of sales A expenses.
6,124.340 6,301,307 6,768,088
929,123
Interest.......... .............
611,420
762,260
882,625
803,391
Deprec. A depletion, Ac.
539.000
625,505
930,186
Appropriation for taxes.
220.000
19O.O00
_____
70.000
Preferred dividends____
70,000
70.000
70,000
500,000
Common dividends____
1,000,000
1,000,000 1,000,000

J

2

cast Dtvtaeno
and Maturity

$1,396,768
4,807,238

$1,312,323
3,548,093
53,177

e-laces Where Interest and
Dividends are Payable

F

I

Q—J Apr 1 1926 4%
Q—J Apr 5 1926 25c
Q-J 15 Apr 15 '26 $2 Checks mailed

Expenses—
Interest on loans______
Interest on bonds_____
$518,685
Salaries, exp. & taxes
66.467
Dividends........................ (6 % )600,000

Public Utility Companies

$1,737,787
6,204.007
1,236,144

When
Payable

Q—J 20 Apr 20 ’26 $1
Q——J Apr 1 '26 1X %
& A To Feb 1 1934 ' First'Nat'Bk' NY.........
First Nat Bk, Chi
Royal Bk of Canada
J A J Jan 2 1940
6
Chase Nat Bk, N Y
First Nat Bk, Chi
MAS 15 Mar 15 1931
8
Chase Nat Bk, N Y
See text Q—M June 30 '25 $1 4 Chase Nat Bank, NY J
Bangers Trust Co, N Y
d A 8 'deb 1 194»
4g
Guaranty Trust Co. N Y
4 g J A D June 1 1947

100 10.000,000
5.793,500
500 At
500 *e 7,298,000
10(1 13,750.000
3
100 12,500.0(K
1
1.192.018 See text
None 201,123 sh. See text

Statements of

Balance, surplus____ $1,799,916
Previous surplus______
6,705,651
eserve for depreciation 1,521,461
djustment Govt, taxes
_____

Rate
%
$4
7
6

$545,918
65.730
(6)600,000

$579,881
151.605
(5)500.000

$9,605
621.614
160.828
(100.000)

$988,590
$361,141
$414,838
Balance, surplus____
$396,867
Profit and loss, surplus.. 6,608,805
5,369,628
3.600,107
3,074.502
OFFICERS.—Pres., Wm. M. Barrett; Treas., Thos. J. Degnen; Sec..
Horatio H. Gates. Office. 61 Broadway, New York.—(V. 122, p. 742.)
ADVANCE-RUMELY CO.—ORGANIZATION.—Incorp. In Indiana
Oec. 16 1916, perplan in V. 101, p. 777, 851. 1276, 2146 Business estab­
lished In 1853. Has plants at La Porte, Ind., Battle Creek, Mich., and
Toronto, Canada. Products, agricultural implements, such as tractors,
separators, plowing engines, Ac. V. 102. p. 1626; V. 104, p. 1486: V. 106,
p. 1575; v. 107, p. 2189. In Dec. 1923 purchased the business of the
Ault man A Taylor Machinery Co. of Mansfield, Ohio. V. 118, p. 86.
STOCK.—See table at head of page. »
Preferred Dividends.—No. 1, 1*4% paid April 1 1919: to July 1 1921
1)4% quar., Oct. 1 1921 to April 1 1926, ?4% quarterly. Accumulated
divs. on Dec. 31 1925 amounted to 13)4%.
REPORT.—For 1925, in V. 122, p. 1757, showed:
1923.
1922.
Calendar Years—
1925.
1924.
Gross profits___________ $2,824,041 $1,738,187 $2,008,885 $1,804,980
319 667
261.226
Net income___________ 1,409,538
1.014.609
242.944
Bond interest, Ac_____
279,926
237.074
123.615
Depreciation reserve__
496.963
334.088
341,798
Provision for Fed’l taxes
92,071
374,253
Preferred dividends____
374.253
374,253
374,253
$61,484 def$631.618 def$236.64<
Balance, surplus____
$166,324
OFFICERS.—Finley P. Mount, Pres.; A. H. Berger, V.-P. and Sec.,
W. I. Ballantine, V.-P.; J. Abrams, V.-P.; J. R. Kohne, Treas. Office,
La Porte, Ind.—(V. 122, p. 1757.)
AETNA EXPLOSIVES CO.. INC.—See Hercules Powder Oo.
AHUMADA LEAD CO.—Incorp, under laws of Delaware March 4 1921.
In accordance with the terms of its charter, the company holds the stock
of other corporations, is the purchaser of lead-silver ores and other mine
products, and has contracts with other corporations covering the smelting
and selling of its product.
The Ahumada Lead Co., through its Mexican subsidiary, the Cia. Miner*
de Plomo, 8. A., owns in fee 1,453 hectares, or 3.591 acres of ground in the
Los Lamentos Mountains, State of Chihuahua, Mexico. It also has under
option, or owns part interest in considerable outlying ground. The Erupcion Mining Co., through its Mexican subsidiary, the Cia. Miner* Erupcion y Anexas, 8. A., owns In fee 62 hectares, or 153 acres of ground In the
same district, adjoining the Ahumada property on the south. These
properties take in nearly all of the Los Lamentos Mountains.
DIVIDENDS.—Paid as follows: Jan. 2 1924, 7)4c. regular and 2)4«.
extra; April 2 1924 to Jan, 2 1925, 7)4c. regular and 74c. extra each quar.
April 1 1925 to April 5 1926, 74c. regular and 174c. extra each quarter.
REPORT.—For 1925 showed;
[Ahumada Lead Co. and Compania Minera de Plomo. S. A.]
1925.
1924.
xl923.
$427,892
Sales of lead and silver______________ $3,397,224 $1.448.573
1,109.594
319.825
Expenses, taxes, Ac_______________ 2,380.803
18.035
12.853
Depreciation______________________
29,516
72.682
27.679
Depletion________________________
_____

Neb income_______________________
Income from investments___________

$986,905
506,828

Total income______________________$1,493,733

Previous surplus__________________
Depletion previously charged off—Cr.

217,282
100,361

$248,261
455,533
$703,795
249,199

$67,535
309,708
$377,243

Profit A loss surplus.- $6,984,106 $6,705,651 $6,204,007 $4,807,239
$952,994
$377,243
$1,811,376
OFFICERS.—Pres., Alexander Smith; V.-P. A Man. Dir., L. R. Wilson;
21,252
9,342
42,174
V.-P., W. A. Black; See. A Treas., W. H. Smith. General office, Canada Less trans, to Mexican Legal Reservei
118,702
1,192,018
714.461
Cement Bldg., Montreal, Canada.—(V. 122, p. 1919.)
Surplus Dec. 31 —____ __________
$577,184
$217,282 $249,199
ADAMS EXPRESS CO. (THE).—ORGANIZATION.—An unincor­
x Period May 1 1923 to Dec. 31 1923 operations having been commenced
porated association formed in 1854. V. lOO^p. 289, 371; V. 104, p. 2120.
As of July 1 1918, at the behest of the u. 8. Govt., all the company's on May 1.
Report for 1st quar. of 1926 in V. 12?, p. 2802.
express business and equipment in the U. S. .together with a required amount
of working capital, was turned over to the American Railway Express Co.
OFFICERS.—Louis D. Ricketts, Ires.; Harry C. Dudley, V.-Pres.5
(which see) In return for stock in that company, amounting in Dec. John F. Bankerd, Sec. A Treas.; George H. Cobbe, Asst. Sec. A Asst. Treas.;
1925 to $11,914,300. (See Amer. Ry. Exp. Co. for dividends declared by • Joseph W. Allen, Asst. Sec. Offices, 25 Broadway, New York, and Pacific
that company.)
Southwest Bank Bldg., Pasadena, Calif.—(V. 122, p. 2802.)
The I. 8. O. Commission in Dec. 1920. approved the permanent consoli­
dation of the transportation business and properties of the American, Adams,
AIR REDUCTION CO.. INC.—Incorp, in N Y. on Nov 26 1915.
Wells Fargo A Co. A Southern Express Co. Into the American Ry. Express Manufactures oxygen, acetylene, nitrogen and other gases, carbide, oxyacetylene welding and cutting apparatus and chemicals. Early in 1922 the
Oo. V. 111. p. 2622.
purchased all the assets of the Davis-Bournonville Co. In Aug.
OashDivs..
1914. 1915. 1916. 1917. 1918-21. 1922. 1923. 1924. 1925. company
1925 acquired the assets of the Gas Tank Recharging Co. Also owns
Par share......... $5 50 $4
$6 $5 50
None
$
$5 $6’ $6
substantially all of the stocks of the National Carbide Corp. Interest in
Paid in 1926: March 31, $1 50; June 30, $1 50.
California Cyanide Co., V. 116, p. 825. 1414.
REPORT.—For 1925, in V. 122, p. 742, showed:
On Sept. 30 1925 the company owned and operated 50 plants.
(Adams Express Co. and Southern Express Co.)
STOCK.—See table at head of page.
1922.
1924.
1923.
1925.
Revenue—
$5,085
$9,703
$5,968
$15,450
Interest on balances___
—Paid $1 per share quar. from July 14 1917 to Apr. 15
193,540
206,093 1pDIVIDENDS.
199,595
Int. on securities owned.
186.858
26. Also paid an extra div. of 50c. per share in Second Liberty Loan
967.981 bonds
770,671
714,486
821,534
Divs. on securities owned
on
Oct.
15
1918 and $1 extra in cash per share on Oct. 15 1924 and
632,800 Oct. 15 1925.
592,819
639,006 •
Inc. from coilat. pledged
558,177
93,326
68.679
Miscellaneous Income__
BONDS.—The convertible debentures Series A bonds were re
April 1 1924 at 105 and int. V. 118. p. 433.
........... $1,582,019 $1,572,788 $1,646,325 $1,880,637
Total-.




143

INDUSTRIAL STOCKS AND BONDS
MISCELLANEOUS COMPANIES

[For abbreviations, &c., see notes on page 81

None
None
100
100
100
None
$100
None
100
100 &c

REPORT.—For 1925, in V. 122, p. 1020, showed:
1922.
1924.
1923.
1925.
Gross income_________ $10,500,600
1,204,836 $10,201,061 $7,021,209
Operating income_____
3,662,880
3,037,420
3,725,597
2,169,175
Reserves__
958,971
1,102,807
1,031,168
1,294,159
142,963
Bond interest_________
5,387
118,138
Prem. on bds. red’med__
23,265
Oompens. to off. & empl.
64,034
108,546
101,874
112,500
120,338
Federal taxes_________
192,131
302,503
243,309
Dividends paid_______
627,466
986,857
954,483
687,588

$680,739 $1,450,435
1924.
1925.
$2,349,138 $2,448,779
1,548,096
1,574,609
271,750
284,956
5,387

4 mount
•utstandim

Pm
Value

Hate
When
Last Dividend Places Where Interest ana
Dividends are Payable
Payable and Maturity
%
None 500.000 sh See text
Dec 15 ’20 $2 New York
W A Harrlman&Oo. N Y
1921 $100 &c $2,385,200
8 g J & D Dec 1 1936
10 14.000.000
Mercantile Tr Co, San Fr
1919 500-1000 1,894,000
7g M&S 15 Mar 15 1929

Date
Bonds

Alax Rubber Co Inc—Stock, 1,000.000 shares auth_____
First mtge s f gold bonds callable 110_________ kxxxc*&r
Alaska Juneau Gold Min Co—Stock $15,000,000 auth___
First mortgage bonds $3,500,000 authorized______ MS.xr
Algoma Steel Corporation—See Lake Superior Corp.
Alliance Realty Co ( The)—Stock 200,000 sh3 authorized.
Allied Chent & Dye Corp—Com stock 3,143,455 shs autb
Pref (a & d) stock 7% cum red 120 $97,326,400 auth_____
Allis-Chalmers Manufacturing Co—Common stock____
Preferred stock (a & d) cum (see text) red 110_______
Amalgamated Leather Cos, Inc.—Com stk 175,000 sh auth
Preferred (a & d) stock 7% cum $5,000,000 auth red 115
Amalgamated Sugar Co—Common stock 724.624 sh-------1st Pref a&d stk $5,000,000 8% cum call 120 sf 2% of Issue
First (closed) mtge s f gold call 105________________ xxxc* 1922

Balance, surplus____ $1,030,005
3 Mos. End. Mar. 31— 1926.
Gross income___________ $3,043,710
Operating expenses____
1,966,096
Addition to reserves___
446,996
Bond int. & expenses__
_____

[Vol. 122.

$255,403
1923.
B2,381,519
1,500,619
256,127
35,562

Net pref. bef. Fed. tax $630,618
$516,086
$597,033
$589,212
OFFICERS.—Chairman, F. B. Adams; Pres., O. E. Adams; 1st V.-Pres..
in charge of sales, A. R. Ludlow; V.-Pres., M. W. Randall; V.-Pres., C. S
Munson; V.-P. & Oper. Mgr., H. Van Fleet; V.-P. in charge of devel. A
research, F. J. Metzger; Sec., R. B. Davidson; Treas., C. L. Snow; Asst
Treas., R. W. Ryder; Asst. Sec., T. G. Harrison. Office, Canadian
Pacific Bldg., Madison Ave., N. Y.—(V. 122, p. 2500.)
AJAX RUBBER CO., INC.—ORGANIZATION —Incorp. In N V
Dec. 20 1915, succeeding Ajax-Grieb Rubber Co., Trenton, N. J . estab
Iished Sept. 11 1906. V. 101, p. 2073, 2146. Owns plants in Trenton
N. J. ana Racine, Wis.
STOCK.—The stockholders on Jan. 11 1922 auth. the issuance of shares
without par value and exchange of the outstanding 200,000 shares (par $50
each i share for share for the shares without par value, and also authorized
an Increase In the number of shares which may be issued from 400 000
par $50, to 500,000 shares without nominal or par value. The authorized
capital stock was increased from 500,000 shares to 1,000,000 shares in April
1926.
The stockholders of record Feb. 9 1925 were given the right to subscribe
for 75.000 shares of capital stock at $10 per share.
DIVIDENDS.—Div. Mar. 1916 to Mar. 1917, 10% p. a.; June 1917 to
Sept. 1920, 3% quar.; Dec. 15 1920, 2%; none since.
First mtge. 15-year 8% s. f. gold bonds, V. 113, p. 2724.
REPORT.—For 1925, in V. 122, p. 1314, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Gross sales___________ $19,868,825 $16,516,716 $16,068,710 $12,189,938
Cost of sales, &c______ 18,303,063 xl5,401,842 xl5,632,742 xll,632,651

120,000 sh. See text
2,178.109sh
$4
39,284.900
7
20.000.000 See text
16.500.000
7
175.000 sh.
$5,000,000
724,624 sh.
$4,271,400 See text
3.354.000
7g

Apr 16 1926 50c
May 1 1926 $
Apr 1 1926 lfc
May 15 ’26 1K
Apr 15 1926 1
July 1 1920 $1
Oct 1 1920. 1’4
Apr 1 1918 3%
See text May 1 1926 2%
A & O April 1 1937

Q—J 15
See text
Q—J
£4

Checks mailed
Checks mailed
Checks mailed

Irv Bk-Col Trust, N Y
do
do
Co’s office, Ogden, Utah
Bankers Trust Oo, N Y
MercTr. 8 F. Ba Tr. N Y

The plan was declared operative in Dec. 1920. For details of plan.
terms of exchange, &c., compare V. Ill, p. 1379.
General Chemical Co. was incorp. Feb. 15 1899 in N. Y. It-s business
Is the production, manufacture and sale of acids and other chemicals.
The Solvay Process Co. was incorp. Sept. 28 1881 in N. Y. and Is engaged
in the manufacture of alkalis and soda products in the U. S., operating
plants at Syracuse, N. Y., Detroit, Mich., and Hutchinson, Kan. SemetSolvay Co. was incorporated Jan. 31 1916 in New York and is engaged in
the manufacture of coke and its by-products. The Barrett Co. was incor­
porated Feb. 6 1903 in New Jersey, its business being the manufacture and
sale of coal tar products. National Aniline & Chemical Co. was incorpora­
ted May 26 1917 in N. Y. Business is manufacture and sale of dyestuffs.
The company, in Dec. 1924, was cited by the Federal Trade Commission
for alleged violation of certain provisions of the Clayton Act. Compare
V. 119, p. 2882: V. 120, p. 960.
STOCK.—The preferred stock has equal voting rights with common
<tock and is redeemable in whole or in part at 120.

The authorized capital was increased on Mar. 7 1921 from 373,264 shares
of pref. stock (par $100) and 2,143,455 shares of common stock without
par value, to 973,264 shares of pref. stock (par $100) and 3,143.455 shares
of common stock without par value.
DIVIDENDS.—Initial div. on com. of $1 per share was paid May 2 1921;
same amount paid quar. to May 1 1926. On pref. paid 1%% quar. from
April 1 1921 to April 1 1926.
REPORT.—For 1925, in V. 122, p. 1905, showed:
1925.
1924.
1923.
1922.
Gross income after prov.
for deprec., obsol., all
State & local taxes, re­
pairs and renewals...$23,140,592 $21,059,690 $21,974,558 $17,280,368
Federal taxes_________
2,574,000
2,519,729
2,826,086
2,165,413

Net income_________ $20,566,592 $18,539,961 $19,148,472 $15,114,955
Previous surplus_______ 141,288,099 134,209,968 126,428,336 122,659,080

Total surplus______ $161,854,691$152,749,929$145,576,808$137,774,035
Pref. divs. ($7 per share) 2,749,943
2,749,768
2,735,094
2,731,942
Com. divs. ($4 per share) 8,712,436
8,712,062
8,631,746
8,613,757

Profit & loss surplus_$150,392,312$141,288,099$134,209,968$126,428,336
OFFICERS.—Chairman, Wm. H, Nichols; Pres., Orland F. Weber;
V.-Pres., W. H. Nichols Jr. and Clinton S. Lutkins; Sec., V. D. Crisp;
Treas.. Thomas E. Casey; Comp., Frank Nay. Office. 61 Broadway, N. Y
DIRECTORS.—Wm. H. Nichols, W. H. Nichols Jr., Charles Robinson
Smith, Orlando F. Weber, Wm. G. Beckers, Walter E. Frew, Rowland
Hazard, Armand Solvay, Emmanuel Janssen and Roscoe Brunner.—
. $1,565,762 $1,114,874
$435,968
$557,287 (V. 122, p. 1905.)
169,412
116,917
108,537
198,804
ALGOMA STEEL CORPORATION.—See Lake Superior Corporation
below.
. $1,764,566 $1,284,286
$552,885
$665,824
ALLIS-CHALMERS MANUFACTURING CO.—ORGANIZATION.—See x------Federal taxes_________
118,177
Incorporated in Delaware on Mar. 15 1913 as successor of the Allis-Chal­
Deprec'n, int., &c_____
641,321
569,322
639,287 mers Co. (forclosed) per plan V. 94, p. 913. Manufactures heavy ma­
620,158
Extraordinary adjust’ts.
y543,953
chinery and electrical apparatus.
STOOK.—The 7% cumul. pref. stock is pref. both p. & d. It may elect
Balance, surplus____ $1,005,069
$664,128 def$560,390
$26,537
x Includes Federal taxes, y Includes loss from liquidation of certain a majority of the directors and is redeemable at 110 and divs. V. 102, p.
1724; V. 106, p. 1128.
subsidiary companies and inventory adjustment, &c.
mortgage lien while any pref. stock remains outstanding, unless 80%
■ OFFICERS.—J. C. Weston, Chairman & Pres.; E. L. Fries, V.-P., Sec. of No
preferred consents.
& Treas.; L. T. Vance, W. McMahon. F. M. Hoblitt, V.-P.; Chas. L.
DIVIDENDS—
T6. T7. T8. T9. '20. '21-’24. '25.
Morris, Asst. Sec. & Asst. Treas. N. Y. office, 218 W. 57th St.— V.
Preferred regular)__________________ 6 6?4 7
7
7 7 yrly. 7
122. p. 2332.)
On accumulations___________________ 3 3» 3
3 l’X________
ALASKA JUNEAU GOLD MINING CO.—Incorp. under laws of West Common___________________________ __
2 4 yrly. 5 43
Virginia, Feb. 17 1897. Property of company is situated near the town of
In Jan. 1920 the accumulated preferred dividends were paid off in full
Juneau, Alaska. The company’s claims, it is stated, have a length of with a payment of 1 % %.
over a mile on the mineralized Juneau Gold Belt.
Initial dividend on common stock of 1% was paid Aug. 16 1920- sam»
BONDS.—The first mtge. 7s due Mar. 15 1929 are a first Hen on all of amount paid quarterly to Feb. 16 1925; May 15 1925 to May 15 1926 paid
the company’s property in the Territory of Alaska now owned or hereafter 143% quarterly.
REPORT.—For 1925, in V. 122, p. 2229, showed:
acquired. No dividends shall be declared out of surplus profits, nor shall
any of the company’s properties or assets be distributed to stockholders
Calendar Years—
1925.
1924.
1923.
1922.
while these bonds are outstanding.
Sales billed___________ $28,921,357 $27,855,524 $25,612,709 $20,794,046
Cost (incl. deprec., de­
REPORT.—For 1925 showed:
vel., selling, publicity
Calendar Years—
1925.
1924.
1923.
1922.
25,639,655 24,751,928 23,032,996 19,205,871
Gross recovered gold, sil­
ver and lead values—
Factory profit.
$3,281,702 $3,103,596 $2,579,713 $1,588,175
Bullion___________ $1,576,984 $1,519,312 $1,173,078 $1,025,879
689,666
632,504
654,924
920,375
Concentrates_____
607,400
536,470
341,698
362,800 Other income____
Total............. ..
$2,184,384 $2,055,782 $1,514,774 $1,388,679 Reserved for Fed’l taxes $3,971,368 $3,736,101 $3,234,636 $2,508,550
Total oper. costs & exp.. 2,018,496
1,796,288
1,544,857
1,366,538
and contingencies___
554,000
515,000
531,000
300,000
1,154,811
1,154,811
1,154,811
1,154,811
Net profit before depr. $165,888
$259,494 def$30,083
$22,141 Preferred dividends___
1,546,242
1,030,830
1,030,830
1,030,830
OFFICERS.—Pres., F. W. Bradley; V.-Pres., A. B. Davis and D. J.
Murphy; Sec. & Treas., J. W. Crosby. Main office, 1022 Crocker Bldg.,
Balance, surplus------$716,315 $1,035,461
$517,996
$22,908
San Francisco.—(V. 122, p. 1919.)
Report for 1st quar. of 1926 in V. 122, p. 2802.
ALLIANCE REALTY CO. (THE)—Incorp. In N. Y. June 7 1899. En
OFFICERS.—Pres., Otto H. Falk; V.-P. & Gen. Attorney, Max W.
gaged in the business of holding, managing and dealing in real estate. Owm Babb; Sec. & Compt.. W. A Thompson; Treas., R. Dill. Office, Mil­
$1,250,000 out of $2,000,000 pref. stock and $1,620,400 out of $2.000,60( waukee, Wis.—(V. 122, p, 2802.)
com. stock of The Broad Exchange Co., and also stock Interests in othef
ALPINE MONTAN STEEL CORP, AUSTRIA.— V. 122, p. 2802.)
concerns.
STOCK.—The stockholders in Feb. 1926 changed the capital stock.from
AMALGAMATED LEATHER COMPANIES, INC.—Incorp. in March
shares of $100 par value to shares of no par value and authorized the ex­ 1910
in Delaware as the F. Blumenthal Co.; present name adopted Nov. 17
change of stock at the rate of four shares of stock of no par value for each 1919. Manufacturers of black and colored glazed kid and other classes of
share of $100 par value.
leather largely used in the manufacture of shoes. Plants are located in
Wilmington, Del.
DIVS.— f’O2-’O5.’06-’09. TO.’11-T3. T4. T5-’20. ’21-23. ’24 ’25.
Per cent___ t 6 yrly. 8 yrly. 14 8 yrly. 743 6 yrly. 8 yrly. 10
8
STOCK.—See table at head of page.
Also paid 25% in stock on Dec. 15 1922.
DIVIDENDS.—On present capitalization payments have been made as
Paid in 1926: Jan. 15, 20% in stock; Jan. 27, 2%; April 16, 50 cents
f jllows: On pref., paid 134 % quar. Jan. 1 1920 to Oct. 1 1920; none since.
quar. per share on new no par stock.
On common, initial payment of $1 per share was made Jan. I 1920: April 1
REPORT.—For 1925, in V. 122, p. 752, showed:
ind July 1 1920, $1 each; none since.
1924.
1923.
Calendar Years—
1925.
1922.
REPORT.—For 1925 showed:
Net income, real estate
Calendar Years—
1925.
1924.
oper. and invest____
$559,265
$488,254
$452,427
$280,432
1923.
1922.
73,743
75,141
$224,569
Corp, exp., incl. taxes._
92,358
34,696 Income from operations, $889,127
$842,077 loss$675,995
Previous balance .
adj. df805463
Net earnings_______
$466,907
$414,511
$377,286$245,736
Capital surplus---------- adjl,115,493 adj.918,766 adj.161,557. 1,712,831
OFFICERS.—Pres., Walter T. Rosen; V.-Pres., Harry S. Black and
Balanceof cap. surplus $2,004,620 $1,143,335 $1,003,634
$231,372
Clarke G. Dailey; Sec. & Treas.. Howard W. Smith. Office, 115 Broad­
way. New York.—(V. 122, p. 1919.)
OFFICERS.—Pres. & Treas., John B. Blatz; V.-P. & Sec., Louis Halle:
ALLIED CHEMICAL & DYE CORPORATION.—Incorp. in N. Y. on V.-P., William C. Blatz; Asst. Treas., P. H. Van Bloem. Office, 315 Arch
Dec. 17 1920 as a consolidation by means of stock ownership of the control St., Philadelphia.— V. 122. p. 1919.)
®f General Chemical Co.. Semet-Solvay Co., The Solvay Process Co.,
The Barrett Co. and National Aniline & Chemical Co., Inc. The plan
AMALGAMATED SUGAR CO. (THE).—ORGANIZATION.—Incorp.
provided for the exchange of the twef. and com. stocks of the consolidating Jan. 1915 in Utah. Owns eight beet sugar plants at Ogden, Logan, Lewis­
companies by the holders thereof, based on their outstanding capitalisations ton, Cornish and Smithfield, Utah, and Burley, Twin Falls and Paul, Idaho
V. 107, p. 804. (Statement to N. Y. Stock Exchange, V. 110, p. 2575.1
tor the stock of the “new company”.




May, 1926.]

143

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS CO \4PANIES
(For abbreviations, &c., see notes on page 6)

Date
Bonds

Par
Value

Amount
Outstanding

•merlcan Agricul Chemical Co—Stock common $50,000,000
$100
Pref (a id) 6% cum $50.000,000______ ... ________
100
First mtge bonds conv $12,000,000 red 103
Col.xc^&r* 1908 1.000 *r
First ref mtge s f gold bonds Ser A red (text). _OB.xxxc*&r* 1921
500 &c
American Bank Note Company—Com stock $10.000.000__
10
Preferred fa & d) 6% cum $5,000,000
50
None
American Beet Sugar—Common stock 260,000 shs auth..
Pref (a & d) stock 7% cum red 110 $6,000,000 auth.
10-yr (closed) conv sinking fund debs red (text). Ba .kxxx 1925
500 4c
Minn Sugar Corp 1st (closed) M ser g bds red (text) Colxxxc* 1925 500-1000
Amer Bosch Magneto Corp—Stock 250,000 shares______
None

Rate
Last Dividend
When
Payable and Maturity
%
See text
$33,322,126 See text
28,455.200
Apr 15 *21 1)6
2.444.000
5
A * O Oct 1 1928
24,779,500
7H g F & A Feb 1 1941

Places Where Interest ane
Dividends are Payable

Checks mailed
do
Irv Bk-Col Tr, N Y & Bos
Lee, Higginson & Os,
N Y. Bos & Chicago
4.945.250 See text Q—F Apr 1 1926 6% Checks mailed
4 4 '5 650
6
Q—J Apr 1 1926 1)6 Checks mailed
See text
150,000 sh Ses text
Checks mailed
IX 'hecks melleo
5,000,000
7
O—J Apr 1 ’26
3,493 000
F & A Feb 1 19.35
Bankers Trust Co, N V
6
1,200,000
M&N May 1 ’28 to ’41 Irving Bk-Col Tr Co,N Y
6g
Oct 1 ’21 $1.25 First Nat Bank.. Boston
207,399 sh See text

STOCK.—The stockholders in Nov. 1921 reduced the com. stock from
2,500,000 shares, par $10, to 724,624 shares of no par value and making it
assessable, but limiting the assessments to $1 50 in five years.
A majority of the common stock is held in a voting trust.
An assessment of $1 39 a share on the outstanding common stock was
levied, payable Nov. 10 1Q21. Compare V. 113. n 1474 1677. 2082.
An issue of $3,875,000 7% bonds was sold in May 1922; retired to Feb. 28
1926, $521,000. V. 114, p. 2243.
Dividends.—The pref. div. due to be paid Aug. 1 1921 was omitted, no
payments being made until June 15 1923, when 2% quar. and 8% on
account of accumulations was paid; Aug. 1 1923 to Feb. 1 1924 paid 2%
quar. On May 1 and Aug. 1 1924 paid 2% quar. and .3% on account of
accumulations, clearing up all back dividends. Nov. 1 1924 to May 1 1926
paid 2% quar.
Production and Net Earnings Years Ending Feb. 28.
Year—
1922-23.
1923-24.
1924-25.
1925-26.
Production (lbs.).......... .. 96,792,900 146,313,500 64,561,900 127,493,000
Net after Fed. taxes___
$818,914 $2,398,172
$194,943
_______
OFFICERS.—Chairman, A. W. Ivins; Pres.,' Henry H. Rolapp; V.-P. &
Gen. Mgr., E. 8. Rolapp; Sec., F. S. Young; Treas., A. P. Bigelow. Office,
Eccles Bldg., Ogden, Utah.— (V. 120, p. 2945.)
AMERADA CORP.—(V. 122, p. 2378).
AMERICAN AGRICULTURAL. CHEMICAL CO. (THE).—ORGANI.
ZATION.—Incorp, in April 1899 in Connecticut under special charter;
V. 68, p. 974, and V. 72, p. 672; V. 73, p. 664; V. 75, p. 241, 292, 440;
V. 77, p. 399; V. 83, p. 1230; V. 84. p. 272; V. 87, p. 874; V. 92, p. 324;
V. 93, p. 1669; V. 94, p. 209: V. 98, p. 525. See V. 71, p. 545. Operates
29 fertilizer plants and 4 mining plants. Also owns the Charlotte Harbor
& Northern Ry. The Seaboard Air Line Ry. in Aug. 1925 entered into a
contract with the company for the acquisition of the Charlotte Harbor &
Northern RR. under a 3-year lease and for the purchase of the property
at the expiration of the lease.
BONDS.—The 1st M. bonds ($12,000,000 auth.) are convertible into
pref. stock at par. Sinking fund, 3)4% annually of all bonds issued;
retired by sinking fund to Sept. 1925, $8,343,000; conv. into pref. stock,
$1,213,000. First ref. mtge. bonds are reserved to retire this issue. V. 87,
p. 741, 814, 874: V. 92, p. 264. 324.
The $30,000,000 first ref. mtge. 7)$s are secured by a mortgage on all real
estate, plants and equipment, now owned or hereafter acquired, subject
only to the first (closeo) mortgage 5s, to retire which first refunding mtge.
bonds are reserved. The mortgage provides that the 1st mtge. 5% bonds
shall not be extended, so that upon their payment, at or before maturity in
1928, the 1st ref. mtge. will become a first mtge. on all the properties.
None of the subsidiary companies has any funded debt.
Future series may bear such rate of interest, mature at such times, be
callable at such prices, have such convertible or tax provisions and be paya­
ble in such currencies and at such places as tbe directors may determine.
The total mortgage debt shall never exceed 75% of the value of the mort­
gaged property, based upon the book valuation June 30 1920, plus the cost
•r fair value (whichever may be the less) ofproperty subsequently acquired
subject to the mortgage.
The total combined net assets of the company and its subsidiaries, after
deducting all liabilities except funded debt, shall equal at least 250% of
the entire funded debt, including bonds proposed to be issued.
If the total combined current assets fall below 160% of total current
liabilities, the company shall declare no further dividends upon its common
stock until said ratio is restored;! f below 160% it will default under mtge.
No further 1st refunding bonds shall be issued unless the average annua
aet earnings for the last three fiscal years, applicable to interest charges,
shall oe twice the annual interest charges on the funded debt outstanding,
including the bonds proposed to be issued.
The bonds are callable all or part at 105 prior to Feb. 1 1926, during next
5 years at 103)6: next 5 years at 102)6; next 4 years at 101; last year at
100)6.
Three per cent annually of total 1st ref. mtge. bonds, first payment
Feb 1 1923, to be used for purchase or call and retirement of bonds sufficient
to retire before maturity more than 50% of the amount of the present Issue.
In addition a sinking fund of $375,000 per year is operating to retire the first
mtge. 5% bonds

common stock from 200,000 shares, par $50, to 1,000,000 shares, par $10.
Five shares of the new stock were issued in exchange for each share of
common stock held. Each share of preferred stock will have five votes and
each share of common stock of $10 par value one vote.
Preferred 6% stock of foreign subsidiary held by public Dec. 31 1925,
$386,410.
DIVS.—
f '12. ’13. ’14.-’15.-*T6. ’17-’19. '20. ’21. ’22. '23. '24. ’25.
Common___ %\ 5
6 3)4 2
4
6
78 *3019)$ 25 16
♦Also paid 10% in common stock.
An extra dividend of 6% in cash was paid Nov. 30; extra dividends of
15% in cash were paid Dec. 31 1924 and 1923. while on Dec. 29 1922 the
company paid 20% in cash and 10% in common stock.
Paid in 1926: Jan. 2, 4%; April 1,4%.
REPORT.—For 1925, in V. 122, p. 1173 and 1613, showed:
Cal. Profits (aft. Miscel. Pension
Common
Balance.
Yr. DertT .Ac.) Income. Fd. <%c. Pref. Din. Dividends Surnlus
1925.. $1,633,129 $168,342 $295,267 $269,739
$989,050 $305,752
1924.. 1,910.378
305.874 295.287
269,739
1,236,312
414,914
1923.. 1,988.689
155 370
291.757
269.739
964,101
618,461
1922.. 1,703,759
200,346
269.637
269,739
1,348,710
16,019
OFFICERS.—Pres., D. E. Woodhull; 1st. V.-P., A. Claxton Cary;
Sec. & Comp., John P. Treadwell, Jr.; Treas., Charles L. Lee. Office,
70 Broad St., N.
(V. 122, p. 1613.)
AMERICAN BEET SUGAR CO.—Incorp. larch 24 1899. Owns
and controls 8 beet sugar factories, of which 5 are In active operation, in
California, Colorado, Nebraska, Minnesota and Iowa, with a capacity of
8,400 tons of beets per day. It also owns and controls 33,687 acres of land,
located adjacent to its factories. The company early in 1925 acquired the
entire issues of cap. stk. of Minnesota Sugar Co. and Northern Sugar Corp.
California, Colorado, Nebraska, Minnesota and Iowa, with a capacity tn
excess of 250.000,000 pounds of sugar per annum. It also owns and
controls 33,605 acres of land, and leases 13.796 acres additional, located
adjacent to its factories. The company early in 1925 acquired the entire
issues of capital stock of the Minnesota Sugar Co. and Northern Sugar Corp.
STOOK.—The stockholders on Jan. 20 1925 changed the capital stock,
consisting of $15,000,000 common and $5.OOO,0OO 6% non-cumul. pref., to
$6,000,000 7% cumul. pref. stock, par $100. and 260.000 shares of com.
stock of no par value, the old stock being exchanged for the new stock on
a share for share basis.
DIVIDENDS— f ’ll. ’12.’13-’15. ’16. ’17. ’I8-’2O. ’21.’22-’23. ’24 "25
Common............. % l)i 5
Nil
4)6 7)6 8 yrly. 2 None 3
4
do extra___ %( ..
-------- -- 12 ------- — ----The directors in March 1925 declared (from accumulated profits) four
quarterly dividends of 1 % each on the common stock, payable April 30.
July .31. Oct. 31 1925 and Jan. 31 1926 to holders of record Anril 11. July 11.
Oct. 10 1925 and Jan. 2 1926, respectively. The April 1926 dividend was
omitted. ,
BONDS.—The 10-year 6% (closed) convertible sinking fund debentures
are redeemable at 105 and int. up to and incl. Feb. 1 1926 and thereafter
at 105 less )6 % for each succeeding year.
Convertible at any time into com. stock at $50 per share, if converted on
or before Feb. 1 1927: thereafter at $60 per share if converted on or before
Feb. 1 1930 and thereafter at $70 per share.
The trust indenture will provide for a sinking fund of $100,000 per
annum, payable semi-annually out of net earnings, to be applied to the
purchase of debentures at not exceeding the then current redemption price
or to their redemption by lot at such price. V. 120, p. 585.
The Minnesota Sugar Co. 1st (closed) mtge. 6% serial gold bonds are
redeemable all or part on any int. date in reverse order of maturity and
numerical order on 60 days’ notice, at par and int., plus a premium of 1%
for each year or part thereof of the unexpired term of the bonds, such
premium in no event to exceed 5%. V. 121, p. 3013.
REPORT.—For year ending March 31 1926 showed:
years End. Mar. 31— 1925-26.
1924-25.
1923-24.
1922-23.
Gross sugar sales................ $7,403,920 $10,192,815 $6,418,674 $5,656,794
Cost and expense______
7,845,204 8,751,148
4,709,868 4,571,563
Federal taxes.......... ........
23,211
215,880
144,792
153,584
Depreciation__________
631,833
424,339
342,026
352,011

$795,447
428,651

$1,221,988
293,985

$579,637
309;062

Jan.'12-July'lfl. Oct.’16-July'17. Oct.’17-July’18.
Oct .’18-Apr.'21.
4% p.a.(l%qu.) 5% p.a.(ltf %qu.) (6% p.a.(l)6%qu.) 8% p.a.(2%qu.)
Note.—The Jan. and Apr. 1921 divs. were paid in scrip convertible into
common stock at par; none since. On pref., July 1921 and subsequent
divs. have been deferred. V. 112. p. 2539: V. 113. p. 1363.
REPORT.—For year ended June 30 1925, in V. 121, p. 1221. showed:
[Incl. subs. cos. and investments in Charlotte Harbor & Northern Ry. and
Associated Cos. (excent in 1921-1922.il
1921-22.
Profits from—
1922-23.
1924-25.
1923-24.
Consol d income after de­
$
$
$
$
ducting oper .charges &
5,234,143
int. on notes payable. 6,811,478
6,306,129
5,953,220
Less reserves for freights,
2,335,445
1,863,909
disc., doubtf. accts..&c 1,314,680
1,762,891
2,529,942
2,576,272
Int. paid and accrued__ 2,340,536
2,441,367
Plant depr. & mines depl. 1,110,447
1,511,815
1,446,499
1,535,481

Net income__________ def$639,379 $1,224,098
Preferred dividends___ (6%)350,000(6%)309,720
Common dividends------- ------------(4%)600,090

$1,515,973
300,000
600,000

$888,699
300,000
------------

Common Dividends (.Rate %.)

Total_________
Profits_________

Previous surplus.

... 4,765,663
5,840,757
... 2,045,815
112,463
def.19.404,876dfl2,817,584

Total surplus_____ def. 17,359,061 dfl2,705,121
Red. in cap. assets____
501,176
________
Inventory adjustment-. _______ '
________
Reserves;
Bad & doubtful rec._ _______
6,699,754
Unamor.bd. disc. & exp. _______
________
Federal taxes, &c___
_______
_______
Adj. of prop, values.. ___ .___
________
Losses on sundry inv. _______
________
Misc. surplus adj___
_______
________

5,804,648
6,358,214
501,481 defl,124,071
1,545,880 2,669,950

2,047,361

1,545,880

1,802,262

3,241,181
2,168,352
1,250,000
5,165,362
475,860
761,927

Profit & loss deficit.. 17,860,237 19,404,875 12,817,584surl ,545,880
DIRECTORS.—Robert S. Bradley (Chmn.), Geo. B. Burton (Pres.)
Royall Victor (V.-P.), Charles B. 'Whittlesey, James S. Alexander, Samuel
F. Pryor, G. C. Lee, G. C. Clark Jr., Chas. Hayden. Philip Stockton and
Horace Bowker (V.-P.). Jas. A. Starrett is Sec. and A. W. Goeller is Treas.
New York office. 2 Rector St—(V. 121. p. 3006.)
AMERICAN BANK NOTE CO.—ORGANIZATION.—Incorporated in
N. Y. Feb. 20 1906 as United Bank Note Corp., per plan V. 81, p. 1851,
1794; V. 92, p. 1315, 1503; V. 96, p. 714. Has plants in New York and
Chicago, and office building at 70 Broad St., N. Y. V. 104, p. 859. In
Oct. 1919 sold the old plant on Trinity Place, N. Y. V. 109, p. 1793.
STOCK.—No lien or new stock without assent of 80% of each class.
TI (stockholders on Dec. 1 1925 approved the change in the authorized




Net earnings_______ def$l,096,328
Other income__________
.456,949

Balance, surplus____ def$989,379
$314,378
$615,973
$588,699
OFFICERS.—Pres., R. Walter Leigh; V.-P., F. Q. Brown; V.-P., Elisha
Gee; V.-P. & Treas., Charles C. Duprat; Sec., Charles E. Eller. Office,
62 William St., New York.—(V. 122, p. 2950.)
AMERICAN BOSCH MAGNETO CORPORATION—ORGANIZA­
TION.—Incorp. In N. Y. Jan. 9 1919, and acquired the assets of every
character of the Bosch Magneto Co. of N Y. City (previously German
owned), including a plant at Chicopee, Mass., &c. During 1925 the
company began producing radio receiving sets and radio loud-speakers.
Suits brought by former interests. V. 113, p. 296, 537; V. 115, p. 1535,
1841, 2049, 2381, 2907; V. 117, p. 442; V. 118, p. 1913.
The starting, lighting and battery ignition business of the company was
sold to the Electric Auto-Lite Co. in March 1926.
STOCK.—The stockholders on Oct. 13 1925 increased the authorized
capital stock from 175.000 shares to 250,000 shares of no par value. The
stockholders of record Oct. 23 1925 were given the right to subscribe for
69,133 additional shares of stock at $33 per share on the basis of one new
share for every two shares held. The proceeds were used to retire the $2,125 000 8% gold <:otes at 105 on Dec. 1 1925.
DIVIDENDS.—Dividends 1919: April 5, $1 50; June 30, $1 50; Oct. 1,
$2; 1920. Jan. 2. $2: April 1. $2 50; July 1. $2 50: Julv 15. 20% payable in
stock. Oct. 1 $2 50; 1921, Jan. 2, $2 50; April 1, $1 25; none since.
The report made to N.Y Stock Exchange, dated April 23 1919. upoD
the listing of the stock was printed in V. 108, p. 2042.
REPORT.—For 1925, In V. 122, p. 2332, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Onerating profit______
$882,053
$491,479
$148,711
$25,914
Interest on gold notes__
160,000
184,1671--------Not shown.———Depreciation.
--200,660
199,686/
Reserve & adjust t, &c__
__------------54,636
23,582
Netprofit............... — $521,393
3 Mos. End. Mar. 31— 1926.
Total sai^ . __________$4,395,888
Operating profits_____
190,217
Depreciation_________
51,309
Interest charges______
______

$107,626
$94,075
$2,332
1925.
1924.
1923.
$2,950,655 $3,095,764 $2,661,905
171,268
245,503
147,255
49,636
50,474
-----45,000
47,500
50,000

Balance before taxes.. $138,908
$76,632
$147,529
$97,255
OFFICERS.—Arthur T. Murray, Pres.; Arthur H. D. Altree, Leon W.
isenthal and G. J. Lang, V.-Ps.; R. W. Washburn, Sec.; Morris Metcalf,
■eas.—(V. 122, p. 2500.)

INDUSTRIAL STOCKS AND BONDS

[Vol. 122.

1

144

MISCELLANEOUS COMPANIES
[For abbreviations. &.C., see notes on page 8]

Date
hands

American Brake Shoe & Foundry—Com stk 400,000 sh.aut.i
Pref (a ft 4' «tk 7t. cum red IIP $10.000.000 auth____
American Brown Boveri Electric Corp—
Participating stock (see te..t) 1,000,OO0 shares auth_____ ....
Founders stock 300,000 shares authorized
Preferred stock 7% cumulative $10,000,000 authorizedN Y Shipbuilding Corp 1st M $25,000,000 g call 102 y2 ■
sinking fund 2H%_______ -- ___ - -UP.xc* 1916
American Can Common stock $66,iMHi,<HMi authorizeu
Preferred (a & d) stock 7% cumulative $44.ppo pop___
American Car and Foundry—Common stock 600,000 sh__ O
Preferred (a A d) stock non-cum $30,000,000_________ 0

When
Last Dividend Places Where Interest ano
Rate
Dividends are Payable
Payable
and Maturity
%
None 156.093 sh See text Q— M31 Mar 31 ’26 $1)4 30 Church St. N Y
do
do
$ 01 $9 53^.500
7
Q—M31 Mar 31 ’26 IM
Amount
Outstanding

None

100

* Net profits from operation of plants are shown after deducting manu­
facturing. administration and selling expenses and depreciation of plants
and equipment and including dividends received on stocks of associated
companies whose earnings are not incorporated herein and other income
(net) less estimated Federal taxes.
.
OFFICERS.—Pres., J. B. Terbell: Vice-Presidents, James S. Thompson,
William S. McGowan, Wm. F. Cutler, Wm. B. Given, Jr., Thomas
Finigan and Chas. P. Wright; Treas., George C. Ames; Sec. George M.
Judd: Comp. Wm. M. McCoy. Office, 30 Church St.. N. Y.—(VL 122,
p. 1314.)
. AMERICAN BROWN BOVERI ELECTRIC CORP.—Incorp, under
laws of New York, Nov. 28 1916, as the New York Shipbuilding Corp.,
with plant located at Camden, N. J. In Oct. 1925 the stockholders ap­
proved the change in name to present title, the company at the same time
acquiring the properties and business of the Condit Electrical Mfg Co.
at Boston and the Scintilla Magneto Co. at Sidney, N. Y. In Nov. 1925,
acquired the Moloney Electric Co. of St. Louis. V. 121, p. 2640. In Jan.
1926 acquired the Railway & Industrial Engineering Co. of Greensburg,
Pa., and the Electric Development & Machine Co. of Holmesburg, Pa.,
near Philadelphia. V. 122, p. 613.
Brown, Boveri & Co., Ltd., of Baden, Switzerland, will supervise the
management of the corporation and will be a large holder of its founders’ stk.
The Swiss company manufactures complete equipment for steam and
water power generating stations, including the largest units adopted by
the public utilities: all equipment for the transmission of electric energy
and the inter-connection of systems. It designs and builds all systems
for the electrification of railways and all types of electric locomotives.and
in addition it builds Diesel electric locomotives, rapid transit, traction and
mine equipment, all equipment for industrial electric application, marine
drives, and a broad line of mechanical equipment for gas utilities and the
steel industry.
The plants of the American Brown Boveri Electric Corp, will be used to
carry out the Swiss company’s plans in the further development of its
business in the United States.
STOCK.—The stockholders of the New York Shipbuilding Corp, re­
ceived a dividend of $15 a share in new 7% preferred stock and were offered
in exchange for each share held one share of participating stock and one
share of founder, stock of the new company.
The participating stock (after pref. stock requirements) is entitled to aP
net earnings derived from the operation of the business during the period
from Oct. 1 1925 to Jan. 1 1929, whether or not declared in dividends, prior
to said last mentioned date or thereafter, and to 65% of all other net in­
come or gain. All net profit accruing from and after Jan. 1 1929 after
pref. stock requirements shall be declarable in dividends, 65% to the par­
ticipating stock and 35% to the founders stock. On liouidatlon or disso­
lution, the participating stock is entitled to receive, after pref. stock re­
quirements, all undistributed net earnings derived from the operation of the
business from Oct. 1 1925 to Jan. 1 1929, as well as 65% of the remaining
assets, the founders stock to receive the balance of 35%. The partici­
pating stock has no voting power.
Voting power is vested exclusively in the founders stock, except in the
event of default in the payment of preferred stock dividends for four quar­
terly dividend payment periods, in which event the preferred stock is to
have equal voting power, class for class, with the founders stock, until
such time as the defaulted dividends have been paid and the regular divi­
dends on said preferred stock resumed.
DIVIDENDS.—On pref. stock, paid initial div. of 1 34 % on Jan. 1 1926;
same amount paid April 1 1926. On participating stock, paid initial div. of
50 cents per share on April 20 1026.
REPORT.—For 1925, in V. 122, p. 2500, showed:
Summary of Consolidated Income Account of 1925.
[Corporation, Scintilla Magneto Co., Inc., Moloney Electric Co.and Condit
Electrical Manufacturing Corp.]
Net profit from operations (after charges, incl. depr. & bond int.) $854,213
Other income_____________________________________________
448,307
Gross income___________________________________________ $1,302,521
Income charges___________________________________________
74.816

Gross surplus.




Apr 20 ’26 50c
Q—J

Apr 1 1926 1X

100 &c 5,523.800
5 g M&N Nov 1 1946
25 61,849.950 See text Q—F May 15 26 2%
Q—-J Apr 1 1926 lb
11 233 0i<
7
None 600,000 sh
Q—J Apr 1 ’26 $1 )4
$6
Q—J Apr 1 1926 I'A
100 $30,000,001
7

AMERICAN BRAKE SHOE AND FOUNDRY CO. (THE).—OR­
GANIZATION.—Incorp, in N. J. on Jan. 29 1902 Relncorp. in Delaware*
effective Oct. 1 1916. Manufactures brake shoes for steam and electric
cars and castings. V. 105, p. 2453. Amer. Brake Shoe & Fdy. Co. of
Calif. V. 110. p. 1291. During 1919 acquired the Southern Fdy. &
Machine Co., Chattanooga, Tenn. (V. 110, p. 1219), and during 1920
acquired a two-thirds interest in the Amer. Forge Co. V. 112. p. 1395.
On Sept. 1 1922 acquired control of the Ramapo Ajax Corp. V. 116,
p. 1409. In Feb. 1924 purchased the National Car Wheel Co., Pittsburgh.
V. 113, p. 796. The National Car Wheel Co. and the Southern Wheel Co.
were merged Jan. 1 1925 and are now operating under the name of Southern
Wheel Co.
CAPITAL STOCK.—The shareholders on July 1 1920 ratified a plan
for recapitalization in accordance with which: (a) Holders of the old Pre­
ferred stock were entitled to receive in exchange for each share thereof one
share of the new 7% cumulative preferred stock and three shares of the
new common stock. (&) Holders of the old common stock were entitled
to receive in exchange for each share thereof one share of the new 7%
cumulative preferred stock. The plan approved called for the issuance
of $10,000,000 7% cumul. pref. stock, red. at 110, and 406,000 shares
of common stock of no par value. Compare V. 110, p. 2293, 2569.
The new Pref stock is entitled to 7% cumulative dividends and has vot­
ing rights. Redeemable, all or In part, at $110 per share and accumulated
dividends. The new common stock Is entitled to dividends at the discre­
tion of the board, after dividends on the new pref stock have been pai I.
The new common will not have voting rights until they shall be granted by
a vote of a majority of the new pref. stock. In case of liquidation, the new
pref. wil) be entitled to priority to the extent of par and accumulated divi­
dends. and the new common to the remaining assets.
DIVS.—On new common stock of no par value- 1920. $2 regular and a
special div. of $2: 1921, $4: 1922, $4: Mar. 31 192.3 to Sept. 30 1925, $1 25
quar.; Dec. 31 1925 and Mar. 31 1926 paid $1.50 quar.
REPORT.—For 1925. in V. 122, p 1314, showed:
Calendar Years—
1925.
1924.
1923.
1922.
♦Net profits........................ $2,786,607 $2,454,905 $2,727,097 $2,120,540
Dividends—Preferred_
667.695
667,695
667.695
667,725
Common___________
829.900
789.599
620.496
792,083
Divs. paid by sub. cos..
300
11,617
216
112
Balance, surplus____ $1,288,712
$985,994 $1,267,206
$832,103

Net income_______
Surplus Jan. 1 1925...
Profit and loss credits.

392,556shs. See text
300.000 shs
$3,000,000
7

.$1,227,705

. 6,398.343
197.376

.$7,823,423

(3a nkersTrCo ,N Y,&Pitta
Checks mailed.
Checks mailed
Guaranty Trust Co, N Y
do
do

Provision for difference between book value and quick sales value
on ships owned (all under charter)________________________ $1,500,000
Additional Federal income and excess profits taxes paid for years
1917, 1921 and 1922............... .................................... -....................
209,260
Miscellaneous charges_____________________________________
66,108
Preferred dividends—paid in cash___________________________
58,354
Common dividends paid in cash_____________________________
767,500
do
paid in preferred stock__________________________ 3,000,000
Total surplus of companies, Dec. 31 1925____________________ $2,222,202
Deduct—Minority int. in surplus of subsidiaries_______________ $219,831
Parent company’s Interest in surplus of subsidiaries at dates
of acquisition of their stocks—eliminated in cols’d’n of accts. 899,006
x Surplus Dec. 31 1925.......................................... -.......................... $1.103,364
x As follows: (a) Capital surplus (part of $665,692), $468,043. (6)
surplus applicable to corporation after eliminating earned surplus of sub­
sidiaries at dates of acquisition—Scintilla Magneto Co., Inc., Oct. 1 1925;
Moloney Electric Co., Nov. 1 1925, $635,321.
No provision has been made for Federal income taxes for the year which
will amount to approximately $145,000. Taxes for prior years are subject
to final action by the Treasury Department.
OFFICERS.—Chairman of Board, J: Elink Schuurman: Chairman of
Executive Committee, Marvin A. Neeland: Pres., Laurence R. Wilder;
Senior V.-P., H. A. Magoun; V.-P., Clinton L. Bardo; V.-P., Wm. G.
Groesbeck: Sec. & Treas., J. T. Wickersham. Office, 165 Broadway,
New York.—(V. 122, p. 2500).
AMERICAN CAN CO.—ORGANIZATION.—Incorp, in New Jersey on
March 19 1901 as a consolidation of about 100 concerns. See V. 72, p. 582;
V. 84, p. 994: V. 90,p. 371,629; V. 96, p. 1841. Sanitary Can Co., acquired
in 1908, has been dissolved. V. 85, p. 656; V. 86, p. 336, 422; V. 90,
p. 504, 1230: V. 105, p. 2367: V. 106, p. 88: V. 86, p. 796. Has arrange­
ment with Goldschmidt Detinning Co., now Metal & Thermit Corporation.
Dissolution suit dismissed, V 112, p.
\ sb u 232. 373. V. 90 p 371
2539 V 118, p. 2181. Liberty Ordnance Co.. V. 107, p. 2190. Settlement
of munition contracts. V 108, p 2435: V. 110, p. 655. Int. in Amer. Motor
B>dyCo. V 111 p 794 Sale of adding mach business V 114. p' 2118.
The stockholders voted Feb. 9 1926 to change the authorized common
stock from 446,000 shares, par $100 to 2,640.000 shares, par $25: and also
ratified the action of the directors authorizing the distribution to the
common stockholders of 824,666 shares of new common stock as a 50%
stock dividend. The common stockholders received six shares of the new
common stock of $25 par in exchange for each $100 share. To preserve the
equality of voting power between the preferred and common stocks, each
share of preferred has been given six votes per share.
COMMON DIVIDENDS.—Initial div. of 1 H % on common stock was
paid on Feb. 15 1923 (V. 115. p. 2480); same amount paid quar. to Feb. 15
1926. Also paid 1% extra on Feb. 15 1924, 2% extra on Feb. 16 1925 and
3% extra on Feb. 15 1926. On March 11 1926 paid 50% in common stock.
On May 15 1926 paid 2% quar. on new stock of $25 par value.
DEBENTURES.—All the outstanding 5% debentures due Feb. 1 1928
were redeemed on Feb. 1 1925 at 102)4 and interest.
REPORT.—For 1925, in V. 122, p. 1173, showed:
1925
1924
1923.
1922.
Earnings____ _____
$21,423,903 $15,906,756 $15,423,202 $14,898,925
Reserve for Federal taxes
3,000.000 2,150,000 2,OO0,O0O
2.000,000
2,000,000
Depreciation_________
2,000,000
2.00C.000 2,000,000
465.575
Interest on deb. bonds..
33,867
414,825
440,108
Preferred dividends___ 2,886,331
2,886,331 2,886,331
2,886,331
515,416
Common dividends..__
3,298,664
2,886,331 2,473,998

Balance, surplus......... $10,205,041 $5,569,269 $5,622,765 $7,031,603
OFFICERS.—Chairman. F. 8. Wheeler; Pres., H. W. Phelps; Sec. &
Treas., R. H. Ismon. Office. 120 Broadway, N. Y.—(V. 122, p. 1919.)
AMERICAN CAR AND FOUNDRY CO—ORGANIZATION. Ac.—In­
corporated in New Jersey on Feb. 20 1899 as a consolidation. Manufac­
tures freight and passenger cars of wood and steel. V. 68, p. 280, 377, 1029!
V. 71, p. 86, 545: V. 73, p. 958; V. 83, p. 1413: V. 84, p. 1553. In March
1926 acquired the Shippers’ Car Line Corp. V. 122, p. 1613.
The American Car & Foundry Securities Corp., a subsidiary, was incor­
porated in Delaware on Jan. 24 1925 with an authorized capital stock of
$10,000,000.
BRILL CORPORATION.—Incorp, in Delaware Jan. 26 1926. Com­
pany was organized to acquire all or at least 60% of each class of the out­
standing capital stock of J. G. Brill Co. and more than 50% of the pref.
and approximately 67% of the common stock of the American Car ts
Foundry Motors Co., a Delaware corporation which owns all the capital
stock of the Hall-Scott Mtor Car Co. (of California) and more than 90%
of the capital stock of the Fageol Motors Co. of Ohio.
Common stockholders of record of Jan. 29 1926 of Amer. Car & Foundry
Co., were given the right to subscribe for 150,000 shares of class A and
75,000 shares of class B stock of the Brill Corp, in units, each unit consist­
ing of 2 shares of the class A and one share of the class B stock at the price
of $122 per unit.
The right of subscription on the basis of one such unit for each 8 shares
of American Car & Foundry Co. common stock held. Compare V. 122,
p. 352, 485, 2950.
STOCK.—The stockholders on March 5 1925 changed the authorized
and outstanding common stock from 300.000 shares, par $100, to 600,000
shares of no par value. The company distributed two no-par shares In
exchange for each $100 par share of common stock.
The relative voting power of the pre/, and com. stock will remain un­
changed as the new no par value com. stock will be entitled to only half a
vote instead of a full vote granted the old $100 stock.
'21. ’22. *23 *24
’25-’26
On com %1 2 yrly. 2 8
8 9 12 12 12 12 12 Seebelow.
Paid in 1925: Jan.. 3% April, 3%; July and Oct., $1 50 per share on
new stock of no par value. Paid in 1926: Jan., $1.50; April, $1.50.
■reserve for common dividends on April 30 1925 amounted to $10,800,000.
to be paid when and as declared by directors.
REPORT.—For year ending April 30 1925 in V. 120, p. 3328:
1924-25.
1923-24.
1922-23.
1921-22.
Earns, from all sources.. $9,781,085 $10,786,574 $10,633,562 $9,051,721
Net earnings_________
6,164,104
6,304.957
6,213,611
6,583,320
Preferred divs. (7%)... 2,100.000 2,100.000
2,100.900
2.100.000
Divs. on common (12%) 3.600.000
3,600,000
3.600,000
3,600,000

Balance, surplus..__
$464,104
$604,967
$513,611
$883,320
Profit and loss sutplus..$37,742.570 $37,278,466 $36 673,499 $36,159,888
The earnings from all sources for the 6 months ended Oct. 31 1925 were
$2,107,918.
OFFICERS.—Pres., William H. Weodin; Sec., H. O. Wick; Treas.,
S. A. Mallette. New York office, 30 Church St.—(V. 122, p. 1613).

May, 1926.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES

[For abbreviations. Nc.. see notes on page 81

‘Mt
iondr

i mourn
utstandint

Yaluf

None
*25
500 &c
None
None
Prior preferred stock $7 cumulative_____________________
100
Preferred stock 6% cumulative________________________
100 &•
Deferred debentures.
_________ ______________ .
1921
Sen Sen Ohich t Co sk.fd. bonds call 107 'A V.106, p 2344 z? 1900
500
American Cigar Co—Common stock $50,000,000 authorized
10'
Preferred stock 6% cumulative $10,000,000 authorized.__
$10
American Druggist* Syndicate—Stock $10 000,000________
*merlc«'■’•tun*par not fixed
treate d as 100
Amer Hide & Leather—Common stock $11,500,000 auth__
loo
100
Preferred (a <Sr d) 7% cum (see text)
_____________
Prior preference stock 8% cum $3,500,000 auth (see text).

American Chain Co, Inc—Com stock 357,143 shares auth
Class “A" stk 8% cum & partic red $30 $12,500,000 auth
Sinking fund debenture bonds red 105
kxxxc* 1923
American Chicle—Stock common 187,500 shares authorized

AMERICAN CHAIN CO., INC.—lncorp. under laws of N.Y. on Dec.
13 1912. Manufactures chains and automobile accessories and also, through
ownership of stock of subsidiary companies, manufactures bar iron, rods
wire, fence, castings, valves and railroad specialties.
STOCK.—After payment of 8% on class “A” stock and $2 per share on
com. stock, bcth classes of stock share equally in any further distributions
DIVIDENDS.—Initial quar. div. of 2% on the class “A” stock was
paid June 30 1923: same amount paid quarterly to June 30 1926.
On common, paid initial dividend of $1 50 per share on Tan 2 1924
March 26 and .Tiny 2 1924 naid 50 cents per share; Jan. 2 1925 paid $1 per
share; April 8 and Oct. 15 1925 and Jan. 15 1926 paid 50 cents per share.
REPORT.—For 1925 showed:
Consolidated Statement of Earnings for 12 Months Ended Dec. 31.
1923.
1924.
1925.
Income from operations (net)________ $4,270,100 $3,384,777 $4,776,116
Deprec. of plants & a mort. of pats__
1,118,587
981,160
925,579
Interest.................................................
353,722
444,945
465,181
Income tax—Federal and foreign___
396,414
251,327
240,251
525,000
Dividends on new Class “ A” stock__
700,000
700,000
Dividends on common stock_______
500,000
375,000
500,000
Div. on stock redeemed April 2 1923_
_____
162,531
Surplus for year___________________ 1,201,376
2,036,153
553,765
Cash approp. for divs. on class “A”
525,000
stk. for 9 mos. ended Sept. 30 1924
_____
Balance, surplus________________ $1,201,376
$553,765 $1,511,152
Surplus adjustments (credit)______
21.485
17,498
25,281
Previous surplus__________________ 8,508,511
6,396,828
7,929.465
Balance at Dec. 31______________ $9,727,387 $8,508,512 $7,929,465
OFFICERS.—Pres., Walter B. Lashar; V.-P.. William T. Morris
Sec.. William M . Wheeler; Treas., Wilmot F. Wheeler. Office. Bridgeport
Conn.—(V. 122, p. 2195.)
AMERICAN CHICLE CO.—ORGANISATION.—lncorp. In N J on
Ml 2 1899 and consolidated chewing gum Interests (V. 71, p. 545); Id
uk. 1914 acquired Sen Sen Chiclet Co. V. 90. p. 238; V. 68, p. 871.
LSD; V. 77. p 197 V 83, p 152: V 84. p. 160: V. 86. p 230; V 90. p. 238
• 99, p. 51, 122, 271 409 In Oct 1916 Am. Chicle Oo. of N. Y tool
over property of Sterling Gum Co V 103. p. 1594 1890; V 104 p. 258.
STOCK.—Pref. and common stocks have equal voting power.
Walter S. ITimley, Warren S. Hayden. Louis R. Adams and Silas BLdams have been made voting trustees under a voting trust agreement
Lated June 16 1924 and terminating June 16 1929.
Readjustment Plan.
The stockholders on June 2 1925 approved a plan of readjustment of
Capitalization, dated May 12 1925. which provided, among other things,
for the payment of accumulated dividends on the 6% preferred stock and
the issuance of 24.67C additional common shares.
The company offered: (1) To the holders of the outstanding 30,000 shares
of 6% cum. pref. stock an opportunity to exchange their shares with all
claims for dividends accrued and unpaid thereon on a basis of 1 X shares of
cum. prior pref. stock for each share of 6% pref. stock surrendered.
(2) To the holders of the outstanding 185,025 shares of both 6% cum.
pref. stock and common stock, 24.670 additional shares of common stock
at $50 per share. Warrants for subscription to shares of common stock
were Issued to stockholders of record June 4, entitling such holders, whether
pref. or common, to subscribe for 2-15 of a share of common stock for each
Share (whether common or pref.; held.
The proceeds of sale of 24.670 shares of additional common stock were
used by the company for the payment of its bank indebtedness and of its
6% 5-year notes outstanding. V. 120, p. 2945, 3067; V. 121, p. 710.
DIVS.—
| ’01. ’02. ’«3-’13. ’14. 15. ’16 ’17-'18. ’19. ’20. ’21-’25
Common.............. ( 8
11 18 yly 20 11)4 1)4 Nil $4 $4 None
On new prior pref. stock paid initial div. of $2 33 (for four months period)
•a Oct. 1 1925; Jan. 1 to July 1 1926 paid $1 75 quar.
On July 1 1926 paid 1)4% quar. and 25)4% accumulated divs. on the
6% pref. stock, clearing up all accumulations; also paid 75c. per share
on the common stock.
REPORT.—For 1925, in V. 122, y. 885 and 1029, showed
1923.
Calendar Years—
1924.
1922.
1925.
Total income_________ $3,421,539 $3,020,222 $2,473,973 $2,107,086
1,363,364
960,546
Net income___________ 1,564,062
454,485
280,282
Interest, disoount, &c._
313,764
460,747
623,701
149,391
Dividends_____________
Balance, surplus__ ... $1,100,907 $1,083,082
$499,799 def$169,215
Quarter Ended March 31—
1926.
1925.
1924.
Net profit after Int., depr. & Fed. tax. $293,900
$256,367 *$203,462
* Before Federal taxes.
OFFICERS.—P;es. & Chairman of the Board, Thomas H. Blodgett;
V.-Pres., 8. T, Britten; Sec., J. Hoppenfcld; Treas., A, A. Masterson
Office, Thomsoa Ave. & Manly St.. Long Island City, N.Y.—(V. 122, p.
2655.)
AMERICAN CIQAR CO.—The American Tobacco Co. owns a,majority
of the $15,000,000 com. and $10,000,000 6%cum. pref. stock. 8ee V. 73.
p. 1113; V. 78. p. 1393: V. 93, p. 1122-24. Holds a large Interest in Cuban
Tobacco Co. common stock. V. 85, p. 285; V. 86, p. 110; V, 118, p. 672
Properties, V. 72, p. 185, 284, 937, 1037; V. 73, p. 958; V. 75, p. 1255.
The stockholders voted on Not. 24 1920 to Increase the authorized
common stock from $10,000,000 to $50,000,000. The outstanding amount
was Increased from $10,000,000 to $16,000,000 through the payment of a
60% stock dividend on Dec. 15 1920.—V. Ill, p. 1853.
Divs. on pref stock from July 1906 to July 1912, 6% yearly (3% s.-a.);
Oct. 1912 to Apr. 1926, 1)4% quar. On com. In 1912 to Nov. 1 1918,
6% yearly (144% Q.-F): Feb. 1919 to Feb. 1922 paid 2% quar.; May 1922
to Nov. 1925 paid 1)4% quar.; Feb. 1 and May 1 1926 paid 2% quar.
Paid 50% in common stock on Dec. 15 1920.
REPORT.—For 1925, tn V. 122, p. 1613, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Net earns.aft.Fed.taxes. $2,209,922 $1,632,899 $1,724,712 $1,636,268
Preferred dividends (6%)
439.512
600,000
600,000
600.000
Common dividends___ (6%)900,000 (6)900,000 (6)900.000(6)4)975,000

Balance, surplus____
$870,410
$132,899
$244,712
$71,268
OFFICERS.—Chairman, Junius Parker: Pres., A. L. Sylvester; Treas.,
Geo. G. Finch, 111 Fifth Ave., N. Y.—(V. 122, p. 1613 )
(THE) AMERICAN COTTON OIL CO.—See Gold Dust Corp, below.
AMERICAN DRUGGISTS SYNDICATE.—Has manufacturing plant
at Long Island City; stock largely owned by druggists throughout U 8
Dividends paid regularly 1908-1920, rate In 1920, 8%; then none until
Apr. 15 1925-when 3% was paid.




250,000 sh
$8,750,000
6,670,000
186,595 sb
35,773 shs.
138,100
275 500
1.578 000
I A (HUI 00'
7 298 30'
*6 784.510
18.000.000
11.500 000
See text

Hate
%
See texi
8
6
->ee tex1
See text
6
8
6 tr
See text
6
See text
6
None pa
See text

Payablt

Q—J
Q-M 31
A&O
Q—J
Q—J
Q—J
y —j
1 & D
0—r
O—j
A—O
Q—J

145
u,as( LHmdenv Places wnere Interest ant
md Maturity
Dividends are Payable

Tan 15 '26 50c
Ju ie30 '26 2%
anril 1 1933
Tuly 1 '26 75c
lulyl 1926 IX
See text
Oct 1 1928
lune 14 1929
Mayl '26 2%
Apr 1 ’26 T M %
Apr 15'25 3%
Apr 1 1926 $1 )4

Chemical Nat Bank, N Y
Long island City. N Y
do
do
do
do
do
do
Guaranty Trust Co, N Y
Checks mailed
do
Offloe. 65 B’way. N Y

Jan 3 1921 IX Equitable Trust Co, NY

REPORT.—For 1925, in V. 122, p. 886, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Profit for year________
$299,467
$173,280
$189,472
$430,921
Surplus from revaluation
of plant (net)_______
_____
640,734
Previous surplus______
541,180
3,062 defl86,410 def603,216

Total surplus_______
Loss on liquidation of
Canadian branch___
Reserve for inventories.
Add. prov. for accts. rec.
Fed. income & prof, tax_
Loss on sale of subs. cos.
plants______________
Dividends (3%)______

$840,647

$817,076

5,782

80,896
150.000
45,000

Surplus at end of year.

$570,447

x4,721

$3,062 def$172,295

yl4,114

56,169
203.528

$541,181

$3,062 def$176,410

x Additional Federal income tax paid for year 1920. y Paid for the
years 1917 to 1919 inclusive.
AMERICAN EXPRESS CO.—An “Association" formed under the laws
New York State Nov. 25 1868. Not an incorporated company.
On July 1 1918 the American Railway Express Oo. under Govt, control
took over the domestic express operations of American, Adams. Wells Fargo
and Southern express cos. for duration of war. Govt, control terminated
March 1 1920. The I.-S. C. Commission in Dec. 1920 approved the
permanent consolidation of the transportation business and properties
>f the four companies. V. Ill, p. 2522. The American Express Co., how­
ever, continues to transact a foreign forwarding business and foreign ex■hange as well as its traveler’s checks, money orders and other financial
ictivtties. Also arranges and conducts tours to all parts of the world.
See American Ry. Exp. Co. for divs. paid by that co.)
The Am. Express Co., Inc., was Incorporated In Conn, in Feb. 1919
with $6,000,000 to facilitate the company's operation in foreign countries,
v 108, p. 880.
The company, it was announced In lay 1925, has acquired control of
Wells. Fargo & Co.
DIV8.—
I '01. '02 to ’05. '06. '07 to '13. '14. 1915. 1916 to 1926.
Per cent... .1 7 8% yrly
11 12% yrly. 5
4)4
text
Jan. 1916 to Oct. 1920 paid 1)4% quar. (6% per ann.) with special div.
,»f $2 in Jan. 1917 from Investments V. 103 p. 1793 Jan. 1921 to Apr.
1923 paid 2% quar.: July 1923 to Apr. 1926 paid 1)4% quar. In July
1913 paid 25% ($4,500,000) in Wells Fargo & Co. stock.
REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
Gross income________________________________ $6,715,222 $6,239,450
Operating expenses (less taxes)_________________ 4,575,647
4,452.716
218.044
Taxes, &c_________ :_________________ ___________
55.910
Dividends____________________________________ 1,080,000
1,080.000
Reserves_____________________________________
605,116
419.351
Surplus for year____________________________
$236,415
$231,473
Pres., Fred P. Small; V.-P., Howard K. Brooks; V.-P. & Treas., Geo.
Weston; V.-P. in charge of Foreign Traffic, Harry Gee; V.-P. & Sec.,
J. K. Livingston; Compt., Ralph T. Reed. Office, 65 Broadway, N. Y.—
(V. 122, p. 886.)
AMERICAN HIDE AND LEATHER CO.—ORGANIZATION.—
Organized In New Jersey In 1899 as a merger of upper leather interests.
See V. 69, p. 493; V. 68, p. 925; V. 70, p. 77; V. 102, p. 1348; V. 103. p.
753, and application to list, V. 72, p. 673.
Capital Readjustment Plan (V. 119, p. 1955).
Plan.—The stockholders on March 4 1925 approved a capital readjust­
ment plan, which provided as follows:
(1) That 35,000 shares of the unissued pref. stock be changed and re­
classified into 35,000 shares of 8% cumul. prior preference stock (par
$100 each).
(2) That the authorized capital stock be decreased from $35,000,000, con­
sisting of 175,000 shares of pref. stock, par $100 each, and 175.000 shares of
common stock, par $100 each, to $25.00O,O0O. to consist of 35,000 shares of
8% cumul. prior preference stock, par $100 each, 100,000 shares of pref.
stock, par $100 each, and 115.000 shares of common stock, par $100 each.
(3) That the decrease of the capital stock of the company be effected by
(a) cancelling and extinguishing 10,000 shares of the unissued pref. stock,
being all of the auth. pref. stock not heretofore Issued. remaining after chang­
ing and re-classifying 35,000 shares thereof Into 8% cumul. prior preference
stock; (ft) purchasing for retirement at not above par, and retiring, 30.000
shares of the outstanding pref. stock; (c) cancelling and extinguishing 60,000
shares of the unissued common stock, being all of the authorized common
stock not heretofore Issued.
(4) That the directors be authorized to purchase from time to time for
che company, for retirement, at not above par, the 30,000 shares of pref.
stock above referred to, by any one or more of the following methods, as In
the discretion of the board may seem advisable: (a) pro rata from each
holder of shares of said stock: (ft) from pref. stockholders offering said stock
to the co. at the lowest prices up to a total of not exceeding 30.000 shares, or
any part thereof, all of said stockholders to be given equal opportunity to
submit offerings; (c) in the open market; (d) by direct purchase at private
Ail accumulated and accrued unpaid divs., and the right to receive the
same, on any of such shares of the outstanding pref. stock so as aforesaid
purchased for retirement by the co. to be surrendered and extinguished.
The outstanding preferred stock had in this manner been reduced to
$11,048,300 in Dec. 1925.
(5) That the directors be authorized from time to time to Issue shares of
8% cumul. pri r preference stock up to 35,000 shares, for cash at not less
than par, or In exchange for shares of outstanding pref. stock, share for share,
or upon any other basis of exchange which to the board may seem advisable,
with such adjustments of divs. as shall be determined by the board, or to sell
the stock or any part thereof and with the proceeds of such sale to purchase
shares of outstanding pref. stock for the company, for retirement, at not
above par, provided that for each share of said 8% cumul. prior preference
stock Issued at least one share of outstanding pref. stock shall be purchased,
or acquired, by the company, so that at no time shall there be issued and
outstanding more than a total of 100,000 shares in the aggregate of both
classes of 8% cumul. prior preference stock and pref. stock.
PREF. DIVS—
’06-15. T6. '17. '18. 19. '20. '21. ’22-’2f.
Per cent cash_____ nil
6
5
697
IX
0
G. S. Liberty bonds-_
— —
2
—
—
—
0
From Jan. 1919 to July 1919, Incl., paid 1X% quar., Oct 1 1919 paid
IX % regular and 2 % extra in cash. Jan. 1920 to Jan. 1921, 1X% quar.
April 1921 div. omitted. None since. Overdue pref. divs. Oct. 1 1925,
about 150X %•

146

INDUSTRIAL STOCKS AND BONDS
Date
Bonds

MISCELLANEOUS COMPANIES
(For abbreviations, &c., see notes on page 8]

American Ice Co—
Common stock $15,000,000 auth............... ........................
Pref stock (new) 6% non-cum $15,000,000 (V 104. p 561).
Real Est 1st ft Gen M 86.500 000 v« t red . .
PePxx.o*
Convertible debenture notes $3,375,000 red (text)----------American Int Corp—Common stock auth 750,000 shares---American-La France Fire Engine Co Inc—
Common stock $5,000,000 authorized__________________
Preferred (a & d) stock 7% cum red 120 $5,000,000 auth..

American Linseed Co—Common stock $16,760.000-------Profrrred #16 750 000 7% non-cumulative. . .
Coupon notes due yearly red (see texti... - ---------- Ea.c
American Locomotive Co—Com stock 770,000 shares auth
Preferred (a & d) 7% cum $38,500,000 authorized-------KM-hmonn ixH-ouux io •
««m»
•
a To be increased upon acquisition of Railway Steel & Sprin

REPORT.—For 1925,
Calendar Years—
Profits from operation. _
Res. for rebldg, plants..
Inventory reserve_____
Contingency reserve___
Previous surplus______

Par
Value

Amount
Outstanding

$100 $9,541,000
100 15,000 090
1 nnc 5 139,000
1.000 1,334,000
192,000
None 490,000 shs
10 4,493 000
100 4,000,000
2.000.000
1923
100 16.750.000
100 16.750 non
1,000 6,000,000
1925
None a500,000 sh
m a25,00O,OO(
1 000
,<W>
432.000
g Co (s ee text)
Join
1924

Rate
%

When
Payable

See text
6
6g
7g

Q—J 25
Q—J 26
V * ft
J&J

See text
10
7
6
See text
see text
6
See text
7
6K

[Vol. 122.

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Apr 26 19?6 2%
Apr 26 1926 144 New York
iiiK * 194 V
vork A Phlladel's
New York
July 15 1939
Sept30'20 $1.50 New York

Q-F 15 May 15 ’26 2 44
Q—J Apr 1 1926 144
A & O Oct 1 1926
Mar 15’21 44%
Q—J Apr i K>?7 144
J & D 15 1930 to 1935
J- M 3 • June 30 ’28 $2
Q—M31 June 30 '26 1 %
A & O Apr 1 1929

Equitable Tr. Co., N. 9
New York
Checks mailed
Checks mailed
30 Church St, New Yor»

During 1923, however, corporation sold its Interests in Carter, Macy &
Co., Tne., receiving in payment therefor $650,000 in cash and $200,000
7% Pref. stock in Carter, Macy & Co., Inc., the new corporation organized
by the purchasers. During 1923 Rosin & Turpentine Export Co. was
liquidated, its assets having been sold. The holdings in Balsa Refrigaerator
Corp, were also written off the books in 1923 as being of problematical
3,634,938 value. These steps were taken in pursuance of a policy, the object of which
was to withdraw the corporation from 100% ownership of companies
Profit & loss surplus.. $5,675,576 $5,168,312 $4,631,092 $4,670,091 transcating a trading business and concentrate its resources in assets of a
moro orr»fiMhl#> and liquid character
x After all charges and provision for Federal taxes.
1Q94
iqog
Quarters Ended March 31—
1926.
1925.
Quar. End. Mar. 31—
1926.
1925.
Interest
revenue______________________________
$147,128
$69,152
$261,719 loss$49,511
Net earnings (see note).
$56,141
$316,136
130,349
122,595
61,130
68,664 Dividends on stocks owned____________________
Depreciation__________
54,673
62,482
Profit on sales of securities____________________
279,444
280,009
Profit on syndicate and credit participations____
95,244
21,686
Balance............ ............
$1,468
$253,654
$200,589def$118,175
1,093
1,919
Note.—Results from operations after charging repairs, interest on loans, Miscellaneous income_________________________
and reserves for taxes.
Total income
$653,259
$495,361
OFFICERS.—Pres., J. O. Lilly: Sec. & Treas., George A, Hill. Office. Expenses______
69.716
60,017
17 East St., Boston, Mass.— V. 122, p. 2655.)
Interest_______
2,870
627
6,656
7,745
AMERICAN ICE CO.—ORGANIZATION.—lncorp. in New Jersey Taxes_________
Mar. 11 1899. Transacts a wholesale and retail ice and coal business in
Operating income________________________ ___
$574,016
$426,972
N. Y. City, Long Island, Newark, Philadelphia, Boston, Baltimore, Wash­
OFFICERS.—Pres., Matthew C. Brush; V.-Pres., Harry A. Arthur;
ington, D. C., Camden, Garwood and Atlantic City, N. J. Operates in
Sec.
&
Treas.,
William
M.
Crozier.
New
York
office,
120
Broadway.
—
New York under name of Knickerbocker Ice Co. V. 104, p. 165, 363, 453. (V. 122, p. 2195.)
561.
The stockholders on Jan. 9 1923 Increased the authorized Common stock
AMERICAN-LA FRANCE FIRE ENGINE CO.. INC.—lncorp. Dec
from $7 500,000 to $15,000,000 and auth. a $10,000 000 bond Issue tc 12 1912 under laws of New York as a reorganization of Ainerican-La France
run for 40 years, bear 6% int. and be known as “Consolidated Gold Bond*' Fire Engine Co. Manufactures commercial trucks, motor fire apparatus,
Issue. Compare V. 115, p. 2908.
chemical fire engines, aerial trucks, water towers and hand fire extinguishers
DIVIDENDS.—No. 1, on new pref.. Apr. 25 1917 to Oct. 25 1919.1 K %
Plants are located at Elmira, N. Y., and Bloomfield, N. J. Also owns
quar.: also extra 1% Oct. 25 1918 and 1919, making 6% foryear. Jan.24 the entire capital stock of the American-La France Fire Engine Co. of
1920 to Apr 26 1926 paid 144% quar. On common declared 4% for Canada. Ltd., with plant at Toronto. Ont.
1920. payable 1% each on Jan. 24. April 24. July 24 and Oct. 25. On
STOCK.—Pref. and common stock have equal voting power, the pref
lan 25 1921 paid 1 % quar and i extra: April 25 19? 1 i■ Job 25 1921
10 votes for each share (par $100) and the common one vote for each
144%; Oct. 25 1921 to July 25 1925. \ %% quar.; Oct. 26 1925 paid 2% quar. thsre (par $10).
Jan. 25 1926 paid 2% quar. and 2% extra; April 26 1926 paid 2% quar.
The stockholders on Dec. 22 1925 Increased the auth. com. stock from
BONDS.—The Real Estate First A General Mtge sinking rund goic $3,950,000
to $5,000,000, and the authorized pref stock from $4,000,000
6a ($6,600,000 auth. Issue) are a first lien on real estate In Maine. New to $5,000,000. Of the increased common stock, $1,043,000 was offered at
York. New Jersey, Pennsylvania Maryland and District of Columbia
$12 a share to stockholders of record Jan. 7 1926.
having an estimated value of $18,998 845 and a general lien, subject to exist
The company offered to common and preferred stockholders of record
Ing encumbrances on substantially all the remaining property Of the bonds
Nov. 14 1924 the right to subscribe to $1,000,000 7% cumul. pref. stock
$5,139,000 in Dec. 1925 were outstanding, $24,000 were in treasury and at
$100 a share In the ratio of $16 worth for each share of pref. held and
$1,337,000 in sinking fund. Redeemable at 102 44 as a whole on any int
$1 60 worth for each share of com. held.
date or for yearly sinking fund beginning Aug. 1 1913. viz : 2% for 10 year*
DIVIDENDS.—On pref., in full to date. On common, Feb. 15 1915 to
then 244%. V. 95. p. 482: V. 99, p. 1453: V. 101. p. 529
4ug. 15 1917, paid 1% quar.; Nov. 15 1917 to Feb. 15 1919, 144% quar.;
NOTES.—Convertible debenture 7% gold ($3,375,000 auth Issue) May 15 1919 to Nov. 15 1919, 2% quar. On new stock of $10 par value
Redeemable at 110 In wlole or part on any interest date after July 15 1926, or
aid 244% quar. from Feb. 16 1S20 to May 15 1926. A dlr. of 15%
are convertible into Common stock of the company at par at any time In preferred stock was paid on common June l 1921
before maturity. $1,334,000 outstanding, $366,000 in gen. ins. fund.
NOTES.—The 6% notes of 1923 are callable at 101 44 .—(V. 117. p. 1994.1
REPORT.—For 1925, in V. 122, p. 1314, showed:
REPORT.—For 1925, in V. 122, p. 2195, showed;
199?
Calendar Years—
Year Ended 14 Mos. End. Year Ended Year Ended
1925.
1924.
1923.
$968,803
Dec. 31 ’25. Dec. 31 ’24. Oct. 31 ’23. Oct. 31 ’22. Net profits_
$1,045,499
$937,424 $1,007,946
137,938
Gross receipts....... .......... $18,718,610 $17,325,303 $16,121,3(66 $16,000,404 Federal, &c., taxes____
250,025
234,884
271,001
Preferred dividends (7%)
279,084
205,697
192,221
Income from investm’ts,
182,623
interest, discount, &c_
423,355
365,858
331,070
346,577 Common divs. (10%)_ 345,000
328,425
290,115
286,451
Balance, surplus.
Total...................... ...$19,141,965 $17,691,161 $16,452,436 $16,346,981
$206,780
$261,353
$220,204
$267,870
Quarters End. Mar. 31.
1926.
1925.
1924.
1923.
Less cost of merchandise,
$195,553
oper. expenses, &c__ 13,956,660 14,128,879 12,934,967 12,439,512 Operating profit_______
$201,235
$198,957
$222,061
Interest and taxes. __
Cr.7,739
42,908
xl4,623
x3,222
Balance...................
$5,185,306 $3,562,282 $3,517,468 $3,907,469
Net income___ ____
$203,291
Bond int., Fed’l tax., &c. 1,460,071
854,448
690,118
759,052
$158,327
$184,334
$218,839
Prem.
on
sales
of
stock.
186,737
Depreciation__________
750,978
956,097
989,084
864,128
Partial refund of taxes
289,849
Net gain.................
$2,974,255 $1,751,738 $1,838,266 $2,286,289
Total net income.__
$679,877
Preferred dividends____
899,775
899,763
899,742
899,656
$158,327 y$184,334 y$218,839
x Excluding taxes, y Before taxes.
Common dividends_____
540,382
524,823
524,806
524,755
OFFICERS.—Pres., James R. Clarke: V.-P., Paul Appenzeliar, Arthur
Balance, surplus____ $1,534,098
$327,152
$413,718
$861,878 E. Rhodes and Edward C. Keating; Sec. & Treas., Arthur E. Rhodes.
OFFICERS.—Pres., Wesley M. Oler; V.-Pres., Walter Lee; V.-Pres., Main office, Elmira, N. Y. New York office, 250 West 57th St.—(V. 122,
Robert W. Kelly; V.-Pres., Wesley M. Oler, Jr.; V.-Pres., Charles C. Small; p. 2655.)
V.-Pres. & Treas., Thomas Pettigrew; Sec., Henry C. Harrison: Asst. Sec.,
AMERICAN LINSEED CO.—ORGANIZATION, &c.—lncorp. oh
Herman Jaeger. Offices, 15 Exchange Place, Jersey City, and 41 East Dec. 5 1898 in N. J. Produces linseed oil and, through its principal sub­
42d St., New York.—(V. 122, p. 2195.)
sidiary, Best Foods, Inc., is also engaged in the edible oil business. Stock
$33,500,000 (one-half 7% non-cum. pref.), par $100. V. 76, p. 216. Divs.
AMERICAN INTERNATIONAL CORPORATION.—ORGANIZA­ on
preferred, 1899 to 1900, aggregated 1044 %; none then till Nov. 1916,
TION.—lncorp. in N. Y. on Nov. 22 1915.
3% was declared, payable 1 % Jan. 1 1917 and 144% July 1 1917.
Is financially interested in following companies (V. 103, p. 2338): Interna­ when
In Nov. 1917, 1918 and 1919 declared annual dividends of 7%, payable
tional Mercantile Marine Co., U. S. Rubber Co., Simms Petroleum Co., quarterly
in following years (V. 107, p. 201). Jan. 3 and Apr. 1
International Products Co. (V. 104, p. 2237), American Balsa Wood Corp. and July 1(Q.-J.)
paid lJi%; then none until July 1 1925, when 144% was
Other interests are: international Acceptance Bank. Baker, Kellogg & paid; same 1921
amount
paid (or declared payable) quar. to Apr. 1 1927. In
Co., Inc., Carter, Macy Co.. Inc., Lockwood, Greene & Co., Inc., Depart­ November 1919 declared
an initial dividend of 3% on the common stock,
ment El Valle del Cauca, Ulen & Co.
payable % of 1% Dec. 15 1919 and Mar., June and Sept. 1920. On
STOCK.—The stockholders on April 1 1925 Increased the authorized Dec. 15 1920 and Mar. 15 1921 paid 44%; none since.
Common stock from 490,000 shares to 750,000 shares, this additional stock
Notes.—The $6,000,000 6% coupon notes mature as follows: $500,000
to be sold from time to time under such terms and conditions as may be fixed June 15 1930; $750,000 June 15 1931; $1,000,000 June 15 1932; $1,250,000
by the directors.
in each of the years 1933, 1934 and 1935. Redeemable all or part by lot
on 30 days’ notice on any interest date before June 15 1930 at 102- on or
All of the outstanding preferred stock was retired during 1925.
DIVIDENDS.—Common, 75c., paid quar. Dec. 1916 to Sept.1917, incl.; after June 15 1930 at 10044. V. 120, p. 2946.
REPORT.—For 1,925 in V. 122, p. 2333, showed:
Dec. 1917 to March 1919, 90c. each quar.; June and Sept. 1919, 1 20 quar.
Calendar Years—
1925.
1924.
1923.
1922.
on 80% paid stock; Dec. 1919 to Sept. 1920, $1 50 quar.; none since.
Net profits------------------- $2,574,688
$2,141,549 loss$837,572 x$791,119
REPORT.—For 1925, in V. 122, p. 1645, showed:
Provision for deprec’n..
510,069
543,787
_
Earnings—
1924.
1923.
xl922.
1925.
Federal taxes_________
218,460
28,882 _____
Operating profit___
$1,567,312 Interest---------------------384,156
330,932
_
$484,872
Interest..!___________
$305,396
$318,348
829,003 Preferred dividends___
1,167,957
_____
_____
Dividends
748,657
342,474
295,585
711,916
258,782
Profit on sales of securs
3,885,037
Balance, surplus------- $294,045 $1,237,947 def$837,572
$791,119
Profit on syndicate and
x Surplus after all charges, &c.
376,176
credit participations. _
126,474
OFFICERS.
—
Pres.
&
Gen.
Mgr.,
R.
H.
Adams:
V.-P.,
Thomas
M.
Miscellaneous income__
7,298
6,090
52,137
Debevoise; Sec., J. C. Hamilton; Treas., W. I. Branigan; Comp., W. B.
Montgomery.
Office,
297
Fourth
Ave.,
N.
Y.
—
(V.
122,
p.
2333.)
Total . __________ $5,502,041 $1,039,216
$666,070 $3,108,231
Deduct—E xpenses
$351,363
$ 305,043
$367,648 $2,615,676
AMERICAN LOCOMOTIVE CO.—ORGANIZATION .— lncorp In
Taxes. _
_____ ____
29,356
28,159
27,732
89,788 N. Y. on June 10 1901 as a consolidation of various companies (see list V
Interest_________
2,977
2,565
2,637
381,422 73. p. 80). V. 72, p. 1189; V. 73. p. 84, 186, 724; V. 83, p. 686; V. 88, p
102, V. 89. p. 591: V. 78, p. 1111, 1393, 1448; V. 84, p. 1431; V. 80. p 474
Net earnings________ $5,118,345
$703,449
$268,053
$21,345 V. 87, p. 675; V. 104, p. 2454; V. 105, p 182, 906. V. 79, p. 1022
Surp. at beginning of yr. 5,061,997 a4,358,547 def6,953,484def5,899,458 Suit, V. 105, p. 2096. Plants are located at Schenectady, N. Y.; Dunkirk.
N. Y.; Richmond, Va.; Paterson, N. J.; Montreal, Can., and Chester, Pa.
Gross deficit________ $10,180,342 sr$5,061,997 $6,685,430 $5,878,113 Proposed new plant in St. Louis, Mo. V. 112, p. 260, 935.
a Surplus resulting from reduction of Capital stock less revaluation of
Acquisition of Railway Steel Spring Co.—The stockholders on
Investments and deficit at beginning of year, x All the stock of G. Amsinck April
20 1926 increased the authorized capital stock from 250,000 shares of
& Co., Inc., Allied Machinery Co. of America, Carter & Co., Inc., Inter- pref. stock,
par $100, and 500,000 shares of com. stock, no par value, to
nationl Steel Corp., Rosin & Turpentine Export Co., and Balsa Refrig­ 385,000 shares
pref. stock, par $100, and 770,000 shares of com. stock,
erator Corp. being owned by the corporation, the accounts of these companies no par value. of
purpose of these changes is to enable this company to
were Included In the consolidated statements for the years 1921 and 1922. carry out a planThe
under which it will acquire all the property and assets of the




in V. 122, p. 1304, showed:
1924.
1923.
1925.
8537,220 loss$38,908
x$507,264
Cr343,399
300,000
43,399
4,631,092
4,670,091
5,168,312

1922.
$1,035,153

May, 1926.]

MISCELLANEOUS COMPANIES
IFor abbreviations. Ac.. see notes on page 8]
American Metal Co, Ltd—Com stock 1,000,000 shs auth
Pref (a & d) stock 7 % cum red 110 conv (text) $5,000,000 au
American Piano Co—Common stock $5,300,000 auth____
Pref (a & d) stock 7% cum $6,000,000 auth__ __
___
American Pneumatic Service—Common stock $5,000,000..
First preferred ta 4 d) $3,000,000 7% cumulative.........
Preferred (a 4 d> 6% non-cumulative $7,000,000 _______
Collateral trust mortgage $5,000,000 gold ‘linking fund.lBx
American Radiator Co—Common stock $47,000,000 auth...
Preferred stock (not as to assetsi 7% cumulative $3,000,000
American Railway Express Co—Stock $40,000,000 auth—

Date
Bonds
___
—
____ ■
1903

Par
Value

Amount
Outstanding

None
$100
100
100
None
50
50
500 Ac
25
100
100

593.505 shs See text Q—M
O—M
$5,000,000
7
4,341,230 See text Q—J
7
6,000,000
Q—J
198.504 shs
M A S30
1.498.050
7
6,274,350 See text J & D 31
30,000
5 8 A & G
Q—M
31,064.025
16
3,000.000
0— F if
7
Q—M31
34,642,000
6

Railway Steel Spring Co., assuming all its debts and liabilities, and the
stockholders of the Spring Co. will become entitled to receive one share of
pref. stock of this company for each share of pref. stock of the Spring Co.,
and two-thirds of a share of com. stock of this company for each share of
com. stock of the Spring Co. hell by them respectively. The plan also
contemplates that four directors of the Spring Co. will be added to the board
of directors of this company.
William H. Woodin, President of the American Locomotive Co., has been
elected Chairman of the board of directors, and F. F. Fitzpatrick, now the
President of the Spring Co., has been elected President of this company.
Diva.
l»ua. 1909-16. 191b.
1917. ’18. 19. '20-'21. '22-’26
On common__ 3*A
Nil
IX 5&1 R.O. 5
6X
6
text
On Sept. 30 1019 the quarterly dividend was increased from IX to 1X % .
which rate was paid quar. to Mar. 31 1923; on June 30 23 paid 2X% quar
Sept. 20 1923 to Dec. 31 1924. paid each ouar $1 50 a share on new stock
of no par value. Mar. 31 1925 to June 30 1925 paid $2 quar. The directors
on Mar. 5 1925 also declared an extra dividend of $10 per share on the
common stock, payable in four installments of $2 50 each, through the
year 1925, on Mar. 31, June 30, Sept. 30 and Dec. 31 to holders of record
Mar. 16. June 15. Sept. 14 and Dec. 14, respectively. V. 120, p. 1206.
REPORT.—For 1924, in V. 120, p. 820, showed:
1Q99
1924.
1925.
1923.
Unfilled orders Dec. 31-$15,919,129 $12,532,462 $17,789,873 $49,349,140
Gross earnings________ 27,773,493 56,301,843 90,180,176 29,122,112
Mfg. .maint.& adm.exp. 27,304,545 47,410,441 74,311,250 26,288,361
Depreciation__________ 1,312,269
1,445,890
1,581,364
1,447,274

Manufacturing profit-def$843,321 $7,445,512 $14,287,562
Int. on bonds of constit­
uent companies, &c._
_____
$36,004
$85,998
U. S. and Canadian in­
come & profits taxes. _
_____
760,000
1,825,000
Pref. divs. (7% per ann.) 1,750,000
1750,000
1,750,000
Common dividends____ 9,000,000
3,000,000
2,500,000
Additions & betterm’ts.
_____
875,000
4,500,000

$1,386,477
$85,998
200,000
1,750,000
1,500,000

Net to profit & loss.def$l 1,593,321 $1,024,507 $3,626,565df$2,149,521
OFFICERS.—William H. Woodin (Chairman), F. F. Fitzpatrick (Pres.),
Joseph Davis (V.-Pres.), J. B. Ennis (V.-Pres.), D. W. Fraser (V.-Pres.),
W. Spencer Robertson (Sec.), J. O. Hobby Jr. (Treas.). Office, 30 Church
St., New York—(V. 122, p. 2951.)
AMERICAN MALT & ORAIN CO.—Dissolved in 1922. AU assets
distributed; last in July 1923.
AMERICAN METAL CO.. LTD. (THE).—Incorp, in New York In
May 1887. Owns or controls a number of subsidiary companies engaged Id
the production, refining and distribution of electrolytic copper, zinc, lead,
silver and other metals: also coal mining, production of sulphuric acid, Ac.
STOCK.—Both classes of stock have equal voting rights. The pref.
stock Is convertible into common stock on or before June 1 1927 at the rate
of two shares of common for one share of pref. The conversion basis is
subject to change in case of future Issues of common stock or securities con­
vertible into common stock, but In no event shall be less than two shares of
common for each share of preferred converted.
DIVIDENDS.—On preferred in full to date. On new no par value
common stock paid 75c. quar. Sept. 1 1922 to Sept. 1 1925; Dec. 1 1925
to June 1 1926 paid $1 quar.
REPORT.—For 1925, in V. 122, p. 1766, showed:
1925.
1924.
1923.
Income after expenses________ z$5,296,109
z$5,317,995 x$4,948,467
Deprec., depletion, &c., reserve____
1,606,956
1,285,168 a2,245,261
Prov. for reduc. of invest.& inventory
335,287
721,781
Preferred dividends__________
350,000
350,000
350,000
Common dividends__________
1,926,775
1,773,395
1,642,467

Balance, surplus________________ $1,077,091 $1,187,651
$710,739
Profit and loss, surplus_____________ 10,348,170 9,264,946
8,152,175
x Includes approximately 90% of Cia Minera de Penoles, S. A., earnings,
z After deducting management’s share of profits under contracts and
provision for U. S. and Mexican Federal income taxes, but before deprecia­
tion, &c. a Includes $1,000,000 special appropriation to general reserve.
3 Mos. End. Mar. 31— 1926.
1925.
1924.
1923.
Net profits after all exp.
and depreciation..-$702,608
$755,326
$897,383 $1,006,323
OFFICERS.—Chairman, Ludwig Vogelstein; Pres., C. M. Loeb; V.-P..
Otto Sussman; V.-P. & Treas., J. Loeb; V.-P. & Sec., H. K. Hochschild.
Office, 61 Broadway, N. Y.—(V. 122, p. 2951.)
AMERICAN PIANO CO.—Incorp, under laws of New Jersey on June 10
1908. Manufactures pianos and player-painos.
STOCK.—Preferred and common stock have equal voting power.
DIVIDENDS.—On pref., in full to date. On common as follows:
1920, 6% in cash and 20% fn stock: 1921. 6%- 1922, 6%; 1923, 6%; 1924.
"9X%; 1925, 8%; Jan. 1926, 2%; Apr. 1926, 2%.

REPORT.—For 1925, in V. 122, p. 1614, showed:
Calendar Years—
1925.
yl924.
yl923.
Net sales------------------------------------ x$12,161,183 $14,327,901 $12,926,558
-Cost of sales, adm. & gen. exp., incl.
deprec. & taxes.._____ _________ 10,599,968 12,920,302 10,905,141
Net income_____________________ $1,561,215 $1,407,599 $2,021,417
Preferred dividends________________
417,389
420,000
353,192
Common dividends________________
343,632
347,058
307,013
Balance, surplus________________ $800,194
$640,541 $1,361,212
x After deducting intercompany sales of $3,582,478. y Including
intercompany sales.
Quarters Ended March 31—
1926.
1925.
Net sales______________________________________$2,984,887 $3,525,873
Expenses, depreciation and Federal tax__________ 2,482,851
3,227,663
Preferred dividends___________________________
104,347
105,000
•Common dividends___________________________
86,148
86,772
Surplus______________________________________
311,541
106,438

Profit and loss, surplus_____ ________________ $4,458,604 $3,504,134
OFFICERS.—Chairman, C. H. W. Foster; Pres., Geo. G. Foster; 1st
V.-P., W. B. Armstrong; Sec. & Treas., I. E. Edgar Office, 437 Fifth
Ave., New York.—(V. 122, p. 2501.)
AMERICAN PNEUMATIC SERVICE CO.—ORGANIZATION.—In­
corporated July 1 1899 in Delaware. V. 68, p. 1130, 1179. Owns the
entire capital stock of The Lamson Co. (V. 68, p. 1073; V. 115, p. 439).
Inter. Pneum. Service Co., Ac.
The companies’ combined pneumatic tube systems total 46 miles of
•double 8-inch pneumatic tubes, of which only 27 miles in New York and
Brooklyn are in operation.




117

INDUSTRIAL STOCKS AND BONDS
Rate
%

When
Payable

Last Dividend Places Where Interest ana
and Maturity
Dividends are Payable
Junel
June 1
Apr 1
Apr 1

1926 $1 Checks mailed
Checks mailed
1926 1
1926 2%
1926

Mar 31 ’28 3X By check
cheek
Dec 31 ’25 2%
First Nat Bank. BostoD
Get 1 1928
Tune 30 ’26 4% 40 W. 40th St., N. Y.
do
do
May 15 ’26 IX
June 301926 IX

STOCK.'—The 7% first pref. stock ranks ahead of old pref. V. 90, p.
449, 504, 701; V. 91, p. 334. In 1912 reduced the par value of the common
stock from $50 to $25 a share. The stockholders in May 1925 voted to
change the par value of the common stock from $25 to no par value. Sub.
co. stock out, $45,558.
DIVIDENDS on old (now 2d) pref. stock to Jan. 20 1902, incl., 6% per
annum In 1906, 4X% in 1907, Jan.. 1X%: 1912, 2%; 1913 to March 30
1918, 3%; then none until June 30 1923, when 1 % was paid: Dec. 3l 1923
and June 30 1924 paid 1%; Dec. 31 1924 and June 30 1925 paid 1X%.
Dec. 31 1925 paid 2%. Semi-annual div. on 1st pref. Sept. 30 l9l0 to
March 31 1926, 7% yearly (3X% M. & S.).
First Mortgage Collateral Trust Sinking Fund.—Of the $5,000,000 5% bond
Issue, $1,849,000 has been issued, of which $1,819,000 in treasury and
sinking fund.
REPORT.—For 1925, in V. 122, p. 1920 and 2046, showed:
Combined Income Account Years Ended Dec. 31.
Income From Sales & Installations
on Rental—
1925.
1924.
1923.
The Lamson Co___________________
$674,290
$602,749
$455,771
Mail tube income (less amort, of re­
habilitation cost & int. on notes). 72,054
65,462
51,148
Gross combined earnings________
Int. on Am. Pneum. Serv. Co. bonds.
Maint. of Boston, Chicago & St. Louis
Mail Tube cos. & exp. of parent co.
Depreciation mail tube companies__
Reserve for Federal income tax_____
Dividends paid:
Minority Lamson stock__________
First preferred stock_______________
Preferred stock___________________

$746,344
1,527

$668,212
1,734

$506,919
2,245

33,836
111,870
78,000

42,222
111,944
50,000

47,409
150,871
20,432

28
105,000
221,510

20
105,000
158,221

16
105,000
126,577

Balance, surplus________________
$194,573
$199,070
$54,369
OFFICERS.—Pres., William F. Merrill; V.-Pres. & Sec., Merton L.
Emerson; Treas., Henry W. Robinson; Asst. Treas., Theodore S. Dutcher.
Office, Syracuse, N. Y.—(V. 122, p. 2802.)
AMERICAN RADIATOR CO.—Incorporated in N. J. Feb. 10 1899.
V. 68, p. 329; V. 80, p. 2346; V. 90, p. 374, 629.
CAPITAL STOOK.—The shareholders on Mar. 8 1920 voted to reduce
the par value of the common stock from $100 to $25, four shares of new
common being issued and exchanged for each share of old common stock ■
Stockholders (both pref. and com.) of record Mar. 6 1920 were offered the
privilege of subscribing to new common stock ($25 par) at $62 50 per share
to the extent of 10% of holdings.
The stockholders voted Dec. 4 1924 to increase the authorized common
stock from $22,000,000 to $47,000,000, which, with the $3,000,000 of pref.
stock outstanding, makes a total authorized capital of $50,000,000.
LATE DIVS.— 1910-11. 1912-13. 1914. ’15. T6.’17. ’18. ’19. ’20-’26
Common, cash—10 yrly. 10 yrly. 11X 16 16 13
12 12
see
Extra, stock. Ac,____
lO stock 10 stk.
50 stk. 4 bds. text
In Feb. 1918 paid extra 4% Liberty bonds; In Mar. 1919 an extra 4%
in 4X% Liberty bonds; in Mar. 1920 an extra of 4% in cash. June 1920 to
June 1926 paid $1 (4%) quar. on the new $25 par value stock: on Dec. 30
1922 and Dec. 31 1924 also paid 50% in common stock on each date.
REPORT.—For 1925, in V. 122, p. 1920, showed:
Calendar Years—■
1925.
1924.
1923.
a Profit............... .......................... .......... $13,196,434 $12,877,554 $13,614,537
Other income____________________
925,045
438,469
314,099

Total income___________________ $14,121,479 $13,316,023 $13,928,636
Interest paid and exchange_________
254,666
184,196
103,677
Pension fund, Ac__________________
206,585
201,630
159,798
Depreciation and depletion_________ 2,026,627
1,776,469
2,696,184
Net profit___________
$11,633,602 $11,153,728 $10,968,977
b Preferred dividends---------------------485,798
486,332
495,300
Common dividends------------------------- 4,969,991 3,313,496 3,313,353
Surplus________________________ $6,177,813 $7,353,900 $7,160,324
Profit and loss, surplus------------------- 24,879,830 xl8,702,0l7 21,702,792
a Total consolidated profit from operations of all companies after de­
ducting all ordinary and necessary expenses and reserve for estimated
Federal taxes, but before deducting the annual provision for pension and
benefit fund and depreciation and depletion of properties, b Includes
pref. dividends of subsidiary companies, x After deducting a 50% stock
dividend amounting to $10,354,675 on common stock.
OFFICERS.-—-Chairman and Pres., C. M. Woolley; 1st V.-P., Chas. H.
Hodges: 2d V.-P., Clarence Carpenter; Exec. V.-P. & Treas., Chas. K.
Foster; Compt., C. L. Barnum. Office, 40 West 40th St., New York.
—(V. 122, p. 2333.)
AMERICAN RAILWAY EXPRESS CO.—Incorp. In Delaware June 22
1918, to act from July 1 1918 during the period of Federal control of rail­
roads as the Agent of the Director-General of Railroads in conducting the
express business of the country.
The property devoted to the express business includes approximately
16,000 motor and horse vehicles. V. 106, p. 2346, 2452; V. 107. p. 1580
Increased rates took effect in July 1918 and again Jan. 1 1919, Sept. 1 1920
and Oct. 13 1920. V. 107, p. 2065; V. Ill, p. 694, 794, 898, 1338. Govt,
control terminated March 1 1920. V. 109, p. 2405.
The I.-S. C. Commission In Dec. 1920 approved the permanent consoli
dation of the transportation business ana properties of the American
Adams, Wells Fargo and Southern Express cos. into the American Ry
Express Co. V. 111. p. 2522
Contract with railroads. V. 115. p. 439.
STOCK.—The total auth. cap. stock is $40,000,000, of which $34,642,000
has been issued to pay for the physical property purchased and also to
furnish cash working capital.
During the period of Federal control, from July 1 1918 to Feb. 29 1920
Inclusive, the Director-General received 50 X% of gross transportation
earnings, but this resulted, after paying operating expenses, taxes, &c., in
a deficit which was met by the United States RR. Administration. The
same rate was paid to individual carriers during the Federal guaranty period
March 1 to Aug. 31 1920 incl. The resulting deficit was guaranteed by the
Transportation Act of 1920. The express company is conducting its express
operations subsequent to Aug. 31 1920 under contracts with individual
carriers on an entirely new basis.
DIVIDENDS.—The company in April 1921 paid a dividend of $2 per
share on its $34,642,000 capital stock for the last four months of 1920.
and one of $1 50 per share on the stock for the first three months of 1921
V. 112, p. 1743. July 15 1921 to June 30 1926 paid $1 50 quar.

148

MISCELLANEOUS COMPANIES
[For abbreviations,
see notes on page 81

American Rolling Mill Co.—Common stock $30,000,000.
Preferred (a A d) stock 7% cum $29,549,600 call 110. .
Sinking fund gold notes redeemable (text)
G.xxxc*
American Safety Razor Corp—Stock autb $20,000,000.
Amer Ship & Commerce Corp—Stk autb 1,500.000 shares.
. 10-yr s f convertible notes $2,123,600 auth red 102__ G.c*
American Shipbuilding—Mock commoD $15 500.000_____
Preferred (a & d) 7% non-cumulative $785,600_______

Date
Bonds

Par
Value

143.831,906 139,997,383 155,736,204 142,323,021
146,432,893 147,446,609 154,446,243 149,142.021
39,634
25,284
45,602
27.875
2,138.361
2,213.935
2,102,103
2,058,805
257,627
187.940
194,740
72.761
32,269
37,452
26,986
26.828
292,451,071 289,813,425 312.571.486 294.008.510
2.773.719
2,459,768
2,281,999
2,183.640
Div. approp. of income. 2.078,520
2,078,520
2,078,520
2,078.520
48.718
221.707
72.199
.)
126.229
Total income and prof.
743,918
& loss after divs___
602,956
275,679
231,349
OFFICERS.—Chairman, J Horace Harding: Pres., Robert E. M.
Cowie; V.-P. & Treas., J. W. Newlean: V.-P. in Charge of Accounts;
Charles A. Lutz; V.-P. in Charge of Traffic, F. S. Holbrook: V.-P. In
Charge of Personnel, L. R. Owyn; Sec., E. R. Merry Jr.; Gen. Counsel.
H. 8. Marx
DIRECTORS.—Robert E. M. Cowie, Charles Hayden, W. M. Barrett,
H. W. de Forest, M. L. Schiff, J. Horace Harding, J. S. Alexander, New­
comb Carlton, W. Averill Harriman, J. G. Milburn, Albert H. Wiggin,
Frederick H. Ecker. General offices, 65 Broadway, N. Y.—(V. 122, p.
2655.)
AMERICAN RFPHBIJCS CORPORATION.—(V. 122, p. 2501.)
AMFRICAN ROLI INO MILL CO. (THE).—ORGANIZATION.—
Originally inrorp. in N. J in 1899, In 1917 consolidated with Columbus Tron
it Steel, per plan In V. 1(14, p. 1900, under laws of Ohio with present name.
Company Is engaged In the manufacture and sale of a highly diversified line
«f specialty sheets—electric, enameling, galvanized, alloy coated, annealed,
pickled and black— used In the manufacture of a wide variety of products.
Plants, located at Middletown, Columbus and Zanesville, Ohio, and Ash­
land, Ky., consist of 4 blast furnaces having a total pig iron capacity of
456,000 gross bins per annum; 18 open hearth furnaces with a combined
eapaclty of 836,000 gross tons per annum; 2 blooming mills and 2 bar mills
49 stands of hot mills with a finished sheet and light plate capacity of
about 360,000 net tons per annum, and factory buildings.
Company also owns over 30,000 acres of coal and timber lands containing
large reserves of coal of high quality and has substantial interests in com­
panies owning limestone quarries, coke works, iron ore properties and
steamships un the Great Lakes.
In April 1924 sold the Ashland Coal & Iron Ry. to the Chesapeake &
Ohio Ry
V 118 p 1668
STOCK.—Pref. stock provisions in V. 116, p. 179. The $6,882,600 7%
debenture pref. stock was redeemed on Oct. 1 1923. The stockholders on
May 15 1924 increased the authorized common stock from $20,000,000 to
$30,000,000.—V. 118, p. 2440.
DIV 1 DENI)M.— Dividends on the common stock of the present company
have been paid as follows: Oct. 15 1917 to July 15 1926 incl. 2% quar.
extra dividends of 3% paid Oct. 1917. Jan. 15 and Apr. 15 1918 and 1%
each quarter thereafter to and including Jan. 15 1921
Stock dividends of
6% were paid Feb 1 1918 Feb. 1 1919. Jan. 10 ,920. and Feb. 1 1921
A stock dividend of 25% was paid Nov. 15 1920. The directors in May 1924
iassed a resolution to the effect that an annual stock dividend policy, as
Ormerly in effect, be resumed at the rate of 5% per annum, to be declared
at the discretion of the board. The first of these dividends was paid July 15
1924. the second July 15 1925, and the third July 15 1926.
NOTES.—The sinking fund 6% gold notes, due 1938, are redeemable, all
or part, at 105 and int. to Jan. 1 1928, the premium decreasing thereafter
i of 1 % for each year or fraction thereof elapsed subsequent to Jan. 1 1928,
inking fund, commencing April 1 1925, sufficient to retire each year 21$ %
•f the total amount of notes issued. V. 116, p. 79.
The company has guaranteed the principal and interest of $350,000
Portsmouth By-Product Coke Co first mortgage 6% bonds.
REPORT.—For 1925, in V. 122, p. 1173 and 1766, showed:
Calendar Years—
1925.
1924.
19231922.
Net sales................ .......... $34,257,812 $28,679,818 $26,691,235 $20,294,205
Net profit.----------------- 3,039,697 2,124,761
3,387,483 2,417,557
Other income--------------667.781
1,617,502
463.529
304,148
Interest paid
158,381
240,340
491,706
568,408
Federal taxes_________
219,733
329,460
328,800
Prov. for inv. adjustment
175,666
Cash divs.—On 6% pref.
"i',620
3,501
1,320
1,320
On 7% deb. pref. stk.
89,301
481,800
On common stock___
1,514,712
1,721.196
1,639,622
1,428,204
On 7% cum. pref. stk.
819.401
826.948
807,671
Balance, surplus.........
$344,395
$377,lb5 $1,059,595
$392,861
OFFICERS.—Pres., G. M. Verity; 1st V.-P., J. H. Frantz; V.-P. & Gen
Mgr., Chas. R. Hook; Sec., R. C. Phillips; Treas., O. W. Verity. Office,
Middletown, Ohio.—(V. 122, p. 2802.)
AMERICAN SAFETY RAZOR CORP.—ORGANIZATION.—Incorp.
In July 1919 in Virginia as a consolidation of the Gem Safety Razor Cor­
poration. American Safety Razor Co., Inc., Kampfe Bros., makers of the
"Gem.” “Ever-Ready” and “Star” safety razors. Also acquired at time
of consolidation all of the capital stock of the Ever-Ready Safety Razor Co.,
Ltd. of Canada, and the Ever-Ready Safety Razor Co., Ltd. of Great
Britain. Since organization has acquired a majority of the stock of the
Jay & Johnson Box Corp, and the Lightfoot Schultz Co., mfrs. of soaps
and toilet articles
British-American Safety Razor Co., Ltd., V. Ill, p. 2425, 2524.
OAPITAL STOCK.—The stockholders on Oct. 23 1924 changed the par
value of the capital stock from $25 to $100. This decreased the number of
Shares from 800.000 to 200.000. For each 4 shares of $25 par stock, one
share of $100 was exchanged.
DIVIDENDS (on $25 par value stock).—Initial div. of 25 cents a share
was paid Oct. 2 1922; same amount paid semi-annually to Oct. 1 1924.
On April 1 1925 paid a semi-annual dividend of 1 )$ % on the new stock
•f $100 par value; July 1 1925 to April 1 1926, paid % % quar.
REPORT.—For 1925, in V. 122, p. 1766, showed:
Calendar Years—
1925.
1924.
Gross profit................
$3,336,891 $3,195,654
Selling and administration expenses_____________ 2,069,525
1,971,448
Miscellaneous charges.
32,150
53,235
Federal taxes.
150.000
155,000
Dividends___
750,000
400,000

Uncoll. rev. from transp.
Express taxes_________
Int. on unfunded debt..
Miscell. deductions____

?

i

Balance, surplus._____ ________ _____________

$330,216

Amount
Outstanding

$25 $22,040,643
100 11,647.500
1.000 6,825 000
100 20,000.000
591,271 sh
1920 100-100(1
$782,000
14.714.400
101
10(
785,600

1923
....

REPORT.—For 1925, In V. 122, p. 2655, showed:
1922.
Calendar Years—
1925.
1924.
1923.
Operating Revenues—
$
$
$
$
Express—domestic____ 290,300,069 287,278,763 309,575,843 291,345 560
Miscell. transport, rev..
3,754
2,972
2,652
3,630
Rev. from oper. other
than transportation.. 3,243,902
3,476,877
3,600,491
3.355,750
Other Income—
Income from sec. &
1,544.784
1,390,848
863,209
1,094,807
Car mileage______
395.831
436,928
209.125
344,824
15.421
Miscellaneous.__
23.512
15.431
18,625
194.634,711 292,095,424 1315.031,255 296,782,229
Deductions-




[Vol. 122.

INDUSTRIAL STOCKS AND BONDS

$620,971

Rate
%
8
7
6g
See text

When
Payable
Q—J 15
•Q—J 1
J&J
Q—J

10
8
7

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

July 15’26 2% Check
July 1 ’26 1% Check
lan 1 1038

Apr 1 1926 %%

P & A If Aug 15 1030
'Tay 1 1926 2% Cleveland, Ohio
do
May 1 1926 1 %

OFFTCERS.—Chairman of Board, Samuel Mundheim; Pres., JosephKaufman: V.-P., N. W. Greenhut; Sec., Milton Dammann; Treas., Julius
B. de Mesquita.—(V. 122, p. 1766.)
AMERICAN SHIP AND COMMERCE CORP—ORGANIZATION.—
Incorporated In Delaware July 18 1919 as a holding company, principally for
steamship, shipbuilding aud allied companies and to engage In commerce
and industry. Owns 74% of the total outstanding ($15,245,000) stock of
Wm. Cramp & Sons Ship & Engine Building Co. (see statement below).
Also owns the entire outstanding stock of the Atlantic Mail Corp., American
Ship & Commerce Navigation Corp., United American Lines, Inc., United
Terminals, Inc., and Oceanic Service Corp, and 50%> of Thirty-nine Broad­
way Corp.
NOTES.—The 10-year notes due Aug. 15 1930 are convertible at any
time into stock at the rate of 3 shares of stock for each «100 of notes
V. 112, p. 1027. There was also outstanding on Dec. 31 1925 an 18-months’
loan due 1927, amounting to $2,500,000.
REPORT.—For 1925 showed:
1925.
1924.
1923.
1922.
Total revenue...... .$26,202,869
$25,726,100 $27,991,140 $23,719,372^
Net profit...............
447,876
1,172,120 3,507.966 4,812,591
Deduct—Depreciation .. 1,066,365
1,440,294
1,412,939 1,294,805Interest and taxes___
473.519
401,529
1,048,550
972,016
Net profit________ loss$ 1,092,009 loss$669,703 $1,046,476 $2,545,770
Net profit for American
Ship & Comm. Corp loss$]056,881 loss$930,406
$680,501 $1.790.610
OFFICERS.—Chairman, W. A. Harriman; Pres., R. H. M. Robinson:
V.-Pres. and Sec., Walter Camp; V.-P., W. L. Pemberton; Treas., A. W.
Lishawa. Office, 39 Broadway, New York.—(V. 121, p. 1571.)
AMERICAN SHIP BUILDING CO. (THE).—Incorp, in N. J. March 16
1899, and acquired the plants, properties, &c., of the following companies,
located on the Great Lakes and engaged in the construction and repair
of cargo-carrying and passenger ships: The Globe Iron Works Co., Cleve­
land, O.; The Ship Owners' Dry Dock Co., Cleveland, O.: The Cleveland
Shipbuilding Co., Cleveland and Lorain, O., and F. W. Wheeler Yardsat West Bay City, Mich, (since dismantled). Subsidiary companies are:
Detroit Shipbuilding Co., Chicago Ship Building Co., The Superior Ship­
building Co., Buffalo Dry Dock Co., Milwaukee Dry Dock Co. and TheIndependent Steamship Co.
CAPITAL STOCK.—The directors on Mar. 1 1922 declared operative
the plan for exchanging the pref. stock for common stock, submitted In
Dec 1921. The plan provided as follows:
(1) Increase authorized common stock from $15,000,000, par $100. to
$15,500,000. par $100 (2) Declare an extra dividend of 20% upon the
old outstanding common stock out of accumulated surplus net profits
of previous fiscal years for the purpose of more nearly equalizing the valuesof the pref. and common stocks for retirement. (3) Thereafter offer as re­
quired bj law to all common stockholders pro rata the right to sub­
scribe for and purchase for cash at par («| the unissued common stock
amounting to $7,400,006. and (ft) such proposed addklonal common stock,
amounting to the aggregate par value of $500,000. (4) Offer to all pref.
stockholders to purchase their stock at par. pavment therefor to be madeshare for share in common stock at par: provided that to the extent that any
common stock may be sold for cash as above, the proceeds of such sales
shall tie applied pro rata as nearly aR possible without the Issuance of frac­
tional snares to tne purchase price of such pref. stock and the amount ef"
common stock used in such purchase shal] be corrsepondingly reduced.
V. 114, p. 82. 951, 1410. 1655.
LAT. DIVS. ( ’12. ’13. ’14. '15. '16. ’17. ’18. ’19. ’20. ’21. ’22. ’23-’2S.
Common cash.l 0 0
0
0
0
7J$ 12 16 16 16 39^ 8 yrly.
do Lib. bds. .. . .................. ..
.1 15
"7 "7 "7 7 yrly.
Preferred_____ I 7
7
IK 0
7
7
7
In cal. year 1919 paid each quarter on common beginning Feb. 1. 1M%
and 2X% extra in cash, game amount paid quar. from Feo. 1920 to Feb.
1922- On April 24 1922 paid DK quar. and 20% extra. On June 20'
1922 paid 10% extra; Aug. 1 1922 to May 1 1926 paid 2% quar.
REPORT.—For year ending June 30 1925, in V. 121, p. 1564, showed:
Years End. June 30— 1924-25.
1922-23.
1921-22.
1923-24.
Net earns, all prop, after
$
$
$
$
2,010,091
1,316,939
1,369,758
mfg. expenses______
2,455,165
691,228
1,514,098
Other income_________
390,736
395,596

2,883,857
480,491
226,583
74,736
466,258
125,343
20,000

Total Income_______
2,850.761
Deduct—Gen., Ac., exps.
688,791
State, county and miscel­
laneous taxes_______
253,884
169,233
Sundry charges (net)__
Depreciation_________
428,306
Maintenance A repairs- _
271,702
Fed. taxes, Ac. (est.)__
15,000
Alterations____________

1,707,675
619,429

2,701,319
637.743

290,054
52,499
333,446
341,672

303,025
41,897
505,165
353,843
60.000
34,530

Net Income for year..
Previous surplus__

1,123,844
6,770,711

70,576
7,024,758

765,114
7,221,388

1,490,446
11,363,320

Total_______________
Net charges___________
Pref. dividends (7%)__
Common dividends___

6,894,555
x512,045
54,992
294,288

7,095,334
92,479
54,992
1,177,152

7,986,502
Cr.270,400
54,992
1,177,152

12,853,766
428,498
5,203,880

Prof. A loss bal. for’d 6,033,231
7,221,388
5,770,711
7,024,758
x Incl. reduction of book value of Type Eleven ships, $520,000: adjust, of
claims, $37,825, and credit of $45,780 exc. of prov. for damages at Loraln.O.
OFFICERS.—Pres., A. G. Smith; V.-P. and Treas., James E. Davidson
V.-P. and Sec., W. H Gerhauser. Office. Cleveland, O.—(V. 121, p.1564.
AMERICAN SMELTERS SECURITIES CO.—Dissolved. See Ameri­
can Smelting & Refining Co. below.
AMERICAN SMELTING AND REFINING CO.—ORGANIZATION,
Ac.—Incorp. April 4 1899 under laws of New Jersey; V. 68, p. 668. Owne
and operates plants for the smelling of ores aim the treatment ot lead
bullion, copper bullion and copper matte In Utah. Montana Coloredo,
Nebraska, Illinois, New Jersey, Mexico and elsewhere. The principal mer­
chantable products are bar gold and silver, pig lead, electrolytic oopper and
Olut vitriol. V. 106. p. 1457. Plants rights if stock. Ac.. V. 102 p 1989;
V. 68. p. 1041; V. 84. p. 160; V. 88, p. 1059; V. 93, p. 471. , For status
of mines in Mexico, see V. 108. p. 1159, 2243. During 1919 purchased a
substantial interest in the Premier Mine, in British Columbia, and took
options on several properties in that section. Also completed the acquisi­
tion of over 90% or the Sabinas Coal Co. V. 110, p. 1286. In 1923 sold
its lead mines in Missouri to the St. Joseph Lead Co. V. 117. p. 1888.
Report of investigating committee. V. 114, p. 2244. Agreement withMexican Metallurgical Ce. V. 116, p. 2773; V. 117, p. 210, 1354. Patent;
suit, V. 122, p. 1314.

May, 1926.]

149

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations. &c.. see notes on page 8)
American Smelting & Refining—Common stock $65,000,000
Preferred stock (a & d) 7% cumulative $50,000,000____
1st M Ser A callable at par from Oct 1 '30___ Cec.*&r*
First mortgage Series B callable (text). .. ___ Ce.vvc*&r*
American snulf—Wtucu common Si i 000,000________ .....
f -Preferred (a A di 6% non-cum #4 OOO non ______
American Steel Foundries—Stock 1,000,000 shares auth..
Pref(a&d)stock7%cum non-vut$25mll call 110s.fd.l%____
American Stores Co—Stock common 1,800.000 shares____
American Sugar Refining—Common stock $45,000,000....
Pref stock 7% cum (not pref as to assets) $45,000,000 ...
15-year gold bonds call (text)__________________ kxxxc*

Date
Bonds
.__

1917
____

___
___
___
____
___
1922

Par
Value

Amount
tutstandir o

Rate
%

$U 0 $60,998,000 see texi
10
->0 000 000
7

100 Ac
500 &c
lot
100
None
IOO
None
10i
100
500 &c

40,129,900
9.550.000
1 | .Oim (ini'

3,952,800
902,745 sh.

$8 881 300

1,800.000sh
4 J,OOO.OIM
15.000.00*
30,000,000

5 g
6g
12
6
See text
7
See text
See text
7
6g

When
Payable

Last Divideno Places Where Interest ant
and Maturity
Dividends are Payable

Q—F Mayl lO^O 1%
Q M June 1 1926 114
A & O Apr 1 1947
A & O Anr 1 1947
Q—-J
Apr 1 1926 3%
Q —J Apr 1 1926 1 J4
Nee text
Q—J
Q—M31 Mar 31 26 114
O—
S'e text
Q—J Ju’y 2 26 1J4 7,
O—J July 2 26 1K %
J & J Jan 1 1937

120 Broadway,New York
do
do
Central Un TrCo, N Y
Memphis. Tenn
do

do

Checks mailed
do
Philadelphia
Checks mailed
do
National City Bank, N.Y

The stockholders of the American Smelters Securities Co. on Dec. 14
REPORT.—For 1925, in V. 122, p. 2655, showed:
1922 voted to dissolve the company, all of the common stock and 89% of
Calendar Years—
1925.
1924.
1923.
1922.
the A and B Pref. stock having been acquired by the American Smelting & ♦Earnings
_______
$5,402,378 $5,759,070 $9,031,456 $4,481,846
Refining Co. The outstanding A and B pref. stock of the Securities Co. Deduct—Depreciation...
1,076,733
1,118,459
1,370,391
945,626
still in the hands of the public was entitled to be paid par plus accrued
dividend to the date of dissolution, fixed as of Feb. 1 1923. V. 115, P. 2689.
Net profit from oper’n $4,325,645 $4,640,611 $7,661,065 $3,536,214
524,840
437,044
251,506
552,678
STOCK.—The common stock was increased in 1916-17 from $50,000,000 Miscellaneous income__
to $60,998,000 in connection with the retirement of the remaining $10,Total profits................. $4,850,485 $5,077,655 $7,912,571 $4,088,892
998,000 6% debentures of American Smelters Secur. Co.
180,748
296,616
298,659
307,607
DIVS. I ’09-’ll. '12. ’13-’15. '16. '17. '18. '19-’2O. ’21. ’22. '23. '24. ’25 Net earnings of sub. cos.
_____
_____
17,967
71,420
Oom.%1 4 yly. 4 2-3 4 yly. 5^ 7
6
4 yly. 1
0
2^5 6^ Interest charges, &c___
Paid in 1926: Feb. 1, 1J<%; May 1, 1J4%.
Balance, surplus____ $4,669,737 $4,787,039 $7,595,944 $3,709,866
BONDS.—In Jan 1917 the company arranged to make a first mortgage Preferred divs. (7%)--622,916
626,591
607,341
586,691
bond Issue, limited In amount to the par amount of the full paid preferred Common dividends____ 2,572,823
2,166,588
2,166,588
,836,090
and common shares at any time outstanding, and issuable under suitable
restrictions for Improvements, additions, the acquisition of securities, Ac
Balance, surplus_____$1,473,998 $1,993,860 $4,822,015 $1,287,085
The 1st mtge. Is, directly or through the pledge of securities, a first lien
on all the property, plants and equipment of the company (excepting Its
♦After deducting manufacturing, selling and administrative expenses
holdings in a Peruvian corporation and certain minority Interests and In­ and Federal taxes.
vestments in other companies), and on substantially the entire capita)
Results for 3 Months Ended March 31.
stock of certain subsidiary companies. Also covers such additional real
1923.
1924.
1926.
1925.
property and additional shares of stock and obligations of any existing or Net earns, aft. Fed. taxes $1,482,324
$1,627,700 $1,137,997 $1,883,449
future subsidiary companies as may be acquired with the bonds or their Depreciation__________
320,380
240,890
250.255
296,287
proceeds. V. 104. p. 363; V. 105, p. 608: V. 108. p. 880.
Cr .49,106
income_________ Cr.105,631
Cr.131,851 Cr. 95,028
The Initial $30,000,000 series “A” bonds were offered In Jan. 1917 In Other
of subs., appertaining
exchange for the “B" stock of the American Smelters Securities Co., $ for $. Net
82,848
72,838
to
minority
stock,
&c.
8,024
897,990
These bonds are subject to call on and after Oct. 1 1930, all or part, at par
and Int. Annual sinking fund beginning In 1918, 1 X % of the maximum
Balance,
surplu
s
_____
$1,3
39,041
$1,365,274
$909,933
$1,529,326
amount of bonds at. any time issued. In May 1917 holders of the Securit Ies
Co.’s total uncalled series “A” pref. stock were offered in exchange at par
DIRECTORS.—Charles Miller. R. P. LamontTF E Patterson. K. L
series “A” bonds, plus $7 50 in cash. In Nov. 1921 pref. "A” stockhold­ Ames, W. D. Sargent, Geo. B. Leighton, John M. Harrison, E. F. Goltra,
ers were offered an opportunity to exchange their stock for bonds on or Geo. E. Scott, R. H. Ripley. President, Robert P. Lamont; First Vicebefore Dec. 31 1921. V. 113, p. 2187.
Pres., Geo. E. Scott; Second Vice-Pres., R. H. Ripley; Third V.-P., Warren
In April 1923 $10,000,000 series “B” 6% bonds were sold (V. 116, p. J. Lynch; Fourth V.-P., J. C. Davis; Treas. & Sec., F. E. Patterson; Asst.
1896). Series “B" bonds are redeemable, all or part, on or before April 1 Sec. & Treas., W. Epple; Compt., C. C. Jarchow. Office, Chicago, Ill.
1932 at 1071$% and int., and thereafter at a premium equal to X % fnr —V. 122, p. 2655.)
each 6 months bet ween redemption date and date of maturity. Mortgage
AMERICAN STORES CO—ORGANIZATION.—Incorp. in Dela
provides for annual sinking fund payment equal to 1X% of face value
ef maximum amount of bonds outstanding for purchase or redemption of March 29 1017 Owns 34.700 shares of the 35.000 shares of common
stock ofthe Acme Tea Co., and also the business and assets of the following
bonds at not exceeding 11(1% and int.
chain store companies: Robinson & Crawford, the Bell Co.. Childs Grocery
REPORT.—For 1925, in V. 122, p. 1334, showed:
Co., George M. Dunlap Co and the Mullison Economy Stores. Weekly
Calendar Years—
1925.
1924.
1923.
baking capacity about 2.000.000 loaves and 25 tons of cake. Operates a
Smelting, refining, &c.......................-($26,762,8461 $18,390,081 $16,091,420 chain
of over 1.200 grocery stores in Pennsylvania. New Jersey, Delaware
Mining properties________________ I
/ 3,081,425 3,465.580 and Maryland
. ^Deals in food products, coffees, groceries, meats, &c.
Other income (net)________________ 1,215,781
1,469,423
597,914
STOCK.—The directors on Mar. 15 1922 decided to call for redemption
Gross income___________________ $27,978,626 $22,940,929 $20,154,914 all of the oustanding 1st Pref. and 2d Pref stock on June 1 1922 at office
Administration, &c., expenses_______ $1,576,941 $1,496,834 $1,378,976 of Commercial Trust Co.. Philadelphia, at 115 and div. to the date of re­
1,459,350 demption. V 114, p. 1411. Common stock was increased from 150,000
Taxes (including Federal taxes)_______________ 2,321,746
1,612,369
5,914,562 shares to 300,000 shares in Feb. 1922 and to 1,800,000 shares in March 1923,
6,025,884
Depreciation, &c__________________ 6,300,937
2,477,445 a 700% stock div. being paid June 15 1923.
Bond interest (S. & R. Co.)________ 2,588,241
2,618,851
American Smelting Securities Co.—
$30,029 ” DIVIDENDS.—Initial div."of $1 on common stock pald "Aprill 192$
Preferred A dividend_______________
_____
2,352 same amount paid quar. to April 1922; July 1922 to April 1923 paid $1 75
Preferred B dividend______________
_____
paid 25c. quarterly on increased capitalization; April 1 to Oct. 1 1925,
American Smelting & Refining Co.—
$3,500,000 $3,500,000 paid 40c. quar. On May 1 1924 paid 25c. extra, and on Dec. 1 1925 paid
Preferred dividend________________ $3,500,000
2,287,425
3,202,395
Common dividend_________________ 3,964,870
The directors in Dec. 1925 declared four quarterly dividends of 50c. each
Surplus or deficit_____ ______ ..sur$7,725,890sr$4,484,596sr$3,104,775 payable Jan. 1, April 1, July 1 and Oct. 1 1926 to holders of record Dec. 16
1925, Mar. 16, June 15 and Sept. 15 1926.
OFFICERS.—Pres., Simon Guggenheim: 1st V.-Pres., Francis H. Brow­
REPORT.—For 1924 showed:
nell: Treas., John C. Emison; Sec., George A. Brockington; Comp., Lucius
1Q9Q
1 Q9t9
Calendar Years—
1924.
A. Chapin. Office 120 Broadway, New York.—V. 122, p. 1314.
Gross sales_______________________ $98,178,602 $94,579,851 $85,866,39$
Surplus (after deducting taxes, divs.,
AMERICAN SNUFF CO.—Incorporated in N. J. on Maroh 12 1900
4.020.337
3,215,705
and other adjustments)__________ 3.825.714
Under plan of disintegration of Am Tobaooo Co. (V. 93, p. 1122-4). the
assets remaining were large modern grinding factories at Yorklyn. Del., and
OFFICERS.—Pres., Samuel Robinson; V.-P., Robert H. Crawford;
Clarksville. Tenn , and finishing works at Memphis, Tenn Since disin­ V.-P.
&
Gen.
Mgr.
James
K.
Robinson;
Sec.
&
Asst.
Treas.,
E.
J. Flani­
tegration a new large and modern grinding plant has Deen erected at Mem­
gan; Treas., Wm. M. M. Robinson. Office, Philadelphia. Pa.—(V.phis, Tenn., and the Yorklyn, Del., plant sold.
122, p. 2195.)
LATE DIVS.f '12. '13. ’14. ’15 to 17. ’18. ’19. ’20. ’21 ’22 ’23 '24 "25.
AMERICAN SUGAR REFINING CO. (THE).—ORGANIZATION.—
Common ..„_%( 2J4 12
9 12 yly.
10 12 11 11 12 12 12 12 Organized
In New Jersey In Jan. 1891. For plan, V, 51, p. 609 (see also V.
do extra____ I 3
3 2H ............................
-- -- -- -- 2_
91,
p. 1571)
Holds (see description V. 90 p. 164: V 88, p. 943: V. 104, p.
Also In Dec 1911. 34 4-11% each in com stock of Geo. W. Helme ano ’454'
bv direct ownership, and ownership ot subsidiary companies, re­
Weyman-Bruton companies (V 94 p 280): In July 1913,10% in Amer. To
fineries at Boston, Brooklyn, Baltimore, Chalmette, La., and Philadelphia.
baccoCo pref stock and 4.54% or Amer Cigar Co pref stock (V 96. p
The company s refineries In New Orleans, formerly held In reserve, have
1631). 'In Oct. l9l4. distributed P. I.orlllard Co. and Liggett & Myers been
dismantled. In Nov. 1919 acquired all the capital stock of a Cuban
Tob. pref. stock out of surplus, making .02204 0-11 and .03127 3-11 of a corporation,
Central Cunagua, a raw sugar property in Camaguey Province.
■hare, respectively on each share of common stock. V. 99. p. 676.1676.
Cuba. V. 109, p. 1988: V. 112. p. 1020: V 113, p. 186.
________ _
Paid in 1926: Jan., 3%: April, 3%.
The company’s investments on Dec 31 1925 were carried at $25,393,068.
which
is
said
to
be
much
below
actual
value
They
included
REPORT.—For 1925, in V. 122, p. 1173, showed:
Beet Sug. Co. (minority}— Par val I Beet Sug Cos. (minority)— Par val.
Calendar Years—
1925.
1924.
1923.
1922.
Net earnings.................. *$1,640,158 *$1,858,588 *$2,082,520 *$2,193,955 Michigan 8ug Oo . pref $2.043 81X1 Spreckels Sugar Oo---------- 2.500.000
Common (V. 108. P 93311.437.4001 Waverly Sugar O- com.
300.000
Preferred dividends____
237,168
237,168
237,168
237,168
The company also owns a 25% interest in the National Sugar Refining Oo.
■Common dividends____
1,320,000
1,320,000
1,540,000
1,320,000
a
-04-00
ionn
'ni-an
’
21.
DIVIDENDS
—
(
'91
Balance, surplus..........
$82,990
$301,420
$305,352
$636,787 Common_____________ % < 8
do
extra________ % I . _
♦After deducting Federal taxes.
Pres., Martin J. Condon; Treas., M. E. Finch. Office, Memphis, Tenn.
Divs. on common stock were resumed on Jan. 2 1926 with a payment
of 1 X% nuar . ’bis being ’be first oayment since July 1 1921, when 1 iX%
—(V. 122, p. 1173.)
paid; on April 2 and July 2 1926 paid 1X % quar.
AMERICAN STEEL FOUNDRIES.—ORGANIZATION.—Incorpor­ was
On preferred, in full to July 2 1926.
ated in New Jersey on June 26 1902 V. 79, p. 1463; V 80, p. 224, 602
Bonds.—The 15-year 6% gold bonds due Jan. 1 1937 are callable as a
V. 83, p. 685.1575; V 103, p 495: V 101.p 1373. In July 1919 purchased
most of the $8,755,600 common stock of the Griffin Wheel Oo. In July whole or by lot in amounts of not less t.haD $1.000,000 at 105 If redeemed
1923 acquired the entire outstanding common stock of Damascus Brake on or before Jan. 1 1927 and thereafter at a premium decreasing 1$% for
each full year until and incl. Jan. 1 1931 and thereafter at 10214. V.
Beam Co.
Works located at Chester, Franklin. Sharon and Pittsburgh, Pa.; Granite 113 p 2721
City and East St. Louis, Ill.; Indiana Harbor and Hammond, Ind.; Alliance
REPORT.—For 1925, in V. 122, P 1449, showed:
and Cleveland, Ohio.
1924.
1923.
1922.
Calendar Years—
1925.
y$327,637 y$l,693.070x$10,083,833
Profit
from operation__ $4,477,143
STOCK.—The pref. stock is callable at 110 and divs.; sinking fund
1,644,615
2,955,675 y381,130
■equal to 1% of Issue, began Dec. 31 1920. No mortgage can be created Int. on loans & deposits. 2,989.964
Income from investments
10,549
-----------5,552.488 1,523,008
2,593.049
without the consent of 66 2-3% of this pref. stock. V. 108, p. 2350.
4.542.631
129,068
_____
8,209,380
The stockholders on April 22 1925 changed the authorized common stock Net profit from invest..
_____
1,000,000
from 750,000 shares, par $33 1-3 (722,196 shares outstanding) to 1,000.000 Excess res. former years.
ehares of no par value. Five shares of the new common stock of no par
Total_______ •_____ $7,477,656 $13,119,407 $11,357,724 $11,354,778
value to be issued in exchange for each four shares of the old common stock.
Depr., renew. & replace. 1,000,000
$1,000,000 $1,000,009
DIVS.— ’14. ’15. ’16. ’17. *’18. ’19. '20. ’21. ’22. ’23. ’24. ’25-.26’
Sundry reserves_______
4,542,631
i,8db‘66o
Common..
2
IX 6
7
t9 9
a9
9
9 text
Interest on bonds_____
1,800,000
1,800,000
1,800,009
3,149,98$
Preferred .
. .. 31$ 7. 7
7 7
7
7
3,149,986
Dividends, pref. (7%)_ 3,149,986
3,149.986
Common__________
Paid on common in 1925: Jan., 2X%: April, 2X%: July and Oct., 75
562,498
eents a share on new stock of no par value. Paid in 1926: Jan. 5, 75 cents;
April 15, 75 cents.
Total deductions____ $6,512,484
$4,949,986 $10,492,617 $5,949,986
Balance to surplus____
$965,172 $8,169,421
$865,107 $5,404,787
•Also 21$% in Liberty bonds. LAlso $6 a share payable In stock
« Also 18% in common stock, payable Dec. 30 1922.
x After provision for taxes, y Loss.




150

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 81

Date
Bonds

American Sumatra Tobacco Co—Com stock $25,000,000..
Pref stock (pref. A. & D.) $2,000,000 7% cum call 110.__
Sinking fund convertible gold notes (see text) __
. xc*
(For securities proposed under reorganization plan, see text.)

1920

American lut>»uu co

[Vol. 122.

INDUSTRIAL STOCKS AND BONDS

Cum. sia v A , SdU.ouo.uoo auth.

Oom stock B (non voting) $100.000.000________________ •__
Preferred (a St d) 6% cum. $54,010,600 (see text)______
Gold bonds »not mortgage) $56,100,000 auth. _G.xc*At 1904
Gold bonds (not mortgage)______ ____________ G.xcAr* 1904
Consolidated Tobaoco coll tiust mtge gold_____ Q.xc**] 1901

Rate
When
Last Dividend
Payable and Maturity
%
Aug 1 1921 2%
$100 $14,448,585 See text
100 1,963.500 See text
Sept 1 '21 3)4
100 &c
332,000
7)4 g J&D June 1 1925
50 40,242,400 See text Q—M Junel 1926 4%
50 57.397,200 See text Q—M Junel 1926 4%
Q—J Apr 1 1926 1 h
10( 52,699,700
6
50 &c
A&O Oct 1 1944
285,800
6e
50 Ac I
4 g F A A Aug 1 1951
50 Ac 1 962,100
F&A Aug 11951
4g

Par
Value

DIRECTORS.—Earl D. Babst, Charles Francis Adams, Guy E. Tripp;
Van-Lear Black, albert H. Wiggin, James H. Douglas, Philip Stockton,
Samuel McRoberts, James L. Richards, W. Edward Foster, Fred Mason
and Newcomb Carlton.
OFFICERS.—Chairman, Earl D. Babst; Pres., W. Edward Foster;
V.-P., Ralph S. Stubbs, Fred Mason and Edward A. Weber; Sec., Edwin
T. Gibson; Treas., Arthur B. Wollam; Compt., Henry Edgcumbe. New
York office, 117 Wall St.—(V. 122, p. 1614.)
AMERICAN SUMATRA TOBACCO CO—ORGANIZATION.—Incor
porated in Ga. Feb. 12 1910 and is engaged in the operation of tobacco
plantations, raising, curing, sorting and merchandising of cigar wrapper
tobacco. At organ, acquired the facilities and business In Gadsden County
Fla . and Decatur County. Ga., of eight established tobacco plantation cos
Subsequently purchased Connecticut property; also A. Cohn & Co. V. 108,
p. 2023. Conn. Tobacco Corp., see V. 106, p. 1579. The Griffin Tobacco
Co. was acquired in Oct. 1919 and was subsequently dissolved, its property
having been transferred to this company. V. 119, p. 1628.
The receivers in Sept. 1925 sold property of the company in Hartford,
Conn., for $175,000. V. 121, p. 1350.
RECEIVERSHIP.—Receivers were appointed for the company on May
7 1925 by Federal Judge Goddard in an equity action instituted by Harding,
Tilton & Co., a creditor with a claim of $14,400. The receivers appointed
are former Federal Judge Julius M. Mayer, Robert H. Gay and George W.
Spitzner.—V. 120, p.l 03.
Payment of Indebtedness.—Pursuant to an order of the U. S. District Court
the receivers on June 1 1925 paid 25% of the principal amount of all liqui­
dated indebtedness of the company in respect of which there is no dispute
as to liability or amount. A second payment of 25was made on Aug. 15
1925, a third payment of 15% was made on Dec. 1 1925, a fourth payment of
10% was made on Feb. 1 1926, and a fifth payment of 12)4 % was made on
May 15 1926. V. 120, p. 2946; V. 121, p. 842, 2755: V. 122, p. 350, 2951.
Noteholders’ Protective Committee.—The following have agreed to act as a
committee to represent and protect the interests of the holders of the
Sinking fund convertible 7)4% gold notes: Robert L. Clarkson, Chairman
(V.-Pres. Chase Securities Corp ), New York; Paul Buhlig (V -Pres
Federal Securities Corp ), Chicago; C R Ford (Tucker. Anthony & Co.).
New York; J. Sanford Otis (Asst. V.-Pres. Central Trust Co. of Illinois),
Chicago; John H. Stewart (Hambleton & Co.), New York; A. G. B. Steel
(Graham, Parsons & Co.), New York, with Karl A. Panthen, Sec., 61
Broadway, N. Y. City, and Rushmore, Bisbee & Stern, counsel. Deposi­
tary, Chase Nat. Bank, New York City.
Preferred Stockholders Protective Committee.—The following have consented
to act as a committee to represent and protect the interests of the holders
Of the Preferred stock: Joseph F. Cullman, Jr.. Chairman (Cullman Bros.,
Inc.); Theodore G. Smith (1st V.-Pres. Central Union Trust Co. of New
York); Henry M. Sperry (V.-Pres. First National Bank), Hartford; Maurice
Wertheim (Hallgarten & Co.), with F. Wolfe, Sec., 80 Broadway, N. Y.
City, and Cohen, Coie & Weiss, counsel, 61 Broadway, N. Y. City. De­
positary, Centra] Union Trust Co.. New York.
Preferred Stock Majority Stockholders’ Committee.—The following commit­
tee to represent and jprotect the preferred stockholders was formed in Oct.
1925: Richard L. Morris, Chairman; A. Perry Osborn, Samuel Moffitt,
with Henry F. Whitney, Sec’y, 120 Broadway, New York, and O’Brien,
Boardman, Parker & Fox, counsel, 120 Broadway, New York. Depositary,
Empire Trust Co., New York. V. 121, p. 2159.
Common Stockholders' Protective Committee.—The following have consented
to act as a committee to represent and protect the interests of the holders
of the common stock: E. A. Pierce (Chairman), Stephen C. Millett, Robert
C. Winmill and Edward L. Burrill Jr., with R. F. Brown, Sec’y, 55 Cedar
St., N. Y. City, and Beekman, Bogue, Clark & Griscom, 52 William St.,
N. Y. City, counsel.
Reorganization Plan (V. 122, p. 1766).
The committee (below) acting for holders of common stock has prepared
and adopted a plan for the reorganization of the company. The plan has
also been adopted and approved by the committees acting for holders of the
preferred stock.
Committee.—Edward A. Pierce, Chairman; Stephen C. Millett, Robert
C. Winmill, Edward L. Burrill Jr., with R. F. Brown, Sec., 55 Cedar St.,
and Beekman, Bogue, Clark & Griscom, counsel, 52 William St., N. Y. City.
New Company, Capitalization, &c.
The plan contemplates the organization of a new company to acquire
all or such part of the assets of the present company as the committee shall
determine, such acquisition to be made by or through public or private
sale or in such other manner as the committee may decide.
The new company will have upon the consummation of the reorganization
no funded debt and a capitalization consisting of two classes of stock, pre­
ferred and common, as follows:
Preferred stock (par $100 per share) issued in exchange for pres­
ent preferred stock, par for par__________________________ $1,963,500
Preferred stock (same class) issued for arrears in dividends on
present preferred stock_________________________________
392,700
Total preferred stock___________________________________ $2,356,200
Common stock (no par value)____________________________ 175,000 shs.
Table of Exchange of Old for New Stocks.
■
Receive
Existing Stock—
Shares of Stock of New Co.
For each 100 shs. of pref. stock of the old company
deposited------------------------------------------------- 100 shares preferred stock
and also in adjustment of arrears of dividends
accrued to March 1 1926__________________ 20 shares preferred stock

Making a total of------------------------------------------- 120 shares preferred stock
For each 100 shares of common stock of the old
company deposited, either
Voting Trust Ctfs. for
Option A. Upon payment of a cash assessment
of $7 per share deposited____________________ 110 shares common stock
or
Option B. Without payment of any cash assess’t- 45 shares common stock
Voting Trust.—The common stock will be placed in a voting trust which
will run for five years unless sooner terminated by the voting trustees, but
no such earlier termination shall be made except with the unanimous consent
of the voting trustees unless at the time of such termination there shall be
not more than 15,000 shares of preferred stock outstanding. There are to
be five voting trustees, two of whom designated by the common stockholders’
committee are to be Stephen C. Millett and Robert L. Clarkson, and two
of whom designated by the preferred stockholders’ committee are to be
Richard L. Morris and Joseph F. Cullman, Jr. The fifth voting trustee
will be Seton Porter, who will also be Chairman of the board of directors.
STOCK, &c.—For changes in capital stock prior to June 1920, see “Ry;
St. Ind. Section" for Nov 1920.
The stockholders voted June 1 1920 to increase the common stock from
$15,000,000 to $25,000,000. The directors authorized, subject to the
increase of the common stock by the stockholders, an issue of $6,564,000
Five-Year 7)4% Sinking Fund Conv. gold notes. Convertible from Oct. 1




Amount
Outstanding

Places Where Interest ane
Dividends are Payable

See text
Checks mailed
Checks mailed
i ‘hecks mailed
Guaranty Trust Oo N Y
do
do
do
do

1920 to Dec. 31 1921 into common stock on thebasisof 9)4 shares of stock for
each $1,000 of notes, and thereafter on the basis of 9 shares of stock for
aacn $1,000 of notes. A sinking fund of 5% per annum of the greatest
amount of notes at any time outstanding is provided for. Redeemable
*t 105 and int. during the first year and thereafter to maturity at the
decreasing rate of 1 % per annum. The notes were offered to pref. and
common stockholders of record May 24 1920 for subscription at 98 and int.
The holder of each share of stock was entitled to subscribe to $40, face value,
of notes. (See “Payment of Indebtedness” above.)
The Preferred and Common stockholders of record Aug. 18 1922 were
offered the right to subscribe to 52,900 shares of the Common stock of the
Consolidated Cigar Corp, at $36 per share on the basis of 32-100 of a share
of such stock for each share of stock of the American Sumatra Tobacco Co.,
whether preferred or common. V. 115, p. 990
Divs.—Initial div. on common stock, 1%, Aug. 15 1917; Nov. 1 1917.
I )4%: Feb. 1 1918, 1%%; May 1918, 2%; Aug. 1918 to Feb. 1921. 2)4%
quar.; May 1921, 2%; Aug. 1921, 2%; none since. March 1922 and sub­
sequent divs. on pref. stock have been deferred.

NOTES. &c.—Convertible notes, see under “Stock” above.
REPORT.—For year ended July 31 1924, in V. 119, p. 1730, showed:
Years Ended July 31— 1924.
1923.
1922.
1921.
Gross profits_________ loss$374.014
$18,439 $2,257,682
$498,280
Operating expenses, &c.
373.773
657,388
904,066
724,910

Operating income-loss$747,787 loss$159,108 loss$885.627
$1,532,772
Other income--------------172,212
163.777
110,867
524,441

Grossincome_________ loss$575.575
interest, discount, &c_.
797.869
Inventory adjust., &c_
866,295
Federal taxes, &c_____
_____

$4,669 loss$774,760 $2,057,213
513,269
857,332 1.014.976
_____
l,403,430
_____
_____
_____
75,600

* Net income_____ loss$2,239,741 loss$508.6001oss$3035522
$966,637
* Before providing for depreciation of buildings.
6 Jos. End. Jan. 31—
1925.
1924.
1923.
1922.
Gross profit on sales___
$493,528 loss$72,824
$227,652 loss$675,737
Other income_________
_____
76.366
149,272
47,899
Total income_______
$493,528
$3,542
$376,924 loss$627,838
Operating expenses------104,747
203,082
306,422420.868
Interest, &c_............ ...
102,566
260,565
503,850
468.99ft
Inventory adjustments.
_____
_____
_____
1,403,430
Net profit before depr.
and Federal taxes.. $285,215 loss$460,105 loss$433,348L.$2,921,132
OFFICERS.—Pres., Louis Leopold; V.-P., William A. Tucker and Frank
M Arguimbau: Asst. Treas., Emil Trueb; Asst.. Sec., P. Polumbaum.
Office, 131 Water St., New York.—(V. 122, p. 2951.)
AMERICAN TOBACCO CO. THE)—ORGANIZATION.—A merger
Oct. 19 1904 under New Jersey laws V. 79. p. 1024, 1705; V. 80 p. 168.
On May 29 1911 the U. S. Supreme Court held the ooranany a combination
in violation of the Anti-Trust law (V. 92, p. 1501) and required that various
of Its properties be disposed of. Properties and output remaining after the
aforesaid sale were given in V. 94, p. 280; V. 107, p.1670. For details of
disintegration plan, compare V. 93, p. 1122, 1325, 1557, 1603, 1670.
Owns a majority of the stock of the American Cigar Oo. See separate
statement for that company.
In March 1923 purchased a substantial interest in the Schulte Retail’
Stores Corp. V. 116. p. 1535.
Contract with Tobacco Products Corp. See that company below.
STOCK.—The shareholders voted Jan. 7 1918 to change 500.000 of the
597.576 shares of unissued common stock Into "common shares Class B,“
having tbe same rights to dividends and upon liquidation as any other
shires of common stock, but without any voting rights. On Sept 15 1920
stockholders voted to increase the authorized amount of Common “B"
ttock from $50,000,000 to $100,000,000. V. 111. p. 1185. See under
‘‘Dividends” below.
The stockholders on Nov. 6 1924 voted to change the authorized common
stock from 500,000 shares of $100 par to 1,000,000 shares of $50 par, and
the authorized 1,000,000 shares of common "B” of $100 par to 2.000,00ft
shares of $50 par value. Two shares of the new $50 par value stock wer
Issued in exchange for each share of $100 par value stock held.
The stockholders also voted to change the rights of the holders of th
preferred stock so as to give them two votes for each share held instead o
one vote.
DIVIDENDS.—On common stock since “disintegration” of 1911-1912.
Year—
1912. 1913
1914
1915 to Dec. 1917. 1918-’26.
Regular.casb(%) 7)4
20
20 (text)
20(5%Q.-M.)
text
In 1914 paid. Mar. June and Dec., 5% in cash; Sept. 1914. 5% in 0%
tcrip. paid off Sept. 1 1915. Also Sept. 1912 $20 per share from sale of
certain securities under the disintegration plan, and 2.986% In Amer. Ma­
chine & Foundry Oo. stock, and in March 1913 a similar cash distribution of
$15 per share. V. 95. p. 362. 620; V. 96. p. 421. On April 20 1914 a dis­
tribution was made in restricted B deferred ordinary shares of Imperial
Tob. Co. equaling about 215-240, or about 9-10 of a £1 share. V. 98. d. 841.
The directors In Jan. 1918 decided that for a period the dividends upon
(he common stock should be paid in scrip, bearing interest at rate of
6% per ann., lnt. payable M. & S. and maturing in 3 years from Mar. 1
1918 and redeemable at maturity in cash or common stock “B” at par.
Cash option eliminated beginning March 1 1919. Option to exchange for
stock was extended from March 1 1921. Accordingly paid each quarter
5% In Rcrip March 1 1918 to June 1919.
In Sept, and Dec. 1919 and Mar. and June 1920 paid a quarterly 5% in
cash. V. 109. p. 579; V. 108. p. 682, 975; V. 106. p. 193, 298. 608. 1902.
2452.
The stockholders on May 6 1920 approved the plan of the directors for a
75% stock dividend on common and common stock “B” by the distribution
of authorized but unissued common stock “B“ on Aug. 1 1920. The plan
carried with lt the redemption of the outstanding scrip in exchange for stock,
In order that scrip holders may participate in the stock dividend. Compare
V. 110, p. 1644. On Sept. 1 and Dec. 1 1920 and Mar. 1 1921 paid 3% each
on common and common “B” stock, payable in 8% scrip which was ex­
changed for common “B" stock on March 1 1923. V. Ill, p. 591, 1854.
V. 112, p. 565. June 1921 to Sept. 1924 paid each quarter 3% each on
common and common “B” stock in cash; Dec. 1 1924 to Sept. 1 1925 paid
3)4 % quar.; Dec. 1 1925 paid 4% quar. and 2% extra; Mar. 1 and June 1
1926 pail 4% quar. On Aug. 16 1921 paid 4% % on par value of common
stock of the Mengel Co. to common and common “B” stockholders. V. 113,
p. 296.
REPORT.—For 1925, in V..122, p. 1614, and 1766, showed:
Calendar
Net
Bond
Pref.
Common Balance,Year— Sales.
Income. Int., &c.
Div.
Div.
Surplus.
1925-.- ---------- $$22,288,597 $49,677$3,161,982$16,109,922$2,967,015
1924............. . .......... *20,839,694
54,825 3,161,982 12,202,675 5,420,212
1923.— 138,473,340*17,942,544 134,405 3,161,982 11,470,695 3,175,462
1922--.143,901,445*20,380,840 1,412,371 3,161,982 10,750,533 4,920,740
• After deducting provision for Federal income taxes.

May, 1926.]

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 8]

‘merican Type Founders—Oommon stock $6,000,000 ___
Preferred (a * d) stock 7% oum $4,000,000 red 106_____
Deb gold $1,000,000 s f $20,000 y'ly began Sept 1900.Ba*
Deb gold $2,000,000 red 106 s fd $30,000 y’ly (text)__ G-*
Oeb gold $1.000,000 g call 106 s fd *40,000 yearly____ Q c*
Deb gold $5,000,000 red 105 s f $250,000 yrly___ kxxxc*
Amer Wholesale Corp—Oommon 160,000 shares_________
Preferred (a A d) 7% cum call 110 s I auth $9,000,000 -__
American Window Glass Co—Pref stk $4,000,000 7% cum
American Window Glass Machine—Com stock $13,000,000-.
Preferred a & d stock 7% cumulative $7 000.000_______
American Woolen—Common stock $40,000,000 auth_____
Preferred stock 7% cum (a & d) $60,000,000 auth_______
Shawsheen Mills gold notes (guar) redeemable: text.._ c
Webster Mills 10-yr gold notes (guar p & 1) red text.__ c
American Writing Paper—Common stock.._____ _____ ____

Date
Bonds

1896
1909
,917
1925

1921
1923

Preferred (a & d) stock 7% cumulative $12,500,000_____
New IstM $12,000,000 skfund from Jan 1 1919
call IO5____ ___________ _____________ xxx.OB.c*Ar ,910
Receivers’ certificates_____________________________ ■.__ 1925

Par
Value

Rate
%

When
Payable

$6,000,000 See text Q-J
7
4,000,000
Q—J
458 000
M&N
6g
M&N
750,400
6g
666,000
« g MAN
5,000,000
6g A A O
96 654 shs.
6.555,800
7
Q—J
4.000.000
MAS
7
12,998.600 See text See text
6.999.600
7
Q—J
40.000,000 See text
50.0n0.00f
i
Q—J 15
5,500.000
7g A A O
5,500,000
6b g J A D
9.50O.00I
12.500.000
«
1,000 9.293.000
J A J
700,000
6

Balance for year, surp. $485,299
$463,503
$593,075
$515,976
Six Months Ended Feb. 27—
1926.
1925.
Net profits (est.) after depreciation and Fed’l taxes $610,000
$545,000
OFFICERS.—Pres. & Gen. Mgr., Robert W. Nelson; V.-P., Joseph W
Phinney and Frank B. Berry; V.-P. & Sec., Walter S. Marder; Treas.,
J. Russell Merrick; Asst. Treas., Joseph F. Gillick; Asst. Sec., Wadsworth
A. Parker; Gen. Counsel, Benjamin Kimball. Office, 300 Communipaw
Ave., Jersey City.—(V. 122, p. 2195.)
AMERICAN WHOLESALE CORP.—ORGANIZATION.—lncorp. June
27 1919 in Maryland. Its business started in 1881. Is conducted through
catalogue Instead of salesmen, and comprises nearly everything sold bj
the average department store (except groceries). See V. 109, p. 272
STOCK.—Annual sinking fund for purchase or redemption of Pref. stock
commencing July 1 1920 is to receive 25% of net profits after Pref. divi­
dends, but not less than 3% of the largest amount of Pref. stock at any one
timeoutstanding. Redemption price. $110 and divs. No mortgage with­
out consent of 75% of Pref stock. Initial dividend of 1X% paid on Pref
rtock Oct. 1 1919; to April 1926, 1X% quarterly.
REPORT.—For 1925, in V. 122, p. 484, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Gross sales__________ $28,673,533 $28,561,023 $32,600,408 $30,028,337
Total earnings__________ 1,136,926 1,236,734 2,113,584
1,068,487
Federal taxes (est.)____
143,000
156,000
265,000.
134,000
Preferred dividends____
474,644
503,125
525,707
550,044

Balance, surplus____
$519,282
$577,609 $1,322,876
$384,443
OFFICERS.—Pres., Jacob Epstein; V.-Pres., A. Ray Katz, Sidney
Lansburgh; Sec. & Asst. Treas., Nathan Epstein; Treas. & Asst. Sec.,
Abraham I. Weinberg. Office, Baltimore, Md.—(V. 122, p. 484.)
AMERICAN WINDOW QLASS MACHINE CO.—ORGANIZATION
—lncorp. in N. J. on Mar. 6 1903. V. 76, p. 596. Owns exclusive right*
In certain window-glass machine patents in the U. S. See V. 109, p. 372.
7. 76. p. 596, 707; V. 107.p. 2010. Also owns $12,999,200 of the $13,000.000 com. stock of Amer. Window Glass Co. (V. 107, p. 1668) and leases
patent rights to latter on royalty. In Oct. 1919 accrued royalties had all
been paid and royalty was being paid regularly See V. 109. p. 372. V. 76,
p. 707, 867; V. 77. p. 2282; V. 79. p. 2644; V. 91. p. 1027. Patent
decrees. V. 110. p. 2489: V. 113. d. 2082: V. 114. p. 857.
DIVIDENDS %.— 1919. 1920. 1921. 1922 1923. 1924. 1925
On cum. Pref. stock.. 7
7
7
7
7
7
7
On Common, cash__ ..
-14
7b
6
7
lO
9
Paid on common in 1926; Jan., lb%; April, lb%.
REPORT.—For fiscal year ended Aug. 31 1924 showed:
Sept. 1 ’24 Sept. 1 ’23 Apr. 1 ’22 Year Ended
to
to
to
March 31
Aug. 31’25. Aug. 31 ’24. Aug. 31 ’23.
’21-’22.
Period Ending—
(12 Mos.)
(12 Mos.)
(16 Mos.)
(12 Mos.)
Royalty received________ $1,630,765 $1,419,898 $3,092,634 $1,292,040
Other income__________
19,090
44,670
29,754
5,168
Divs. on A.W.G.Oo.stk.
_____
_____
_____
162,490

$1,464,568 $3,122,388 $1,459,698
$35,628
$45,525
$31,582
141,894
390,249
137,960
489,965
612,450
489,965
1,299,830
974,873
779,898
150,000
_____
_____

Balance, sur. or def-.def$439,425 def$652,749sr$l,099,284 sur$20.293
OFFICERS.—Pres., Wm. L. Monro; V.-P., A. E. Braun; Sec. & Treas.,
E. J. Askey. Office, Farmers Bank Bldg., Pittsburgh, Pa.—(V. 121, p.
2276.)
AMERICAN WOOLEN CO.—ORGANIZATION.—Incorporated in
Mass. Feb. 15 1916 as a reincorporation of the New Jersey company
with the same name and capitalization. In 1899 merged the Washing­
ton Mills, Lawrence, Mass.; National Providence Mills, Providence, R. I.,
See.; see V. 68, p. 472; see also p. 716; V. 69, p. 77; V. 73, p. 446; V. 71,
p. 545 List ofproperties, V. 103, p. 580; V. 78, p. 1118; V. 90. p. 62.
V. 91, p. 1162; V. 71, p. 1316; V. 101, p. 529, 1554, 1715; V. 102, p. 253.
347, 802, 1542. In March 1919 purchased Whitestone Mills, Ellenville,
Conn. V. 108, p. 1276. In Dec. 1921 purchased three mills owned by the
Norwich Woolen Mills Corp, and known as the Norwich Woolen Mills,
the Winchester Woolen Mills, both of Norwich, Conn., and the Vantic
Woolen Mills of Yantic, Conn. In 1923 acquired the Strathmore Worsted




Amount
Outstanding

$100
100
100 Ac
100 &<
100 Ar
1,000
None
1,000
100
10C
100
100
100
1,000
1,000
100
100

DIRECTORS.—Junius Parker (Chairman), George W. Hill (Pres.),
Charles A. Penn, A. C. Mower and A. L. Sylvester (V.-P.), J. E. Lipscomb,
C. S. Keene, Thomas W. Harris, T. T. Harkrader, James H. Perkins,
Donald Geldes, J. E. Archbell, Paul A. Noell, C. F. Neiley (Sec.), Jesse
R. Taylor (Treas.). Office, 111 Fifth Ave., New York.—(V. 122, p. 1766.)
AMERICAN TYPEFOUNDERS CO.—lncorp. In N. J. in 1892 and
acquired the leading type foundries of the United States. Its manufactur­
ing plants are located in Jersey City and Elizabeth, N. J., and Franklin,
Mass. Company has 24 distributing branches In the leading cities In the
United States and 1 in Winnipeg, Canada. In addition to the manufacture
and sale of type, company manufactures and deals in printers' machinery,
materials and supplies. Also owns and manufactures Kelly printing press
Owns all of the common stock of Barnhart Bros. & Spindler, and guaran­
tees $1,250,000 7% 1st pref. (par $100: dividends Q.-F.; also $750,000 7%
2d pref. stock, principal and divs., according to terms of an agreement with
Guaranty Trust Co. of New York dated May 19 1911. V. 92, p. 1501. Also
owns (including the stock held by Barnhart Bros. & Spindler) about 60%
of the common stock of the National Paper & Type Co.
STOCK.—The stockholders on April 25 1923 authorized an Increase Id
the capita) stock from $7.000 000 (consisting of $4,000,000 common and
$3,000,000 pref.) to $10,000,000 (consisting of $6,000,000 common and
$4,000,000 pref.).
The common stockholders of record Jan. 10 1924 were given the right to
subscribe at par ($100) to $2,000,000 additional common stock in the ratio
of one new share for each two shares held.
DIVIDENDS.—On common. Oct. 1898 to Jan. 1923, 1% quar.; Apr
1923 to Oct. 1923 paid 1 b % quar.: Jan. 1924 to Apr. 1925 paid 1 X % quar
July 1925 to April 1926 paid 2% quar. In addition, in Jan. 1902, 6% scrip;
ba April 1903, 3% scrip; April 1909, 2% scrip; May 1913, 2% scrip was
paid; March 1017, 2% scrip, applicable in payment for bonds of 1917.
V. 104, p. 1265.
DEBENTIJ ItES,—Annual sinking fund as follows: Debentures of 1896
$20,000: debentures of 1909. $30,000 (to be increased to $50,000 wher
all 1896 bonds have been retired); debentures of 1917, $40,000; debentures
of 1925, $250,000.
REPORT.—For year ending Aug. 31 1925, in V. 121, p. 2397, showed:
Years Ended Aug. 31— 1924-25.
1923-24.
1922-23.
1921-22.
Net earnings---------------- $1,174,127 $1,010,757
$990,972
$855,218
Common dividend____
408,828
290,493
200.000
160,000
Preferred dividend____
280,000
256,761
179.242
197.897

Total income............ $1,649,855
General expenses______
$48,895
Taxes------------------------250,590
Preferred dividends___
489,965
Common divs. (cash)... 1,299,830
Com. divs. (Lib. bonds).
_____

151

INDUSTRIAL STOCKS AND BONDS

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Apr 15 1926 2% Checks mailed
do
Apr 15 1926 1)4
Bankers Trust Co, N 1
day 1 1926
Guaranty Trust Co. N »
May 1 1939
do
do
May 1 1937
Nat Bank of Comm, N Y
Oct 1 1940

Apr 1 1926 1%
Mar 1 1926 3b
Apr 1 1926 lb
Apr 1 1926 1 X
'uly 15 1924 IX
Apr 15 1926 1X
Oct 1 1931
Dec 1 1933

Central Un Tr Co, N Y
By check from Pittsburgh
Pittsburgh, Pa
do
do
Co’s off, Andover, Mass
Co’s off, Andover, Mass
Brown BrosA Co, NY, Ac
do
do

Apr 1 1913 1% Checks mailed
Jan 1924 interest unpaid

Jan 1939
Jan 1 1927

Mills, of Concord, Mass., the Tilton Mills of Tilton, N. H., the Black
River Mills of Ludlow, Vt., and S. Slater & Sons Woolen Mills of Webster,
Mass. The last named has been renamed the Webster Mills and will be
Improved and extended. A corporation called the Webster Mills has been
organized under Massachusetts laws for the purpose of taking over thisWebster property. All of the capital stock of the corporation is owned by
the company
The Wood Worsted Mill Corporation, which was merged in Sept. 1910,
owned a large mill at South Lawrence, Mass., for the manufacture of yarns
and men’s wear fabrics. V. 81, p. 900 842; V. 84. p. 1054: V. 86, p
599: V. 90, p. 622; V. 91, 0. 522, 1162.
The Ayer Mills (merged Jan. 1 1922), built a yarn mill at South
Lawrence, Mass. V. 88, p. 508; V. 90, p. 622, 701; V. 92, p. 1312; V.
102, p. 888; V. 104, p. 766.
STOCK.-—The stockholders voted May 25 1920 to increase the author­
ized preferred stock from $40,000,000 to $60,000,000, and the common
stock from $20,000,000 to $40,000,000. The additional $20,000,000 com.
stock was offered to stockholders of record June 7 1920 at $100 per share
n the rath of one new share for each three shares of stock held. Stockhold­
ers of record April 20 1923 were given the right to subscribe for $10,000,010
pref. stock at par in the ratio of one share of pref. for each eight sharoa
(whether com. or pref.) held. V. 116, p. 1652.
GUARANTEED NOTES.—The company guarantees, principal and In­
terest, $5,500,000 10-year 7% gold notes of Shawsheen Mills, due Oct. 1
1931, and redeemable as a whole on or after Oct. 1 1926 at 103 and int.
V. 113, p. 1775. Also guarantees, prin. and Int., $5,500,000 10-yr. 6b %
gold notes of Webster Mills, due Dec. 1 1933. and redeemable as a whole or
in part at 103 in 1926, 102)4 in 1927, 102 in 1928, 101)4 in 1929, and 101
thereafter.
DIVIDENDS.—
1916. 1917. 1918. 1919. 1920-23. 1924. 1925.
On common stock________ 3)4
5
5
5)4
7
5)4
do in eq. Liberty bonds.
__
__
15
__
__
__
On pref. stock—July 1899 to April 1926, 7% per annum (IX % Q.-J.).
In Oct. 1919 increased the common dividend from 1)4% quarterly o
1)4%: then to July 1924, 1)4% quarterly; none since.
REPORT.—For 1925, in V. 122, p. 1448, showed:
*1925.
xl924.
xl923.
yl922.
Net profit after taxes... $3,051,065df$4,025,865 $9,326,623 $9,531,926
Preferred dividend____ 3,500,000 3,500,000
3,120,833
2,800,000
Common divs. (cash)__
_____
1,516,667
2,800,000
2,800,000
Subsidiary dividends__
4,750
8,750
--------------Balance, surplus____ def$453,685df$9,051,282
Previous surplus______ 20,808,209 34,087,736

$3,405,790 $3,931,926
32,606,354 31,915,381

Total_________
-$20,354,524 $25,036,454 $36,012,144 $35,847,307
Res’ve restored to surp.Cr.5,071,985 Cr.$9,457 Cr.$250,992 Cr.$36,372
Depreciation__________ 2,101,893
2,918,555
2,666,411
3,277,324

Profit & loss, surplus-$23,324,616 $22,127,356 $33,596,726 $32,606,354
* Includes Shawsheen Mills and Webster mills, x Shawsheen Mills and
Webster Mills omitted, y Shawsheen Mills omitted.
OFFICERS.—Pres., Andrew G. Pierce; V.-P., Frank H. Carpenter;
2d V.-P., Wheaton Kittredge; 3d V.-P., Parry C. Wiggin; Treas., Wm. H.
Dwelly. Office. 1 Federal St., Boston, Mass.—(V. 122, p. 1614.)
AMERICAN WRITINQ PAPER CO.—ORGANIZATION —Incorpor­
ated in New Jersey on June 25 1899 as a consolidation. Has twenty-four
separate manufacturing plants, 15 of these located in Holyoke, Mass., and
the other 9 in Mittineague, Huntington and South Lee, Mass., Man­
chester, Unionville and Windsor Locks, Conn., Franklin and Excello. O
and De Pere, Wise. Departments: Writing and ledger papers, specialties
and covers, books and papeteries and envelope papers. V. 69, p. 25, 128,
227; V. 70, p. 998; V. 80, p. 1172; V. 90. p. 625; V. 92, p. 458. In Feb
1917 important new interests became directors. V. 106, p. 1793.
Receivership.—Pres. 8. L. Willson was appointed receiver on Oct. 5 1923.
V. 117, p. 1558. A protective committee for the preferred and common
stock was formed Sept. 12 1923. of which B. W. Jones (V.-Pres. of Bankers
Trust Co.) Is Chairman. Tne other members are M. C. Branch (Pres, of
Merchants’ National Bank), Richmond, Va,; Murray H. Coggeshall (of
Coggeshall & Hicks), John T. Gillespie (of L. C. Gillespie & Sons?, Percy H.
Johnston (Pres. Chemical National Bank), and Ridley Watts (of Ridley
Watts & Co.). O. O. Cornell, 16 Wall St., N. Y., is Secretary. Bankers
Trust Co., depositary, 16 Wall St.. New York. V. 117, p. 1238,1351.
Foreclosure Suit.—The Old Colony Trust Co., Boston, in Sept. 1924 filed
a bill in equity in the Federal Court at Boston against the company, seeking
to foreclose a mortgage on the company’s property to the amount of $11,870,000. An intervening petition was also filed in the Cincinnati Federal
Court In March 1925.
BONDED DEBT.—Of the $12,000,000 first mtge. sinking fund bonds
Issued, $2,043,000 were in treasury (pledged), $534,000 were in sinking fund
and $130,000 had been retired on Dec. 31 1922.
Interest on the bonds was at the rate of 7% per annum from Jan. 1 1919
to and including Jan. 1 1922; thereafter, 6%.
Sinking fund: An annual 1 % of bonds outstanding, plus: (1) 25% of the
net available surplus earned in any one year, after providing for depreda­
tion, fixed charges, &c., until the amount of bonds outstanding has been
reduced to $10,000,000, par value; and (2) thereafter 15% of such net sur­
plus till the bonds are all retired.
Interest Defaulted.—The interest due Jan. 1 1924 was not paid.
Bondholders' Committee.—George C. Lee, Chairman (Lee, Higginson A
Co.). Boston; Philip Stockton (Old Colony Trust Co.), Boston; A. Willard
Damon (Springfield Fire & Marine Ins. Co.), Springfield, Mass.; Philip R.
Allen (Bird & Son, Inc.), East Walpole, Mass.: H. B. Lake (Ladenburg,
Thalmann & Co.), Otto Marx, New York, with Josiah F. Hill., Sec., 44 State
St., Boston, and Ropes, Gray, Boyden & Perkins, 60 State St., Boston,
counsel.
Depositaries.—Old Colony Trust Co., Boston; Central Union Trust Co.,.
New York; Springfield Safe Deposit & Trust Co., Springfield, Mass.
V. 117, p. 1666. 1889, 2435; V. 118, p. 313.
REPORT.—For calendar year 1922, in V. 116, p. 1414, showed;
Gross Sales.

Net Income.

Bond Int.

Exp., Ac.

Bal. Sur.

1922—-$15,327,720
$151,412
$557,580
$154,212 def$560,389
1921— 12,069,346 lossl,101.457
650,760
192,558 defl,944.775
1920— 34,339,813
3,058,898
650,569
720,656
1,687.673
1919--- 16,936.648
1.790,192
675,047
680.050
435.095
For period from Jan. 1 1923 to Oct. 5 1923, net sales, $11,704,642; net
loss after taxes and depreciation, $843,479; interest and discount on current
obligations, $134,695; interest on bonds (net), $425,929; deficit for period,
$1,404,103.
PREF. DIVS.—June 1908, 2%; 1909, 1%; 1910 to April 1913, 2% yrly
none since. V. 97, p. 367, 446. Accum. pref. divs. to April 1925, about
170 X%.
OFFICERS.—Chairman, Walter T. Rosen. Receiver, S. L. Willson,
Sec.. James T. Robinson; Treas., L. S. Nold. Office, Holyoke, Mass.—
(V. 121, p. 2879.)

153

MISCELLANEOUS COMPANIES
[Far abbreviations. Ac., see notes on page 81

Date
Bonds

American Zinc Lead & Smelting Co—Common stock ..
Pref stock cum 24% (entitled to $100 per share in liquidation'
Granby Mining A Smelting 1st M (closed) assumed cal)
sk fd. $100,000 yearly (V ,04. D 1492. 1486)_______ NC
Silver Dyke Min s f debs (guar p A i) red 105___ .xxxc
Anaconda Copper Mining Co—Stk $300,000,000 auth
Secured gold bonds $50,000,000 Ser A_____ _______ G.yc*
IstconM SerA s f g bds red(t't)$200.000 000 a’th.Gkxxxc*r
Convertible debentures redeemable 1 10._c*
Butte AAPlstMsf call 105 (guar p A i)----- yc*Ar*
Aaglo-American Oil Co--Sloe* £>.000.000 auth--------------Preferred 8% cumulative £5,000 000 auth______ - —
One-year notes.
____ ___________
______________ G
Anglo-Chilean Consolidated Nitrate Corp—See text.

....
101«
1923
1919
1923
,923
1914
1925

When
Last Dividend Places Where Interest and
Bate
Payable and Maturlti
Dividends are Payable
%
$25 $4 828 000 See text
May 1 1917 4%
Nov 1 ,920 6<V Boston Mass
25 2.414 000 See text
Chicago Northern Tr Oa
J A D lune 1926
911,100 5 g
Nat Shawmut Bank, Bos
J A D June 1 1928
500 Ac
330 500
7
Q—M May 24 ’26 1H v ••tiv.:,i • 'tv Bank N Y
5i 150,000,001' 8ee text
Nat City Bk A Gu T.NY
1.000 16. <)33.00b
6 g J A J Jau 1 1929
500 Ac 104.731 000
Nat City Bk AGuTr.NY
F A A Feb 1 1953
6g
500A1 non 50.000.000
7
F A A Feb 1 1938
do
do
Guaranty Tr Oo, N Y
1,000 2,441,000
5g F A A Feb 1 1944
i I £4.000,000 See text See text \4ay27 '26 12)4 itatti TrCo, N Y. Lon.Ao
8
Quar.
£1
8,000,000
4)4 J A J July 15 1926
Par
Value

AMERICAN ZINC, LEAD AND SMELTING CO.—ORGANIZATION
—Incorporated Jan 26 1899 in Maine as a mining and smelting companv
It is also a holding and operating company for certain subsidiaries (V 102
p. 73; V. 104, p. 1486) in Missouri, Tennessee, Wisconsin, Kansas and 111.'nola.

STOCK,.—The pref. shares are entitled to cumul. quar. divs. of $6 per
share Q.-F., or 24% per ann. and are callable at $100 and divs.. and In
liquidation will receive up to that amount. See official statement to N. Y.
Stock Exchange on listing of stock. V. 102, p. 2330, 1164, 69. The total
Stock, common and pref.. Is limited to $7,500,000.
Year—
1907.1910. ’ll 12 13 14-T5.
1916.
’17 ’18-”?5.
Oom.divs... $1.25 $1.50 $2 $2 $1
0
50% in.stk. 8
None
Quarterly dividend on pref shares, 6% each (24% yearly) was palo
Aug. 1 1916 to Nov. 1 1920; none since. V. 112, p. 374, 473.
BONDS.—Granby Rs «l 900 000 Dec. 31 1917; retired 1917-25, $988,900;
balance outstanding $911,100.
Silver Dyke Mining Co. debentures, V. 116, p. 2647.
REPORT.—For 1925, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Operating profit______
$549,691
$426,233
$432,258
$516,313
Interest on bonds, &c
50,865
66,295
59,341
73,075
Balance, surplus____ ’ $498,826
$359,938
$372,917
$443,238
Previous surplus______
1,926,655
1,991,808
2,032,035 x2,010.135
Deduct—Deprec’n and
depletion reserves___
511,067
425,090
413,144
421,338

Total surplus Dec. 31. $1,914,415 $1,926,655 $1,991,808 $2,032,035
3 Mos. End. Mar. 31— 1926.
1325.
1924.
1923.
Net profits before depre­
ciation and depletion. $118,008
$214,298
$67,834
$142,665
OFFICERS.—C. W. Baker, Chairman: William A. Ogg, Pres.; F. W
Batchelder, Sec. & Treas. Office. 55 Congress St., Boston.—(V. 122, p
2501.)

ANACONDA COPPER MINING CO.—ORGANIZATION.—Incor
porated In Montana June 18 1895 and was for many years the leading oper­
ating subsidiary of the Amalgamated Copper Co., a holdin® company dis­
solved in 1916. the Anaconda taking over its assets (V. 100, p. 1594)
Company, together with the companies consolidated, produces copper and
silver, with also a large output of zinc, lead, gold, arsenic and other im
portant metals, besides treating upon a custom basis large quantities of ores
and metals for other producers.
Company’s reduction works at Anaconda, Mont., have a normal output
amounting to 16% of the copper produced in the United States and more
than 9% of the world’s total production. Company’s properties include a
modern copper refinery at Great Falls, Mont., with an average annual
capacity of 216.000.000 lbs. Another refinery, located at Perth Amboy
N. J., with an annual capacity of 450,000,000 lbs., is owned hy the Raritan
Copper Works, all of whose capital stock is owned by the company. Com­
pany operates a rod and wire mill at Great Falls with an annual capacity
of 90,000,000 lbs. of manufactured copper. Its electrolytic zinc plant at
Great Falls has an annual capacity of 130.000,000 lbs. For further de­
tailed description of properties and holdings, see V. 114. p. 74. in connection
with acquisition of American Brass Co.; also V. 116, p. 406; V. 117, p. 1558
The company in Dec. 1921 made an offer to the shareholders of the Amer
lean Brass Co. to acquire not less than 51 % of the stock of said company
and to pay therefor $150 cash, and 3 sh. of the stock of Anaconda for each
share of Brass stock. To provide for part of the payment of the American
Brass Co., the stockholders of the Anaconda company of record Jan. 3
1922 were offered the right to subscribe for 233,125 of the 668,750 unissued
shares of Anaconda company in the ratio of one share of new stock to each
10 shares owned. V. 113, p. 2725. 2822: V. 114, p. 201. In Feb 1922
149,817 out of a total of 150.000 shares of Amer. Brass stock had been de
posited or placed in the controlof the committee for delivery V.114,p 741
In Jan. 1923 the company acquired a majority interest in the Chile
Copper Co. through the purchase of 2.200,000 shares from Guggenheim
Bros, at $35 a share. VT 116. p. 298.
During 1924 the company purchased, for the sum of $3,000,000, all of the
physical property and assets of the Davis-Daly Copper Co.
The company also owns all of the issued stock of the Butte, Anaconda &
Pacific Ry. Co. and guarantees, principal and interest, that company’s
bonds (see table at head of page).
STOCK.—The stockholders on Feb. 26 1923 increased the authorized
capital stock from $150,000,000 to $300,000,000.
DIVS. per 1 ’12. ’13. ’14. ’15. ’16. ’17. ’18. ’19. ’20. ’21-’22. ’23. ’24. ’25
cent..
1 9 12 10
« 14 17 16
9
8 None 4)i 1)S 6
Paid in 1926: Feb. 23, 1)4%; May 24. 1J4%.
BONDS.—Of the ten-year Secured Gold bonds of 1919, $25,000,000 of
Series A were sold in January 1919 to provide for the development of the
South American property and to reimburse the treasury on account of
capital expenditures. These bonds are secured by practically the entire
stock not only of the several South American companies (mining, explora­
tion and railway), but also in the Raritan Copper Works, Int. Smelting Co.,
Int. Lead Ref. Co., Ac. No mortgage can be made without securing these
bonds as a prior lien thereunder. V. 108. p. 81.
The first consol, mtge. Series A sinking fund 6% gold bonds due Feb. 1
1953 are redeemable, all or part, at 105, if redeemable on or before Feb. 1
1933, at 103H thereafter if redeemable on or before Feb. 1 1943. and at
102 thereafter and prior to maturity.
Secured by a direct mortgage lien on ail the plants, real estate and equip­
ment owned by the Anaconda Copper Mining Co. at the date of the execu­
tion of the mortgage and by the pledge thereunder of shares of capital stock
of certain controlled companies, subject to the prior payment of outstanding
Series A 6% 10-year secured gold bonds, due Jan. 1 1929, for the refunding
of which an equal amount of bonds are to be reserved under the First consol.
mtge. Company will specifically pledge with the trustee for the prior se­
curity of bonds issued under the 1st consol, mtge. the following collateral
which, on basis of actual cost, represents a value in excess of $130,000,000:
2,200.000 shares (par $25) representing over 50% of the issued capital stock
of Chile Copper Co.
149,500 shares or more (par $100), representing over 99% of the issued
capital stock of American Brass Co.
297,300 shares (par $20), representing over 25% of the Issued capital
stock of the Inspiration Consolidated Copper Co.
The mortgage will provide for a semi-annual sinking fund beginning
Oct. 1 1923, sufficient to retire all present and future issues ofSeries A bonds
by maturity. Prior to Oct. 1 1928 the semi-annual sinking fund payments
shall be in the amount of $750,000 each and shall be used by the trustee in
the purchase of Series A bonds at or below par, provided that any of such
payments remaining unapplied after the expiration of 60 days in each case
shall be returned to the company.
Beginning Oct. 1 1928, the sinking fund payments shall be cumulative and
sufficient to retire by maturity all Series A bonds outstanding on Oct. 1 1928
and all additional Series A bonds thereafter issued. Such sinking fund pay­
ments shall be applied by the trustee to the purchase or redemption of
Series A bonds at not exceeding the current redemption prices. The com­




[Vol. 122,

INDUSTRIAL STOCKS AND BONDS
Amount
>utstandini

pany shall have the right to deliver bonds to the trustee at par in lieu of
cash

V. llfi. p 298

The 7% convertible debentures due Feb. 1 1938, are convertible at any
time prior to Feb. 1 1933 into the common capital stock of the Anaconda
company, as the same may from time to time be constituted, at the following
rates, based upon the present par value of $50 a share, and at rates propor­
tionate thereto in case of any change in such par value; the first $10,000,000
of debentures to be presented for conversion may be converted at a price of
$53 a share; the next $10,000,000 at a price of $56 a share; the next $10,000,000 at a price of $59 a share; the next $10,000,000 at a price of $62 a
share; and the last $10,000,000 at a price of $65 a share—V 116 p. 298.
The Andes Copper Mining Co., a subsidiary, in 1924 issued $40,000,000
Convertible 7% Debentures, maturing Jan 1 1943. Each $1.000 debenture
is convert ible at any time into 44 shares of stock of Andes Copper Mining
Co
Receipts—
Sales or metals & manu-

1922.
1924.
1923.
$
$
$
L98.698.145 157,657,107 171,282,496 123,501,639
10.593.876
5,989,510
7,232,771
5,973,915

1925.
$

Income from investm’ts,
in sundry companies - - 6,522,991
Sales of mdse, and rev.
from P. S. companies- 3.478,478
Metals & mfd. products
50,645,458

5,692.276

6,386,346

46,078

2,821.285

2,919,180

2,302,039

46,645.598

46,402,343

43,672,793

Total receipts-........... 269.938,947 218,805,776 234,223,136 175,496,462
Disbursements—
Metals in process and on
hand Jan. 1________ 46,645,598 46.402,343 43,672,792 17,817,364
Costof mdse, sold, &C-.
2,457,793 2,171,563 2.433.772 1,584,546
Mfg. exp., incl. selling-. 66.616,862 56,111.300 74,662,321 76,280,221
Mining, &c., expense.— 45,797,717 41.881,198 43,324,427 31,659,050
Ore purchases________ 73,404.146 48,601,217 46,569,193 34,834,516
Adm. exp. & Fed. taxes.
1,939,601 1.893,190
1,147,767 1.842,644
Depreciation, Ac______
5,049,347
4,231,422 3,822,894 2,988,044

Total deductions____ 241,911,065 201,292,233 215,633,167 167,006,384
28,027',883 17,513,543 18,539.969
8,490,078
9,830,294
4,020,344
10,482,519 10,806,001
Exp. during shutdown. _
930,494
9,000,000
9,000,000
2,250,000

$8,545,363
I h e.t • i 11 its.—John It

$4,457,542 def$240,325

It'riii t’ha rin ■ >

<

I-

$3,539,240

ivello iPretr.i, B. B

Thayer (V.-Pres.), Geo. H. Church, Andrew J Miller. Percy A Rocke­
feller Nicholas F. Brady. Charles F. Brooker. A H Melin (Sec. & Treas.).
OFFICE S.—Anaconda , Mont., and 25 Broadway, N. Y.—(V. 122, p.
2641.)
ANGLO-AMERICAN OIL CO.,LTD.—ORGANIZATION Ac.—lncorp.
n England tn 1&88. Markets most ot the oil ot the Standard Ol) Co. of
1 J Id the i’nited Kingdom and is the largest marketing concern there.
Iwns a large number of tank steamers, chiefly used in trade with the United
kingdom
Formerly controlled by Standard Oil Co of N J but segre«ted in ion
See Standard mi ro v g* , oir 700 ■ v 03 o 1390.
In Aug. 1925 purchased from Pan American Petroleum A Transport Co.
the entire outstanding capital stock of the British Mexican Petroleum Co.,
Ltd. V. 121, p. 981.
STOCK.—The stockholders on June 5 1925 approved the payment of a
stock dividend of 33 1-3% on the ordinary shares, increasing the outstanding
ordinary stock to £4.000,000.
The holder of every share warrant was entitled to an allotment of one
bonus share in respect of every 3 ordinary shares comprised in his share
warrant.
DIVIDENDS.— 1916. 1917. 1918-21
1922 1923. 1924
1925.
rtegular i%)........... 15
15
30 v’ly
15
20
20 12)4
Extra (%)
. 5
in
. ................... 33l»stk.
Paid in 1926: Jan. 4, 7)4%; May 27, 12)4%.
REPORT.—For 1924 showed:
Calendar Years—
1924.
1923
1922.
1921.
Prof, (aft .exc.prof .duty) £3,038,021 £2.167.923 £1,928.561 loss £31,838
Depr. (ships, plant, Ac.)
813,942
756.641
745.768
837,466
Int. A prem. on notes
paid off, Ac_________
169.308
369.605
Income A corp tax____
575,000
419.787
435,730
182.609
Loss on steamships sold .
4,912
450.666
Dividends____________
600,000
6O6',666
450.000

Balance, surplus.........
£874,858
£171,888
£297,063df£1,651,908
Office, 36-38 Queen Anne's Gate, London, S. W., England.—(V. 122,
p 2951.)
ANGLO-CHILEAN CONSOLIDATED NITRATE CORP.—lncorp. In
Dec. 1924 under laws of Delaware. The company was formed by the
Guggenheim Bros, interests to consolidate various purchases of nitrate
lands anti nitrate producing properties in Chile. The management is under
the direction and control of the Guggenheim firm.
STOCK.—Common stock (1,756,750 shares) will be largely owned by
Guggenheim Bros. There is also outstan ling £3.600,000 1st mtge. 7%
debenture stock. Secured by a first mortgage on the railroad concessions
and equipment and real properties of the corporation, bearing interest at
the rate of 7%, callable for sinking fund at par, callable in whole on any int.
date at 105. payable Jan. 1 1950. Such issue is re iuced hy an annua, sink­
ing fund of a minimum amount of £150,000 sterling per annum, commencing
Jan. 1 1929. Sinking fund is increased if more than 276,000 tons of nitrate
are produced in a year. The mortgage securing the debenture stock does
not cover any extension to the railroad, or any nitrate grounds or real estate
to be hereafter acquired.
BONDS.—Lehman Brothers, Blair A Co., Inc., and Goldman, Sachs
A Co. have sold at 100 and int. $16,500,000 20-year 7% debenture bonds,
carrying the right to receive common stock at the rate of 7,5 shares for each
$1.000 debenture bond, without cost, on Nov. 1 1926, or earlier at the option
of the company. Dated Nov. 1 1925; due Nov. 1 1945. Denom. $1,000
and $500 c*. Interest payable M. A N. without deduction for any Fed­
eral income tax not in excess of 2%. Prin. an 1 int. payable at Bankers
Trust Co., N. Y. City, trustee. Red. on any int. date for sinking fund
only, on 30 days’ notice, at 105 and int. Red. on any int. date, all or part,
on 60 days’ notice, at 107 )4 and int. Company will agree to refund upon
application within 90 days after payment, as provided in the indenture, the
Penn. 4-mills tax and the Mass, income tax on int. not in excess of 6% per
annum.
Sinking Fund.—As a sinking fund company will agree to retire on Nov. 1
1928 $475,000 of these debenture bonds and a like principal amount semi­
annually on May 1 and Nov. 1 of each year thereafter, to and incl. May 1
1945, by redemption by lot at 105 and int. or by purchase at not exceeding
the sinking fund redemption price. V. 121, p. 2042.

May, 1926.]

MISCELLANEOUS COMPANIES
[For abbreviations, Ac., see notes on page 8]

Archer-Daniels-Midland Co—Stock common 225,000 shs au
Pref (a & d) 7% cum red 115 s f $5,000,000 authorized____
Armour & Co. of Delaware—
Guar pref (a & d) stk 7% cum red 110 auth $100,000,000. .
Pref stock North Amer Prov Co 7% cum $10,000,000 auth.
1st mtge bonds Ser A (guar) red 105_____ CCk.xxxc*&r*
Funded Debt of Morris A Co. (Assumed by North American
First mtge auth $25,000,000 g red 103_____ FC.xc&r
Ten-year s f gold notes $15,000,000 auth red text-.xxxc*
Armour & Co. (of Illinois)—
Common stock Class A $ 150.000.000 auth_______________
Common stock Class B $150,000.000 auth _
__
Preferred stock 7% cumulative $100,000,000 auth_______
Real estate 1st M S5O OOO,000 gold red 102 4-4 . . .xc*&r*
Arnold, Constable Corp.—Stock 225.000 shares auth____
Artloom Corp—Common stock 200,000 shares auth______
Pref (a & d) stock 7% cum red 115 $3,000,000 auth___

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

200,000 shs.
$4,500,000

7

1923
Provisi
1909
1920

None
$100
100
100
100 &c
on Co.)—
1,000
100 &c

.

25
25
10C
1909 1,000 *<
None
None
100

REPORT.—For 1925 showed:
Net operating income_____________________________________ $1,655,479
Other income from interest, discount, &c___________________
158,896

Total income___________________________________________ $1,814,375
Interest--------------------------------------------------------1,380,783
Taxes
60,519
Aniortization of bond discount___________
8,869
1,591
Depreciation, $493,039; depletion, $72,668
565,707
Deficit Dec. 31 1925....... ........................ ......................................
Depletion reserve Dec. 31 1925____________________________

$203,092
72,668

Net deficit Dec. 31 1925________________ ______________ $130,425
OFFICERS.—Pres., E. A. Cappelen Smith. Office, 120 Broadway,
New York.—(V. 122. p. 2951.)
ARCHER-DANIFLS-MIDLAND CO.—ORGANIZATION.—Ineorp. in
Delaware May 2 1923 to take over business and properties of ArcherDaniels Linseed Co. and entire capital stocks of The Toledo Seed & Oil Co.
and Delliwood Elevator Co.. Inc., and in addition the plants of Midland
Linseed Products Co. Production and sale of linseed oil of all varieties,
linseed cake and meal, castor oil and pomace, &c., is the business of the
company. Operates 2 mills at Minneapolis, 1 at Chicago, 3 at Toledo,
1 at Buffalo. 2 plants at Edgewater. N. J., and 1 at St. Paul.
STOCK.—In event of liquidation or winding up, voluntary or involuntary,
pref. stock is entitled to $115 per share. Sinking fund or 3% per annum
of largest amount of pref stock at any ti te outstanding. Pref. has no
voting power except in default of 3 quarterly pref. dividends; until default
is cured, has exclusive voting power. Holders of pref. stock have right to
buy from Company up to May 1 1926 at $50 per share, 1 share of common
for each 2 shares of pref. held.
DIVIDENDS.—Preferred Stock: Initial dividend of 1 % % paid Aug.
1 1923; regularly quarterly since including May 1 1926. Common: None to
date.
REPORT.—For 11 months ended Aug. 31 1925, showed:
*11 Mos. End. —Yrs. End. Sept. 30—
Period—
Aug. 31 '25.
1924.
1923.
Net profit........... ............................ ____ $2,513,517 $1,091,288 x$254.767
Provision for depreciation_________
340.715
355.044
130,113
Provision for Federal tax.....................
272.575
92.031
15.582
Preferred stock dividends___________
339.500
350.000
73.646

Balance, surplus_________________ $1,560,727
$294,214
$35,426
Profit and loss surplus______________ 1.890.367
329,640
35,426
* Fiscal year changed to Aug. 31. x Being the proportion of earnings
lccruing to the company from its incorporation. May 10 1923. to Sept. .30
1923. Company and subsidiary companies report net profits, after depre­
dation and taxes, for the 6 months ended Feb. 28 1926 of $746,470.
OFFICERS.—J. W. Daniels. Chairman; S. M. Arche’-, Pres.; A. F
Berglund, Secy.; L. M. Leffingwell, Treas. Office, Minneapolis, Minn
—(V. 122, p. 1767.)

ARMOUR AND CO. OF DELAWARE.—Incorp. In Delaware Dec. 27
1922 to acquire from Armour & Co. of Illinois certain of its propert ies and as­
sets for the purpose of facilitating the administration and financing of its
business. The properties and assets acquired consist generally of certain
packing houses and cold storage plants, the Armour Fertilizer Works and
various other American subsidiaries, all the South American and Cuban
subsidiaries, plants devoted to the manufacture and distribution of by
products, including the Armour Soap Works, and approximately $23,000,000
of investments. For list, of properties acquired, see V. 116, p. 80; V. 117
p. 1889.
Acquisition of Morris A Co.—J. Ogden Armour, Chairman, on March 28
1923 announced that the acquisition of the business and physical assets of
Morris & Co. by the North American Provision Co., a subsidiary of Armour
& Co. of Del. had been effected.
North American Provision Co.—Capitalized at $10,000,000 7% cum
pref. stock and $30,000,000 common stock, all of which is owned by Armour
& Co. of Del., except $8,600,000 of pref. stock, which was issued to acquire
a like amount of the pref. stock of Armour & Co. required as part of the
purchase price. The funded debt of 4orris & Co. has been assumed by the
North American 1’rovision Co. Compare V. 116. p. 1415, 2887.
STOCK.—The entire $60,000,000 com. stock Is owned by Armour &
Co. of Illinois.
The pref. stock Is guaranteed as to prin. divs. and sinking fund by
Armour & Co of 111 Redeemable all or part at any time at 110 and divs
on 60 days’ notice. On or before Feb. 1 In each year, company shall, out of
its net earnings, after payment of full divs. on the pref. stock, retire at not
exceeding 110 and divs., not less than 1 % of the maximum amount of pref.
stock theretofore issued. For further pref. stock provisions, compare
V. 116, p. 80.
BONDS.—The 1st mtge. 5)4% gold bonds. Series A. are guaranteed,
prin. and int., by Armour & Co. of 111. These bonds, by direct mortgage
of the new company and i hrough t he pledge of 1st mt ge. bonds or ohligat ions
of subsidiaries, will be secured by a first mortgage upon lands, buildings,
machinery, fixed equipment and properties appurtenant thereto, appraised
at sound values exceeding $85,000,000. V. 116, p. 179.
Securities of Morris A Co. (Assumed by North Amer. Provision Co.).
Bonds.—Auth. issue, $25,000,000; First Trust & Sav. Bank and Emil
K. Boisot of Chicago anil the Mercantile Trust Co. of St. Louis, trustees
Annual sinking fund, beginning ,'uly 1 1921, $324,000 (sinking fund was
$200,000 per annum from .Inly 1 191 to July 1 1920).—V. 91, p. 1510,
V. 89, p. 48, 107; V 108. p. 2334.
The 10-year sinking fund gold notes t 11920 are redeemable at 107 during
first three years, 106 during next three years, 105 during next two years,
and 104 during last two years. A sinking fund beginning Sept. 1 1922 will
retire in s. a, installments $5,000,000 before maturity as follows: On Sept. 1
and March 1 of each year from Sept. 1 1922 to and including March 1 1928
$250,000, and on the four following semi-annual dates $500,000 each
V. 111. p. 901.
OFFICERS.—Chairman, J. Ogden Armour; Pres., F. Edson White
1st B.-Pres., Philip D. Armour.—V. 122, p. 484.
ARMOUR AND CO. (OF II LINOIS).—ORGANIZATION.—Incorp.
In Illinois April 14 1900. Owns plants in Chicago, Kansas City, South
Omaha. East St Louis, Fort Wor'h, Tex , S> loseph Mo Denver. Col.,
South St. Paul, Minn., Huron, So. Dak., Fargo, No. Dak., Hamilton,
Can., England and Argentina, incl. packing houses, glue works, soap works,
warehouses, r< frig, stations, tanneries, &c., &c. See applications to list,
V. 90, p. 370, a d V. 95, p. 546, V. 98, p. 1002. In Jan. 1917 acquired four
large tanneries i.i western Pennsylvania. V. 104. p. 75, 2013, 2110. In
Dec. 1923 purchased the soap plant in New York formerly owned by
B. T. Babbitt Co. V. 117, p. 2893.
The consent decree of Feb. 27 1920. by which the Big Five packers of
Chicago, Armour & Co., Swift & Co . Morris & Co., Cudahy Packing Co.
and Wilson^& Co., Inc., were directed to divest themselves of all holdings




153

INDUSTRIAL STOCKS AND BONDS

63.556.900
8,600,000
60.000,000

16,467,000
13,000,000

When
Payable

Q—F

Last Dividend Places Where Interest and
and Maturity Dividends are Payable

May 1 1926 15i

7
Q—J July 1
Q—J
July 1
7
5)4 & J & J Jan 1
4)4 g .1 & J July 1
7)4 g M & 8 Sept 1

50,000.000 See text
50,000.000
59.298.400
Q—J
7
50.000.000
4)4 g .1 & D
202,099 sh
200,000 shs See text Q—J
Q—M
7
2,619,000

1926
1926 1J£
New York or Chicago
1943
New York & Chicago
1939
New York & Chicago
1930

Apr 1 1926 50c

Tuly 1 1926 1%
Farmers L & Tr Co, N Y
Dec 1 1938
July 1 1926 75c.
June 1 1926 1 %

but the meat business under a threat of prosecution under the anti-trust
laws, was suspended indefinitely April 23 1925 by Justice Bailey in the
District of Columbia Supreme Court on motion of the California Co­
operative Canneries.
Compare V. 120, p. 2151,2272: V. 121, p. 463.
It was reported in April 1926 that the Department of Justice isplanning
to begin court proceedings to have restored the consent decree of 1920.
Ou Jan. 14 1920 announcement was made of the formation of the Armour
Leather Co., which would take over the leather and tanning properties of
Armour & Co. Preferred stockholders of Armour & Co. of record Feb. 2
1920 were offered the right to subscribe to the stock of Che leather company.
V 110. p. 263.
Armour & Co. (Ill.) In Dec. 1924 offered to exchange one share of 7%
Preferred stock for each share of Armour Leather Co. Preferred. Armour
& Co. (111.) has a controlling interest in both the Preferred and Common
stocks of Armour Leather Co. and is also the principal creditor as result
of making advances to the company from time to time.—Compare V. 119.
p 3013.
Text of Meat Packers’ Bill, known as the Packers and Stockyards Act of
1921, V. 113, p. 1422; V. 114, p. 2473.
Armour at Co. of Delaware was organized in Dec. 1922 to acquire certain
jf the company’s properties and assets. The entire common stock Is owned
by Armour & Co. (of Illinois). Proceeds of the Issue of $50,000,000 1st
tntge. 20-year 5 44 % guar, gold bonds, Series A. and of $60,000,000 7% guar,
pref stock of the Delaware company were received by Armour & Co. of Ill.
»nd used by It for the retirement or its $59,968,000 7% 10-year conv. gold
notes and its $3,697,200 6% serial conv. gold debentures, for the reduction
■if Its floating debt and for Its other corporate purposes. Compare Armour
k Co of Delaware above and V. 116. p. 179.
STOCK.—The stockholders on July 28 1920 ratified a plan increasing
the authorized capital stock from $160,000,000 to $400,000,000.
The plan provided for an authorized Issue of $300,000,000 Common stock,
livided equally Into class "A” and class “B" stock, and for an increase of
Preferred stock from $60,000,000 to $100,000,000. Holders of the Common
<tock received for each share of Common stock of the par value of $100 held
wo shares of class “A" stock and two shares of class “B” Common stock,
oar value $25 each.
The Class A common stock has preference as to cash dividends up to 8%
over Class B common stock, and after 8% has been paid on Class B stock In
»ny year both classes of common stock will share alike In percentage of
tddltlonal dividends paid during such year. Each share of Class A common
,toek shall be entitled to all the rights of any share of com. stock of the co.
DIVIDENDS.—
1920. 1921-24. 1925.
Class “ A" stock_ ______ __________ _______
4
None
$2
Class “B” stock________________________ _______ __
None
None
Paid in 1926: On class “A” stock, 50 cents quar. on Jan. 2 and April 1.
July dividend was passed.
On preferred, Oct. 1918 to July 1926 1J£% quarterly.
BONDS,—Of the “Real Estate 1st mtge.” 4J^s ($50,000,000 authorized
issue), final $20,000,000 were sold in April 1916. V. 102, p. 1542. They
are subject to call as a whole on any interest day at 102)4 and interest on
12 weeks' notice, and since Dec. 1 1914 in blocks of not less than 10%.
V. 88, p. 1374; V. 104, p. 665.
All of the outstanding 10-year 7% conv. gold notes, dated July 15 1920,
were redeemed at 105 and Int. on April 26 1923. The company also re>
ieemedon June 15 1923 all of the outstanding 6% serial conv. gold debenuree of 19)8 at 100 and Int. V. 116. p. 825.
REPORT.—For 1925, in V. 122, p. 1602, showed;
[Incl. Armour A Co. of III.. Armour A Co. of Del., No. American Provision
Co. and Subsidiaries.]
Calendar Years—
1925.
1924.
1923.
Income........................... ............ ............ $36,213,923 $40,167,497 $38,583,217
Depreciation (bldgs., mach’y & cars) 9,197,017
9,064,575
7,971,703
Interest charges___________________ 12,565.096 12,793,183 14,920,256
8,357,625
Preferred stock dividends_____ ____ 9,247,980 9,293,389
Class A common dividends________
5,000.000
_____

Balance____________ :___________
$203,830
Write-offs and res. against securities.
_____
Previous surplus_________________ 54,807,152

$9,016,349
...........
45,790,803

$7,333,632
1,919,232
40,376,402

Total surplus.................................... .$55,010,982 $54,807,152 $45,790,803
OFFICERS.—Chairman, J. Ogden Armour; Pres., F. Edson White: 1st
V.-P., Philip D. Armour: Treas., Philip L. Reed; Sec. & Compt., William
P. Hemphill. Office. 208 La Salle St.. Chicago, Ill.—(V. 122, p. 2655.)

ARNOLD CONSTABLE CORP.—fncorp. under laws of Delaware In
Sept. 1925 as a merger of Arnold, Constable & Co.. Inc., and M. 1. Stewart
& Co., Inc. (compare plan in V. 121, p. 842). Conducts general department
stores located in New York City.
STOOK.—See table at head of page.
REPORT.—For 7 months ended Jan. 31 1926, showed:
Income Account for 7 Months Ended Jan. 31 1926.
Net sales (incl. leased departments)_________________________ $6,439,344
Expenses, &c., $6,483,788; deprec., $36,251; total___________ 6,520,039
Loss_____________________
$80,695
Other income______________________________________
39,378
Loss____________________________________________________

xFederal taxes_____________________________________________

$41,317

11,277

Net loss_______________________________________________
$52,594
x This provision is made for Federal taxes on profit made by M. I.
Stewart & Co.
Above statement shows consolidated operations of M. I. Stewart & Oo.
and Arnold, Constable & Co., Inc.
OFFICERS.—Pres., Isaac Liberman; Treas., Meyer Liberman; Sec.,
J. A. Dingiran. Office, Fifth Ave. and 4Cth St., New York.—(V. 122,
p. 2655.)
ARTLOOM CORPORATION.—Tncorp. under laws of Pennsylvania
Feb. 24 1925 as a merger and consolidation of Philadelphia Tapestry Mills,
Philadelphia Pile Fabric Mills and Artloom Rug Mills. Manufactures
carpets, rugs and other textile fabrics.
STOCK.—On or before March 1 1926, and in each year thereafter out
of the surplus and net profits, at least 3% of the largest amount in par
value of the Preferred stock that shall have been at any one time issued
and outstanding, shall be acquired by the company by redemption or by
purchase at not exceeding the redemption price.
DIVIDENDS.—An initial dividend of 75 cents per share on the common
tock was paid Oct. 1 1925; same amount paid quar. to July 1 1926.
REPORT.—For calendar y’ars:
Calendar Years—
1925.
1924.
1923.
1922.
et pfots after taxes &
depreciation....... .......... $1,671,546 $1,377,394 $1,167,322 $1,307,393

154

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 8]

Date

Bonds

Art Metal Construction Co—Stock $6,000,000 auth.__
Associated Dry floods Corporation.______
________
Common stock 800,000 shares auth_____________________
1st pref (a & d) stock 6% cum $20,000,000_______________
2d pref (a & d) stock 7% cum $10.000.000_______________
Associated Oil Co—Stock $60 000,000 auth___ —
12-vear eold notes__________________________ AS.y .c*&r * 1923
Atl Q & W 1 SS—Com stock 300,000 shares auth_______
Preferred (a & d) stock $20,000,000 5% non-cum________
Collateral Trust M g red text____________________ Ea.xx 1908
Marine equip trust cert due annually________________G 1921
Bonds of sub, cos. (less amts, in treas., &c.)___ _______ _
Marine Equipment gold bonds due yearly_______________ 1921
1st pref mtge gold bonds due yearly____________________ 1922

Par
Value

Amount

Outstanding

$10 $3,205,700
599.400 shs.
$13,818,700
6.725,500
a56,000,000
22,800.000
199,458 shs.
13,742,900
13,000.000
2,132.000
5,813,000
‘"hood 1,950,000
1,000
720,000
None
$100
100
26
1,000
None
100
600 Sec
1,000

Rate
%

When
Payable

[Vol. 122.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

See text

Q—J Apr 30 1926 2^
Q—F Aug. 2 1926 63c
Q—M Sept.1 1926 1)4
6
Q—M Sept. 1 1926 1?4
7
See text Q—J 25 Apr 26’26 2%
6 g M&S Sept 1 1935
See text
Feb 1 1921, 5%
See text
See text
Jan 1 1959
7* J&J
J&J Tan 15 1934
seml-an. See text
6
M&N To May 6 1931
7g
M&N To May 6 1927
6

See text

Checks mailed
Checks mailed
New York and San Fran
New York
do
Equitable Trust Co. N Y
Guaranty Tr Co. N Y
New York
New York Trust Co, N Y
New York Trust Co NY

a Of which $3,000,316 is in company’s treasury.

OFFICERS.—Pres., Joseph Wasserman; V.-P.. Benjamin Wasserman;
V.-P., John Zimmermann; Sec., Albert Zimmermann: Treas., Charles
Wasserman. Office, Allegheny Ave. & Front St., Philadelphia, Pa.
—(V. 122, p. 2333.)
ART METAL CONSTRUCTION CO—Incorp. March 24 1913 under­
laws of Mass, and acquired the properties and assets of the New York
company of similar name. On May 1 1918 acquired the Crown Metal
Construction Co., since dissolved, and in Nov. 1919 purchased the plant
and machinery of the Steelwhite Co. and in June 1920 the assets, &c., of
the Interior Metal Mfg. Co. Manufactures metal furniture, including
desks, safes and steel filing cabinets; also structural grille work, partitions,
brass railings, library, bank and similar equipment. Plants are located
at Jamestown, N. Y
Dividends Paid Since Organization.

Year—
1913. 1914. 1916-1917. 1918. 1919. 1920. 1921-1925.
Rate (%)....... .......... 6
6
0
10
16 *134$ 10 yrly.
• Also lOft'7 in stock on June 16 1920.
Paid in 1926: Jan. 2, 4%; Jan. 30, 2^%; April 30, 2>$%.
REPORT.—For 1925, in V. 122, p. 2333, showed:
1 999
1924.
1923.
1925.
Net shipments for year. $6,479,272 $6,800,820 $5,705,107 $4,606,384
Less cost goods shipped. 5,713,045
6,379,903
5,202,326
3,918,918

Gross profit___
__
Inventory depreciation.
Adjustments—Cr. _
Taxes... _ _______
Dividends_____
__

$766,227

$420,917

$502,780

$687,466

8,158
99,610
448,798

6,088
54,700
320,570

22,249
69,000
320,570

34,853
90,000
320,570

Balance, surplus____
$225,977
$51,735
$162,598
$311,748
QuarterlEnded March 31—
1924.
1926.
1925.
Shipments________________________ $2,084,484 $1,567,045 $1,901,546
Cost of goods shipped_____________ 1,804,504
1,394,167
1,729,940
Estimated taxes
. _ __ .
29,000
38,000
21,000
Dividends__
________________
80,143
80,143
80,143
F
Available for surplus _ _
$161,838
$62,462
$71,735
OFFICERS.—Pres., Henry K. Smith; V.-P. & Gen. Mgr., Algot J .IELarson; Sec. & Treas., H. T. Swanson. Office, Jamestown, N. Y.—(V.
122, p. 2655.1

ASSOCIATED DRY GOODS CORP.—ORGANIZATION—Incorp,
in Virginia May 24 1916 and in Aug. 1916 succeeded, per plan in V. 102,
p. 69, 64, to all the properties of the Associated Merchants Co. and United
Dry Goods Co., viz. (V. 103, p. 1412): (a) Retail dry goods stores wholly
owned, with net tangible assets valued Dec. 31 1925 at $26,665,427, viz.,
James McCreery & Co., New York; Hahne & Co., Newark, N. J.; Stewart
& Co., Baltimore; Wm. Hengerer Co., Buffalo; Powers Mercantile Co.,
Minneapolis; J. N. Adam & Co., Buffalo; Stewart Dry Goods Co., Louis­
ville, Ky. (6) Adrico Realty Co., owning equity in McCreery real estate.
West 34th St., N. Y., $1,600,000. (c) Other investments now including
Lord & Taylor, 1st pref. stock, 21,565 shares; 2d pref. stock, 16,275 shares;
common stock, 25,929 shares; C. G. Gunther’s Sons, 200 shares common
stock; Surety Coupon Co., all capital securities, $200,000; Associated Dry
Goods Corp, of N. Y., all capital securities, $25,000.
The aforesaid seven retail dry goods companies, whose capital securities
are wholly owned, had on Dec. 31 1925 tangible assets, $31,206,773, liabili­
ties, $4,541,346; net assets, $26,665,427.
CAPITALIZATION.—The stockholders on May 18 1925 voted to
change the authorized common stock from 200,000 shares, par $100, to
800,000 shares of no par value. Four shares of such stock without par value
were issued for each outstanding share of common stock, par $100.
DIVIDENDS.—Dividends of 14$% were paid on the 1st pref. stock
Dec. 1 1917 quar to Sept. 1 1926. On 2d pref. stock (No. 1), lk% Mar. 1
1918. quar. to Sept.l l926. On com., initial div. of 1 % paid May 1 1920
same amount paid quar. to Nov. 1 1923; paid 14$% quar. from Feb. 1
1924 to May 1 1925; on Aug. 1 1925 paid 63 cents and on Nov 2 1925 paid
62 cents per share on new stock of no par value. Paid in 1926: Feb. 1,
62 cents; May 1, 62 cents; Aug. 2, 63 cents.
REPORT.—For 1925 showed:
1925.
1924
1923
1922
Total profits----------------- $4,969,804 $4,939,963 $4,576,339 $4,234,953
Net curr. prof, (after de­
duc .res .for Fed. taxes)
4,134,941 4,262,865
3,975,406 3,760,695
First preferred dividend829,122
829,122
829,122
829,122
Second preferred div___
470,785
570,785
470,785
470,785
Common dividends------- 1,123,875
749,250
599,400
599,400
Divs. on treasury stock.
Cr.3,071
Cr.2,821
Cr.2,721
Cr.2,721

Balance, surplus------- $1,714,230 $2,216,529 $2,078,820 $1,864,109
OFFICERS.—Pres., Samuel W. Reyburn; V.-Ps., Charles A. Gould and
C. P. Perris; Sec., P. G. Holt.—(V. 122, p. 1459.)
ASSOCIATED OIL CO.—ORGANIZATION.—Incorp, in Cal. Oct. 7
1901. The company has 25 strings of tools in operation in California,
Texas and Alaska, of which 14 are being operated on leases held jointly
with Pacific Oil Co.
Also stockholdings in Associated Pipe Line Co.,
California Coast Oil Co., Pantheon Oil Co,, Pioneer-Midway Oil Co.,
Consolidated, Reward Oil Co., Sterling Oil & Dev. Co., The Coalinga Unity
Oil Co., West Coast Oil Co., Associated Supply Co. and Miley-Keck Oil
Co. The Amalgamated Oil Co. was merged in Dec. 1923.
STOOK.—The stockholders on July 19 1923 increased the authorized
capital stock from $40,000,000 to $60,000,000 and reduced the par value
of the shares from $100 to $25. In Aug. 1923 stockholders were offered
$10,000,000 stock at par ($25) on a pro rata basis
Exchange of Stock.—The Tide Water Associated Oil Co. (see statement
below) inMarch 1926 offered to the holders of the capital stock of Associated
Oil Co. to acquire their stock in exchange for stock of Tide Water Associated
Oil Co. on the basis of 1-3 of a share of Tide Water Associated Oil Co.’s 6%
cum. pref. stock (par $100) and 1 share of Tide Water Associated Oil Co.’s
com. stock without par value, for each share of Associated Oil Co. stock so
exchanged. An alternative offer was made by a syndicate formed by Blair &
Co., Inc., and Chase Securities Corp., to holders of the capital stock of Asso­
ciated Oil Co. to purchase their stock for cash at $58 50 per share.
DIVS.— 1906. 1907. ’08-T2. T3-T4. 1915. T6. T7-19 ’20-’24
’25.
Percent—1)4% None. 3 yrly. 44$
4 5yrly. 6yrly.
7
Paid in 1926: Jan., 2%; April, 2%.
BONDS.—All the outstanding first and refunding mortgage 5% bond*
due 1930 were redeemed on Jan. 15 1924 at par and Interest.
NOTES..The $24,000,000 12-year 6% gold notes were offered in Aug
1923 (V. 117, p. 1019). On Sept. 1 1925 and semi-annually thereafter until
all of the notes shall have been retired, company will provide a sinking fund
of $1.200,000, or such greater amount as the company shall determine, to be
used to retire the notes, by purchases in the market if obtainable at not
exceeding 10244 and interest, or to the extent not so obtainable, by redemp­
tion at that price.upon the next interest date.




REPORT.—For 1925, in V. 122, p. 2185, showed:
Calendar Years—
xl925.
xl924.
xl923.
1922.
Operating income_____ $78,022,133 $69,859,166 $66,093,690 $36,776,769
Divs., int., &c., received 1,651,111
1,670,291
1,173,302
1,086,520
Total receipts_______ $79,673,244 $71,529,457 $67,266,992 $37,863,290
Dp.tf.1l.Ct. totis

Operating expenses____ $61,163,525 $57,159,952 $53,973,561 $29,405,712
Taxes________________ 1,854,779
1,511,647
1,038,287
877,968
Interest on funded debt.
1,435,488 1,440,000
613,276
340,394
Miscellaneous interest..
_
179,266
923,655
142,973
Other items___________
_____
_____
71
562
Disc, on notes sold, &c_.
174,492
182,738
55,125
43,288
Depreciation & depletion
4,579,710 4,650,524
4,712,334 2,861,826
Dividends_________ (7%)4,200,000 (6)3,360,000 (6)2,632,672 (6)2,385,345
Total deductions____ $73,407,994 $68,484,127 $63,948,981 $36,058,067
Surplus for year_______ $6,265,250 $3,045,330 $3,318,011 $1,805,223
x Exclusive of Amalgamated Oil Co.
OFFICERS.—Pres., Paul Shoup; Exec. V.-P.. A. O. McLaughlin; V.-P.
E. B. Henderson. L. J. King and J. H. Lewis: V.-P. & Treas.. W. A. Sloan;
Sec., P. G. Williams. Office, Association Oil Bldg., San Francisco.—(V.
122, p. 2333.)
ATLANTIC GULF AND WEST INDIES STEAMSHIP LINES.—
Incorp, in Maine Nov. 25 1908 as successor of the Consolidated SS. Lines
(V. 87, p. 287, 1013, 1090), and owns nearly all the stock of the Clyde,
New York & Cuba Mail SS. Co., and all of the Stock of the New York &
Porto Rico SS. Co., Mallory SS. Co. and the Southern SS. Co. Also con­
trols a number of smaller companies. On Dec. 31 1923 a receiver was
appointed for the New York & Cuba Mail SS. Co. Receivership ter­
minated in 1925. SeeV. 118, p. 92, 440, 560; V. 119, p. 462; V. 121, p. 334.
In Dec. 1925 owned 81 ships.
The Atlantic Gulf Oil Corp, of Virginia, of which the company owns
53 4$ %. owns or controls several producing wells in Mexico located about 75
miles south of Tampico. Compare V. 111. p. 601; V 118 p 2152
In June 1925 company took over management of Colombia Syndicate.
Owns 617,000 shares of total of 2,550,000 shares, outstanding.
Tbe Clyde Steamship Co , early in 1U20. acquired oy purchase the steam«hip interests of Edw M Raporel & Co Inc V. 110, P- 766
STOOK.—The stockholders on Aug. 24 1925 changed the common stock
from shares of $100 par value to shares of no par value and also increased
the authorized common stock to 300,000 shares Common stockholders
of record Aug. 28 1925 were offered for subscription 49,878 shares of no
par value common stock at $40 per share in the ratio of one share for each
three shares held. V. 121. p. 1105.

DIVIDENDS.—On pref. stock No. 1. Apr. 10 1916. 1%; July 1. 1%.
ip Oct. 1916 a dividend of 1X% was paid. Including iffy for tbe Apr.
and 4$ % for the July dividends, thus placing the pref. on a 5% basis; Jan.
I 1917 to Jan. 1 1920. both lncl. 6% per ann. (14$% quar.) V. 108. p. 881.
In Mar. 1920 declared 6%, payable In quarterly installments, Apr. 1.
July 1 and Oct. 1 1920 and Jan. 1 1921; none since. V. 112, p. 1869.
An Initial dividend of 5% was paid Feb. 1 1917 on the common stock
'ng. 1917 5% and 1% to Red Cross; Feb. 1918 to Feb. 1921,5% semi-ann.
none since.
BONDS.—The auth. issue of collateral trust 5% gold bonds is $15,000.000. The $2,000,000 unissued can only be put out on vote of 66 2-3% of
pref. stock. Redeemable at 105 and int. on any date by lot No foreclos­
ure proceedings can be brought for default in int. for less than 2 years.
V. 88, p. 160. All coupons free of Federal Income tax.
The stockholders on May 23 1922 authorized the creation of $1,800,000
6% 5-year gold bonds and a, first preferred trust indenture of mortgage upon
the steel tank steamships Agwlstone and Agwlsmith. in order to finance the
balance due the builders for the construction of the steamships. V 114.
p. 2245, 2363.
Bonds of Sub. Companies, $5,813,000.
Outstanding. Maturity.
Int.
b Clyde SS. Terminal Co. 1st M..6 A&O $343,000 Oct. 1 1934 (V.Ol.p.1887)
cN.Y.&PortoRlcoSS.Co.1stM..5 M&N 1.284.000 May 1 1932 (V.88,p 235)
b Carolina Terminal Co. 1st M.__ 5 M&N
460,000 Nov 1 1937 (V.95.P.1748)
c Mallory SS. Co. 1st M.................. 5 J&J 1,931.000 Jan. 1 1932 (V.83,p. 194)
Atlantic Gulf Oil Corp. 2d Mtge__ 6 J&D 1,500,000 June 1 1929
c Clyde SS. Co. 1st M...................... 5 F&A 1,790.000 Feb. 1 1931 (V.82,p. 807)

b Callable at 105

c Callable at 110

REPORT.—For 1925, in V. 122, p. 2802, showed:
Calendar Years—■
xl925.
yl924.
yl923.
Operating revenue_________________ $33,997,631 $27,714,302 $25,288,202
Total operating expenses__________ 29,994,689 24,351,959 23,417,112
Net operating income_____________ $4,002,942
Other income_____________________
227,120

$3,362,343 $1,871,089
401,302
462,688

Gross income____________________ $4,230,062
Interest, rentals, &c______________
2,358,563

$3,763,645 $2,333,778
2,408,804 2,475,127

Net income for year______________ $1,871,498 $1,354,840 def$141,349
x Includes the operations of the New York & Cuba Mail SS. Co. for four
months, y Excluding operations of New York & Cuba Mail SS. Co.
Month of February-2 Mos. to Feb. 28Period—
1926.
1926.
1925.
1925.
Operating revenues____ $3,298,336
$2,672,274 $6,807,206 $4,939,608
Net after depreciation.
445,652
70,864
705,917
174,335
Gross income_________
464,776
268,521
116,980
744,179
Interest, rents and taxes
243,365
184,115
490,988
379,649
Net income_________ def$126,384
$280,661 def$222,467
$364,531
OFFICERS.—Chairman, Galen L. Stone; Pres., F. D. Mooney; V.-P.,
R. F. Hoyt; V.-P. & Sec., J. G. Gredler; Treas., R. C. MacBain. Office,
25 Broadway, N. Y.—(V. 122, p. 2802.)
ATLANTIC REFINING CO. (THE).—ORGANIZATION. &c.—In­
corp. in Pennsylvania in 1870. Has refining plants at Philadelphia, Frank­
lin and Pittsburgh, Pa., and Brunswick, Ga. Also owns an extensive sys­
tem of sales stations, warehouses and storage plants throughout Pa. and Dei.
with gasoline and motor oil stations in New England States; a fleet of 14
tank steamers. &c. Formerly controlled by Standard Oil Co of N. J
bu i segregated in 1911. Suit brought hv stockholders of Superior Oil
Corp., V. 119, p. 200, 328; V. 122, p. 2656.
The subsidiaries of the company are; ;l) Atlantic Oil Shipping Co
which operates storage and shipping facilities in Mexico through an interest
in the Producers Terminal Corp., which in turn owns the entire stock o'
Cia Terminal de Productores, S. A.; (2) Atlantic Oil Producing Co., operat
lng producing properties In Texas, Okla., Kansas and Kentucky; this sub­
sidiary owns 50% of the com. and pref. stock of Atlantic Lobos Oil Co.; is
also interested in the Gulf Coast Oil Corp., the Panuco-Boston Oil Oo. and
the Superior Oil Corp.; (3) Atlantic Refining & Asphalt Corp.; (4) A. R. Co
of Brazil.

May, 1926.]

MISCELLANEOUS COMPANIES

IFor abbreviations, &c., see notes on page 81

Date
Bonds

Atlantic Refining Co (The)—Stock $50,000,000 auth.. Eq
Pref (a & d) stk 7% cum $20,000,000 non-vot call text. Eq
15-year gold debentures______________________ Eqkxxxc*
Serial gold notes red (see text)_______
_________Eq.kc*
Marine equipment notes due $90,000 annually__________
do
do
due $90,000 annually____________
do
do
due $68,667 annually___________
Mortgage on real estate purchased________ ____________
Atlas Powder Co—Common stock 506,000 shares auth____
Preferred stock (a A d) 6% cum,$10,000,000 (see text)__
Atlas Tack Corp—Stock 100,000 shares authorized______
Austin Nichols & Co, Inc—Com stock 150,000 shares___
Preferred stock 7% cum $15,000,000 call 115 sinking fund
Auto Knitter Hosieiy Co, Inc—Stk 150,000 shs auth_____
Autosales Corp—Oom auth $4,500,000__________________
Pref (a & d) stock 6% non-cum partic auth $3,000,000___
Weighing & Sales Co sinking fund 5s_______________ .EM

1922
1924
1923
1923
1923
1922

....
——

1911

Par
Value

Net income from oper. 19,106,579
Other income_________
1,273,538

16,483,803
1,126,906

11,248,757
1,202,926

16,346,875
1,080,178

Profit before Fed.taxes
Interest on funded debt.
Depreciation & depletion
Inventory adjustment-.
Insurance & other reserve
Res’ve for Fed. tax (est.)

17,610,709
1,034,250
9,010,226
1,410,744

12,451,683
783,608
7,656,500
2,233,930
986,433
45,577

17,427,053
864,495
7,860,365

20,380,117
1,249,222
9,226,335
730,179
957,231
1,050,000

Amount
Outstanding

Kate
%

When
Payable

Last Dividend Places Where Interest an«
and Maturitv
Dividends are Payabte

$100 $50,000,000 See text
June 16 ’24 1% Equitable Trust Oo, N V
do
do
Q—F May 1 1926 1%
100 20,000.000
7
r & j luly 1 1937
do
do
ion Ac 15.000.000
5g
do
do
1,000 8,533.000
4^ g j&j July ’26-Jan ’28
Fidelity Trust Co, Phila
90,000
5
M & S28 To 1926
90,000
do
do
A & O 6 To 1926
5
U S Shipping Board
J & J 19 To 1926
5
68.667
P S F & T Co, Pittsb’gh
6
A & O 25 Apr 25 1927
150,000
Q—M June 10 1926 $1
None 261,438 sh.
$4
Q—F May 1 1926 1^
6
100 9,000,000
95,000 shs. See text Text Nov 1 1920 75c. Checks mailed
None
150,000 shs
7
Q—F May 1 1926 1?4 By check
100 4.544.500
Checks mailed
$3
See text
None 100,000 shs
None
50 4,029,569
50 2,886,514 See text Q—M See text
J & D June 1 1931
Empire Trust Co, N T
5
100 &c
70,007

STOCK.—The shareholders voted Oct. 6 1919 to Increase the auth. com
stock from $5,000,000 to $50,000,000, and to create $20,000,000 7% cum
(non-voting) Pref. stock. This last having been underwritten, was offeree
for subscription at par on or before Nov. 1 1919 to shareholders of record
Oct. 6 1919. A 900% stock div. on the common stock was paid in Dec
1922. V. 115, p. 2480. Pref. stock is redeemable as a whole at 115.
Dividends on common stock Dec. 1914 to Dec. 1922, 5% quar. Od
Dec. 20 1922 paid 900% in common stock. V. 115, p. 2480. March If
1923 to June 16 1924 paid 1 % quar. on increased capitalization; none since.
Initial div. of 1 % % on pref. paid Feb. 2 1920; same amount paid quar. to
May 1 1926.
NOTES.—The $15,000,000 4>4% serial gold notes are due as follows
$4,000,000 July 1 1926, $4,000,000 Jan. 1 1927, $4,000,000 July 1 1927
and $3,000,000 Jan. 1 1928. Redeemable in whole or in lots of not less
than $500,000 on 30 days’ prior notice as follows: On July 1 1926, on a
4.30?? basis; on Jan. 1 1927, on a 4.35% basis, and on July 1 1927, on a
4.40% basis V. 119. p. 77. ■
REPORT.—For 1925, in V. 122, p. 2333, showed:
1925.
1924.
1923.
1922.
$
$
$
$
Gross income_________ 137,849,719 124,283,374 117,624,931 116,507,586
Raw materials, operating
and general expenses.118,743,140 107,799,571 106,376,174 100,160,711

1,056?531
570,000

Balance, surplus____ $7,167,150 $4,698,374
$835,634 $7,075,662
Previous surplus----------- 22,661,879 20,695,166 21,148,447 61,427,899
Deficit of subsidiaries. .
(x)
(x)
(x)
(x)

Total surplus------------ 29,829,029 25,393,540 21,984,081 68,503,561
Preferred divs. (7%)... 1,401,050 1,400,000
1,400,000
1,400,350
Common dividends____
_____ (2)1,000,350(4)2,000,000(20)1000,000
Stk. div. on com.(900%)
_____
_____
_____ 45,000,000
Adjustment prev. years. Dr.894? 234 Dr.33’l,310Cr.2,lll,685 Cr.45’,235
P. & L. sur. Dec. 31.x. 27,533,745 22,661,879 20,695,166 21,148,447
x Deficit of minority interest in 1925 amounted to $100,116, without
which the profit and loss surplus would total $27,633,861, and in 1924
deficit of minority interest amounted to $125,003, and in 1923, $181,546,
and in 1922, $171,173.
OFFICERS.—Pres . J W. Van Dyke; Sec., Wm. M. O’Connor; Treas
Albert Hill. Office, 260 South Broad St., Philadelphia, Pa.—(V. 122, p.
2 656.1
ATLAS POWDER CO.—ORGANIZATION.—lncorp. Oct. 18 1912 ti»
Delaware, pursuant to decree of court in suit of United States of America
vs. E. I. du Pont de Nemours Powder Oo. Commenced business Jan. 1
1913, having taken over a number of the plants and a portion of the business
of E. I. du Pont de Nemours Powder Co. The nature of the company’^
business is the manufacture, storage and sale of explosives and blasting
supplies and allied chemicals.
SUBSIDIARY COMPANIES.—The company owns the entire issued
capital stock of the following corporations: The Giant Powder Co., Con­
solidated. a California corporation, engaged in the manufacture, storagt
and sale of explosives; Richards & Co., Inc., a Connecticut corporation
engaged in the manufacture of leather cloth, lacquers and lacquer enamels
The Zapon Co., engaged in the sale of lacquers and lacquer enamels and
leather cloth, and the G. R. McAbee Powder & Oil Co., Pittsburgh, Pa.
CAPITAL STOOK.—The stockholders voted June 13 1923 to create
500,000 shares of com. stock without par value, of which 450,060 shares
shall be voting com. stock and 50,000 shares will be non-voting com. stock,
In lieu of the old 100,000 shares of com. stock, par $100, of which 90,000
shares were voting com. stock and 10,000 shares non-voting com. stock. The
com. stock (par $100) outstanding was changed into shares of com. stock
without par value, in the ratio of 3 shares of voting com. stock without par
value for each share of voting com. stock (par $100), and 3 shares of non-votIng com. stock without par value for each share of non-voting com. stock
(par $100). The pref. stock Is preferred as to assets and dividends and is
redeemable In whole or in part on Aug. 1 1925 or on any Aug. 1 thereafter
at 110 plus accrued dividends.
DIVS. ON OLD OOM. ’13. ’14. ’15. '16. ’17. ’18. ’19. ’20. ’21. '22. ’23
Percent............................ 1^ 6 11X 25 26 21 12 *12 12 12 a6
♦Also paid 10% in stock in 1920.
a On new stock of no par value paid $1 quar. from Sept. 11 1923 to
June 19 1926.
REPORT.—For 1925, in V. 122, p. 741, showed
Net
Net
Preferred
Common
Balance,
Cal. Year—
Sales.
Income. Dividends. Dividends. Surplus.
1925 _________ $20,588,981 $2,130,535 $540,000 $1,045,722 $544,813
1924 _________ 19,462,295 1,609,949
540,000
1,045,644
24,305
1923 .................. 19,616,170 2,296,271
540.000
710.924
1,045,347
1922.................. 16,723,735 2,006,663
540.000
852.882
613.781
OFFICERS.—Pres.. W. J. Webster; V.-Ps., J. F. Van Lear. W. A Lay
field and Leonard Richards Jr.; Sec.-Treas., Leland Lyon. General office
Wilmington, Del.—(V. 122, p. 741.)
ATLAS TACK CORP.—Organ, in N. Y. on Jan. 30 1920 and is engaged
In the business of manufacturing, buying, selling and generally dealing Id
all kinds and varieties of tacks, brads, rivets, eyelets and other wares
manufactured from metals or alloys. Main factory at Fairhaven, Mass.;
branch at St. Louis, Mo.
CAPITAL STOOK.—Auth., 100.000 shares; outstanding, 95.000 shares
no par value.
DIVS.—Quarterly divs. of 75 cents per share were paid In May, Aug., and
Nov. 1920; none since.
REPORT.—For 1925, in V. 122, p 1459, showed:
Calendar Years—
1925.
1922.
1924.
1923.
Net sales____________ $2,252,290
2,145,218 $2,235,240 $2,367,237
Quarters Ended March 31—
1926.
1925.
1924.
Net inc. after charges but before taxes
$21,567
$43,805 def$49,997
OFFICERS.—Wm. F. Donovan, Pres.; W. E. Maxson, Vice-Pres.;
Chas. F. Holnrook, Treas.; Ralph Hornblower, Sec. Office, 140 Nassau
St., New York.—(V. 122, p. 2656.)
AUSTIN, NICHOLS & CO., INC.—ORGANIZATION.—lncorp. In
Virginia, Aug. 23 1919, succeeding company of same name, lncorp. in New
York, in 1912. Business established about 1855. In Aug. 1919 acquired
(a) the entire capital stock of the Fame Canning Co., owning eight vegetable




155

INDUSTRIAL STOCKS AND BONDS

canning plants in the Middle West, (6) 51 % of the Capital stock of the Wilson
Fisheries Co. (minority holdings acquired in Nov. 1920), owning plants
for the canning of salmon in Washington and Alaska; and (c) the Whiteland, Ind., vegetable canning and condiment plant of Wilson & Co.,
along with the privilege of using certain of the latter’s grocery product
brands. In Dec. 1919 purchased the William M. Hoyt Co. of Chicago,
wholesale grocers. In June 1923 acquired from Acker, Merrall & Condit
Oo. that firm’s wholesale grocery business. Warehouses and factories in
N. Y. City, Utica, Watertown and Ogdensburg, N. Y.: New Haven. Water­
bury, Bridgeport and Norwich, Conn., and Chicago.
STOOK.—Cumulative sinking fund for the redemption of the Pref. stock
at not exceeding 115 and div. will receive from profits, commencing In
1921, a sum equal to 3% of the Pref. stock issued. No mortgage without
2-3 of the Pref. stock. Regular quarterly dividends of 1M% paid on the
Pref. stock of the N. Y. Corporation, from Feb. 1 1912 to Aug. 1 1919; on
fhe pref. stock of the new company paid 1J4 % quar. Nov. 1 1919 to May 1
1926.
The common stock Is held In a voting trust expiring Aug. 1 1929. V. 119.
p. 459.
REPORT.—For year ending Jan. 31 1926, in V. 122, p. 2656, showed:
1926
1925.
1925.
1923.
Profits for the year......... x$360?140 $1,067,9.32 $1,054,885
$648,764
Previous surplus______
1,828,534 1,193,733
589,866
288,646
Adjust, prior years____ Dr.175,973
_____
_____
_____
Capital surplus through
acquisition of prop’ty.
_____
217,648
_____
_____

Total surplus_________ $2,012,701
Provision for Fed. taxes.
See x
Preferred dividend (7%)
315,490
Sur. transf. to com. stk..
___ ...

$2,479,313 $1,644,751
$937,410
125,000 Not shown
115,000
318,129
326,018
347,543
217,648

Profit & loss surplus.. $1,697,211 $1,828,534 $1,193,733
$589,866
x After provision for Federal taxes.
C. W. Patterson, Pres. Main office, Kent Ave. and North 3d St.,
Brooklyn, N. Y.—(V. 122, p. 2656.)
AUTO KNITTER HOSIERY CO.. INC. (THE).—lncorp. Aug. 24
1921 in N. Y. Business consists of the manufacture and sale, lor domestic
use, of hand operated knitting machines and the sale of yarn to the users
of these machines and the purchase from said users of such quantities of
the finished hosiery produced by them as they may not need for persona)
or other use, and may choose to sell to the company, and the resale of such
finished hosiery. The machines are sold under tne registered trade-mark
"Auto-Knitter,” and the hosiery sold under the registered trade-mark
’Old Tyme" Wool Socks. Plants are located In Buffalo, N. Y.
STOCK.—Of the 150,000 shares authorized, 125,000 shares have been
issued, of which 25,000 shares are held in treasury.
DIVIDENDS.—On new no par value stock paid initial dlv. of 75 cents
a share on June 15 1923; on Oct. 15 1923 paid $1 a share; none since.
REPORT.—For 1924 showed:
Calendar Years—
1924.
1923.
1922.
Net sales_________________________
$768,202 $1,296,220 $2,491,273
Cost of sales.
644,659 1,241,622
336,833
Expenses.
623,272
792,272
502,336

Loss from operations________
Sundry earnings______________

$191,903
16,966

$140,710prof$747,316
10,030
25,328

Loss______________________
Previous surplus_____________

$174,937
221,801

$130,680prof$772,643
527,481
281,471

Total surplus______________
Federal taxes________________
Loss on School of Modern Dress.
Good-will written off__________
Dividends___________________

$46,864

$396,801

$1,054,114
184,234
212,700
29,499
175,000
100,200

Profit and loss, surplus______
$46,864
$221,801
$527.48
Report for six months ended June 30 1924, in V. 121, p. 843, showed:
Six Months Ended June 30—
1925.
1924.
1923.
Net income after charges___________
$16,190 loss$35,480
$109,527
OFFICERS.—Pres., Oscar F. C. Kunau; 1st- V.-P., Burton Bigelow; 2d
V.-P. Henry Schneider; Sec. & Treas., T. M. Funk. Office, 630 Genesee
St., Buffalo, N. Y.—(V. 121, p. 1230.)
AUTOSALES CORP.—ORGANIZATION.—lncorp. in N. Y„ Nov. 12
’.917, successor to Autosales Gum & Chocolate Co., as per plan (V. 104,
p 2345; V. 105, p. 1900). Manufactures automatic vending and weighing
machines, chewing-gum and chicle products, chocolate, &c. Plants al
New York and Chicago.
STOCK.—The Pref. stock shares equally with the Common stock after
6% has been paid in any year on that stock. No mortgage without consent
of 2-3 of outstanding Pref. stock.
DIVIDENDS.—On Pref. stock. Initial dlv. of 1% paid May 15 1918;
•«ily and Sept. 30 1918. 1% each; Dec. 30 1918, 2%: March 31 and June 30
.919, 1% each; Sept. 30 and Dec. 31 1919. 1V4% regular and )4% extra
March 31 1920, 1>£%; Dec. 31 1920, 4J^%, payable in pref. stock. On
Dec. 31 1921 paid 4% in pref. stock. On Dec. 29 1925 paid 5% In cash.
REPORT.—For 1925, in V. 122, p. 754, showed:
1922.
Calendar Years—
1925.
1924.
1923
Earns. aft. cost of goods . $1,192,752 $1,211,874 $1,260,452 $1,226,640
Net earnings__
__
125,032
32,348
145,701
112,351
Total income..
___
146,104
158,656
208,109
80,003
Federal taxes . ______
6,600
1,000
4,940
29,645
40,482
Other charges. ____
89,974
18,939
198,237
93,772
Preferred dividends___

Balance, surplus____
$3,748
$62,082
$8,872
$34,581
Previous surplus______ adj.302,964 adj.243,944 adj.235,270 adj.219,810
Profit and loss, surplus.. $306,712
$306,026
$244,142
$254,391
OFFICERS.—Oscar L. Gubelman, Chairman; John Brandt, Pres.; F. E.
Lang, Sec. New York office, 13th St. & Van Alst Ave., Long Island City,
N. Y.—(V. 122, p.754.)
BALDWIN LOCOMOTIVE WORKS (THE).—ORGANIZATION.—
Incorporated in Pennsylvania June 7 1911 as a consolidation. Works in
Philadelphia; foundries, shops, &c., at Eddystone, Pa. Capacity 2,650
locomotives yearly, V. 88, p. 1623. See application to list, V. 92, p.
1105,and offering, V.92,p.1703; V.108,p.875; V.109,p,75; V.lll.p. 75.
STOCK.—Pref. stock cannot be increased without consent of majority of
pref. shares outstanding. V. 92, p. 1703; V. 93, p. 47.
DIVIDENDS.—On pref., 1912 to Jan. 1926, 7% (3 >6%) s.-a.). On
com., in 1912 to July 1915, 2% (J. & J.); none thereafter until Jan. 1 1920,
when 3)4% was paid, then to Jan. 1926 3M% semi-annually.
BONDS.—Of the 1st 5s of 1910 ($15,000,000), $5,000,000 are reserved
for 75% of cost of extensions and improvements. Redeemable as a whole
at 115 and by lot at 107 for an annual sinking fund of 2% of the maximum

156

[Vol. 122.

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, Ac., see notes on page 8]

Date
Bonds

Par
Value

Amount
Outstanding

When
Payable

Bate

%

$100 $20,000,000
Baldwin Locomotive Works—Common stock $20,000,000-7
Prel (a & d) stock 7% cum $20,000,000red 125,beg July’lf
100 20.000.000
7
First mtge $15,000,000 gold redeem text --PeP.Kvc’&r* 1910 1,000 &r a7,074,425
5g
1.000
Standard Steel Works 1st M gold sink fund PeP.ko*&r‘ 1908
1,400,000
5g
None
40,000 shs See text
Barnet Leather Co., Inc.—Common stock 40,000 shares__
100 $1,000,000
Pref. (a. & d.) 7% cum. s. f. stock, call. 115______________
7
25 24,841,750 See text
Barnsdall Corp—Class A voting stock $25,000,000 auth.__
25 3.625.500 See text
Class B non-voting stock $75,000,000 authorized________
15-year s f gold debentures red. (text)_____________ kxxxc 1925 500-1000 25,000,000 6 g.
None
77.121shs.
Bayuk Cigars Inc—Common stock 250 000 shares auth.—
$100 $1,820,600
1st. pref (a & d) stock 7% cum & partic $5.000.000 auth----7
100 1,234,000 7&8
2d pref stock non-cum (see text) $1,280 450 auth_______
20 7,500,000 See Text
Beecn-Nut Packing Co-Common stock $7 500,000 auth..
100 1.119.500
Preferred (a & d) stock Class B 7% cum red (text)_______
7

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

J&J
J&J
M&N
J&J

Jan 1 1926 3^
Jan 1 1926 3X
May 1 1940
Tan 1 1928
Aug 15'20 $1.50
Q—J Apr 1 ’26 IX %
Apr 2 1926 2 °7,
Apr 2 1926 2%
J&D Dec 15 1940

Q—J 15
Q—J 15
Q—J
Q—J

Checks mailed
do

Phila. & Brown Bros, NY
Penn Co for Ins,&c. Phila

Checks mailed
Checks mailed
Blair & Co., New York

Apr 15 1926 IX
Apr 15 1926 2%
July 10 ’26 3%
July 15’26 1JS4

a After deducting $2,925,575 In sinking fund.

bonds theretofore issued. V. 91, p. 40; V. 90, p. 1104,1046; V. 92, p. 1703)
sinking fund installments, aggregating $2,925,575, were paid 1915 to 1925
Standard Steel Works Co. has auth. $5,000,000 1st M. sinking fund 5s, of
Which $5,000,000 have been issued, $3,600,000 having been retired by thi
sinking fund. Sinking fund, $200,000 yearly. V. 86, p. 232; V. 89
p. 1416; V. 92, p. 1245, 1703.
REPORT.—For 1925, in V. 122, p. 1019, showed:
1925.
1924.
1923.
1922.
Gross sales------------------ $27,876,064 $26,080,352$102,762,075 $33,087,259
Manufacturing profit.loss$2,359,625 loss$356,820 $10,184,755 $1,994,362
Other Income_________
3,373,262
3,256,255
2,912,844
6,078,574
Deduct taxes, int., &c-817,073
979,408
1,166,077
1,307,422
Profit................ . ..........
Special Deductions—
Res. for depr. & adjust. _
Res. for taxes & remov’ls
Deferred profits______

$196,564
1925.
_____
_____
_____

$1,920,027 $11,931,521
1924.
1923.
$600,000
$600,000
4,400,000
415,058

Net profit---------------$196,564 $1,320,027
Div. on pref. stock (7%) yl,400,000 yl,400,000
Div. on com. stk. (7%). yl,400,000 yl,400,000

$6,516,464
x2,800,000
x2,800,000

$6,765,514
1099

$600,000
300.000
658,995

$5,206,519
1,400,000
1,400,000

Surplus after divs..def$2,603,436def$ 1,479,973 $916,464 $2,406,519
x Includes $1,400,000 special dividend reserve for year 1924, in addition
to regular dividend, y Being dividend for the following year transferred
from dividend reserve.
OFFICERS.—Chairman, Thomas S. Gates, Pres., Samuel M. Vauclain,
Senior V.-Pres., John P. Sykes; V.-P. & Treas., William de Krafft; Sec.
Arthur L. Church; Compt., A. B. Ehst.
DIRECTORS.—William L. Austin. JohD M. Hansen, Samuel M. Vanclaln, 8. F. Pryor, Thomas S. Gates, Arthur W. Sewall, B. Dawson Coltman, Thomas O Ashton. Harold T White, Sidney F Tyler. William E.
Corey and Sydney E. Hutchinson. Office, 500 N. Broad St., Phila.—
(V. 122, p. 1921.)
BARNET LEATHER CO.. INC.—ORGANIZATION.—Incorp In Dela­
ware Aug. 2 1919. succeeding Barnet Leather Co. Manufactures high-grad*
C&lf leathers Tannery and plant at Little Falls, N.Y.
CAPITALIZATION.—The stockholders on Feb. 18 1924 voted to re
duce the authorized preferred stock from $2 000.ont) to $1.500.000. par $1O0
On Oct 19 1925 the directors voted to retire 5.000 shares of the pref. stock,
leaving $1,000,000 outstanding. No mortgage without 75% of pref. stock
outstanding. Callable at 115, Sinking fund 3% per annum first three
years and 5% thereafter. Initial quarterly dividend of 1 X % paid on pref.
Stock Oct. 1 1919; to Apr. 1 1926. 1 54 % quar. On common, Initial quar.
div. of $1 50 paid Aug. 15 1920; none since.
REPORT.—For 1925, in V. 122, p. 1767, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Sales (net)......... ................................... $4,431,622 $3,330,326 $3,816,150
Net income---------------223,165
70,594
62,469
296.909
Grossincome....................
262,987
111,070
99.758
355.477
Interest paid__________
____ _
_____
5.629
9,380
Fed. & State tax reserve.
37,652
28,205
23.190
42,278
Preferred dividends___
96.250
105,000
119,000
126.000
Sinking fund provision..
_____
__ ___
116,170
91,875
Balance, surplus------$129,085 def$22,135 def$164,232
$85,944
* After deducting charges for maintenance and repairs of plants, depre­
dation and estimated amount of Federal and State taxes, &c.
Report for 1st quar. of 1926 in V. 122, p. 2802.
OFFICERS.—Pres., Sylvan M. Barnet; 1st. V.-P., Sigmund Rothschild2d V.-P., R. L. White; Sec. & Treas., Mortimer H. Heyman. Office, 360
Madison Ave., New York.—(V. 122, p. 1767.)
BARNSDALL CORP.—Organ. Id Del. Nov. 13 1916 as Pittsburgh
Investment Co.; name changed to present title In Jan. 1919. In May
1919 merged with Union Metal Mines Co. and subsequently purchased the
assets of the United Investment Co.. which was dissolved. The corporation
Is engaged In the production of petroleum and Its products, the mining of
gold1, silver, copper and zinc. etc. Also bolds stocks and bonds of other
Companies. Compare V ||n
1201 V. 112 n. 1040 V III p 1311
V. 119, p. 1175; V. 120, p. 1350; V. 121, p. 463. In Jan. 1921 acquired
control of the Bigheart Producing & Refining Co., giving in exchange one
share of Class B stock for five shares of Bigheart stock. V. Ill, p. 2523;
V. 112, p. 69, 1040. Organized the Barnsdall-Foster Oil Co in Jan. 1921
(V. 112, p. 473), the Barnsdall Oil Co. of Maine In March 1921 (V. 112,
D. 935), and the International Barnsdall Corp. In October 1921 (V. 113, p.
2618; V. 116, p. 518). Organized the Barnsdall Tripoli Products Corp, in
Feb. 1924 (name subsequently changed to Barnsdall Products Corp., New
York). In Feb. 1925 organized the Petroleum Chemical Corp. V. 120,
p. 832. In Jan. 1926 acquired the entire stock of the Waite Phillips Co.
▼ . 122, p. 351.
■
A summary of acreage and wells in which the Corporation and its sub­
sidiaries owned interests at Dec. 31 1925 follows;
-WELLS--------- ACREAGE------. .
Oil
Gas Operated
Unoperated
Arkansas______________________ __
33.422,80
California______________________
79
__
809.36
2.671.57
Colorado______________________ __
160.00
Indiana________________________
11
172.00
95.00
Illinois________________________
37
178.00
80.00
Kansas________________________
__
1
240.00
Kentucky______________________ __
__
1,502.00
Louisiana______________________ __
__
40.00
176.00
Montana_____________________
640.00
2,759.00
Oklahoma______________________ 1,602
18
30,576.14
5.732 85
Ohio..............
193
5
3,562.04
4,324.50
Pennsylvania___________________ 315
8
5.059.62
233.25
Texas__________________________ 110
__
1,327.75
1,290.00
West Virginia__________________ 273
16
23,410.56
8,418.74
Total................................................. 2,620
48
65,775.47
61,105.71
STOCK.—Both classes of stock share equally in the distribution of
dividends or in the event of dissolution or liquidation.
Holders of class A and class B stock of record Jan. 25 1926 were given the
right to subscribe for class A stock at $30 per share to the extent of one share
for each share held.
DIVS—Paid as follows: Oct. 15 1919, 1M%; Jan. 15 1920. 1K%
April 15 1920 to April 30 1921. 2>S% quar.: then none until Jan. 2 1926,
when 2% was paid; same amount paid April 2 1926.
BONDS.—The 8% sinking fund convertible gold bonds were redeemed
•n Feb. 15 1926.
The 15-year s. f. 6% gold debentures are redeemable all or part, at any
time, on 60 days notice during first five years as follows: (1) If accompanied
by the stock purchase warrant pertaining thereto covering 20 shares (or in
the case of $500 debentures 10 shares) Class B stock, at 103 X and int. up




to Dec. 15 1926, the premium decreasing X % for each 12 months or par
thereof elapsed thereafter; (2) if not accompanied by such stock purchase
warrant, then at 100 and interest. Also Redeemable after first five years in
whole or in part on 60 days notice at 105 and int. up to Dec. 15 1931, the
premium decreasing X % for each 12 months or part thereof elapsed there­
after, except that any unexpended moneys on hand on Dec.115 1930 arising
from the exercise of stock purchase warrants are to be applied to the pur­
chase in the market or redemption of debentures at 100 and int.
Stock Purchase Warrants.'—Each debenture will carry one or more detach­
able warrants entitling the holder thereof to purchase at $25 per share at
any time on or before Dec. 15 1930 the number of shares of Class B stock
of the corporation specified in such warrant. The total number of shares
covered by such warrants will equal in par value the principal amount of
the debentures.
Sinking Fund.—The cash received from the exercise of the stock purchase
warrants during the five years ending Dec. 15 1930 is to be applied to the
purchase or redemption of debentures. The indenture will further provide
a semi-annual sinking fund on June 15 and Dec. 15 of each year, com­
mencing June 15 1931, as follows: On June 15 1931 an amount sufficient
to retire at the then current optional redemption price (then 105 and int.)
l-20th of the debentures then outstanding on Dec. 15 1931 an amount
sufficient to so retire at the then current optional redemption price l-19th
of the debentures then outstanding, &c., so that the whole issue will be
retired by maturity. Debentures will be subject to call for the sinking fund
at the current optional redemption price. All debentures acquired by the
sinking fund are to be canceled. Corporation may tender debentures to the
sinking fund in lieu of cash. V. 122, p. 350.
REPORT.—For 1925, in V. 122, p. 1328, showed:
1922.
1925.
1924.
1923.
Gross sales and earnings.$14,792,299 $10,209,274 $9,288,885 $9,276,646
6,473,599
Oper. & general expenses 9,512,020 7,293,340
7.112,465

$5,280,279
72,408

$2,915,934
252,582

$2,176,420
42.767

$2,803,047
72,723

$5,352,687
617,052
113.165
1,528.468

$3,168,516
746,050
24,533
1,142,026

$2,219,187
793,889
64,662
1,176,747

$2,875,771
897.139
36,229
1,270,298
411.978

Net income_____ ___ $3.094,001
$1,255,908
Dividends paid_______
$455,476
3 Mos. Ended March 31—
X1926.
Gross sales and earnings from opers.. $7,030,025
Producing and operating expenses. .. . 4,332,727
Net earnings___________________ $2,697,298
Other income____________________
14,275
Total income______________
$2,711,573
Interest charges______________
476.179
Federal taxes________________
75,000
Depreciation and depletion___
795,536

$183,888

$260,126

1925.
$3,222,285
2,141,922

1924.
$2,448,021
1,494,927

$1,080,363
3,077

$953,093
3,395

$1,083,440
175.819
24,055
333.416

$956,488
179,640
12,000
294,198

Net income____
Other income_____

Interest paid_________
Federal taxes_________
Depreciation & depletion
Drilling costs charged off

Net income-------------------------------------- $1,364,858

$550,150
$470,650
x Includes Waite Phillips Petroleum Co.
OFFICERS.—Chairman, M. C. Brush; Pres., E. B. Reeser; V.-P., R. A.
Broomfield; V.-P., E. O. Bartlett: Treas., J. T. Furlorg; Sec., J. A. Dunn,
Gen. Aud., E. M. Skeehan. Office, 120 Broadway, New York.—(V. 122,
p. 2656.)
BAYUK CIGARS. INC.—Incorp, under laws of Maryland on May 24
1920 and acquired thr property and business of Bayuk Bros. Co., Mapacuba
Cigar Co. and Merchants’ Real Estate Co. The stockholders on July 12
1923 vnteq to change thenamefrom Bayuk Bros.. Tne.. tc Bayuk Cigars.Inc
STOCK.—The 1st pref. stock is redeemable all or part at 110 and divs.
Entitled to cumul. divs. at rate of 7% per ann. and an additional 1% In
“ach year in which the common stock shall receive more than $4 per share.
Annual sinking fund each year from 1923 to 1926 equal to 3% or 1st pref.
stock issued, and equal to 5% each year after 1926. to be applied to the pur­
chase or retirement of 1st pref stock at not to exceed 110 and divs.
The stockholders on July 12 1923 voted approval of amendments to the
certificate of Incorporation which provided fora reduction in the alvioend
rate on the 2d pref. stock from 8% per annum to 7% per annum.
Tne acceptance of the reduction is optional with holders of tnls stock,
but the amendment providing for the reduction further stipulates that In
consideration of the acceptance of tne reduction. Holders shall have the
privilege of converting their shares at the redemption price ($110) into
common stock at $62 a share for common. On Dec. 31 1925 all except
$5,000 had been exchanged.
REPORT.—For 1925, in V. 122. p. 1314, showed:
1 Q99
1925.
----1924.
1923.
Gross earnings_________$2,122,188
$2,225,991 $2,227,995 $2,346,775
Other income_________
58.323
111,805
45,193
40,553

Total income_______ $2,180,511
Expenses, interest, &c.. $1,453,236
Federal taxes_________
93.224
First preferred dividends
129,717
Second pref. dividends- 86,963

$2,337,796
$1,346,123
129.388
136,064
87,190

$2,273,188
$1,233,936
136.920
95.418
98,868

$2,387,328
$1,102,842
160,560
91,280
102,440

$417,371
3 Mos. End. Mar. 31—-• 1926.
Net, after Fed. taxes, &c; $169,529
Other income_________
Cr.18,285
Reserves______________
32,909
Preferred dividends___
53,555

$639,030
1925.
$91,226
Cr.19,536
34,060
54,881

$708,046
1924.
$127,003
Cr.8.410
25,236
56,357

$930,206
1923.
$251,212
Cr.8,923
22,778
25,610

$101,350
$21,821
$53,820
$211,747
OFFICERS.—Pres., Samuel Bayuk; V.-P., L. A. Kramer; Sec., H. L.
Hirst: Treas.. Harold Bayuk. Office, 3d & Spruce Sts., Philadelphia.—
(V. 122, p. 2802.)
BEECH-NUT PACKING CO.—Incorp. Dec. 29 1899 in New York as
successor to Imperial Packing Co. Manufactures food products. Including
hams, bacon, peanut butter, chewing gum, preserves, marmalade, jellies,
beans sauces, confections and other products

STOCK.—Class B pref. stock is redeemable as a whole or in part after
Jan 1 1925 at 115 ano accrued divs. The par value of the com. stock was
reduced from $100 to $20 in May 1922
DIVIDENDS.—On com. (since 1910;: 1910. 24%; 1911, 23%; 1912
24%: 1913, 24%. and 500% In stock. 1914. 42%; 1915. 52%: 1916, 60%:
1917,61%: 1918, 17^%: 1919, 12%: 1920, 11%; 1921. 10%; 1922. equiva­
lent to 96 cents per share on $5,000,000 common stock of $20 par value!
and 400% in stock; 1923, 12% regular (3% quar.) and extras of 3% in
cash and 50% in common stock (payable Dec. 10): 1924, 12% regular and
3% extra; 1925, 12% regular and 3% extra. Paid in 1926: Jan., 3%;
April, 3%; July, 3%.

May, 1926.]

MISCELLANEOUS COMPANIES
[For abbreviations, Ac., see notes on page 81

Date
Bonds

Belding Bros & Co—Common stock 415,032 shares auth----Preferred (a & d) stock 7% cum $1,018,800 auth_________
Bethlehem Steel Corp—
Common stock $270 000 000 auth_________________________

Pref stock 8% cum & conv (called for payment July 1 1926).
Preferred stock 7% cumulative $100,000,000 authorized----

Cambria Iron Co stock 4 v/< guaranteed.

___

_____ _______

Cons M $500,000,000 g. Ser A $70,000,000 call 105 s f 1920
do
Series B callable (text)_______________ O,c*Ar*
Ser gold bds (Spar Pt Dry Dk) $1,250,000 due 20% yrly__
Securities of Controlled Companies—
Beth Steel purch money mtge for Beth Iron gold OP.xc*&r
do
First Lien A Ref Menu redl05 sf.Ea.xo’Ar*
do Pur Mon A Imp M $60,000 000 call 105 s f. Bakc*Ar
do Marine equip tr ctfs red 102)4 (see text).__ Q.c*
Bq tr ctfs due $266,000 ann redl00A)4%ea yr unexp.Q.c.*
do

157

INDUSTRIAL STOCKS AND BONDS

Series “B" due $75,000 annually..

Cornwall Ore Banks purchase money mortgage__________
Coleman Estate Pur M Mtge call par text._Pep.kc*
Freeman Est Pur M Mtge call any Int day text. Pep.kc*
Cornwall Pur M Mtge call any Int da.v text..Pep.kc*
Fore River 1st M g gu due $40,000 yly red 103-OB.xc*
Beth Shipbuilding pur money mtge sink fd gold__________
do
do
do
________________________

Rate
%

Par
Value

None
$100
100
100
100
50
See text
500 Ac

Q—J

$3

7

Last Dividend Places Where Interest and
and Maturity
Dividends ate Payable

Oct 1 1925, 75c

July 1 1924 1 <4
July 1 1925 2%
July 1 1926 1’4
Oct 1 1925 2%
Aug 1 1948
& A Feb 1 1953
Dec 31 '28 to '32

180.151.9 0 See text
7.799,300
8
Q—J
87,605.605
7
Q—J
A & O
8.465.625
4
Z50.I66 000

24,174.500
1,227.524

1.000 7.500,000
500 Ac g 12.759.500
1.000 Ac X22.177 000
1.000 11,208 000
1.000 1.054.000
300 000
1.000
1.000
1.000
1,000
1.999

When

Payable

1.767.000
256.000
384.000

1,290.000

303.000

1,601 ono
855,000

6 R
5)4 8
6

F

Q—F
MAN
J A J
A A O
MAN
7«g
.1 A 1)
514 MAN
J A J
514
A J
514
A J
514
A J
6
A O
5M g
A J
6g
6 g
««

Aug 1 1998
May 1 1942
July 1 1936
Oct 1 1935
To May 15 1930
To June 1 1930
May 1 1941
July 1 1939
July 1 1939
July 1 1939
To July 1933
oct. 1 1036
Jan 1 1940

Checks mailed
Checks mailed
Checks mailed
Guaranty Tr Co, N Y

Girard Trust Co. Phils
Equitable Trust Co. N Y
Bankers Trust Co, N Y
Guaranty Trust Co. N Y
Guaranty Trust Co, N Y
Pa Co Ins on Lives, Phil*
do
do
do
do
Old Colony Tr Co, Boat

gDec. 31 1925, $16,578,000 pledged and $10,662,500 In sin king fund or can celed.
x $4,521,00(1 In treasury and $>,236,000 In sinking fund orl cancelled Dec. 31 1925.
z Additional$9,000,000pledged,$1,184,000 in treasury and >29,95,7,000 in sinking fun d or canc eled.
REPORT.—For 1925, In V. 122, p. 1314, showed:
Calendar Years—
1925.
1923.
1924.
Net profits less (est.) Federal taxes.. $2,099,243 $2,187,600 $2,013,696
910,142
■Cash dividends___________________ 1,205,676
1,219,719

Balance, surplus___________
Previous surplus_____________
Adjustments (net)____________
Stock dividends______________
Prem. on pref. stk. purchased.

$893,567
$967,881 $1,103,554
$2,376,388 $1,412,200 $1,811,691
Cr.2,202
Dr .3,045
Dr .3,694
2,500,000
7,856

Profit and loss, surplus_________
3 Mos. End. Mar. 31— 1926.
Net profits____________
$672,796
Dividends____________
242,500

$3,264,301 $2,376,387
1924.
1925.
$665,294
$562,258
243,798
244,670

$1,412,200
1923.
$595,737
169,670

Balance, surplus____
$430,296
$421,496
$317,588
$426,067
OFFICERS.—Pres., Bartlett Arkell; V.-P., F. E. Barbour; V.-P. A
Treas., J. S. Ellithorp; V.-P. A Sec., W. C. Arkell; Asst. Sec., C. E. Smith
Asst. Treas., E. W. Shineman. Main office, Canajoharie, N. Y.—(V. 122.
p. 2502.)
BELDING BROS. & CO.—Incorp, under laws of Connecticut In July
1882. The business of the company is the manufacture of silk fabrics and
threads and cotton threads and the stamping of linens. Its principal trade
marks are “Belding,” “Richardson,” “Salter” and “Potter.” Its principal
products are 100-yard and 50-yard spools of silk thread, silk pound goods
•of varying sizes and weights, and broad silks, such as crepes, satins and
taffetas, Ac.
STOCK.—Preferred and common stock have equal voting power.
DIVIDENDS.—On pref., in full to date. On common stock of
r>«
value, paid 75c. quar. on Oct. 1 1925.
REPORT.—For 6 mos. ended June 30 1925, in V. 121, p. 843, showed;
Gross profit from operations_______________________________ $1,799,749
Selling, general and administrative expenses_________________
958,138
Net operating profit____________________________________
$841,611
Other Income_____________________________________________
101,805
Net income____________________________________________ $943,416
Depredation_____________________________________________
52,741
Estimated Federal tax____________________________________
108,600
Surplus------------------------------------------------------------------------$782,076
Suimlus Jan. 1 1925______________________________________
2,556,863
Adjustment Federal tax reserve year 1924__________________
275
Total surplus-------------------------------------------------------------------$3,239,213
’Deduct—Common divs., $415,032; pref. dlvs., $53,482_______
468,515
Common premium, $174; preferred premium, $105_________
279
Surplus June 30 1925____________________________________ $2,770,420
OFFICERS,.—Pres., M. M. Belding; V.-P. A Gen. Sales Mgr., E. O.
Young; V.-P., Asst. Sec. A Gen. Mill Mgr., F. N. Belding; V.-P., H. H.
Belding Jr.; Sec., A. N. Belding; Treas. A Asst. Sec., E. J. De Bold; Asst.
Bee., L. L. Belding. Office, 902 Broadway, New York.—(V. 121, p. 981.)
BETHLEHEM STEEL CORPORATION.—ORGANIZATION.—In­
corporated In N. J. on Dec. 10 1904 as successor, per plan V. 78, p. 587. of
the U. 8. Shipbuilding Co., and owns the entire stock of Bethlehem Steel
'Co., Cornwall iron ore properties and numerous subsidiaries, notably
Bethlehem-Cuba Iron Mines Co. and Bethlehem Chile Iron Mines Co.
Steel plants are located at Bethlehem, Pa.; Johnstown, Pa.; Coatesville,
Pa.; Lackawanna, N. Y.; Lebanon and Reading, Pa.; Sparrow Point, Md.,
and Steelton, Pa. Other subsidiary companies are as follows: Beth­
lehem Iron A Steel Corp, and subsidiaries, Bethlehem Mines Corp,
and^subsidiaries, Bethlehem Steel Co. (Delaware), Union Iron Works
Co., Union Iron Works Dry Dock Co., Fore River Shipbuilding Corp.,
Bethlehem Shipbuilding Corp., Ltd., Redington Standard Fittings Co..
Bethlehem Steel Products Co. and subsidiaries, Cambria Iron Co. and
subsidiaries, Betnelhem Steel Export Corp., South Buffalo Ry. Co.,
Philadelphia, Bethlehem A New England RR. Co.; Steelton A Highspire
RR. Co.. Patapsco A Back Rivers RR. Co.. Fore River RR. Corp., Corn­
wall RR. Co., Service Stores Corp., Bethlehem Transportation Corp.,
Bethlehem Land A Improvement Corp., Bethlehem Securities Co.,
Bethlehem Steel Co., Bethlehem Steel Co. of Brazil, Bethlehem Steel
Realty Corp., Beth-Mary Steel Corp., Brotherton Iron Mining Co.,
Buena Vista Iron Co., Buffington Water Co., Cambria Inclined Plane
•Co., Citizens’ Realty Co. of Bethlehem, Compania de Mines de Fierro
“Las Truchas,” S. A., Conemaugh A Black Lick RR. Co., Dundalk Co.,
Dundalk Sewerage Co., East Wheatfield Water Co., Franklin Iron Co.,
Juniata Limestone Co., Ltd., Juragua Iron Co., Lebanon Consolidated
Water Co., Lebanon County Light, Heat A Fuel Co., Manufacturers
Water Co., Midvale Steel Co., Northampton County Water Co., Ore
Steamship Corp., Penn Iron Mining Co., Penn Iron Mining Co. of Wiscon­
sin, Penn Store Co., Pine Townshin Water Co.. Possum Glorv Water Co.,
Sunday Lake Iron Co., Dundalk Water Co., Ellsworth Collieries Co.
In Oct. 1919 purchased from Elkins Coal A Coke Co. coal land In West
Virginia. During 1920 purenased bituminous coal lands from Jamison
Coal A Coke Co. V. 112, p. 1274.
In 1916 consummated purchase (V. 103, p. 241, 243) of all the assets of
the Pennsylvania Steel Co. of Pennsylvania and Maryland Steel Co., with
their extensive steel plants, shipyard, Ac. Through the medium of Penn
Mary Steel Co., for about $6,660,000, payable in bonds of 1916. acquired
the plants of American Iron A Steel Mfg. Co. at Lebanon and Reading, Pa.
also acquired other properties. V. 103, p. 2344; V. 104, p. 1139.
Bethlehem-Chile Iron Mines Co. was incorporated In Delaware Jan. 18
>1913, controlled by Beth. Steel Co., to operate the Tofo iron mines near
the coast of Coquimbo, Chile. Auth. capital stock was Increased in Sept.
1917 to $10,000,000. V. 105. p. 999; V. 109, p. 890. Also Bethlehem
Steel Co. authorized stock from $15,000,000 to $65,000,000, and Ore
8S. Corp., $100,000 to $10,000,000. V. 96, p. 204, 287, 1023; V. 98, p. 833
In 1913 purchased Fore River Shipbuilding Corp.. Quincy, Mass., and
goar. $303,000 1st 5s. V. 96, p. 1300, 1492; V. 98, p. 239; V. 105, p. 1619
The agreement for the acquisition of the Lackawanna Steel Co. (V. 115
. 872) was consummated In Oct. 1922, and the properties and assets of the
ackawanna company were transferred to Bethlehem Steel Co. of New
York, Inc. (name since changed to Bethlehem Iron A Steel Corp.), a sub­
sidiary company. The purchase price paid in addition to the assumption
of all obligations was $12,500,000 7% Cum. Pref. stock and $22,608,500 In

E




Class B Common stock, together with $308 680 in cash and an amount
equal to one month's dividends upon the stocks delivered. (This stock and
cash were distributed pro rata among Lackawanna Steel Co. stockholders.
Compare V 115. p 875.1
The properties acquired from the Lackawanna Steel Co. are: (1) Plant
Utuated at Lackawanna, near Buffalo, N. Y.. manufactures bars plates,
steel rails, structural steel and other materials: (2) ore properties in Minne­
sota, Michigan, Wisconsin and New York; (3) 21,700 acres of bituminous
coal lands (coal rights and in fee) in Pennsylvania. V. 83, p. 1593; V. 84,
p. 269. 393: V. 100. p. 815.
Acquisition of Midvale and Cambria Properties.—On Nov. 24 1922 agree­
ments were entered Into covering the purchase by Bethlehem Steel Corp,
directly or through subsidiaries, of all the properties and assets of Midvale
Steel A Ordnance Co. (except the plant at Nlcetown, Pa., and certain assets
appurtenant thereto, and the stock owned by It In Cambria Steel Co.) and
all the properties and assets of Cambria Steel Co. In consideration of the
assumption of all liabilities and obligations of the Midvale and Cambria
companies (except certain thereof pertaining to the Nlcetown plant).
Including outstanding bonds of the Midvale Co., and the delivery of $97,681,400. par amount, of Bethlehem Common Stock. The agreements were
consummated on March 30 1923, the Milvale properties having been on
that date transferred to. and the Midvale liabilities and obligations having
been assumed by, Bethlehem Steel Co., the Cambria properties transferred
to Bethlehem Steel Products Co., and the Cambria liabilities and obligations
having been assumed by both Bethlehem Steel Products Co. and Bethlehem
Steel Co.
As a result of these purchases the stockholders of the Midvale company
received for each two snares of $50 par value of the Midvale Co. stock. $95
par value of the Bethlehem com. stock, together with a pro rata share,
of the stock of the new corporation (The Midvale Co.), to which the Nlcetown plant and the assets appurtenant thereto were transferred (one
tenth share of Midvale Co. stock, no par. for each share of Midvale Steel A
Ordnance Co.). The minority stockholders of the Cambria Steel Co. were
offered $181 a share for their holdings. V. 116, p. 1416, 1898, 2260. In
Feb. 1924 the minority stockholders of the Cambria Steel Co. filed suit to
cancel the merger, but the suit was dismissed in May 1924. V. 118, p. 668,
2441.

The Federal Trade Commission In Jan. 1923 filed a complaint against the
merger. V. 116, p. 518. The company filed an answer to the complaint ia
March 1923. V. 116. p. 1279.
The steel ingot capacity of the corporation on Dec. 31 1925 was 7,600,000
gross tons per annum and the pig iron capacity 6.610,000 tons per annum.
The U. S. Government, on April 17 1925, filed a suit and complaint
against the company in the U. 8. District Court at Philadelphia, claiming
over $11,000,000 alleged overpayments on wartime ship contracts. In the
D. S. District Court at New York Bethlehem Shipbuilding Corp., Ltd., a
subsidiary, on April 17 1925 filed a complaint in a suit instituted against
the U. S. Shipping Board Emergency Fleet Corp, in May 1924, claiming
$9,744,899 which it alleges is still owing it on the contracts In question
V. 120, p. 2151, 2224, 2554; V. 121, p. 589.
STOCK.—In Sept. 1922 amendments to certificate of incorporation pro­
vided for creation of a new class of 7% Cumul. Pref. stock, of which $77,000.000 was authorized and Issuable for following purposes and in following
amounts so long as required for such purposes:
(1) $34,500,000 In exchange for existing 8% Cumul. Conv. Pref. stock;
(2) $15.OOO,OO0 In exchange for existing 7% Non-Cumul. Pref. stock;
(3) $12,500,000 In payment for the Lackawanna properties; and
(4) $15,000,000 for sale.
At the same time the holders of the existing 8% Cumul. Conv. Pref. stock
were given the right, after Jan. 1 1923, and until termination by the board
<T directors to exchange such stock for ne'” 7% Cumul Pref stock The
basis of said exchange prior to March 4 1926 was $115, and Is now $110.
par value, of 7% cumul. pref. stock for each share of 8% cum. conv. pref.
stock. All of the outstanding 8% pref. stock has been called for retirement
on July 1 1926 at 115 and divs.
Ai me sauw lime me noluers of the 7% Non-Cumul. Pref. stock were
iven the right to exchange such stock after Oct. 1 1922 and prior to
an. 1 1923, subject to extension by the board, for new 7% cum. pref.
stock on the basis of share for share. The 7 % non-cum. pref. stock has been
retired, substantially all of it having been exchanged.
The certificate of incorporation of the corporation as last amended Sept.
1922, provided that after 80% of the 7% Non-Cumul. Pref. stock shall have
been exchanged for Cumul. Pref. stock or otherwise retired Class B Com.
stock shall be in all respects the same as the Com stock and shall cease to
exist as a separate class of stock. Pursuant to such provision, on April 4
1923 the Class B common stock became in all respects the same as the com­

S

mon stock and ceased to exist as a separate class of stock.

The stockholders on April 6 1926 Increased the authorized 7% preferred
stock from $77,000,000 to $100,000,000.
LATE DIVS.— ’14. ’15. ’16. ’17. ’18. ’19. ’20. ’21 ’22. ’23. ’24. ’25.
8% preferred____
__ .. .. New 8 8
8
8
8
8
8
8
7% preferred____
7
7
5
6H 7 7
7 7
7
7
7
7
Common________
5
.. .. 2214 Text 10 8X 5
5
3X ..
5
In Jan. and April 1919 paid dividends on the common stock of 11<%
regular and 1 )£% extra. In July 1919, M of 1% was paid extra along with
the regular quarterly 1J£%, but from Oct. 1919 to July 1924 only the
regular 1}4% with no extra. None since.
in Jan. 1917 a quarterly cash dividend of 10% was declared on the $15,000,000 common stock, payable April 2, and upon the authorization of
$45,000,000 of new class “B” (non-voting) common stock the company
paid a stock dividend of 200% on Feb. 17 in Bald stock, and permitted the
common shareholders to subscribe and pay in full at par on or before
March 6 for the remaining $15,000,000 class “B" which had been under­
written. See V. 104, p. 364, 66o, 865, 1266, 2345. On Aug. 1 1917 a Red
Cross dividend of 1% was paid on common stock. V. 104, p. 2554; V. 106,
p. 502.
BONDS.—The Consolidated Mortgage authorized In 1918 is limited to
$500,000,000. The mortgage, in which the Bethlehem Steel Corporation
and Bethlehem Steel Company join, was to be secured (subject to $85,340,000 underlying Issues), either by direct mortgage lien, or collaterally through
pledge of mortgage bonds and-or entire issues of stocks (excepting directors’
shares), upon the real estate and plants of the principal subsidiaries of the
Corporation. comprising in value over 95% of such properties then owned;
also by $35,434,000 previously issued underlying bonds, which in respect to
important properties rank equally with certain of the above-mentioned
underlying issues. No additional underlying bonds may be issued unless
pledged thereunder. V. 107. p. 293, 405

158

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS SECURITIES
[For abbreviations, Ac., see notes on page 81

Date

Bonds

Bethlehem Steel Corporation (Continued)—
Funded Debt of Lackawanna Steel Co. Assumed under Merger
1st Con M $35,000,000 K red 105 conv____________ Ce.xc*
Kllsworth colljjur mon 8 fd 5s guar (part due In 1927) -F.3
Lackaw Bdge Wks Corp pur m notes (ass’d) due $260,000 yly
Funded Debt of Midvale Steel A Ord. Co. Assumed under Mer
Collateral Trust conv s fd bonds, call, at 105_____ Qc*Ar*
Onion Coal A Coke 30-yr ■ fd bds call 105____________ UP
Pitts- Westmore Coal $6,000,000 1st mtge bonds_____ SP
Manufacturers Water Co $4,000,000 1st M s fd bonds. . QP
Beaver 88 Co 1st M, due $28,000 ann.; call 102------ QP.c
Johnstown 88 Oo $1,300,000 bonds due $130,000 p a__ QP
Bonds of Penn-Mary Steel Properties Ouaranteea—
Spanish-American Iron 1st M g guar red 102J4. GP.xxo’&r
Collat trust loan (Cornwall) s f red 105; V 74, p 1312,.xx
Penn Mary Steel Mt,ge $13,000,000 guar call 105--QP.xc*
Bonds of Coal and Coke Companies, also Dry Docks—
Eastern Coke Oo 1st M (closed) call s f Joint guar.xxUpic*
Penn-Mary Coal 1st M gold gu red 102)4 (s f 101)--GP.xx
let M Elkins prop call 102 X s fd $200 yearly__ Pr.c*
dan Francisco Dry Dock Co___________________________
Union Iron Works Dry Dock__________________________
Finch Run Coal pur. money s. f_______________________
Jamison O. & C. Dak. mtge. s. t. $1,364,000__________
do
Barracksvllle “ p. m A Impt. 1st m___________
(Sidney) Blumenthal & Co, Inc—Com stock 220,000 shs au
Pref (a A d) stock 7% cum red 110 $6,000,000 auth_______
First mortgage sinking fund gold bonds redeemable (text) _ .
C $2,603,000 pnrchaiMMl for sink fund or rancnlod

1910
1907

ger—
1916
1916
1907
1909
1916
1916

Par
Value

Amount
Outstanding

Rate
%

$100 Ao $6,853,000
1,000 1.816.000
200,000

5g
5
6

500 Ac 39,654,500
2,638,000
2.733.000
2,053.000
86,000
260,000

6 g
5g
!“

1907
1902
1917

1,000
1,000
1.000

1917
1909
1919

1.000

1909
1920

1921

g

36,142,999 31,490,306
2,845,743
2,508,184

36,097,783 16,908,941
1,275,445 2,884,772

Total income________ 38,988,742 33,996,490 37,373,228 19,793,713
Deduct_____________
Bond, Ac., interest, Ac. 13,125,561 13,233,418 12,322,998 8,689,193
Depreciation A depletion 12,004,984 11,846,891 10,676,078
6,499,189
Pref. dividends (8%)...
893,621 1,515,454 1,623,613
2,400,000
Pref. dividends (7%)...
3,409,452 3,859,733 2,694,640
1,262,310
Common divs_________
___ (2X %)4494,785 (5)7,767,074 (5)3,275,706
Balance, surplus_____ 9,555,124 def953,791
2,288,825def2,332,685
a Includes the results of the operations of the properties acquired from
Cambria Steel Co. and Midvale Steel A Ordnance Co. after March 30 1923.
6 Including the results of the operations of the properties of Lackawanna
Steel Co. after Oct. 10 1922.
PRODUCTION.—(In gross tons):
1925.
1924.
1923.
Ore..,.......................
5,580,362 4,753,889 5,466,799
Limestone_____________________________1,726,975 1,361,345 1,190,978
Coal.._______
6,331,246 5,586,200 6,593,668
Coke_________________________________ 4,446,472 3,446,728 4,261,976
Pig iron and ferro-manganese________
4,027,184 3,435,011 4,033,015
Steel ingots (open-hearth, bessemer A elec)5,344,625 4.419,037 4,761,254
Rolled steel A other finished products for
sale___________
.3,829,032 3,266.245 3.541.713




5g
5g

2,747,000
««
944,000
5g
3,704,000
495,000
431,867
6*
4.200,000
08
845,000
0g
395.000
5g
None 218,212 shs__
100! $2,408,200 See text
1,782.0001
7g
. .........
1,000

The Consolidated Mortgage bonds may be issued in series, differing m
to dates, maturities, interest rates, redemption prices, sinking funds, con­
version privileges, Ac., but no such bonds shall be issued maturing prior to
these Series A bonds. Of the total authorized Issue of $70,000,000 Series A
bonds, $50,166,000 In Dec. 1925 were In hands of public, $10,184,000 In
treasury (of which $9,000,000 pledged); $29,957,000 purchased for sinking
fund or cancelled. Bonds not issued for refunding purposes may be issued
from time to time for not exceeding 80% of the cost of investments in
properties or securities.
The Series A bonds are callable at 105, and will have the benefit of
a sinking fund beginning In 1920 of 1% per annum of all Series A bonds
issued prior to the dates of the respective sinking fund payments to be ap­
plied to the purchase of such bonds at not exceeding 105 or to their redemp­
tion at that price. Bonds so purchased or redeemed will be canceled
The Series B bonds (offered in Jan. 1923, V. 116, p. 413), are redeemable,
all or part, at 107 and interest, except that during the last two years the
premium shall be X of 1 % for each full six months of unexpired life. Annual
■inking fund, beginning Feb. 1 1924, of 1% of the total of Series B bonds
issued, for purchase of bonds up to the redemption price and accrued
Interest or for their call at that price.
Of Bethlehem Steel Company’s 30-year 5s of 1912 ($50,000,000 auth
issue) $12.759,500 onDec.31 1925 were in the hands of the public,$10.662,500
In sinking fund or canceled and $16,578,000 (pledged) were in the treasury
Annual sinking fund 2 X % of bonds outstanding (but not less than
$300,000). V. 94, p. 1450; V. 95, p. 892; V. 96, p. 1300, 1366; V. 98, p
1002, 1922; V. 99, p. 898; V. 100, p. 1169, 1260; V. 105, p. 1524.
Purch. Money A Impt. Bonds of 1916 (Made Jointly with Penn-Mary Steel Co.i
As of Dec. 31 1925, $32,934,000 had been issued, of which $22,177,000 were
in hands of public, $4,521,000 were in treasury, and $3,236,000 had been
purchased for sinking fund or cancelled.
These bonds have a 2)4 % sinking fund from July 1 1916.
In Jan. 1919 the Bethlehem Steel Oo. arranged to purchase additional
Interests in the Cornwall iron ore banks at Cornwall, Pa., and on account of
lame Issued three series of Purchase Money mortgage 6 X % bonds dated
July 1 1919 and due July 1 1939, but callable all or part on any Int. day
viz.- (a) Coleman Estate, $310,000, at least $18,000 to be called each year
after July 1 1922 (secured on undivided 50-1536 interest in Cornwall Ore
Banks, incl. bldgs., Ac.; (ft) Freeman Estate, $438,000, at least $27,000
to be redeemed yearly after July 1 1922, secured by 75-1536 interest In
Cornwall Ore Banks; (c) Cornwall, $1,474,000, at least $92,000 to be caked
each year after July 1 1922, secured on 125-1596 undivided interest In Corn­
wall Ore Banks covered by aforesaid issues (a) and (ft); and also secured on
5,333 shares capital stock of Cornwall Iron Oo. and 8,000 shares capital
stock of Cornwall RR. See V. 108, p. 173. During 1921 the company
urchased the remaining outstanding 19.78% undivided interest in the
-ornwall Ore Banks and Mine Hills and in part payment therefor issued
$1 ,877,000 face amount of Its Cornwall Ore Banks purchase money mtge.
6X% 20-year bonds.
Equipment trusts of 1920, V. 110, p. 2078.
The 7% marine equipment trust certificates are redeemable by pur­
chase or by call by lot if not obtainable at not exceeding cal) price, at tht
rate of $1,000,000 on or before each div. date from April 1 1922 to Oct. I
1927 incl., and $500,000 on or before each div. date thereafter until ma­
turity; these amounts to be ratably reduced if certificates are red. in ad­
vance of schedule. Certificates so retired to be canceled. V. Ill, p. 1281
The mortgage of Penn Mary Steel Co., created on acquisition of proper
ties of Am. Iron A Steel Co., is limited to $13,000,000, of which $6,660,000
Issued (incl. $1,146,500 retired to Dec. 31 1925) and $6,340,000 reserved
for future extensions to 75% of cost of same. Callable all or any at 105
Sinking fund beginning Dec. 31 1918 a sum equal to 2)4 % of the bonds at
time outstanding. V. 104, p. 1139. This issue has been assumed.
Eastern Coke Oo. 1st M. cover 574 coke ovens, benzol plant, Ac. Sink
Ing fund, $250,000 s.-a. Callable 101 A int. on or before Feb. 1 1918,
thereafter 102)4 A int.; retired to Dec. 31 1925, $4,253,000. V.104, p. 170fc
The Union Iron Works Dry Dock Co., a subsidiary of the Beth. Steel
Corp., took over on Nov. 1 1908 the property of San Francisco Dry Dock
Co., and issued 20-year 6% purchase money bonds ($431,867 outstanding
Dec. 31 1925), besides assuming $495,000 underlying 5s. V. 88, p. 941.
The Penn Mary Coal Co. 1st M. 5% bonds of Oct. 1 1919, $5,000,000
auth. and issued, have an annual sinking fund of $200,000 after Nov. 1
1920, and are callable at any time all or part at 102)4 and int. These
bonds, issued, it is understood. In connection with purchase from Elkins
Coal A Coke Oo. of coal lands and coal rights in Monongalia and Preston
counties, W. Va., with bldgs, and impts. Purchased for sinking fund to
Dec. 31 1925. $1,296,000.
REPORT.—-For 1925, in V. 122, p. 1790, showed:
1925.
1924.
al923.
bl922.
$
$
$
$
Gross sales____________ 273,025,320 243,904,266 275,213,423 132,866,111
Mfg. cost, admin., sell­
ing A gen.exp.Ataxes.236,882,321 212,413,960 239,115,640 114,957,171
Net, before depr., Ac.
Otherincome_________

C385.000
4.078,000
5.502,500

When

Payable

[Vol. 122.

Last Dividend Places Where Interest anti
and Maturity
Dividends Are Payable

Central Union Tr Go. N T
MAS Moh 1 1950
J A J Jan I 1927
Farmers’ L A Tr Co, N I
J & J To Jan 3 1927

Mar 1 1936
Nov 1 1946
May 1 1947
Junel 1939
To Dec 1928
To Dec 1927

J A J July 1 1927
A A O Oct 1 1932
J A J Jan 1 1937
F A A Feb 1 1931
A A O Apr 11939
A A O Oct 1 1939
Mar 1 1931
Oct 1 1929
A D June 1 1950
A J Jan. 1 1934
A J July 1 1929
J

New York

Guaranty Tr Oo, N
Girard Tr Oo. Phila
Bankers Trust Oo. N
Girard Trust Oo, Phll»
Bank of America, N Y

Union Tr Co, San Fran

Apr 1.1925 IX
A D Dec 1 1936
Cent Union Tr Oo, N Y

Report for First Quarter of 1926 (V. 122, p. 2334).
1st Quar.
4th Quar.
1st Quar.
1926.
1925.
1925.
Total income of corp. audits subsid’s.$ll,973,038 $10,543,136 $10,399,316
Interest charges___________________ 3,065,032
3,224,083
3,337,594
Prov. for depl., deprec. A obsolescence 3,042,156
3,046,223
2,990,205
Net income for period____________ $5,865,850 $4,272,830 $4,071,51
Preferred dividends________________ 1,688.795
1,075,870
1.075,638
Surplus for the period_____________ $4,177,055 $3,196,960 $2,995,879
OFFICERS.—Chairman, Charles M. Schwab; Pres., Eugene G. Grace;
V.-P., H. E. Lewis, James H. Ward; Sec., R. E. McMath; Treas., W. F.
Hartmann; Asst. Treas. A Asst. Sec., Wm. J. Brown; Compt., F. A. Shick.
DIRECTORS.—C. M. Schwab (Chairman), Archibald Johnston, C.
Austin Buck, John W. Griggs, G. M.-P. Murphy, E. G. Grace, Moses
Taylor, H. G. Dalton, O. G. Jennings, W. E. Corey, Percy A. Rockefeller,
H. E. Lewis, Harold Stanley, F. A. Shick, and Alvin Untermyer. New
York office, 25 Broadway.—(V. 122, p. 2802.)
(SIDNEY) BLUMENTHAL & CO.. INC. (The Shelton Looms).—
fncorp. under laws of N. Y. on June 30 1899. Manufactures every variety
of pile fabrics, the chief of which are commonly known as velvets, plushes,
velours and velvet brocades. Plants are located at Shelton, Conn., South
River, N. J., and Unionville. Conn.
Dividends.—On pref. in full to April 1 1925; none since. No pay­
ments on common.
BONDS.—The 1st mtge. 7% s. f. gold bonds are redeemable in whole or
In part by lot at par plus a premium of X % for each full year to maturity.
REPORT.—For 1925, in V. 122, p. 1460, showed:
[Including South River Spinning Co., Inc.)
1925.
1924.
1923.
$324,601 loss$562,338 $1,449,915
Net income_____________________
Depreciation reserve_____________
281,506
281,247
279,410
Provision for doubtful accounts__
32,217
39,444
26,702
Interest charges, etc_____________
220,216
Federal tax reserve______________
82,074
Inventory written off____________
651.177
Net loss__ ___________________
$883,029 sr$l ,061,730
$360,515
Three Months Ended March 31—
1926.
1925.
1924.
Earnings from operation_________
$192,764
$125,408
$36,481
Accrued interest________________
32,961
34,593
36,340
Depreciation reserve_____________
60,821
69,880
73,170
Inventory loss__________________
56,148
Loss on mill operation___________
122,464
182,821
$73,02 9
Net loss______________________
$23,482
$218,134
Preferred divs. paid from surplus..
43,750
41,877
OFFICERS.—Pres, and Treas., Sidney Blumenthal; Sec., Eugene
BlumeDtbal Office. S95 Fourth Ave . New York.—(V. 122, p. 2656.)
BOONE (DANIEL) WOOLEN MILLS, INC.—Incorp. in Illinois on
Sept. 30 1919. Manufactures men's clothing, and also manufactures cloth
All the cloth manufactured by the company is used by itself in the manu­
facture of clothing. Plants are located in (. hicago, Rock Island, Ill.;
Moline, Ill.; East Moline. 111., and Davenport, Iowa.
Receivers Appointed.—E. J. Brundage was appointed receiver for thecompany on Feb. 10 1925. V. 120, p. 962.
The Union Bank of Chicago and Daniel V. Harkin, President of thebank, were appointed co-receivers for the company Feb. 28 1925.
Reorganization Plan.—A reorganizat.on of the capital structure of thecompany was approved by the stockholders March 16 1925. According to
the plan approved the 250,000 shares (par $25) will be reduced to a total*
capitalization of $3,500,000 consisting of 10,000 shares of Pref. stock (par
$100) and 500,000 shares of common stock (par $5).
The present capital stock will be exchanged one share of the new common
for each share of the old stock outstanding. The new preferred stock will'
be 7 % and convertible into common stock on or before May 1 1927 on the
basis of 20 shares of common for one of preferred.
The directors have been authorized to retain the services of SamuelRosenthal as General Manager for five years.
Contingent upon the ending of the present receivership Mr. Rosenthal
will take $1,000,000 of 7% pref. stock. An additional 50,000 shares of
common, together with 62,500 now in the treasury, will be offered to stock­
holders at $5 a share. All shares not subscribed for will be taken by Mr.
Rosenthal.
STOOK.—See table at head of page.
DIVIDENDS.—Paid 75c. per share quarterly from April 1 1922 toJuly 1 1924; Oct. 1924 div. was omitted. V. 119, p. 1285. Also paid a
stock dividend of 25% on Feb. 26 1923.
REPORT.—For calendar year 1923 showed;
Gross, $832,024; sell. A admin, exp., $279,828; profit_________ $552,196Other income_______________________________________________ 59,86$-

Total income______________________________________________ $612,064
Interest, Ac., $78,677; Federal taxes, $66,194----------------------------$144,871
Dividends___________________________________________________ 312,35$ Surplus-------- ---------- ---------------------------------------------------------- $154,835
OFFICERS.—Chairman, Stephen S. Stratton; Pres., Joseph Byfield
V.-P., George Srere; Treas. A Gen. Mgr., Frank Solomon; Sec., D. M.
Zemans. Office. 1735 West Diversey Parkway, Chicago. Ill.—(V. 122,.
p. 485.)
BOOTH FISHERIES CO—ORGANIZATION.—Incorp. in Delaware
May 10 1909 and purchased at receiver's sale all the assets of A. Booth 4
Go., Chicago, per plan in V. 88. p. 1063. Is engaged In buying and selling
at wholesale and retail Osh, oysters and all sea foods, and has a large fleet
of fishing boats on the Great Lakes and Pacific Ocean. On April 1 1911
purchased the N. W. Fisheries Oo. V. 100, p. 2088; V. 101, p. 530
Booth St. Louis Cold Storage Co. has a large cold and dry storage plant In St. Louis. V. 101, p. 1976. In Dec. 1916 purchased the Lindenbergei Packing Co. and the Columbia Salmon Co. through its subsidiary, the
Northwestern Fisheries Oo.—V. 103. p. 2430- Early in 1917 purchased >
6 packing plants of the Lubeck Sardine Oo. and also property or the Machlasport Packing Co., both on the Maine coast. V. 105, p. 2000. New
Sardine factory at St. Johns. N. B., opened in July 1918. V. 107 p. 405.
Physical properties consist of 17 salmon packing canneries (15 in Alaska,
1 on Puget Sound and 1 on Columbia River) with combined annual capacity
of 1,000,000 cases of salmon (48 1-lb. cans to the case); 8 sardine canning7
plants, 6 in Maine and 2 in New Brunswick, annual capacity of 800,000.«

May, 1926.]

159 1

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c„ see notes on page 8]

Dale

Bonds

Par
Value

Rate
%

When
Payable

Last Dividend
and Maturity

See text $4,687,500 See text
Boone (Daniel) Woolen Mills, Inc—Stock $6,250,000 auth.
July 1 ’24, 75c.
None 250,000 shrs see text
Booth Fisheries—common stook 625,000 shrs authorized..
Apr 1 ’19 50 cts
1st pre! stock $10,000,000 (oum since Apr 1912) red 110$100 4.999,801 See text
Oct 1 ’20 IX%
i
out
Sink fd deb $5,000,000 « red 101 conv Into 1st pf stk.sc* 1911
y2.286,00(
6 e A & O Apr 1 1926
Sink fd conv g notes red (text) auth $7,500,000—CeCxxxc* 1922 500A1000
444,900
7g MAS Sept 15 1937
Bonds on cola storage plants__________________ -_______
577,500
Borden Co—Common stock $50,000,000 auih.._________
50 31,544,800
None 2,000,000sh See text Q—J 25 Apr 26 '26 75c.
Briggs Mfg Co—Stock 2,025,000 shares authorized.______
British Empire Steel Corp.—See text

Places Where Interest one
Dividends are Payable

Central Tr Co of Ill. Chit
do
do
Nat City Bk. NY: or Chit
Chase Nat Bk. N Y; CeC
Seaboard Nat Bank, N V

r In addition $2,714,000 held in sinking fund and treasury In Apr . 1925

cases; 6 public cold-storage plants, located at Chicago Minneapolis, St. Paul
St. Louis, Seattle and Buffalo; more than 100 lake, river and seaboard
producing and buying stations; 2 steamship lines and other properties.
Booth Fisheries Co. of Canada, Ltd., was incorporated July 4 1916 with
$1,000,000 capital stock .primarily to take over ana operate the New Bruns­
wick Sardine Canning Co., with plant near St. Andrews, N. B. Nam*
changed to Booth Fisheries Canadian Co., Ltd., in May 1920. V. 110
p. 2389; V. 112, p. 2309, 1540.
Readjustment Plan (V. 122, p. 1315).
The directors have presented a plan for the refinancing of the company.
Under the plan, debenture and noteholders are asked to exchange their
present holdings for an equal principal amount in new first mortgage bonds.
The banks have formally agreed to subordinate one-third of their claims
through the acceptance of $1,000,000 of the new debenture notes.
To Create New Issue of $5,000,000 Bonds to Refund Existing Debts.
Company proposes to execute a first mortgage and collateral trust
indenture, with Central Trust C,o. of Illinois as trustee, for an authorized
issue of $5,000,000 10-year 64^ % sinking fund gold bonds. The indenture
will contain closely guarded clauses as to sinking fund and working capital.
The bonds are to be callable at 10246 and interest.
The $5,000,000 debentures are to be issued and applied, so far as possible,
as follows:
For exchange of an equal amount of debenture bonds outstand’g.$2,286,000
For exchange of an equal amount of gold notes outstanding------- 450,500
To banks and others in settlement of an equal amount of loans. 2,263,500
Banks to Subordinate $1,000,000 of Their Loans & Accept Debenture Bonds.
The banks have agreed to subordinate $1,000,000 of their loans and
accept $1,000,000 of 5-year 7% debenture bonds which will come after the
$5,000,000 of first mortgage and collateral trust bonds, and with the
provision that no dividends shall be paid and all surplus earnings, above
bond interest and other interest charges, shall be applied towards the
retirement of these debenture bonds until they are paid.
STOCK.—The first pref. stock, cum. from April 1 1912, with no votln»
power except while dividends are not paid or set aside. V. 102, p. 1438
Holders of the 6% debentures have the option of exchange at par for tht
first pref. V. 94, p. 125, 489. Total pref. auth., $10,000,000. V. 107
p. 698. V. 105, p. 2000, 502.
The common shareholders voted May 21 1917 to change the authorlzeo
common stock from 100,000 shares of $100 each to 500,000 shares of no pai
value; 250.000 of the new shares then being exchanged for the outstanding
common five new for one old. On July 14 1922 the authorized stock wa*
Increased to 625,000 shares.
An additional $1,000,000 pref. stock was issued In June 1919 on account of
Improvements, Ac., the amount authorized to be listed on N. Y. Stoci
Exchange being Increased to $6,000,000 of which $1,000,200 was in treasurj
in April 1925.
DIVIDENDS.—On first pref. paid July 1912 to Oct. 1920 IX % Q -J
none since. On common paid 4% April 1913 in new pref. stock, and in
March 1917 a cash dividend (No. 1) of 2%; April 1 and July 2 1917, 1%.
Oct. 1917 to April 1 1919, inclusive, paid 50 cents quar. ($2 per annum) on
new com. stock (see above); none since. V. 108, p. 2244; V. 109, p. 890.
BONDS.—Of debentures ($5,000,000) $2,707,000 were on May 2 1925
in sinking fund and $2,286,000 were outstanding. Cumulative sinking
fund $150,000 yearly at outset. V. 96, p. 655; V. 101. p. 1191. Bonds
on cold storage plants May 2 1925, $577,500.
The 7% sinking fund convertible gold notes due Sept. 15 1937 are re­
deemable, all or part, at 110 and int. on or before Sept. 15 1927, the premium
decreasing 1 % each year thereafter. Sinking fund, commencing April 15
1925, 5% of net earnings (after int. and deprec.). The unissued $2,500,000
notes shall be used to refund or retire the 6% debentures, due April 1 1926
V. 115, p. 1536.
REPORT.—For fiscal year ended May 2 1925, in V. 121, p. 589, showed:
Year Ended Year Ended 4 Mos. to
Cal. Year
Period—
May 2 ’25. Apr. 26 '24. Apr. 28 ’23.
1922.
Net profit....... ...........
$1,112,723
$942,177
$339,287 def$54,023
Interest______________
653,241
659,281
196,259
736,356
Depreciation, Ac......... .
174,273
171,704
56,483
186,711
Balance____________ sur$285,210 sur$lll,192 sur$86,545 def$977.090
OFFICERS.—K. L. Ames, Pres.; P. L. Smithers, V.-P. & Treas.; W G
W eil Sec. Chicago offices, 205 North Michigan Ave.—(V. 122, p 2803.)
BORDEN COMPANY (THE).—Incorp. In N. J. In 1899 as Borden’s
Condensed Milk Co. In Oct. 1919 present name was adopted, the former
title being considered restrictive In that it Implied the manufacture of but
one product—condensed milk—whereas the company also produces evap­
orated milk, malted milk, dried milk, condensed coffee and milk, condensed
cocoa and milk and caramels. See annual report in V. 122, p. 1642.
STOOK.—The stockholders on April 15 1925 approved the change in the
par value of the common stock by reducing it from $100 to $50 and the issue
of two new shares for each share outstanding. The common stockholders
of record Dec. 30 1925 were given the right to subscribe for $4,114,500
additional common stock at $75 per share, to the extent of ,15% of their
holdings.
The authorized common stock was increased to $50,000,000 in April 1926.
The preferred stock was redeemed on Dec. 15 1925 at 110 and divs.
LATE DIVS. [1905. 1906. 1907. ’08fo’16. 1917. ’18 to ’23. 1924. 1925.
Oncom. (%)-.( 8
8
8
8 yearly 8
8 yearly 10
8
Extra________ I 2
2
2
------------ Text ------------ ----- ----In Aug. 1917 paid 46 of 1% to aid Red Cross contributions.
Paid in 1926: March 1 and June 1, 2% quar. and 43% extra.
REPORT.—For 1925, in V. 122, p. 1642, showed:
1925
1924
1923.
1922
Gross sales____________ $123,352,833$109,666,633$100,245 j 60 $92,058,760
Net op. prof.(aft. deduc.
all op.chgs-.incl.depr.,
insur. & prop’y taxes). 6,899,856
5,790,135
5,372,876
5,676,974
Interest (net)_________ Cr.395,178
Cr.284,672 Cr.256,305 Cr. 132,620
Federal taxes (est.)____
997,799
662,101
605,885
635,844
Net income__________ $6,297,235 $5,412,706
Dividends—Preferred __
450,000
450,000
Common___________
1,940,387
2,136,800
Borden’s Farm Prod.Co.,
Inc., 1st pref. (7%)---------Balance, surplus____ $3,906,848




$2,825,906

$5,023,297
450,000
1,709,440

$5,173,750
450,000
1,709,440

$2,863,857

$2 978,980

35,330

1925
Previous surplus............ 9,310,979
Earnings applicable to
prior period, Ac_____
560,973

1924
8,650,773

_____

1923
7,817,532

_____

1922
5,720,874

_____

Total______________ $13,778,800 $11,476,679 $10,681,389 $8,699,854
Approp’n for reserve___
1,365,727
1,950,633
1,917,510
730,871
Int. on sub. to cap’l stock
79,716
65,985
_____
Loss on prop. & she. sold
122,022
15L449
149,080
113,106
P. & L. surp. Dec. 31.$12,211,335 $9,310,979 $8,650,773 $7,817,532
OFFICERS.—Chairman, Albert G. Milbank; Pres., Arthur W. Milburn;
V.-P., Albert T. Johnston; V.-P. & Treas., Shepard Rareshide; V.-P.,
Charles C. Lobeck; V.-P., Wallace D. Strack; Sec. & Asst. Treas., Wm. P.
Marsh. N. Y. office, 350 Madison Ave.—(V. 122. p. 2334.)
BORDEN’S FARM PRODUCTS CO., INC.—Incorporated at Albany.
N. Y., April 24 1917. A subsidiary of the Borden Co. engaged fn the
business of distributing fresh milk, cream and other farm products in N. Y
City and adjacent cities, Chicago, Montreal, Ac. V. 107, p. 2478. Entire
capital stock is owned by the Borden Co.—(V. 119, p. 3013.)
BORNE SCRYMSER CO.—(V. 122, p. 2334.)
BRIGGS MANUFACTURING CO.—ORGANIZATION.—Incorp.
Nov. 29 1909 under laws of Michigan. Company produces automobile
bodies, chassis frames, automobile body parts, truck body parts, sheet
metal stampings, gasoline tanks, Ac. Plants are located in Detroit and
Cleveland.
STOCK.—See table at head of page,
DIVIDENDS.—On no par shares: Feb. 1923, 20 cents per share; June
1923, 20 cents per share; Oct. 1923 to July 1924, 50 cents quar.; Oct. 1924,
$1 60 per share; Jan. 1925 to July 1925. 87 MS cents quar.; Oct. 1925, 37 X
cents; Jan. and April 1926, 75 cents quar.
REPORT.—For 1925, in V. 122, p. 2502, showed:
Calendar Years—
1925.
1924.
Gross profit________________ _________________ $11,998,100 $14,554,209
Other income_______________________________
639,874
587,043
Total income________________________________ $12,637,974 $15,141,252
Expenses and depreciation_____________________ 3,208,318 2,415,176
Federal taxes________________________________
1,288,000 1,590,500
Dividends____________________________________ 5,999,863 2,030,236
Balance, surplus_____________________________ $2,141,793 $9,105,340
Quarters Ended March 31—
1926.
1925.
Net profits after charges & Federal taxes_________ $2,947,342 $2,388,861
OFFICERS.-—Chairman, W. O. Briggs; Pres., J. H. French; 1st V.-P.,
H. C. Maise; Treas., W. F. Connolly; Sec., H. W. Griffith; Asst. Sec. &
Asst. Treas., L. A. Lark. Office, 11631 Mack Ave., Detroit, Mich.
—(V. 122, p. 2803.)
BRILL CORPORATION.—See America Car & Foundry Co. above.
BRITISH AMERICAN TOBACCO CO., LTD.—(V. 122, p. 1315.)

BRITISH EMPIRE STEEL CORP., LTD.—The stockholders of the
Dominion Steel Corp., Ltd., and Nova Scotia Steel A Coal Co.. Ltd., to
April 1921. formally ratified the merger of those companies with the Halifax
Shipyards, Ltd., in the British Empire Steel Corp., Ltd. The new merger
plan is outlined as follows, the plan of June 28 1920 having been abandoned.
The companies composing the merger are: (a) Dominion Steel Coro..
Ltd., and its subsidiaries. Dominion Iron A Steel Co., Ltd., and Dominion
Coal Co., Ltd. (6) Nova Scotia Steel & Coal Co., Ltd., and its subsidiary.
Eastern Car Co., Ltd. (c) Halifax Shipyards, Ltd.
New Stock Issues.

7% Cumulative Preference shares Series “B”_______________ $19,950,000
7% Cumulative Second Preference shares.__ .______________ 57,350,000
Common shares__ __________________________________ .-____ 24,450.000
Of the $101,750,000 stock to be issued, $5,605,000 2d Cumulative
7% Pref. shares and $2,360,000 Common shares will be held by Dominion
iron A Steel Co., one of the constituent companies.
8% Cumulative Preference Stock Series “A."—The British Empire Steel
Corp, will be able from time to time to obtain additional capital by the sale
of 8% Oum. Preference stock Series "A,” which it has authority to issue.
7% Cumulative Preference Series "B."—The 7% Cumulative Pref. shares
series B were offered in exchange for outstanding preference shares of the
companies which entered the consolidation. The cumulative preference
shares series B rank with the cumulative preference shares series A as]a
first preference both as regards dividend and distribution of assets on a
Winding up.
Bond Issues Remain Undisturbed.—The bond and debenture issues of tbs
various companies [$31,102,475 outstanding] remained undisturbed.
Basis of Exchange of Common Stocks.

(a) Each $100 fully paid Ordinary or Common share of the Dominion
Steel Corp., Ltd., will be exchanged for $95 of fully paid 7% Cumulative 2d
Pref. shares and $40 fully paid Common shares In the Empire Corp.
(5) Each $100 fully paid Ordinary or Common share of the Nova Scotia
Steel & Coal Co., Ltd., will be exchanged for $90 fully paid 7% Cumulative
2d Pref. shares and $40 fully paid Common shares in the Empire Corp
(c) Each $100 fully paid Ordinary or Common shares of Halifax Shipyards
Ltd., will be exchanged for $60 fully paid 7% Cumulative 2d Pref. share*
and $25 fully paid Common shares in the Empire Corp.
Basis of Exchange of Preferred Stocks.

(a) Each $100 6% Cumul. Pref. share of Dominion Steel Corp., Ltd .
and each 7% Cumul. Pref. share of Dominion Iron & Steel Co., Ltd., and
each 7 % Cumul. Pref. share of Dominion Coal Co., Ltd., to be exchangeable
for one share of like amount of Cumul. 7% Preference stock Series B” of
the Empire Corp.
(5) Each $100 8% Cumul. Pref. share of Nova Scotia Steel & deal Co .
Ltd., to be exchangeable for 1 1-6 share of like amount of Cumul. 7% Pref.
stock Series “B” of Empire Corp., and each $100 6% Cumul. Pref. share of
the Eastern Car Co., Ltd., to be exchangeable for one share of like amount
of Cumul. 7% Pref. stock Series “B” of the Empire Corp.
(c) Each $100 Preference share of Halifax Shipyards, Ltd., to be ex­
changeable for one share of like amount of Cumul. 7% Pref. stock Series
“B” of the Empire Corp

160

INDUSTRIAL STOCKS AND BONDS
MISCELLANEOUS COMPANIES

Date
Bonds

[For abbreviations. &c., see notes on page 8]

Brown Shoe Co, Inc—Common stock $10,000,000 auth__
___
Pr*f stock
d 7^ mm r^d 120
Brunswick-Balke-Collender Co—Com stk 600.000 shs auth __
Pref (a & d) stock 7% cum s f $6,000,000 auth____ _____
Serial notes redeemable at 103---------- -- — ..CC.xxxc 1919
Buckeye Pipe Line tu 1 tiei—Stock $1(1.000.000.----...
Burns Bros.—Common stock ('lass A 100,000 shares auth
Common stock Class B 100,000 shares auth
____
Prior pref (a & d) stock 7% cum red 120 $1,292.100 auth.
Preferred (a & d) stock 7 % cum red 110 $3,000,000 auth...

Par
Value

Amount
'hitstanding

None
X 0(
None
100
1,000
61
None
None
. 100
100

’52.000 shs
Q—M June 1 1926 50c
$2
$1 537.500
7
Q—F Mav ' 10 "6 1 ‘,
500.000 shs See text
May 15 '25. 90<7
Ap• 1 1920 1X
$4,5 :7.?00
Q—J
JW & J To
6
Jan 1 1929
1,200.000
10,00-1,000 See text Q —M lute 15 26 3 "4
97.367 si,
Q—F May 15*26 $2.50
$10
O—F
97.360 sh
739.100
Q—F '4a v 1 1926 1 L,
2,630.000
7
Q—J •July 1 1926 IX

Capitalization of New Corporation.
Authorized.
Issued
8% Cum. 1st Pref. stock Series “A”_.$60.000.000
7% Cum. 1st Pref stock Series “B”. 40.000.000 $8,032,100
7% Oum 2d Preference stock______ 75.000.000 57.350.000
Common stock_______________________

Deduct—Held by constituent cos.:

75.000.000

24.450.000

$250,000,000 $89,832,100

7% Cumul. 2d Preference stock
$7,391,425
Common stock__________________ 3,144,600
----------------

10,536.025

------------ — $79,296,075

Note.—Out of the total authorized Issue of 7% Cumul. 1st Pr Tire nee

stock Series "B” $11,917,900 Is reserved for exchange of the outstanding
Preference stocks of constituent companies.
Pref. Stocks of Constit. Cos. Outstanding:

Dominion Steel Corp., Ltd-------- - --------------------- $4,705,500
Dominion Iron & Steel Co., Ltd---------- - ------------ 3,336,300
Dominion Coal Co., Ltd---------------------------------------- —
2,790.400
808,000
Nova Scotia Steel & Coal Co., Ltd107,100
Eastern Car Oo., Ltd.
Cap. Stock of the Acadia Coal Co., Ltd., Outst'g

6% Non-Cumulatlve 2d Preferred stock..
Ordinary stock_______________________

11,756,300

$5,500
107,800

113.300
$91,165,675
DIVIDENDS.—The directors on March 31 1924 decided to defer tb.
dividends upon all the shares of the corporation and its subsidiaries, viz.
Dominion Steel Corp., Dominion Iron & Steel Co., Ltd., Dominion Coal
Co., Ltd., Nova Scotia Steel & Coal Co., Ltd., and Eastern Car Co., Ltd

This action was taken owing to the shutdown of the steel plant at Sydney
and all of the coal mines of the corporation, which were Idle from fan. is
to practically March 1, while negotiations were being continued for a new
wage agreement with the coal miners.

REPORT.—Eor 1924, in V. 121, p. 2747, showed:

------------- Years Ended Dec. 31-----------

Bate
%

When
Payable

Last Divideno
and Maturity

[Vol. 122.
°laces Where Interest and
Dividends are Payable

'hecks mailed
'hecks mailed

Cont&ComTr&SBk.Ohi
N ew V ork

effected in Installments, so that at least $600,000 thereof will be retired on
or before Jan. 1 1922 and the remainder thereof will be retired in at least
equal Installments during each of the three five-year periods successively
following Jan. 1 1922. $1.47 (.700 retired as of D «. 31 1925. No dividend
can be declared on the common, except after two years' dividends on the
preferred stock have been set aside and the assets are equal to twice the
amount of the preferred stock. No bonded debt of any kind except pur­
chase money mortgages. &c., can be created without the consent of 75%
of the outstanding preferred stock. In any dissolution, voluntary or in­
voluntary, preferred stock is entitled to $120 ner share. Common has
exclusive voting power except in event of dissolution or preferred dividends
being in arrears for 2 successive years, whereupon the preferred stock has
the privilege along with common.
DIVIDENDS.—Pref. stock, 1914 to Ap-. 1929, 7% per annum. Com.,
1914-1915, 3%; 1916, 4)4%; 1917. 3%; 1918. 1)4%: 1919. 7%: 1920, 7%
in cash and 150% in Class “B" common on Class "A" common; 1921. I X %;
1922. 1X% on each on old Class “A” and Class “B”; 1923. 7%; 1924, 7%
and 50% stock dividend'. Initial payment on common (no par) was 90
cents on Feb. 15 1925; same amount paid Mav 15 1925: none since.
BONDS.—There were $319,993 purchase money obligations outstanding
as of Dec. 31 1925.
REPORT.—For 1925, in V. 122, p. 2334, showed:
Calendar Years—
1925.
1924.
1923.
1922.
a Profits from oper___ loss$743,210 $2,987,390 $2,835,949 $2,367,355
Sundry exp. & chgs. (net)
_____
_____
Cr.218,223
Prov. for income tax___
_____
426,000
322,000
Profit on sales of prop’ty Cr.25,809 Cr.240,3.33

Net income......... ....loss$717,40l $2,801,723
Previous surplus______
3,675,219
8,839.576
Appr. of prop’s (adj.)
Dr .3, 111 Dr.519,907
Adj. of Fed. tax (pr.yrs.).
_____
Dr.62,544

$2,513,949 $2,585,579
7,523,948
7,659,839
........... Cr.2,109,749

Total________
... $2,954,707 $11,058,848 $10,037,897
Pref. divs. (7% per ann.) " 318,229
329.878
332,071
Common divs. (cash)
900,000
866.250
866,250
In com. stock (50%)_.
_____
6,187,566
______

$8,135,669
336,096
275,626
____ _

P.&L. sur. Dec. 31.. $1,736,479 $3,675,219 $8,839,576 $7,523,948
a Profits from operations after deducting manufacturing, selling, adminis­
trative and general expenses, incl. int. on borrowed money and adequate
provision for depreciation of buildings, plant, machinery and equipment.
4,000,000
OFFICERS.—B. E. Bensinger, Pres.; O. G. Ortman, Treas.; T. M.
Total.............................. ......................
$923,775 $4,444,346 $6,917,275 McHale, Sec’y. Office, 623 S. Wabash, Ave., Chicago.—(V. 122, p. 2334.)
BUCKEYE PIPE LINE CO. (THEl.—ORGANIZATION, &c.—lncorp.
Deduct—Prov. for sink, fds., deprec.
in Ohio Mar. 31 1886. Owns pipe lines in Ohio. Formerly controlled by
M depl. of minerals (& approp. to
Standard Oil Co. of N. J., but segregated in 1911. See Standard OH Oo. of
write down value of plate mill in
3,627,799 N. J.. V. 85. p. 216. 790: V. 93. p. 1300. Stock, $10,000,000; par, $50
j 922)__________________________ 1,112,515
1,112,515
1,978,473
1,676,906
Int. & disc, on bonds & deben. stock. _ 2,023,846
REPORT.—For 1925 showed:
1st preference divs. of corp. & pref.
Calendar Years—
1925.
1924.
1923.
1922.
145,033
1,346,524
1,344,298 Net profits____________ $1,057,686
k stocks of constituent and sub. cos..
$938,000 $1,041,571 $1,744,396
Preferred dividends accrued_________
Dividends................... ..
800,000
800.000
1,350.000
7,000.000
Balance, surplus____________ def.$2,357,619
$6,834
$268,271
Bal., sur. or deficit__ sur$247,686 sur$138,000 def$308,329 df$5,255604
1,024,198
Bal. brought forward Jan. 1 1922___
1,031,031
755,927
DIVIDENDS.— 14. T5. 16. T7. ’18. 19h»'21. ’22 '23 ’24. 25.
Regular,
per cent.28 16 16 l6 16
16 yrly. 16 13)4 8
8
Profit & loss surplus................. .def.$1,326,589 $1,031,032 $1,024,198
Extra, percent..__
_
3
2 _ ___ ... 54 .................
X Total earnings of properties after deducting all manufacturing, selling
Paid in 1926: Mar. 15, 2% quar. and 1% extra; June 15, 2% quar.
and administrative expenses.
OFFICERS.—Pres., D. S. Bushnell: V.-P. & Gen. Mgr., T. B. Greene;
The plants of the company were closed on July 19 1924 for an indefinite Sec.,
J. R. Fast: Treas., W. F. Livingston. Main office, Lima, Ohio.
period. Compare V. 119, p. 78N.
Y. office, 26 Broadway.—(V. 122. p. 1175.)
OFFICERS.—Pres., R. M. Wolvin: Sec. & Treas., C. S. Cameron.
BURNS BROS.— Wholesale and retail coal dealers in N Y. City. A
Office, Canada Cement Bldg., Phillips Square, Montreal, Que.—(V. 122,
consolidation Dec. 31 1912 under laws of N J V 96 p. 363: V 103, p. 2081.
p. 2502.)
In Dec. 1921 acquired William Farrell & Son, Inc. For terms of acqui­
BROWN SHOE CO., INC.—ORGANIZATION.—lncorp. in N. J. Jan. sition.
see V 11.3. p 1986. 2408.
1913 and acquired the Brown Shoe Co. of Mo. Owns and operates 15 large
The directors on Sept. 2 1925 approved the acquisition of the Steamship
modern plants, 6 in St. Louis, and one each in Moberly. Brookfield Mo
Mattoon, Murphysboro, Dixon, Litchfield, Salem and Charleston, Ill., Fuel Corp., Wyoming Valley Coal Co., Schuylkill Coal Co. and the Temple
and Union City, Tenn., also plant in process of construction at Vincennes, Coal Co. V. 121, p. 1230.
CAPITAL STOCK.—In connection with the acquisition In Dec. 1921
Ind. Also leases and operates a plant for the manufacture of paper boxes.
In Feb. 1913 acquired Barton Bros, of Kansas City. V. 96, p. 556. Owns jf Wm. Farrell & Son, Inc., the capital stock was changed to amounts
shown in table at head of page (compare V. 113, p. 1986, 2408).
and operates Central Shoe Co., St. Louis.
STOCK.—The pref. stock Is redeemable at any time, all or part (pro
The 7% cumulative pref. stock is entitled to benefit of an annual sinking
rata), and also upon dissolution at 120 and divs. on 3 mos.’ notice. No fund of $120,000, after the payment of dividends on stock, and after all
mortgage (other than purchase money) can be authorized or pref. stock prior preference stock has been retired.
increased or prior stock issued by vote of less than 75% of each class, both
The Class A common stock will be entitled to receive cumulative divi­
pref. and com. Sinking fund out of surplus profits to retire at least 2X % dends at the rate of $8 per share per annum before any dividends are
annually of the maximum pref. stock at any time outstanding. V. 107, p. paid on the Class B common stock and thereafter all dividends are to be
2004. Pref. shall not vote for directors unless four quarterly dividends are paid ratably on the Class A common stock and Class B common stock, share
and share alike. Upon liquidation. Class A common stock will be entitled
in default, in which event each preferred share will be entitled to 3 votes.
Pref. stock authorized, $6,000,000: outstanding, $4,537,500: retired by to receive $60 per share before any distribution of assets to the Class B
common stock, and thereafter all assets will be distributed ratably to the
sinking fund and cancelled, $1,462,500.
fcr. The stockholders on Dec. 10 1925 voted to exchange the $8,400,000 com­ Class A common stock and Class B common stock, share and share alike.
mon stock (par $100) for new common stock of no par value on the basis of The Class A common stock will have two votes per share and the Class B
common stock will have one vote per share. [Preferred shares have no
three new shares for one old.
voting power except, when dividends are In default..!
DIVIDENDS.—Div. on pref. from Feb. 1913 to Nov. 1925, IX % quar
Dividends on common, 1% paid Feb., May and Aug. 1 1914: none to Dec. 1
On Sept. 2 1925 company acquired assets of Wyoming Valley Coal Co.,
Inc., and total outstanding capital stock of Steamship Fuel Corp., Temple
1916, when 1)4% was paid; Mar. 1917 to Sept. 1919, 1)4% quar.; Dec
1919 to Sept. 1920. 1)4% quar.: then none until June 1 1923. when 1% Contractors, Inc., and Schuylkill Fuel Corp., issuing therefor 16,421 shares
was paid; tnen to Dec. 1 1925 paid 1% quar.; on March 1 and June 1 1926 of “A” stock and 16,427 shares of “B” stock.
paid 50 cents a share on new stock of no par value. Stockholders of record
DIVIDENDS.—On Class "A" common stock paid $2 50 each quarter
June 19 1920 received a 6tock div. of 33 1-3%.
from Feb. 15 1922 to May 15 1926. On Class “B" common stock paid
REPORT.—For year ended Oct. 31 1925, in V. 121, p. 2632, showed:
50c. quarterly from Feb. 15 1922 to May 15 1926.
Years Ended Oit. 31— 1924-25.
1923-24.
1922-23.
1921-22.
REPORT.—For year ended March 31 1925, in V. 120, p. 2948, showed:
Net sales_____________ $31,075,667 $28,926,632 $29,679,235 $27,191,698
March 31 Years—
1924-25.
1923-24.
1922-23.
1921-22.
♦Net profits_____ _____ 2,406,727
1,568,337
1,510,059 1,389,799 Net sales..........................$27,287,474 $30,295,586 $29,432,808 $31,373,520
Federal income, war and
Net profits____________
972,622
974,577
723,081
1,376,134
excess profits tax (est.)
354,550
196,800
176,000
100,000 Total income__________ 1,271,902
1,305,311
1,140,029
1,700,409
Preferred dividends....
320,224
331,188
342,650
366,975
Add—
Common dividends336,000
335,616
167,126
-------Bal. beginning of year.. 3,100,673
2,577,163
2,684,300
2,347,239
Wm. Farrell & Son sur._
223,260
Balance.................
$1,395,953
$704,733
$824,283 $922,834 Sur. ext. through retire­
♦After deducting cost of materials, exp., deprec. & Inc. charges, bad
ment of stock_______
130,200
244,300
95,000
791,400
debts, &c.
Adj. in book val. of inv.
1,090,000
Report for 6 mos. ended April 30 1926 showed: Net sales, $14,925,146: Cancel, of res. not req_
138,416
230,000
281,756
net profit after Federal taxes, $400,509; pref. divs., $158,812; com. divs.,
$210,000; bal., sur., $31,697.
Total_______________ $4,641,191 $5,446,774 $4,201,085 $5,062,309
Pres., John A. Bush; v.-Pres., E. R. McCarthy, P. O’Brien. T. F.
Deduct Dividends—
James; Treas., H. 8. Hutchins; Sec., W. E. Tarlton. Office, Washington New preferred (7%)___
$210,000
$210,000
$210,000
$52,064
Ave., 16th to 17th Sts., St. Louis, Mo.—(V. 122, p. 2803.)
Prior preference (7%)__
54,243
74,935
90,447
22,612
BRUNSWICK-BALKE-COLLENDER CO. (THE).—ORGANIZA­ Common Cl. “ A” ($10).
809,440
809,165
809,159
202,233
Class“B” ($2)______
TION.—Inc. in 1907 in Delaware. Business established in 1874. Co.
161,880
161,757
161,828
40,381
manufactures billiard and pocket billiard tables, billiard supplies, bowling Old preferred (7%)____
157,500
alleys and incidentals thereto, phonographs, records and combination Common (old)________
606,568
honograph-radios. Owns and operates 13 factories; leases and operates Retire pref. stock (net).
170,757
150,065
134,553
97,388
factories. Products sold through jobbers and 27 branch houses.
Chges. not app. to oper.
64,516
940,180
217,936
1,199,262
STOCK.—Pref. stock S. F.—‘Co. shall retire by purchase, redemption
Surplus.
or otherwise $1,500,000 par value of pref. stock, such retirement to be
$3,170,355 $3,100,673 $2,577,163 $2,684,300
xTotal earnings___________________
Amts. rec. in settlement of claims agst.
Govt, for cancellation of contract
for ship plates________ __________

S




1924.
$923,775

1923.
$4,444,346

1922.
$2,917,275

May, 1926.]

MISCELLANEOUS COMPANIES
{For abbreviations, &c., see notes on page 8]

Date
Bonds

Burroughs Adding Machine Co—Com stk 600,000 shs auth
Pref stock (a St d) 7% cum ref (see text) s f $15,000,000 auth
Cush Terminal Co—-Common stock 250,000 shares auth_.
Preferred (a & d) 6% cum redeemable at 110 text_______
Debenture pref stock 7% cum $25,000,000 auth_______
rlrst M (V 76, p 974) conv sink funu since 1907. Col.xc 1902
r irst consolidated mortgage S10.000,000 ...
-xc" 1905
Sush Term Bldgs Co M $12.000,000g gu s f-Col. x, o*&r’ 1910
do 7% cum pref stock guar. call. 120______________
Butte Copper & Zinc Co.—Stock auth $3,000.000________
sutte fit Superior Mining Co.—Stock auth $3,600,000 ...
-•crick Co (The) stock $15,000,000............................ ..
California Packing Corp—Stock_______________________

Par
Value

Amount
iutstanding

None 600,000 shs
$100 $12,702,100
None 137,770shs.
2 300,000
100 6.889,986
2.000 2,713.000
1.000 6.629,000
(.000 *c 10,238.000
100 7,000.000
5 3.000,000
10 2.901.977
100 14,642.100
None 486.708shrs

OFFICERS.—Chairman, William T. Payne; Pres., S. A. Wertheim; V.-P.
S. M. Schatzkin, Thomas F. Farrell, James P. Geagen, Wm. J. Dalton and
Benj. Wertheim; Sec. & Gen. Counsel, Alexander Levene; Treas., George
S. Weaver. Office, 50 Church St., New York City.
Directors.—S. M. Schatzkin, William H. Conyngham, Theodore S*
Barber, Harry B. Schooley, Kerwin H. Fulton, William T. Payne, Alex­
ander Levene, Sanders A. Wertheim. Moritz Rosenthal, Charles HaydenCarl Schmidlapp, Stephen M. Williams, Allison Dodd, Mason B. Starring.
G. F. Parrish, J. S. Bache, William J. Wasan Jr. and Alfred T. Holley.
—(V. 122, p. 2803.)
BURROUGHS ADDING MACHINE CO.—Incorp, in 1905 in Michigan
as successor to American Arithmometer Co. incoprorated in Missouri in
1886. Co. manufactures many types of adding, bookkeeping and calculat­
ing machines. Co. has its own sales agencies. Also owns about 450 U. S.
and foreign patents. Plant at Detroit.
STOCK.—Pref. Slock Provisions.—Preferred as to dividends and as to
assets in liquidation up to $100 if involuntary, and to the then current
redemption price if voluntary. Redeemable at 105 from July 1 1924 to
June 30 1934, incl., at 103 from July 1 1934 to June 30 1944, incl., and at 101
from July 1 1944 to March 31 1954, incl., after which all preferred stock
outstanding June 30 1954 and not called, redeemable at par and interest
8. f. of 10% per annum, beginning 1925, of net earnings, after preferred
dividends. Has no voting power, except when all other stock shall be
reduced to less than one-half par value of preferred then outstanding or if
dividend due remains unpaid for sixty days, and then only so long as such
dividend remains unpaid. Two-thirds vote of preferred stockholders re­
quired to create mortgage indebtedness or increase the authorized amount
of preferred or issue any stock in any respect prior to or on a parity therewith
DIVIDENDS.—On old common stock, 1905-07, 7%; 1908-09, 8%; 1910,
10%; 1911, 12%; 1912, 14%; 1913-14-15, 16%; 1916. 21%; 1917, 9%;
1918 to 1923, 8%; 1924, 4%. Stock dividends, 1917, 200%: 1922, 25%.
New preferred stock, initial dividend, 1%% Sept. 30 1924; Dec. 31 1924
to June 30 1926, 1 % % ouar. New com. stock, initial dividend 75 cents,
Sept. 30 1924; same amount paid quar. to June 30 1926.
REPORT.—For 1925, in V. 122, p. 2502, showed:
Calendar Years—
1925.
1924.
Gross profit on sales of machines, service, parts,
accessories, supplies, &c____________________ $11,381,164 $10,411,587
Other income____________________ ____________
783,755
649,564

Total income_______________________________ $12,164,920 $11,061,151
Sales, general and miscellaneous expenses_______ 6,369,401 5,959,133
Provision for U. S. Federal taxes_______________
752,000
577,000
Net profit_____ _____________ ______________ $5,043,518 $4,525,018
Surplus at Jan. 1------------------------------------ ------- 9,529,432
7,506,966
Increase in value of invest, in foreign subs, due to
fluctuations in rates of exchange______________ _______
101,663

Total....... ................................................................. .$14,572,950 $12,133,587
Premiums paid on preferred stock purchased_____
80,312
1,652
Dividends paid in cash------------------------------------- 2,704,330 2,602,564
Profit and loss surplus at Dec. 31___________ $11,788,308 $9,529,432
OFFICERS.—Chairman, Joseph Boyer; Pres., Standish Backus; V.-P.,
A. J Doughty; Treas., L. A. Farquhar: Sec.. G. W. Evans; Comnt,.,
A. F. Liska. Office, Second Boulevard at Burroughs Ave., Detroit, Mich.
—(V. 122, p. 2502.)
BUSH TERMINAL CO.—ORGANIZATION, &c.—Incorporated in
New York on Feb. 10 1902 (V. 74, p. 477). Owns extensive terminals on
the water front, 40th to 51st streets, Brooklyn. V. 76, p. 974, 1032; V. 79,
P- 1956; V. 82, p. 1039; V. 88, p. 163; V. 106, p. 399. Also controls Bush
Terminal Buildings Co., owning $1,000,000 common stock ($2,000,000
auth.). As to International Sales Building on 42d St., Manhattan, and
eases to tenants. See V. 108, p. 2239.
STOCK.—The stockholders on May 6 1925 approved a plan which
provided for the exchange of the old common stock for one share of new
7% debenture preferred stock and two shares of new no-par-value common,
which carries voting control. The new preferred stock is junior to the Bush
Terminal Co. 7% preferred and to the Bush Terminal Co. 6% preferred
stock. V. 120, p. 2152, 2405.
BONDS.—of the consol. 5s, sufficient are reserved to retire the 1st 4s
of 1902. See listing application, V. 88, p. 163; V'. 79, p. 1956; V. 80, p. 999,
1005, 1177; V. 81, p. 1243; V. 90, p. 1427; V. 103, p. 1793: V. 108, p. 2239.
Bush Terminal Buildings Co. gold 5s cover office, loft and other buildings
in N. Y. City and Brooklyn. V. 89, p. 848; V. 92, p. 747, 1034, 1111;
V. 97, p. 1901; V. 100. p. 1675; V. 101, p. 1809: V. 102. p. 1344; V. 112. p.
1619.
DIVIDS.—
’09. TO. ’ll. T2-T4. T5. T6. T7-21. ’22. ’23. ’24. '25.
Common---------- ( 0
2
4 4 yrly. 55
5
5553%
Do in stock-1_
_
..
__
2% 5
5
2%_
Paidin 1925: Jan. 17, 2%%; May 12, 1%%; none since.
REPORT.—For 1925, in V. 122, p. 2334, showed:
Year Ended Dec. 31—
'
1925.
1924.
1923.
1922 s
$8,813,724 $8,294,114 $8,096,883 $7,551,618
4,523,416
4,457,891
4,256,225
4,011,148
1,141,502
1,099,983
1,098,078
1,101,620
1,103,907
1,084,780
1,060,515
1,022,924
Depreciation_________
175,824
175,413
162,334
162,009
Pref. divs. Bush Ter. Co.
138,000
138,000
138,000
138,000
Pref. divs. Bush Term.
Bldgs. Co__________
490,000
467,105
462,893
408,532
Com. divs., BushTer.Co.
86,077
344,277
344,157
344,000
Debenture dividends__
361,617
Income tax___________
137,778
180,756
187,240
130,610
Balance, surplus------- $655,602
$345,908
$387,767
$232,450
Quarters Ended March 31—
1926.
1925.
1924.
Total gross earnings______________ $2,219,957 $2,160,054 $2,066,078
Total operating expenses__________
1,221,036
1,170,767
1,094,048
Taxes------------------------------------------328,606
321,981
323,079
Depreciation_____________________
43,989
43,243
Interest on bonded debt, Ste_________
266,644
272', 137
272,398
Sinking fund______________________
_____
40,461
Balance, surplus........... . ..........
$359,682
$351,665
$336,353
OFFICERS.—Pres., Irving T. Bush; V.-P., Frank Bailey and P. L.
Gerhardt; V.-P. & Treas., R. G. Simonds; Sec., S. C. Blackiston. Office,
100 Broad St., N. Y.—(V. 122, p. 2952.)
BUTTE COPPER AND ZINC CO.—Organized under laws of Maine,
Nov. 22 1904. Is eugaged in developing, mining and operating mines and
mineral lands, and In milling zinc and manganese ores. Property, con­
sisting of ten claims. Is owned in fee and is located In the centre of the City
of Butte, Silver Bow county, Montana, and is a compact group covering
about 3,000 feet along the Black Chief vein




161

INDUSTRIAL STOCKS AND BONDS
When
Pavable

Bale
%

Last Dividend
and Maturity

June 30’26, 75c.
Tune 30’26, 1%
See text
lan 15 ’26 307
July 15 ’26 1%
\pr 1 1952
(an 1 1955
\ fit O Apr 1 I960
0—I July 1 1926 1 %
See text Mar 31 1926 50<
See text Dec 31 26 50c
sept 1 ’16 %<X
See text Q—M June 15 ’26 $2

$3
7
See text
«
7
4e
58
5e
7
See text
See texi

Q—M31
Q—M 31
t «X J
J fit J
Q St J
t fit O
1 * J

”laces

Where Interest ant
Dividends are Payable

Jffice, ‘lOOBro'd s“t”"N~Y
>fflce. 100 Broad St. N Y
'Jew York

’hecks mailed

(hacks mailed

CAPITAL STOOK.—Authorized and outstanding, $3,000,000. Par
value, $5.
DIVIDENDS.—A dividend of 50 cents per share was paid in July 1918;
Chen none until March 1 1923, when 50 cents per share was paid; none
thereafter until Dec. 24 1924, when 50 cents per share was paid; Dec. 24
1925 paid 50 cents per share.
LEASE.—About July 1915 the Anaconda Copper Mining Co. started
development operations under a lease, under the terms of which net earn­
ings from ores recovered Is divided 50% to Butte Copper & Zinc Co. and
50% to the Anaconda Copper Mining Co.
REPORT—For 1925, in V. 122, p. 754, showed:
1923.
1922.
Calendar Years—
1925.
1924.
$93,664
Proceeds of ore_______
$444,398
$145,951
$17,591
22,354
Other income_________
26,134
32,436
34,361
Total income-.......... Expenses & taxes, &c__

$470,532
91,583

$178,387
45,275

$116,018
40,697

$51,952
29,105

Net income________

$378,950

$133,112

$75,321

$22,847

OFFICERS.—Albert J. Seligman, Pres ; Albert Frias. V.-Pres.; A. 1.
M'iley. Sec. & Treas.—(V 122. p 754.)

BUTTE ANDiSUPERIOR MINING CO.—ORGANIZATION.—Incor­
porated in Arizona Oct. 2 1906. Owns mining claims in Silver Bow Co.,
Mont, (area 164.7 acres), interests in other claims having an area of 58.3
acres and surface rights, Ste. Output chiefly zinc spelter.
LATE DIVIDENDS— 1916. 1917.’18-’21. 1922. 1923. 1924. 1925.
Regular (%)____________
40 31% .........
5
10
20
Extra (%).......................... 300 35% ..............................................
........
Paid in 1926: March 31, 10%.
REPORT.—For 1925, in V. 122, p. 2643, showed:
<al925.
1924.
1923.
1922.
Net value of zinc and
copper ore.............. .. $3,190,175 $2,969,261 $3,346,294 $2,902,633
Operating costs_______
2,584,779
2,504,282 3,032,553
2,584,919
Net income........... .
Other income_________

$605,396
46,500

$464,979
40,678

$313,741
44,065

$317,714
95,401

Total income_______
Depreciation_________
Accrued taxes, Ste_____

$651,895
72,000
86,368

$505,658
180,000
116.286

$357,806
219,412
169,445

$413,116
222,314
480,651

Net income before de­
pletion __________
Previous surplus______

$493,527
$718,214

$209,372 def$31,050 def$289,850
$1,889,672 $2,210,921 $2,764,655

Total______________ $1,211,741 $2,099,045
Capital distributions__
$580,395
1,380,831
Adjustments_________
243,842

$2,179,870
$290,197

$2,474,805
$145,098
118,785

Bal., sur., Dec. 31-.- $387,504
$718,214 $1,889,672 $2,210,921
Report for 1st quar. of 1926 in V. 122, p. 2803.
OFFICERS.—Pres., D. C. Jackling; V.-P., Chas. Hayden; Sec., A. J.
Ronaghan: Treas., J. R. Dillon. Office, 25 Broad St., New York.—(V
122. p. 2803.)
BUTTERICK CO. (THE).—ORGANIZATION.—Incorp. inNew York
on Jan. 15 1902. Owns stock of various companies publishing magazines,
manufacturing paper patterns, Ste. See V. 75, p. 237. Stock was on
Oct. 19 1909 authorized to be increased from $12,000,000 to $15,000,000.
Acquired the $1,000,000 Ridgway Co. June 30 1919. V. 104, p. 1174. The
outstanding obligations on Dec. 31 1925 included: mortgages, $550,000.
DIVIDENDS— f ’03. ’04. ’05. ’06. ’07. ’08. '09. ’10-T5. T6. ’17-’25.
4 3
1% 2% 3 yrly. 2 % None
Since 1902, 5%------ 1 4
4
4
REPORT.—For 1925, showed:
1923.
1924.
Calendar Years—
1925.
1922.
$577,648
$629,262
Net profit after Fed. tax $488,086
$566,913
50,000
58,000
Preferred dividends
42,000
66,000

Balance, surplus____
$446,086
$527,648
$571,262
$500,913
Profit and loss________ $4,150,518 $4,294,187 $3,766,539 $3,195,278
OFFICERS.—Chairman, Joseph A. Moore; Pres., S. R. Latshaw;
Treas., C. D. Wilder; Sec., T. S. Mersereau. Office, Butterick Building,
N. Y. City.—(V. 122, p. 2503.)
CALIFORNIA PACKING CORPORATION (OF N. Y.).—ORGANI­

SATION.—In Oct. 1916 incorporated In New York to acquire (V. 103, p
1212), free of mortgage or other funded debt, the business, assets andpropirti«s of J. K. Armsby Co.; California Fruit Cauners' Association; Central
California Canneries; Griffin fit Skelley Co.; and about 80% of the cap­
ital stock of the Alaska Packers’ Assn. Packs and distributes California
dried fruits and canned goods, and is also an important factor in Hawaiian
pineapple industry. Among the different brands of goods owned are “Del
Monte,” “Gold Bar,” “Sun Kist” and “Glass Jar.” The Alaska Packers’
Association is a large packer of canned salmon. Hawaiian property, V. 104
p. 2454
STOCK.—The stockholders were to vote May 18 1926 on increasing the
authorized capital stock from 500,000 shares without par value to 1,506,000
shares without par value, and on approving, if and when said increase of
shares and capital shall have been effected, the distribution by way of a
stock dividend of additional shares of the new stock equal to the holdings
of the present stock. Divs. on common, June 15 1917 to Mar. 1918, 50
cents each ($2 p. a.); June 15 1918 to Dec. 15 1919, $1 quar.; Mar. 15
1920 to Mar. 15 1926, $1 50 quar.; also paid 50 cents extra on Mar. 15 1926.
On June 15 1926 paid $2 quar.
^REPORT.—For year ending Feb. 28 1926, in V. 122, p. 2803, showed:
Years End. Feb. 28—
1925-26.
1924-25.
1923-24.
1922-23.
♦Profits______________ $5,745,541
$5,630,519 $4,479,221 $5,172,879
Incoaiefrominvestments
269,309
519,960
840,129
995,504
Net profit___________$6,014,850 $6,150,479
Common dividend_____ 3,163,602 2,920,248

$5,319,350
2,830,248

$6,168,383
2,830,248

Balance, surplus____ $2,851,248
$3,230,231 $2,489,102 $3,338,135
♦After charges and taxes.
OFFICERS.—J. K. Armsby, Chairman of the Board; R. I. Bentley,
Pres.; L. E. Wood, V.-P. St Gen. Mgr.; L. A. Woolams, V.-P. fit Treas.;
H. Z. Baldwin, Sec. Office, 101 California St., San Francisco.—(V. 122,
p. 2803.)
CALIFORNIA PETROLEUM CORPORATION.—ORGANIZATION.
—A holding company incorporated in Virginia Sept. 27 1912. Owns all the
stock of American Petroleum Co. (V. 92, p. 1111; V. 91, p. 216), which
owns or controls 2,000 acres of land in the Coalinga, Lost Hills and Los
Angeles districts; and 99% of American Oil Fields Co. (V. 92, p. 957),
which owns 4,200 acres in the Midway, Sunset, McKittrick and Lost
Hills oil districts of Southern California, and all the stock of Petroleum
Midway Co.. Ltd., which owns 580 acres and has leased about 4,200 acres
in the Midway and other oil fields. Other subsidiary companies are the
Niles Lease Co. and the Midland Oil Fields Co., Ltd. During 1920 the

162

[Vol. 122,

INDUSTRIAL STOCKS AND BONDS
MISCELLANEOUS COMPANIES
For abbreviations, Ac., see nates on page 8]

Date
Bonds

California Petroleum Corp—Stock com $125,000,000 auth.
10-year sinking fund gold bonds rec (text)___ Ce.kxxxc* 1923
Bonds of Controlled Companies—
American Oilfields Co 1st M g red 105 beg 1916 sink fund.x 1910
Mohawk Oil Co gold bonds_________________________
Callahan Zinc-Lead Co—Stock $10,000,000 authorized—
Calumet & Arizona Minina Co—Stock Sft.MHMNMi

Calumet & Hecla Consol Copper Co—Stk $62,500,000 auth
(II) Case Plow Works Co.. Inc.—Com stock 125.000 shs.
1st pref (a & d) 7% cum $5,000,000 call 110_____________
2d pref (a & d) 7% (n-c) & partic $5,000,000 call (text).—
(For securities to be issued under Reorg Plan, see text?

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturitv
Dividends Are Payable

$25 $44,975,125 See text Q—M June 1 1926 2% • rv Bk-Col Tr Oo. N Y
Blair St Oo, N Y; Los Ang
$100 &c $6,448,500
6>S g A & O Oct 1 1933
10

10
25
None
£100
100

Midland Oil Co. (a subsidiary) was dissolved, and during 1923 the Western
Star Oil Co. was dissolved. Also owns a half-interest in the Red Star
Petroleum Co. and the Olympic Calpet Refining Co. On Dec. 31 1925
there was in hands of public $248,970 stock and also $702,000 bonds (see
table above) of the subsidiary companies; remainder owned by California
Petroleum Corporation.
On Sept. 10 1925 purchased the assets of the Mohawk Oil Co. of Cali­
fornia, consisting of 1,000 acres held in fee and lease in the Coalinga, Santa
Fe Springs and Athens districts, refineries, service stations, &c. Also dur­
ing 1925 acquired 586,872 shares out of 595,004 shares outstanding of the
Ventura Consolidated Oil Fields, and as of Oct. 16 1925 took over the af­
fairs of that company and its subsidiaries, Oak Ridge Oil Co., Santa Paula
Oil Co., Montebello Oil Co., Gato Ridge Oil Co., Ventura Refining Co.,
Ventura-Colorado Oil Co. and Mexican Oil Lands Co. (S. A.).
In Feb. 1926 acquired the California Gasoline Corp. V. 122, p. 1031.
STOCK.—In April 1923 the par value of the common shares was changed
from $100 to $25, the holders of common stock receiving 4 shares of new
common stock, par $25, for each $100 share held. V. 116, p. 1898.
The stockholders on March 22 1926 increased the authorized capital stock
from $60,000,000 to $125,000,000, par $25.
The eniire outstanding preferred stock was redeemed on July 6 1925 at
120 and divs. The retirement of the pref. stock was financed by issuing
an additional 527,978 shares of common (par $25) at $27.50 a share to both
pref. and common stockholders. The new stock was offered to the pref.
and common stockholders of record June 2 1925 in the ratio of 1 4-5 shares
of such additional stock for each share of pref. stock and 9-20 of a share of
such additional stock for each share of common stock held.
BONDS—The 10-year 654% sinking fund gold bonds are redeemable
for sinking fund on any Interest date at 10354 and interest up to and includ­
ing April 1 1927, the premium thereafter decreasing 54 of 1 % on each suc­
ceeding interest date. On April 1 1924, and semi-annually thereafter until
all of the bonds have been retired, the corporation as a sinking fund will
deliver or pay to the trustee bonds or cash sufficient to retire $400,000 bonds
or such greater amount as the corporation shall determine, thus retiring all
of the bonds by maturity at the prices given above. V. 117. p. 1351.
DIVIDENDS.—Divs. on common, Jan. 1, Apr. 1 and July 1 1913,154%
each; then none until Mar. 1 1923, when \ %% was paid: June 1 1923 to
June 1 1925 paid 154% Qu.; Sept. 1 1925 to June 1 1926 paid 2% qu.
REPORT.—For 1925 showed:
1922.
1923.
1924.
Calendar Years—
1925.
Gross earnings_________ $22,937,639 $17,680,521 $20,314,981 $11,835,760
6,861,171
8,212,539 10,838,296
Net earnings__________ 12,106,343
2,282,563
3,792,479
3,161,885
Depreciation, &c______
4,615,532
49,452
186,620
Interest on bonds, &c_____________ 595,959
592,628
Reserve for Federal taxes
540,000
350,000
775.000
and contingencies._____________ 600,000
705,150
863,550
Preferred dividends______________ 423,499
836,787
1,216,390
1,216,390
Common dividends_______________ 1,995,668
333*561
610,293
Sinking fund__________
_____
582,969
Balance, surplus......... $3,875,684
$841,285 $4,024,559 $2,905,444
OFFICERS.—Chairman of Board, Thos. A. O’Connell: Chairman Exec.
Comm., Jacques Vinmont; Pres. & Gen. Mgr., R. L. Peeler; Sec., D. E.
O’Brien; Treas., W. D. Stewart. Office, Security Bldg., Los Angeles,
Calif.—(V. 122, p. 2803.)
CALLAHAN ZINC-LEAD CO.—Formerly Consolidated Interstate
Callahan Mining Co. Name changed to present title on Apr. 12 1920,
ORGANIZATION.— Organized In Arizona June 12 1912, and Is engaged
In mining and milling zinc and lead ores in Shoshone County. Idaho Stock
auth., $10,000,000, in $10 shares. Paid dividends regularly from April 1
1915 to June 30 1917, in all $13 50 per share, or $6,277,365 in divs.; Sept
1917 none, pending certain improvements, &c.; Jan.21918.50cents (5%)
June 16. 60 cents (6%) quarterly. In Oct. 1918 paid 75 cents (754 %) QUM
none thereafter until Feb. 1920 when $2 was declared payable in quar. in­
stallments of 50c. each on Mar. 30, June 30. Sept. 30 and Dec. 30 1920:
none since.
STOOK.—The stockholders of record Oct. 26 1922 were given the right
to subscribe to new stock at par ($10) on a basis of one new share for each
five shares held. V. 115. p. 1842.
REPORT.—For 1925 showed:
1922.
1923.
Calendar Years—
1925.
1924.
$916,559 x$149,129
Net value of shipments.
y
Miscellaneous income
$33,290
$48,772
64,424
19,065

Total income...............
$33,290
$48,772
$980,983
$168,194
Expenditures__________
219,406
240,107
988,917
318,455
Operating deficit____
$7,934
$150,261
$186,115
$191,335
x Six weeks’ production, total output of lead and zinc concentrates, 4,284
tons (production was resumed in Nov. 1922 after a shut-down of 2 years),
y Mining and milling were discontinued in Oct. 1923.
OFFICERS.—Pres., Donald A. Callahan; Sec. & Treas., H. T. McMeekin. Office, Wallace, Idaho.—(V. 122, p. 2503.)
CALUMET & ARIZONA MINING CO.—ORGANIZATION—lncorp.
in Delaware on Oct. 17 1925 to take over the business formerly conducted
by the Arizona corporation by an exchange share for share of its stock for the
stock of the Arizona corporation, owning mining properties in Bisbee, Ariz.,
Lordsburg, N. Mex., Copper Creek, Ariz., and Douglas, Ariz. On Dec. 31
1925 owned also 1,229,741 of the 1,800,000 outstanding shares of $5 each of
the New Cornelia Copper Co.
DIVS.—’13. '14. ’15. ’16. "17. '18. '19. '20. '21. '22. '23.’24 '25.
Per cent.. 50 30 3214 90 110 80 30 40 20 20
35 20 42
Paid in 1926: Mar. 22, 10% and 5% extra; June 21, 15%.
REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
1923.
1922.
8,173,310 $8,933,315 $7,378,692
Total income__________$9,371,849
Deduct—
Oper. exp. at mines and
smelters, incl. deprec. 5,539,854
5,124,805
5,345,439
3,722,897
Salaries,office & gen.exp.
54,213
114,747
277,788
128,325
Freight, refining & mar­
keting expense_____
860,463
823,236
1,023,226
770,229
Ore depletion charges__
1,336,716
1,242,153
1,247,461
924,920
434,431
State & Federal taxes__
515,067
540,856
497,086
1,285,063
2,248,849
Dividends paid________ 2,571,028
1,285,046
Balance, deficit.......... $1,505,493
$856,433 $1,744,998 sur$50,189
OFFICERS.—Pres., Gordon R. Campbell; Sec. & Treas., James E.
Fisher. Office, Calumet, Mich.—(V. 122, p. 2952.)
CALUMET AND HECLA CONSOLIDATED COPPER CO.—The
stockholders of the Calumet & Hecla, Osceola, Ahmeek, Centennial and
Allouez mining companies Sept. 7 1923 approved the plans for consolidating
under this title (under the laws of Michigan) the five companies named.
STOOK.—The auth. capitalization of the new company Is 2,500,000
shares, par $25, of which the new company issued a total of 2,005,502 shares




Amount
Outstanding

Par
Value

631.900
71,000
7,245.920
6.427.570
50.137.550
126,000snn.
3.600,000
3.500,000

« g F & A
7g
4ee texi
See text Q—M
See text See text

Southern Tr Co. Los Ang
Peh 1930
1929.. ................
See text
J’ne.21’26,15%
June 15’26, 2% Checks mailed

see text
See text

Apr 1 ’21154% By check
do
Jan 3 '21 154%

to the stockholders of the constituent companies; the remaining 494,498
shares are to be reserved for general corporate purposes.
Allotment.—The shares of the new company were allot-ed as follows:
New
Total Shares
Shares.
Outstanding.
Ahmeek Co____ _______________________________ 200,000
636.000
Allouez Co____________________________________
100,900
80,000
Calumet & Hecla Co___ _______________________
800 .999
1,205.308
Centennial Copper Co__________________________
90,990
34 200
Osceola Consolidated Co________________________
96,150
149.994

Total........................................................................................ ......
2,005,502
REPORT.—For 1925, in V. 122, p. 1922, showed:
----------------------- Quarters Ended------------------------ Receipts—
Dec. 31 ’25. Sept. 30 ’25. June 30 ’25. Mar. 31 ’25.
Copper sales...................... $4,678,049 $3,005,372 $3,671,315 $2,672,844
Custom milling & smelt.
28,331
24,478
22,568
14,091
Dividends................
9,186
1,773
2,489
54,365
Interest ...........................
138,043
28,501
23,055
18,320
Miscellaneous.................
10,010
47
2,882
45,112
Total receipts________ $4,863,619 $3,060,170 $3,722,309 $2,804,732
Disbursements—
Copper on hand_________ $5,607,267 $5,263,897 $6,111,175 $5,866,909
2,119,592
Prod., sell.,adm. & taxes 2,691,623
2,343,194
2,226,981
1,019,672
Depreciation & depletion 1,261,679
977,637
1,083,026
Miscellaneous_________
12,310
23,030
12,528
34,070
Total expenditures__ $9,482,879
Less copper on hand.__
4,694,745

$8,702,648
5,607,267

$9,391,897
5,263,899

$8,987,168
6,111,175

Net expenditures.... $4,788,134 $3,095,381 $4,127,999 $2,875,993
Gain for period_______
$75,485 loss$35,210 loss$405,690 loss$71,261
Earnirgs Statement Three Months Ended March 31.
192419261925.
Total receipts_____ ______ _________ $3,860,751 $2,804,732
$2,741,276
Net expenditures______ ___________ 3,915,074
2,875,993
2,891,781

Loss for quarter.
$54,322
$71,261
$150,506
DIVIDENDS.—An initial dividend of 50c. per share was paid Dec. 17
1923; same amount paid June 16 1924, March 4 1925, Sept. 15 1925, Dec. 15
1925 and June 15 1926.
OFFICERS.—Pres., Rodolphe L. Agassiz; V.-P. & Gen. Mgr., Jame8
MacNaughton; Sec. & Treas., Alonzo D. Nicholas. Offices, 12 Ashburton
Place, Boston, Mass.—(V. 122, p. 2952.)
CAMBRIA STEEL CO.—Properties taken over by Bethlehem Steel
Corp on March 30 1923. See that company above.
(J. I.) CASE PLOW WORKS, INC.—lncorp. under laws of Delaware
on Aug. 3 1925 as a reorganization of the J. I. Case Plow Works Co. (see
Reorganization Plan below). The latter company was incorp, in Dela­
ware June 29 1919 to acquire the property, business, &c., of J. I. Case
Plow Works and Wallis Tractor Co. of Racine, Wis. Manufactures plows,
tillage implements and Wallis tractors. V. 109, p. 1276, 1528.
Reorganization Plan (V. 120, p. 3191).
The stockholders on July 7 1925 approved a reorganization plan pro­
viding as follows:
New Company and Capitalization.—It was proposed that a new corporation
be organized in Delaware, to be known as <7. 1. Case Plow Works, Inc., and
that all of the present assets of the J. I. Case Plow Works Co. be trans­
ferred to the new corporation in consideration of the new corporation
issuing to the J. I. Case Plow Works Co. $1,111,200 1st Mtge. bonds,
16,668 shares of “A” stock (par $100) and $160,000 shares of “B” stock
of no par value. The new company was incorporated Aug. 3 1925.]
The “A” stock is preferred as to assets and entitled to receive $6
dividends In any one particular year before any dividends whatsoever are
paid on the common stock for that year, but the dividends on “A" stock
shall not be cumulative.
What Bank Creditors Received.—The stock thus transferred by the new
corporation to the J. I. Case Plow Works Co., constituted all of the capital
stock of the new corporation, and permitted the J. I. Case Plow Works Co.
to pay its creditors 20% of their claims in first mtge. bonds, 30% of their
claims in “A” stock (figuring both bonds and “A” stock at par value) and
four shares of “B" stock for every one share of “A” stock so issued. The
“B” stock had a book value of approximately $5 50 a share, which meant
that the creditors received securities of the new company of the par or book
value of approximately56% of the amount of their claims.
All Other Creditors to Be Paid in Full in Cash.—The plan contemplate8
that all creditors other than the bank creditors and the Illinois Steel Co.
be paid in full in cash, so that there will be no danger of any kind of any
bankruptcy or receivership proceedings being instituted against either
the old or the new company.
What Old Preferred Stockholders Received.—The preferred stockholders of
the J. I. Case Plow Works Co. received one share of the “B” stock of the
new corporation for each share of preferred stock that they held in the
J. I. Case Plow Works Co.
What Common Stockholders Received.—Common stockholders received one
share of “B” stock in the new corporation for each 20 shares of the common
stock of the J. I. Case Plow Works Co. held.
Sinking Fund.—A sinking fund will be provided for, for the retirement of
the 1st mtge. bonds, and these bonds will be retired as quickly as possible.
Voting Trust.—All of the stock of the new company, including both the
“A” and “B” stock, was placed in a voting trust for a period of three
years, and voting trust certificates were issued to the creditors and the
old stockholders in lieu of the actual stock certificates.
Reorganization Committee.—C. B. Mills, Pres. Midland National Bank,
Minneapolis (Chairman); Norman J. Ford, V.-Pres. Illinois Merchants
Trust Co., Chicago; David G. Janes, Pres. First National Bank, Racine;
Norris E. Crull, Credit Mgr. Illinois Steel Co., Chicago; Abner J. Stilwell,
Asst. Cashier Continental & Commercial National Bank, Chicago.
Stockholders' Committee.—E. J. Costigan (Whitaker & Co.), St. Louis,
Mo.; H. E. Otte (National Bank of the Republic) .Chicago; Holman D.
Pettibone (Chicago Title & Trust Co.), Chicago; W. B. Prickitt (A. B.
Leach & Co.), Chicago.
STOOK.—The 1st Pref. Is cumulative. Redeemable at 110. Annual
sinking fund of $175,000 provides for its retirement at 110. The 2d pref.
Is non-cumulative. Red. at 115 on 30 days’ notice when 1st pref. is all
retired. Shares equally in any divs. declared upon the common stock
without reservation as to amount of such common div. No mortgage
without consent of 75% of 1st pref. stock. See offerings in V. 109, p.
1276, 1528.
DIVIDENDS.—On 1st pref., 154% quar., Jan. 1920 to April 1921; none
since. On 2d pref., 154% quar.. Jan. 1920 to Jan. 1921; none since.

May, 1926.]

163

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES

[For abbreviations, &c., see notes on page 8]

Date

Bonds

J I) Case Threshing Machine Co—Oom stock $20,000,000
Pref stock <a 4 d) 7% oom #20.000,000
______
Central Aguirre Sugar Co—Stock $6,000,000 auth_______
Central Leather Co—Common stock $40 000,000----------- Go
Preferred (» A d) 7% cumulative $40,000,000 __
F<?
First lien s f gold bonds red 105______________Ba.yc*ftr* 1925
Century Ribbon Mills—Common stock 100,000 shs auth__
Pref (a & d) stock 7% cum red 115 $2,000,000 auth______
Cerro de Pasco Copper Corp—Stock 1,240 000 shares auth.
Certain-teed Products Corp—Oom shares500.000 (auth)..
First preferred stock 7% cumulative $15,000,000 (auth)..
£ Second pref stock 7% $5,000,000 (auth)_______________

Par
Value

Amount
Outstanding

$101
100
20
lOf
Mr
1,000
Nont
100
None
None

$13,000,000
13.000.000
3.600,000
39.7Ol,0’0

33,299,050
al3,868,000
100,000 shs
1,782,000
1,122,842 shs
307,000shs.
100
4.300,000
100 2.675,000

Bate
When
Last Dividend “laces Where Interest and
Payable and Maturity
Dividends are Payable
%
See text
See text
See text Q—J Apr 1’26 1W% Checks mailed
$6
Q—J Apr 1 '26 $lJi Checks mailed
See text
Aug 2 ’20 1>4 Checks mailed
See text
Apr 1 1921 1« Checks mailed
a 6 g J & J Jan 1 1945___
See text
Jan 30 ’26 50c
Q—M June I 1926 134
7
See text Q—F May 1 1926 $1 Irv Bk-Col Tr Co, N Y
See text Q—J Apr 1 1926 $1
7
Apr 1 1926 1?4
7
Apr 1 1926 1J4

w

a $669,000 called for redemption July 1 1926 at par & int.

REPORT.—For years ended Sept. 30 1924, in V. 119, p. 3004, showed:
----------- Years Ended Sept. 30----------1924.
1923.
1922.
Gross sales............................................ $2,539,417 $2,179,008 $2,118,045
Less returns, freight price readj., &c.
400,490
329,202
586,204
- $2,138,928 $1,849,806 $1,531,840
. 1,555.843
1,312.497
1,281.117
Selling expenses___________
358,780
666,427
665.783
Admin. & general expenses.
106.661
166,304
188.390
Other charges_____________
305,708
454,259
212,517
- $188,064
$749,681
$815,967
Other Income88,757
152,245
173,519
Net loss___
$99 308
$597,436
$642,448
.. $392,082
$420,742
$398,210
Depreciation208,285
206,975
207,310
Taxes______
65,917
70,432
70,148
- $765,592 $1,273,054 $1,340,648
- 5,744,298
4,422,397
3,032,526
- $6,509,890 $5,695,451 $4,373,174
Adjustments—Dr .
147,489
48,847
49,222
- $6,657,379 $5,744,298 $4,422,397
DIRECTORS.—G. C. Weyland (Pres.), Racine, Wis.; A. J. Stehnel
(V.-P.), Chicago, Ill.; W. M. La Venture Sec. & Treas.), Racine, Wis.;
W. C. Quarles, L. A. dwell, Milwaukee, Wis; S. B. Cramer, Chicago, Ill.;
D. G. Jones, Racine, Wis.; F. E. Kenaston, Minneapolis, Minn.'; W. W.
Smith. St. Louis, Mo.— V. 121, p. 1105.)
, (J. I.) CASE THRESHING MACHINE CO.—ORGANIZATION.—
Incorporated in Wisconsin in 1880 as successor of a co-partnership formed Id
1842. Has plant at Racine, Wis., on navigable waters, covering over 40
acres of floor space. Manufactures threshing machines, clover butlers,
steam traction and farm engines, steam road rollers, oil tractors, both for
gasoline and kerosene, &c. Owns 100 acres additional at Racine on which
buildings have been erected. V. 94, p. 353; V. 98, p. 1192; V. 101, p. 372;
V. 107, p. 1834. On July 1 1919 merged with Grand Detour Plow Co. of
Dixon, Ill. V. 109, p. 273. Compagnie Case de France, a subsidiary,
operates in Western Europe and Northern Africa. Operated 58 branch
houses on Dec. 31 1925.
STOCK.—Preferred stock has equal voting power with common stock.
Dividends on pref., April 1912 to Jan. 2 1924,
quar.; then none
until Jan. 12 1926, when 7% on account of accumulations was paid, reducing
the latter to 7%; April 1 1926 paid 1%%.
On Jan 28 1919, after an interval of 8 years, dividends were resumed on
the common stock with payment of 7% in Liberty bonds. V. 108, p. 271.
In Jan. 1920 paid 10% in cash. A common stock div. of 39,000 shares of
new common stock was paid Dec. 15 1920. None since.
REPORT.—For 1925, in V. 122, p. 1603,showed:
„
,
1925.
1924.
1923.
1922.
Gross sales-------------------------------- $18,587,952 $15,720,716
Profits--------------------_-a$4,132,820 b$l,512,270 bl,370,806
b860,283
Interest, &c
See a
343,367
405,848
367,584
Federal and State tax__
675,000.
Reduc. in invent’y value
561,558
Depreciation__________
664,147
459,634
330,326
171,429
Res’e for contingencies.
500,000
Pref. dividends 7%)__
c804,909
____
910,000
oio'.ooo

Balance.................... _sur$l ,488,765 sur$147,711 def$275,367 def$588,730
a After deducting interest charges but before making provision for Federal
and State taxes, b After deducting all operating expenses and ordinary
losses, but before deducting interest charges and provisions for depreciation
(and also in 1924 adjustment of automobile inventory values), c Back
dividends covering the year 1924.
OFFICERS.—Leon R. Clausen, Pres.; Ellis J. Gittins, D. P. Davies
Edwin E. Russell, Wm. B. Brinton, V.-P.’s; Theo. Johnson, Sec.; Leon R.
Clausen, Treas. Office, Racine, Wis.—(V. 122, p. 1603.)
CENTRAL AGUIRRE SUGAR CO.—Incorp, in Porto Rico Dec. 19
1918 as a reincorporation of the Central Aguirre Sugar Cos., a voluntary
trust, organized Aug. 14 1905 in Mass. Owns the entire stock of the Ponce
ft Guayama RR. Co. In Jan, 1920 purchased a controlling Interest in the
Central Machete, a sugar mill situated within 5 miles of Aguirre. Also
owns the entire outstanding stock of Central Cortada. Properties are
located at Jobos, Porto Rico.
Dividends.—
’09. TO. ’ll. T2. T5-T4. T5. T6. T7. T8. T9. ’20-’26
Regular................ 7 10
5
6
0
10 43}$ 10 10 10
See
Extras------------- .. . .................................................. 50 30 10 text
In Jan. 1920 paid $2 50 and $7 50 extra on the old $100 par value stock
On new $20 par value stock paid as follows: Apr. 1 1920, $2; July 1 1920
$5; July 31 1920, $5; Oct. 1 1920 to July 1 1921, $2 quar.: Oct. 1 1921 to
Apr. l 1926, $1 50 quar. Also paid $5 extra on July 2 1923 and 20% in
common stock on Nov. 2 1925.
REPORT.—For year ended July 31 1925, in V. 121, p. 3019, showed:
July 31 Years—
1924-25.
1923-24.
1922-23.
1921-22.
Total income---------------- $5,923,939 $5,004,925 $6,387,710 $4,363,497
Net income----------------- 1,806,857
1,200.369
2,559,412
915,556
Depreciation, &C—•------167,893
152,264
162,587
163,728
Dividends------------------903,000
903,000
1,660,000
902,250
Reserve for income taxes
180,000
369,631
369,548
25,651
Other reserves------------25,674
19,285
Cr.5,298
7,189
Balance, surplus------- $530,290 def$243,812
$372,575 def$183,252
OFFICERS.—Pres., Chas. G. Bancroft; V.-Pres., John.Farr; 2d V.-P
ft Gen. Mgr., Chas. L. Carpenter; Treas., J. Brooks Keyes: Sec., Richard
D. Coe. Main office, Aguirre, Porto Rico. New York office, 129 Front
St.—(V. 121, p. 2998.)

V. 90, p. 1173; V. 94, p. 624. Output, sole, belting and harness leather,
glue, grease, lumber. &c.
BONDS.—The 6% first lien sinking fund gold bonds will have the benefit
of a sinking fund of not less than $750,000 per annum, payable to the trustee
in semi-annual installments beginning July 1 1925, being sufficient to retire
this issue of bonds by maturity. This sinking fund is to be used for the
purchase of bonds at or below par or for their redemption by lot at par.
Security.—Secured by the pledge of all of the shares and all of the bonds
of the wholly-owned subsidiary companies which own and operate all the
timber properties, the sole, belting and harness leather tanneries, the
Susquehanna & New York RR. and the Tionesta Valley Ry.
The company will covenant in the Trust Indenture not to pledge any of
Its other assets to secure any subsequent loans or permit any of its subsidiary
companies to pledge any of their assets, unless, after such pledge, the value
of the unpledged net current assets of the company and its subsidiary com­
panies, all as defined in the Trust Indenture, shall amount to at least 114
times the total indebtedness, including this issue of bonds.—V. 119, p. 2884.




DIVS.—
1915
1916. 1917. 1918. 1919. 1920. 1921-25.
Common.._______ 7
3
5
5
5
3X
None.
do
extra________
4
4
2
2
2
None.
Preferred dividends regular 1JX% quarterly Oct. 1905 to April 1921;
none since.
REPORT.—For 1925, in V. 122, p. 1756, showed:
1925
1924
1923
1922.
Volume of business____ $41,122,551 $41,483,792 $52,826,920 $55,249,114
*Earns. after oper. exp.,
repairs, maintenance. 6,195,771
4,206.887 def2,588,969
6,294,267
Exp. & losses of all cos.. 3,879,395
2,962,995
3,291,390
3,311,310

Income from investments3

$2,316,377 $1,243,892 df$5,880.359
231,638
446.323
110,008

$2,982,956
383,460

$1,353,901 df$5,434,036
1,838,208
1,838,208

$3,366,417
1,838,208

. $2,548,014
3 1,082,939

Balance---------------- sur$1.465,076 def$484,307df$7,272,243 sr$l,528,209
* Expenses include yearly also provisions for plant abandonment and
stumpages, repair and maintenance, $1,495,070 in 1925 and approximately
$1,365,656 in 1924, $2,228,452 in 1923, and $1,845,952 in 1922.
Quar. Ended Mar. 31—
1926.
1925.
1924.
1923.
*Net profit___________
$363,420
$89,934 $1,950,529
$883,157
Interest and discount__
239,020
459,552
459,552
304,429
Net income------------$124,400
$578,726 def$369,618 $1,490,977
* After all charges (except interest) and reserve for depreciation.
DIRECTORS.—Charles S. Sargent, Jr., Max J. H. Rossbach, Hiram S.
Brown, Oliver C. Hoyt, Warren G. Horton, Ernest Griess, Geo. W.
Childs, Wm. McAdoo Jr., William H. Harkness, Chas. Einsiedler, Chas. S.
Haight, Boylston A. Tompkins, Lewis L. Strauss and Madison J. Beach.
OFFICERS.—Pres., Hiram S. Brown; 1st V.-P., Wm. H. Harkness;
2d V.-P., Wm. McAdoo Jr.; 3d V.-P., Madison J. Beach; 4th V.-P., A. T.
Lynch; Sec. and Treas., H. W. Hill. New York office, 17 Battery Place.
—(V. 122, p. 2952.)
CENTRAL TERESA SUGAR CO.—(V. 121. p. 2277.)
CENTURY RIBBON MILLS, INC.—Incorp, under laws of N. Y. on
Dec. 16 1922. Manufactures silk and fabric ribbons, all of the raw materials
for which are acquired by purchase. Also acts as factor and commission
merchant for the sale of silk, wool, cotton and other textile fabrics. Oper­
ates 8 ribbon weaving and throwing plants located at Allentown, Carlisle,
Hanover, Patton, Portage and York, Pa.; Paterson. N. J., and New York
CityDIVIDENDS.—Initial dividend on common stock of 50 cents a share
was paid April 30 1924; same amount paid quar. to Jan. 30 1926; April 1926
div. was omitted.
REPORT.—For 1925, in V. 122, p. 2047, showed:
Calendar Years—
1924.
1923.
1925.
xNet sales_____________
$4,780,138 $4,452,734 $5,172,731
General & selling expense785,339
1,114.731
898,056
inventory (net)___________________ 3,058,955
3,053,955
2,698,968
3,005,351
Other expenses____
349,190
381,444
468,314
Depreciation______
106,100
118,854
115,575
Federal income tax44,210
52,276
74,066
Preferred dividend.
140,000
127,547
131,362
Common dividends.
150,000
200,000

Surplus________________________ def$18,080
def$18,080
Surplus earned Jan. 1
479,596
Surplus available for pref. stock
dividends & red. fund agreement-.
750,000
Discount on pref. stock purchased__
9,357

$57,308
421,750

$351,040
70,340

750,000
7,094

750,000
2,022

Profit and loss, surplus_______ _
$1,220,874 $1,236,152 $1,173,402
3 Mos. End. Mar. 31— 1926.
1925.
1924.
1923.
Net profits_____________
$92,055 $185,019
$175,983
$175,428
Divs. paid on pref. stk._
31,185
32,098
32,900
35,000
Common divs. (50c.)__
50,000
50,000
_____
_____
Balance, surplus____
$10,870
$102,921
$143,083
$140,428
x Including other income of $314,988 in 1925, $132,688 in 1924 and $162,792 in 1923.
OFFICERS.—Pres., Herman Levy; 1st V.-P., Ernest Levy; 2d V.-P.,
Leo Platt; Sec. & Treas., Irving Levy. Office, 80 Madison Ave., New
York.—(V. 122, p. 2657.)
CERRO DE PASCO COPPER CORPORATION.—See V 101, p
1467, 1716. Incorp, in N. Y. State in Nov. 1915 and acquired extensive
copper, &c., deposits in Andes Mountains. Peru.
DIVS.—1917. 1918. 1919.
1920. 1921. 1922.1923.1924.
1925.
Regular
$4 00 $4 00 $4 00
$4 00
50c.
0
$3.00 $4.00 $4.00
Extra --..$1 75 $1 00
---'-_
....
-_ .... $1.00
Paid in 1926: Feb. 1, $1; May 1, $1.
The 10-year conv. sinking fund 8% gold bonds, dated Jan. 1 1921, were
redeemed on July 1 1924 at 105 and Interest. V. 118, p. 2308.
REPORT.—For 1925, in V. 122, p. 2503, showed:
calendar Sales of Net, after
Other
Bond Dividend
Balance,
Year. Copper,tike. Taxes, &c. Income. Interest.
Paid.
Sur. or Def
$
$
$
$
$
$
1925--.21,376,356 10,928,460 590,845
___ 5,614,060 sur.4,723,555
1924---22,266,595 7,573,181 524,361 49,000 4,413,608 sur.3,634 934
1923--.20.982,085 5,483,481 1,775,228 373,000 2,971,686 sur.3,914,023
1922--.17,805,585 3,561,837 1,628,320 595,360
---------sur.4,594,798.
Pres., L. T. Haggin; Sec., & Treas., H. Esk Moller. Office 44 Wall St.,
N. Y.—(V. 122, p. 2952.)
CERTAIN-TEED PRODUCTS CORPORATION.—ORGANIZATION.
—Incorporated in Md. Jan. 30 1917 as successor of the General Roofing
Mfg. Corp. Roofing plants located at East St. Louis and Marseilles, Ill.,
York, Pa., Niagara Falls, N. Y., and Richmond, Calif. Paint and varnish
plants, St. Louis, Mo. A new paint and varnish plant on the Pacific Coast
was completed in 1920. Purchased the capital stock, &c., of Thomas Potter
Sons Co.. Inc., of Phila., in Aug. 1920. V. Ill, p. 796, 992. In 1923
acquired the plants and properties of Cook’s Linoleum Co., Trenton, N. J.,
and the Acme Cement Plaster Co., 8t. Louis, Mo. V. 116, p. 1653. Pro­
duces prepared roofings, building papers, dry, asphalt and tarred felts,
insulating papers, paints, varnishes, linoleums, floor coverings, oil cloths,
plaster, plaster blocks, &c. Dividends on 1 st and 2d preferred in full to Jan.
1926. Initial div. on com. Jan. 28 1918, $4 per share; none thereafter until
July 1 1920, when $1 quar. and $1 extra was paid: Oct. 1 1920. $1 quar.
and $1 extra; Jan. 1 1921, $1 quar.; then none until July 1 1925, when
$1 quar. was paid; same amount paid quar. to April 1 1926.
The 1st mtge. 6}$% serial coupon bonds were all redeemed on Nov. 1
1925 at 105 and int.

1C4

[Vol. 122.

INDUSTRIAL STOCKS AND BONDS
Date
Bonds

MISCELLANEOUS COMPANIES

[For abbreviations. Ac., see notes on page 8]

Chandler’Cleveland Motors Corp—See text.
Chesebrouxh Mfg-Ce Consol—Stock $4,000,000 auth. .—
Chevrolet Motor Co—See General Motors Co
Chicago Junction Rys A Union Stock Yards—Common stock
Preferred fa & d) 6% cumulative .......................... ....
**tge A Coll Tr Raf bds g ($10,000,000 5s)_____ O.xc*Ar 1900
Central Mfg DIst 1st M $10,000,000 gu "A" due $120,000
yearly all 108-..-.--.- —_____-________ _ ______ ...c* 1916
Railroad Issues guaranteed, see text____________________

tticago Pneumatic I ool Co — Stock auth $13.000.000-------

When
Payable

Last Dividend Places Where Inter**’ and
Dividends are Payable.
and Maturity

$25 $3,000,000 See texi Q-M 31
Q—J
101
6 5OO.00I
9
106.500.00*
6
Q-J
I 001 14,900.001 4 A 5 g A A <

June 30’26 4% Checks mailed
Apr 1 1926 2K Old Colony TrCo. Boe’ot
do
do
Apr 1 1926 lK
Guaranty Trust Co N I
Apr 1 1940.

1,000

REPORT.—For 1925, in V. 122, p. 1316, showed:
1 On
Calendar Years—
1922.
1924.
1925.
xGross operating profit. $5,950,864 $5,255,679 $4,996,154 $3,439,869
Inc. from other sources.
62,321
24,455
51.487
32,587
$3,464,324
2,694,308
98,000
Dr. 220
249.900
187,250

Balance, surplus____
$850,299
$769,310
$308,258
$234,646
x After deducting repairs, maintenance and depreciation.
Pres., Geo. M. Brown; Sec. & Treas., Robt. M. Nelson. Executive
offices, 100 East 42d St., New York.—(V. 122, p. 2335.)
CHANDLER CLEVELAND MOTORS CORP.—Incorp, in Dec. 1925
for the purpose of consolidating the Chandler Motor Car Co. (incorp, in
1915) and the Cleveland Automobile Co. (incorp, in 1919). Combined
plants have a daily output capacity of 300 cars.
STOCK.—The consolidation plan provided for the exchange of one
share of Chandler stock for one share of preferred stock of the new company,
and one share of Cleveland stock for one share of common stock of the new
company. The preferred stock of the Cleveland company was retired on
April 1 1926.
Capitalization of the New Chandler-Cleveland Motors Corp.
Preference shares, entitled to have declared thereon in any cal­
endar year non-cumulative divs. aggregating $4 per share
before any dividends can be declared in such year on the
common stock; preferred as to assets on liquidation up to $50
per share, and callable at $85 per share, all or part, at any
time. Not entitled to share in assets or earnings beyond the
above preferences but are convertible at tbe option of the
holder at any time, share for share, into common stock_____ 350,000 shs.
Common shares, for exchange for 280,000 common shares of
Cleveland Automobile Co_______________________________ 280,000 shs.
Common shares to be reserved for conversion of the 350,000
preference shares above mentioned______________________ 350,000 shs.
Common shares to be retained in the treasury of the company
for future corporate uses________________________________ 370,000 shs.
All shares have equal voting power share for share and are without
par value.
DIVIDENDS.—An initial quarterly dividend of $1 a share on the
preferred stock was paid April 1 1926.
REPORT.—For 1925, in V. 122, p. 2047, showed:
{Chandler Motor Car Co.)—
1923.
1924.
1925.
Gross profit from sales_____________ $3,280,914 $3,219,914 $4,012,189
Interest earned, Ac________________
29,184
21,560
23,503

Total income________________ 1_. $3,304,417
Selling, Ac., expenses and other
Charges, incl. depreciation_______
1,794,500

$3,241,474

1,719,732

1,690,354

Net profit______________________ $1,509,917
Dividends paid___________________
840,000
Federal taxes_____________________
179,000

$1,521,741
1,260,000
173,321

$2,351,019
1,680,000
295,752

$4,041,373

Balance, surplus________________
$490,917
$88,420
$375,267
OFFICERS.—Pres., F. C. Chandler; V.-Pres., W. S. M. Mead, George
M. Graham, John R. Hall: Sec.. Tsador Grossman; Treas., Samuel Regar.
Office. Cleveland. Ohio.—(V. 122, p. 2803 )
CHESEBROUGH MANUFACTURING CO.. CONSOLIDATED.—OR­
GANIZATION, AC.—Incorporated In 1880 In New York. Manufacturers
of “Vaseline” preparations. Formerly controlled by Standard Oil Coof N. J., but segregated In 1911. See Standard OU Co of N. J.. V. 85. p
216, 790; V. 93, p. 1390. June 10 1916 the common stock was increased
from $500,000 to $1,500,000 by a 200% stock dividend, and on Mar. 20
1924 the authorized common stock was Increased to $4,000,000 and the par
value changed from $100 to $25, common stockholders receiving four shares
of new $25 stock in exchange for each $100 share held. $1,500,000 of the
new stock was distributed May 2 1924 as a 100% stock dividend: the bal­
ance ($1.000.OOO) will remain in the treasury.
The $1,000.000 7% cumulative preferred stock was redeemed on Sept.
30 1925 at 112K and divs.
COM. DIVS. (%)—
’17. ’18. T9. '20. ’21. ’22. ’23. ’24. ’25.
Regular____________________
12 9
12 12 10K 14 14 11 10
Extra cash (stk. see above).
2 114
2
2
_314 11 214
Paid in 1926: Mar. 31 and June30, 3% quar. and 1% extra.
Pres., C. W. McGee; V.-P., R. S. Gill; Sec., T. J. Dobbins; Treas..
Fred’k H. Williams. Office, 17 State St., N. Y.—(V. 122, p. 2953.)
CHICAGO JUNCTION RAILWAYS AND UNION STOCK YARDS
CO., (THE)—ORGANIZATION.—Incorp, in 1890 in New Jersey, and
owns entire stock (132,000 shares) of Union Stock Yard A Transit Co. and
54,991 shares of Chic. June. Ry., incl., about 700 acres if land (with
one mile of water front), containing warehouses, sheds and pens to accom­
modate 75,000 cattle, 300,000 hogs, Ac. V. 100, p. 1261. In 1907 New
York Central RR. interests acquired the 46 miles outer belt line of the
Chicago Junction Ry., assuming the $2,500,000 bonds, and giving $2,500,000 new bonds in payment. V. 85. p. 159; V. 86, p. 664. In Dec. 1920 the
N. Y. Central filed formal application with the I. S. C. Comm, for authority
to lease, operate and ultimately purchase the Chic. Jet. Ry. terminal
properties at Chicago. The lease became operative May 18 1922. V. 112
p. 62.
The Central Manufacturing District of Chicago trustees own about 371
acres on which factories have been erected and used by about 150 Industrial
concerns. V 99, p. 342; V. 100. p. 1261; V 106, p. 2227 See bonds below
Chicago Stock Yards Co. (which see) owns all of the $6,500,000 com. stock
91VIPENDS — Onoref

6% yearly (Q.-J i

On comirnn

1891

10*V:

1892 to Jan. 1 1915, incl., 8% yearly; 1915 to April 1926, 9% yearly (2K%
Q.-J.).
BONDS.—The collateral trust bonds are secured by pledge ot 131,803
shares of the stock of Union Stock Yards A Transit Co., $5,499,100 of the
$5,500,000 stock of Chicago Junction Ry and $2 500,000 bonds of Indi­
ana Harbor Belt RR. Of the bonds. $4,000,000 are 4s and $10,000,000
Issued In 1915 are 5s. both being equally secured. except that under a sup
Diemen tai mortgage the 1% additional interest over the original 4% on the
$10,000,000 bonds will be a secondary charge on the property. See V. 70
p. 1251; V. 72. p. 389; V. 86, p. 664; V. 100. p. 1261.
Central Mfg.Dist.5s are issued by J. A. Spoor. Arthur G. Leonard and
Eugene V. R. Thayer, as trustees of the Central Manufacturing District
and are a first mtge. on real estate and property the value of which Is esti­
mated in excess of $12,000,000. Bonds are guaranteed, r’in. A int. by
endorsement, by the Ch. June. Rys. A Union Stock Yards Co Minimum




Rate
%

4,729,000 5, 5K&6
10,408,600 See text
500 Ac 6,250 0OI
6 ft
400,000 sh. $4
333,909 shs
7
$100 5.000,000
1,000 2,000,000
5
100

h'cavo M och Yard* Co— Coilat tr bonds g red 1(16. . OBx 1911
Chicago Yellow Cab Co Inc—Stock 400,000 shares auth..
Childs Co—Common stock 750,000 shares auth__________
Pref (a A d) 7% cum $5,000,000 auth_________________
5-year notes red 102_________________________ Em.xxxc
1925

Gross income_______ $6,002,351 $5,288,266 $5,058,475
Selling, Ac., exp. & int. _ 3,824,057
3,889,309
3,836,944
Federal taxes_________
82,000
78,000
174,000
Sundry surplus adjust. _
Cr.10,163 Dr.270,008
Cr.705
1st pref. divs_______________
321,650
317,450
330,925
2d preferred dividends. _
187,250
187,250
187,250
Common dividends____
746,000

A mount
Outstanding

Par
Value

MAS Mar 1 1941

First Tr * Sav HU Ohi«

Q— .126 Apr 26 1926 1 K Equitable Trust Co, N Y
A A « Oct 1 1961
■jio c oiony Tr Co. Bost
Monthly Sept 1 ’26 33bc
Q—M 10
Q—M 10 Tune 10’26 IK
Empire Trust Co, N Y
J A D Dec 15 1930

sinking fund 2% of bonds out. V. 110, p. 1852; V. 106, p. 2227: V. 102, p
888, 978: V. 103, p. 1980. 2157: V. 106, p. 1129; V. 107. p. 698. Union
Stock Yards & Trans. 4Ks due Jan. 1 1920 were refunded by an issue of
5KR due Jan. 1930.
__
Also guarantees prin. and int. of $2,327,000 Chicago Junction RR. 4s.
REPORT.—For 1925, in V. 122, p. 1460 and 1616, showed:
1925.
1924.
1923.
1922.
Gross earnings________ $6,935,145 $7,328,069
$7,071,015 $8,358,610
Taxes, int. & oper. exp4,399,262
4,573,153
4,516,282
5,714,916
Surplus after int., &c. $2,535,883 $2,754,916 $2,554,733 $2,643,693
DIRECTORS.—F. H. Prince (Pres.), Geo. P. Gardner (V.-P.), Mark W.
Potter (V.-P.), Guy W. Currier, C. B. Wiggin, John A. Spoor, J. W.
Powell, Philin Dexter, M. A. Taylor (Sec. & Treas.), Bradford Norman Jr.
N. Y. agency, 100 East 45th St.—(V. 122, p. 1616.)
CHICAGO PNEUMATIC TOOL CO.—ORGANIZATION.—Incorp,
in New Jersey on Dec. 28 1901. Manufactures pneumatic and electric
tools, air compressors, oil engines and rock drills. Plants are located at
Detroit, Cleveland, Franklin, Pa.; Monrteal, Canada; Frasersburgh,
Scotland, and Berlin, Germany.
STOCK.—The stockholders voted Dec. 5 1919 to increase the auth. capi­
tal stock from $7,500,000 to $13,000,000. Stockholders of record Dec. 19
1919 were given the privilege of subscribing until Jan. 20 1920 to the new
stock at par equivalent to their respective holdings. V. 109. p. 1794, 2266
LATE DIVS— J TO. Tl to T7. T8. T9 ’20. ’21 • ’22. ’23. '24. ’25.
4 454 5 5
Per cent.. ______ I 3
4 yearly 544 6
8 6
Paid in 1926: Jan. 25, IK %; April 26, 1K%.
REPORT.—For 1925, showed:
1922.
1923.
Calendar Years—
1925.
1924.
$567,526
$819,218
$618,330
xNet profits___________ $722,905
63,897
41,571
Miscellaneous income
58,526
102,673

$883,115
71,079

$609,097
103,279

Balance____________
$716,494 $630,248
$812,036
Profit A loss, surplus... 4,566,279 5,434,429
8,216,544
x After providing for depreciation and for Federal taxes.
Quarter Ended March 31—
1926.
Mfg. profit, after expenses, deprec. A Fed. tax__
$208,748
Other income________________________________
13,632

$505,818
4,876,193

$222,380
23,234

$147,846
14,062

Total income_______
Interest charges, Ac___

$781,431
64,937

$721,003
90,755

Total income_______________________________
Interest______________________________________

1925.
$136,063
11,783

Net profit_____________________ ____________
$199,146
$133,784
OFFICERS.—Chairman of Board, Charles M. Schwab; Pres., Herbert A.
Jackson; V.-Ps., A. E. Goodhue and W. II. Callan; Sec. A Treas., J. G.
Grimshaw. Directors: Chas. M. Schwab, James H. Ward, Carl J. Schmidlapp, J. R. McGinley. W. A. Mitchell, H. A. Jackson, E. M. Richardson,
E. V. R. Thayer. New York office, 6 East 44th St.—(V. 122, p. 2335.)
CHICAGO STOCK YARDS CO.—Incorp, in Sept. 1911 in Maine and

owns or controls all of the $6,500,000 com. stock of Chicago Jet. Rys. A Un.
Stock Yards Co.—which see above (V. 93, p. 1193; V. 94, p. 210). Has
outstanding $8,000,000 common stock in $100 shares on which 5% was
paid yearly from Jan. 1914 to July 1 1917, incl. (2K% J- A J.), and the
collateral trust bonds above described (auth.. $13.000,000). callable at
105. Pres., Fred’k H. Prince; Sec. A Treas., F. R. Pegram, Ames Bldg.,
Boston.—(V. 94, p. 210: V. 106. p. 193.)
CHICAGO YELLOW CAB CO., INC.—Incorp, under laws of N. Y.,
Oct. 31 1916 as t.he Walden W. Shaw Corp.; name changed fo present title
in Aug. 1921. Owns the entire capital stock of Yellow Cab Co., doing busi­
ness in Chicago. Also owns the entire capital stock of the Benzoline Motor
Fuel Co. In Sept. 1924 acquired a substantial interest in the Yellow-Dri veIt-Yourself-System, Inc. (V. 119, p. 1285.)
STOCK.—See table at head of page.
DIVS.—Initial div. of $1 25 per share was paid May 15 1917, which
rate was paid quarterly to and incl. Nov. 15 1918; Feb. 15, May 15, Aug. 15
and Nov. 15 1919 paid $1 50 each; Feb. 14 1920. $5: May 15 1920 to Feb. 15
1922. $1 qjiar.; April 1 1922 to Sept. 1 1926, 33 1-3 cents each month.
Also paid $1 extra in 1918 and $1 extra on Dec. 24 1919. A stock dividend
of 100% was paid Dec. 18 1923.
REPORT.—For 1925 showed:
1922.
Calendar Years—
1925.
1924.
1923.
Net profit from oper__ $4,656,456
$5,287,205 $5,099,405 $4,255,708
Administrative expenses
758,709
1,119,898
1,276,221
1,141,165
Depreciation__________ 1,364,465
1,450,402
1,626,305
1,096,471
Provision for income tax
325,784
312,000
292,000
245,000
Dividends____________
1,600,157
1,600,091
800,071
800,049

Balance, surplus____
$607,341
$628,910
P. A L. surplus Dec. 31- $3,547,173 $2,939,832
OFFICERS.—Chairman, John Hertz; Pres., C
Counsel, E. N. d’Ancona: Treas., A. N. Huttel.
New York.—(V. 122, p. 486.)

$1,280,712
$973,023
$2,315,994 $1,426,307
W. Gray; Sec. A Gen.
Office, 165 Broadway,

CHILDS CO.—Incorp, in 1906 in New York. Business started in 1889.
Co. owns and operates a chain of restaurants in various cities throughout
the United States and Canada. In Dec. 1925 109 restaurants were being
operated. Controls through ownership of majority of stock Childs Dining
Hall Co. and Childs Co. of Providence. Owns entire capital stock of
Childs Bldg. A Improvement Corp.
STOCK.—A reserve fund for the preferred is provided equal to 10% of
the net profits of the preceding calendar year, such fund to be invested in
real estate or securities and to be maintained equal in amount to the pre­
ferred outstanding. Voting power is shared equally with the common.
DIVIDENDS.—Pref. stock, 7% per annum, since organization to date.
Com. stock ($100 par), from organization to and including 1904, 3%;
1905, 3K%: 1906, 4K%: 1907, 5K%; 1908, 6%; 1909, 7K%; 1910, 8K%;
1911, 10%; 1912, 10%, and 33K% in com. stock; 1913, 10%; 1914, 7K%;
1915, none; 1916, 3K% and K% extra; 1917, 6% and K% Red Cross;
1918, 3K%>; 1919, 2K% and K% extra; 1920, 7K% and K% extra;
1921-22, 8%; 1923, 8.85%. Com. stock (no par), initial dividend 60 cents
March 10 1924; regularly quarterly thereafter, including June 10 1926.
Div. of 4% in com. stock payable in 4 quarterly installments, commencing
April 1 1925 was declared in Feb. 1925.
The directors on Jan. 27 1926 declared a 4% stock dividend on the com.
stock, payable in four installments of 1% each on April 1, July 1, Oct. 1
and Dec. 30 to holders of record Feb. 26, May 28, Aug. 27 and Nov. 26
1926, respectively.
NOTES.—See table at head of page.

May, 1926.]

MISCELLANEOUS COMPANIES
[For abbreviations, Ac., see notes on page 81
"'bile Copper Co—Stock autb $135,000,000_________
Convertible Ifi-vear bonds. Ser A, (see text> call g Gc*&r*
Chrysler Corp—Common stock 3,200,000 shares auth___
Pref stock Ser A $8 cum red 115 275,000 shares auth____
1st M Ser G bds due $350,000 ann red(text).Ce,kxxxc*&r*
Cluett, Peabody & Co, Inc—Com stk 250,000 shares auth
♦ r«r la & di . "i. cumulative $9,000,000
____
Coca-Cola Co (The)—Common stock 500,000 shares_____
Preferred stock 7 % cum (called for payment July 11926) - Coca-Cola International Corp—Stock-----------------------------

Date
Bonds

1917
___
__
1924
... .

Par
Value

Amount
Outstanding

Rate
%
25 109.782,550 10
$500 &c $34,991,500
8K
None ).685688shs See te
None 216,668 shs
500 &c $1,951,000
None 192,391 shs
$5
7
100 $9,000 OOi'
None 500.000 shs
$7
100 4,669,700
7
None 251,000 shs.

REPORT.—For 1925, in V. 122, p. 1031, showed:
[Including Childs Dining Hall Co. and Childs Co. of ProvidenceJ
Calendar Years—
1925.
1924.
$25,625,393 $24,675,564
3,095,494
2,762,811
Federal and State tax reserve_______
298,4631
945,051
Other general expenses_____________
798,598 J
Net income from operation_______
$1,998,432 $1,817,760
Other income (net)_________________
578,838
364,248
Depreciation_______________________
587,629
706,786
$1,655,894 $1,808,969
5,782,250
5,028,910
$7,438,145 $6,837,879
Reserve account____________________
158,663
147,950
Preferred dividends Childs Co_______
350,000
350,000
Preferred divs. Childs Dining Hall Co.
6
6
Common dividends (cash)___________
557,672
743,000
Common dividends (stock)__________
247,667
$5,938,808 $5,782,251
Quarters Ended March 311926.
1925.
$6,525,020 $6,137,615
5,929,580
5,738,060
$595,440
$399,555
Other income___________________________
38,696
84,062
Total income_______________________________
$634,136
$483,617
Depreciation____________________________
279,784
150,000
Net income_____________________________
354,352
333,617
OFFICERS.—William Childs, Pres.; C. L_____________ ____ _____
Treas. Office. 200 Fifth Ave.. New York.—(V. 122, d. 2658.)
CHIL E COPPER CO.—Incorporated April 16 1913 In Delaware and
own - the entire 10,000 shares of full-paid and non-assessable capital stock
of the Chile Exploration Co. of N. J. Said company owns and operates
extensive deposits of low-grade copper ore and a plant for producing elec
tr<>lytic copper at or near Chuquicamata, Northern Chile, on a branch of
the Antofagasta & Bolivia Ry.. 163 miles northeast of Port of Antofagasta,
and has its own standard-gauge railroad connecting the plant with the mine.
Altitude of mine, 9,600 ft.; of plant, 9.000 ft. The plant has a capacity
of 15,000 tons of ore per day. Compare Y. 116, p. 415.
STOCK.—In Jan. 1923 the Anaconda Copper Mining Oo. acquired a
majority interest in the company through the purchase of 2,200,000 shares
from Guggenheim Bros, at $35 a share. V. 116. p. 300. 940.
DIVIDENDS.—An initial dividend of 2)4 % ffas paid on March 22 1923.
same amount paid quar. to June 28 1926
BONDS.—In April 1917 sold $35,000,000 6% convertible. Series A bonds
(total auth., $100,000,000), to pay floating debt and pay for further addi­
tions, &c. These bonds are convertible into stock at any time, $35 of bonds
for $25 stock [or at lower rate in case of issue of (a) bonds convertible a*
lower rate; (5) stock at less than $35 per share]: also callable by company
after April 1 1922 at 110 and int. V. 109, p. 778; V. 104, p. 1047, 1147.
1594, 2013; V. 105, p. 1000; V. 106, p. 1580, 2563; V. 107, p. 1483; V. 108.
p. 1612. °J30.
REPORT.—For 1925, in V. 122, p. 2643, showed:
1925.
1924.
1923.
1922.
Copper produced (lbs.).219,516,420 211,644,026 204,897,590 134,568,506
Copper sold (lbs.)_____ 207,978,026 213,418,044 203,801,420 144,588,097
Average price_________ 14.273 cts. 13.255 cts. 14.677 cts. 13.540 cts.
Operating revenue____ $29,684,407 $28,289,013 $29,911,105 $19,576,635
Operating costs_______ 11,293,499 11,812,500 12,394,688 10,411,116
Deliv., selling, &c., exp.
_____ _____ _____ _____ _____
1,257,701
Net operating income.$18,390,908 $16,476,513 $17,516,417 $7,907,818
Int. & disc’t received__
_____
_____
_____
576,375
Other income
997,100
1,297,008
1,108,611
104,156
Profit on undelivered
copper sold__________
1,810,637
Total income__ $19,388,008
$17,773,521 $20,435,665 $8,588,350
Federal taxes, &c______ 2,567,923
1,781,508 1,214,255
553,384
Interest on bonds_ 2,239,959
2,240,000 2,384,093
3,148,012
Deprec’n plant & equip’* 2,640,975 2,399,075 2,116,053
2,856,568
Amortization_________
_____
_____
_____
140,000
Depletion_____________
_____
_____
_____
2,852,884
Plant superseded or
abandoned__________
_____
_____
_____
406,110
Dividends_____________ 10,977,988 10,977.650 10,908,800
Balance, surplus____
$961,163
$375,288 $3,812,464df$l,368,608
OFFICERS.—Chairman, John D. Ryan; Pres., O F. Kelley; Sec. &
Treas.. O. W. Welch. Office, 25 Broadway, N. Y.—(V. 122. p. 2643.)
CHRYSLER CORP.—Incorp, in Delaware June 6 1925 for the purpose
of taking over the properties of the Maxwell Motor Corp, pursuant to a
reorganization plan dated April 15 1925 (V. 120, p. 2019). The latter
company was incorp. May 7 1921 in W. Va. as a reorganization and merger
of Maxwell Motor Co., Inc., and Chalmers Motor Corp. Manufactures
the Chalmers and Chrysler cars.
STOCK.—The pref. stock is callable at 115, and a sinking fund of not
less than 10% of the amount of divs. paid on the common shares is to be
created to provide for the retirement of the pref. stock.
The stockholders on Dec. 18 1925 ratified an increase in the common stock
from 800,000 shares, no par value, to 3,200,000 shares, no par value, and
approved exchange on the basis of four shares of new common stock for
each share of common stock held.
DIVIDENDS.—The directors on March 9 1926 declared an initial
quarterly dividend of 75c. per share on the common stock, no par value,
payable April 2 1926.
The directors also declared four quarterly dividends of $2 per share on
the no par value pref. stock, series A, payable April 2, June 30, Sept. 30
1926 and Jan. 3 1927 to holders of record March 19, June 15, Sept. 15 and
15 1926 respectively
BONDS.—The 1st mtge. 5)4% serial gold bonds ($5,000,000 auth.) are
redeemable as an entirety, or from time to time any one or more series as
an entirety, at 105 and in*, if called for red. on or before Dec. 15 1925, and
thereafter at 105 and in*, less J4 % for each 12 months or part thereof
elapsed after Dec. 15 1925. V. 119, p. 2769.
REPORT.—For 1925, in V. 122, p. 1648, showed:
Consolidated Income Account Year Ended Dec. 31 1925.
Total income_____________________________________________ $29,291,560
Expenses________________________________________________ 9,410,127
Interest__________________________________________________
284,298
Federal taxes_____________________________________________ 2,471,000
Preferred dividends______________________________________
1,750,400
Balance, surplus________________________________________$15,375,735
Consolidated Income Account for Quarter Ended March 31 1926.
Manufacturing profit______________________________________ $6,138,175
Expenses------------------------------------2,264,181

Operating profit________________________________________ $3,873,994
Other income and chargee (net)____________________________
238,095
Net profit before Federal taxes___________________________ $4,112,089




165

INDUSTRIAL STOCKS AND BONDS
When
Pavable

Last Dividend Places 'here Interest ane
Dividends are Pavablt
and Maturity

Q—M June 28 '26 2)4
& O Apr 1 103?
Q—J Apr 2 1926 75c.
J&J Jan 3 1927, $2
J & D 15 To Dec 15 1934
Q—F May 1 1925 1)4
Q—J Apr 1 1926 1 )*
Q—J Tuly 1 ’26 $1)4
J&J July 1 '26 3)4

A

New York

New York and Detroit
Equitable Trust Co, N Y
Checks mailed
do

OFFICERS.—Chairman & Pres., Walter P. Chrysler; V.-P., & Sec., W.
Ledyard Mitchell; V.-P. & Treas., B. E. Hutchinson; Compt., W. T.
Schmitt. Office, Detroit, Mich. New York headquarters, 347 Madison
Ave.—(V. 122, p. 2803.)
CLUETT, PEABODY & CO., INC.—ORGANIZATION.—Incorp, in
New York Feb. 4 1913. Combined factories at Troy. N. Y., also
operates factories at Rochester, Schenectady. Nassau, Hadley and Corinth.
N. Y.; Leominster and Framingham, Mass.; Bridgeport, Conn.; South
Norwalk, Conn.; St. Johns, Que.; Kitchener, Ont., and a bleachery at
Waterford, N. Y. Annual production about 12,000,000 dozen collars and
500,000 dozen shirts. V. 96, p. 491. Canadian Co., V. 106, p. 2454:
V. Ill, p. 796. 1373.
The company in Jan. 1925 purchased assets and trade-mark of Earl &
Wilson also of Troy, N. Y., and manufacturers of shirts and collars. V. 120,
p. 833. 1094.
STOCK.—Pref. is callable, all or'part, in blocks of 10% of issue, at 125
and accrued div., also at same price on dissolution or consolidation or dis­
tribution of capital. Beginning Dec. 31 1916, annual sink, fund, 1916 to
1920, 1% of issue and thereafter 2%, payable out of surplus profits. The
pref. has no vote for directors unless four quarterly dividends are in default.
No mortgage or new pref. without consent of 75% of each class of stock.
In Dec. 1925 $1,000,000 of the original $10,000,000 had been amortized.
The stockholders in Feb. 1925 changed the authorized com. stock from
180,000 shares of $100 par value to 250,000 shares of no par value. The
outstanding stock of $100 par value was exchanged for the new stock of
no par value on a share for share basis.
Dividend on common, 1914 and 1915, 4%: 1916, 6% (1H% quar.)
1917, 6% <1)4% quar ; Feb. 1918 to Nov. 1019, «% n. a. (1U% quar I
Feb. 1920 to Nov. 1920, 2% quar.; Feb. 1921, 1)4%: then none until
Feb. 1 1923, when 1)4% was paid; same amount paid quar. to Feb. 1 1925;
May 1 1925 to May 1 1926 paid $1 25 quar. on new shares of no par value.
REPORT.—For 1925, in V. 122, p. 878, showed:
1922.
Calendar Years1924.
1923.
1925.
Net sales____________ $24,882,867 $24,380,979 $28,264,902 $23,656,125
x Expenses, &c_______ 22,386,834 22,194,867 24,932,758 20,483,835
113,644
Interest_____________
Cr .27,590
90,908
196,165
Depreciation________
980 Q?5
971 OOI
9«i 312
307,205
3DZ,/01,441
Net income________ 4>i,&z,o,x,x3 ®z,oc<i,ob6
558,665
Preferred divs. (7%) — .
590,935
572,813
582,190
Common dividends____ ($5)939,966 (5%)900,000(5%)900,000
$1,372,476
$2,162,776
Balance, surplus____
$711,798
$350,400
Appropriation (deb.)__
_____
y795,500
7,348,009
5,185.233
Previous surplus______
8,275,385
8,720.485
Total surplus Dec. 31- $8,987,183 $8,275,385 $8,720,485 $7,348,009
x Including raw materials, labor, supplies, operating exposes, general
and selling expenses, all administrative expenses, reserves for taxes, royal­
ties, &c. y Appropriated from surplus for settlement of patent suits.
OFFICERS.—President, G. A. Cluett; V.-Ps., E. Harold Cluett, A. E.
Cluett, A. Gillespie and E. H. Betts; Sec., H. M. Grout; Treas., D. A. Gil­
lespie. Office, Troy, N. Y.—(V. 122, p. 878.)
COCA-COLA CO. (THE).—ORGAN.—Incorp, in Delaware on
Sept. 5 1919 as successor of (The) Coca-Cola Co. of Ga. Business started in
1886. Main plant at Atlanta, Ga., also has manufacturing plants at
New York, Chicago, Baltimore, Dallas, Los Angeles, New Orleans, Havana
and Santiago, and in Toronto, Montreal, Winnipeg and Vancouver, Canada.
Normal combined mfg. capacity of plants is 30,000,000 gallons per annum.
Coca Cola International Corp, was organized as a holding company in
Jan. 1923. V. 116, p. 181, 300. The Coca-Cola Co. of Canada, Ltd.,
was organized in Dec. 1923. V. 117, p. 2894. Tax suit against old com­
pany, V. 119, p. 2068.
STOCK.—Of the $6,000,000 preferred stock issued, $1,330,300 was in
treasury on Dec. 31 1925. The balance outstanding has been called for
payment July 1 1926 at par.
DIVIDENDS.—Initial div. on com. stock of $1 paid Apr. 2 1920; sane
amount paid July 15 1920: then none until Dec. 1 1921. when $1 was paid;
April 1, July 1 and Oct. 1 1922 paid $1 each; Jan. 2 1923 paid $1 50; April 2
1923 paid $1 50 quar. and 50 cents extra; July 1 1923 to July 1 1926 paid
$1 75 quar.
REPORT.—For 1925, in V. 122, p. 1317, showed:
1922.
1923.
1924.
Calendar Years—
1925.
Net sales____________ $28,553,425 $25,444,197 $24,320,064 $21,053,834
7,227,162
5,222,684
Operating profit______ 9,920,165
6,506,993
61,719
Less other deductions__
660,585
-------- 45,576
648,000
897,000
Federal taxes_________
1,360,000
806,000
700,000
700,000
Preferred dividends___
662,961
700,000
3,625,000
2,250,000
Common dividends____
3,500,000
3,500,000
$204,108 $3,318,442
Balance, surplus____ $3,736,619
$1,500,993
1924.
1923.
3 Mos. End. Mar. 31— 1926.
1925
Gross receipts__________$5,926,742 $5,785,799 $4,730,145 $5,068,561
3,807,685
3,573,897
Mfg. & gen’l expenses__ 3,809,911
4,081,257
$922,460 $1,494,664
Operating profits___ $2,116,831
$1,704,542
507
Miscell, deductions____
378,734
127,109
Net income________ $1,738,097 $1,577,433
$922,460 $1,494,157
OFFICERS.—Chairman, W. C. Bradley; Pres., Robert W. Woodruff;
Exec. V.-P., Harrison Jones; V.-P., Wm. P. Heath; Harold Hirsch, B. N.
Harris; Sec. & Treas., S. F. Boykin. Main office, Atlanta, Ga.—(V. 122,
p. 2504.)
COCA-COLA INTERNATIONAL CORP.—
Corporation was organized in Delaware on Nov. 18 1922. Is strictly a
holding company. Certain stockholders of Coca-Cola Co. became inter­
ested in the advancement of that corporation and its policy, and this com­
pany was formed to insure control of that corporation, and for the purpose
of seeing to it that the control of Coca-Cola Co. remain vested in the hands
in which it was at the time this corporation was formed. In the opinion
of those people, it became necessary to form this corporation in order to
stabilize the management and policies of Coca-Cola Co. It was further
believed that from time to time Coca-Cola should enlarge the sphere
of its endeavor and it was the purpose of this corporation, as a holding com­
pany, to aid it to enlarge this sphere of its endeavor by having other cor­
porations formed that would engage in lines that were similar to the busi­
ness of Coca-Cola Co., and from time to time this corporation would own
and hold the capital stock of such other corporations and thereby have
continuity of management. In order to accomplish this purpose corpora­
tion exchanged 251,000 shares of its common stock and obtained in the
exchange 251,000 shares of the common stock of Coca-Cola Co.
Earnings Years Ended Dec. 31—.
1923.
1924.
9125.
Divs. received, Coca-Cola Co______ $1,819,750 $1,757,000 $1,757,000
Other income_____________________
26,405
12,766
12,509
Total..................... .................... ........ $1,846,155 $1,769,766 $1,769,508
Expenses_________________________
26,406
12,674
9,535
Dividend paid_________ ______ ($7.25) 1,819,750 ($7) 1757.000 ($7) 1757,000

Balance__ _____________________
—(V. 122, p. 2196).

_____

$92

$2,974

166

INDUSTRIAL STOCKS AND BONDS
Date
Bonds

MISCELLANEOUS COMPANIES
IFor abbreviations, &c„ see notes on page 8]
Colorado Fuel & Iron—Common stock 844,200.000 auth...

Preferred stock (not as to assets) 8% cum 82,000,000___
Oolo Fuel & Iron Gen M 86,000,000 jbI red 105_ -Ce.o*Ai
Oolo Indus 1st M go ri ser A & B guar n A I call if)5 M.c**>
Columbian Carbon Co—Stock (v t c) 500,000 shares auth
Commercial Solvents Corp—
Class “B” stock 110.OOO shares auth___________________
Congoleum-Nairn, Inc—Com stock 1,750,000 shs auth__
First pref (a & d) stock 7% cum $2,000,000 auth red 107-.
Second pref (a & d) stock 8% cum $1,000,000 auth red l00.
First mtge serial gold notes due $100,000 ann red 103--XC*
First mtge serial gold bonds due $100,000 ann-----------------Farr Sr Bailey Mfg 1st s f g bonds fguarl red (text)__kxc*
Conley Tin Foil Corp—Stock 200,000 shares auth_______
Consol Cigar Corp—Common stock, 250,000 shares______
Preferred (a & d) 7% cum (see text) auth $5,000,000 call 110

1893
1904

Par
Value

$l0f $34,235,500
lOf 2,500,000
5.319.000
* nnr 31.430.000
None 402,031 sb
l.oot

Balance, surplus____ $1,592,428
$360,285
$572,029 def$814,945
Quarters Ended March 31—
1926.
1925.
1924.
Grossreceipts_____________________ $10,557,454 $10,866,067 $10,340,609
Net earnings______________________ 1,985,616
1,548,624
1,436,205
Income from other sources_________
110,575
101,531
107,490
Bond int., taxes, sinkingfund, Ac___
712,956
716,761
744,353
Depreciation_____________________
262,119
257,182
257,182
648,621
Surplus---------------------------------------- 1,121,115
569,753
OFFICERS.—Pres., J. F. Welborn; V.-P., Arthur Woods; V.-P. A Gpu,
Mgr., E. H. Weitzel: V.-P. & Treas., S. G. Pierson; V.-P., Industrial
Relations, A. H. Lichty; Sec., Wendell Stephens.
DIRECTORS.—J F. Welborn, Fred Farrar, Thomas Debevoise. George
B. Berger, S. G Pierson, Arthur Woods, E. H. Weitzel, Albert A. Reed
Wm. V. Hodges, E. T. Wilson and M. D. Thatcher. Office, Boston Build­
ing, Denver. Colo.—(V. 122. p. 2504.)
COLUMBIAN CARBON CO.—Jncorp. under laws of Delaware on
Aug. 24 1921. Produces carbon black, lampblack, bone black, pigments
gasoline and natural gas. For description of properties, Ac., compare'
annual report in V. 122, p. 1640; also V 122, p. 2658.
STOCK.—All the outstanding stock is deposited under a voting trust
agreement expiring Nov. 1 1930, the voting trustees being F. F. Curtze.
F. M. Knapp, R. L. Carr, Edwin Binney and C. Harold Smith.
DIVIDENDS.—Payments have been made as follows: Feb. 15 1922
$1: May 1 1922, $1: Aug. 1 1922, 75 cents; Nov. 1 1922, 75 cents; Feb. 1
1923 to May 1 1926, $1 quar.
REPORT.—For 1925, in V. 122, p. 1640, showed:
Calendar Years—
1925.
1924.
1922.
1923.
Net sales____________ $7,286,163
56,489,588 $8,596,718 $6,848,065
2,127,641
Net profits------------------ 2,476,290
2,442,418
3,866,254
Federal taxes (est.).
310,000
275,000
480,000
250,000
Dividends paid_______
1,604,909
1,602,254
1,601,170
1,119,973
Minority
share.
■”
' interest
‘
"
45,866
51,733
7,602
Balance, surplus____
$515,516
$513,430 $1,777,482
$757,668
Quar. End. Mar. 31—
1926.
1925.
1924.
1923.
Net rev. after Fed: taxes $1,074,933
$973,682 $1,136,180 $1,279,007
Deprec. & depletion___
380,051
285,132
413,264
440,119
Dividends____________ x426,516
402,121
402,082
402,131
Adj. prior years_______
_____
23,078

Surplus------------------$268,366
$135,219
$293,979
$591,744
x Includes $24,500 on minority stock in sub. cos.
«aS
OFFICERS.—Pres., F. F. Curtze; V.-P., Edwin Binney and C. Harold
Smith; Treas., Geo. L. Bubb; Sec., ReidL. Carr; Controller, R. E. Harnden.
Office, Williamsport, Pa.—(V. 122, p. 2658.)
COMMERCIAL SOLVENTS CORP.—Incorp. under laws of Maryland
Dec. 13 1919. Manufactures solvents, particularly butanol (butyl
alcohol) and other alcohol products under the Weizmann processes; also
manufactures acetone, ethyl alcohol and various important derivatives.
Plants are located in Terre Haute, Ind., and Peoria, Ill.
STOCK.—Class “A” stock is convertible into Class “B” stock, share for
share. The directors in April 1926 called for redemption the $1,000,000
8% pref. stock and the 39,960 shares of no par value Class “A” stock as of
July 1 1926.
DIVIDENDS.—An initial div. of $1 per share was paid on class “A'
stock on July 1 1922: Oct. 1 1922 and Jan. 2 1923 paid $1 per share each
quar.; then none until Jan. 1 1924, when $1 was paid; April 1, July 1, Aug. 1
Sept. 1, Oct. 1 and Nov. 15 1924 paid $1. clearing up all accumulations
Jan. 1 1925 to July 1 1926 paid $1 quar.
NOTES.—The 6J^% gold notes were redeemed on June 1 1926 at 104
and int.
_____
_
_____ t_____ _____ _JL
“"REPORT.—For 1925, in V. 122, p. 1769, showed:
1925.
1924.
T1922.
1923.
Gross profit_________ 1
Not
$165,828
$457,891
(*$1,553,576
Depreciation________ ; reported (
See *
24,685
59,533
I
317,425
Admin, expenses, Ac.-J
114,152
185,168
Operating income___ $1,312,189 $1,236,151 loss$7,857
$248,038
Other, income_________
87,712
183,044
26,691
30,348
$18,834
78,708

15,652
40,000

$278,386
98,797
22,600
120,000

Balance . ................ ..
$650,385
$701,237 def$115,526
$36,989
* After deducting production costs, laboratory expense, factory oper. exp.,
redistillation charges and returns and allowances (and depreciation in 1924)




When
Last Dividend
Rate
Payable and Maturity
%
See text
May 25 '21 K%
8
Q-J25 May 25 '26 2 %
F & A Feb 1 1043
6 g
h g F * A Aug 11934
Q-F
$4
May 1 1926 $1

None 47,064 sh
None 1,641,026 shs See text
Q—M
100 1,664,400
7
100 In treasury
1,000
400,000
7g J & 3
1919
700,000
6g
----- .
7g M & S
1922 100A1000 1.273,300
None 171,866 shs
None 194,656 shs See text
100 3,796,500
7
Q—M

COLORADO FUEL & IRON CO. (THE).—A Colorado corporation
formed Oct. 21 1892. Re-chartered Oct. 1912. V. 93, p. 1728. In June
1903 Rockefeller-Gould interests assumed control. V. 76, p. 1410; V. 98,
p. 1159.
Under the reorganization plan of 1903 (V, 77, p. 2037, 2282. 2341: V. 79
p. 736, 1267) the Colorado Industrial Co., whose entire capital stock is
owned, created an issue of $45,000,000 consol, first mtge. guaranteed bonds
(see below: also ful) statement In V. 80, p. 1726: V. 83, p. 378).
DIVIDENDS.—Dividends on pref. In full to Feb. 1903 then none till
Inly 1912. 2M%: Jan. 1913, 2M%. Mar. 20 1913, 35% account ac­
cumulated dividends; July 1 1913. 4%; Jan. 1 1914. 4%: then none till
Aug. 1916. when 30% was paid; on Dec. 22 1916 also paid 30% thus
elearlng up all accumulations; 1917, Feb., 4%; May 1917 to May 1926, 8%
p. a. (2% quar.). V. 103, p. 63, 2081.
An Initial dividend of 3% was declared in July 1917 on the common stock,
payable 64 of 1% on July and Oct. 25 1917 and Jan. and April 25 1918;
July 1918 to May 1921, 64 of 1% quar.; none since.
BONDS —The Col Ind. guar. 5s ($45,000,000 authorized issue) cover all
the property of that company and,by supplemental mortgage of 1913. the
real estate transferred to the Col. Fuel & Iron Co. and entire Issue of securi­
ties of subsidiary cos. named, viz.. $4,500,000 bonds and $100,000 stock of
Ool. A Wyo. Ry.; $3,000,000 Rocky Mtn. Coal A Iron stock and $331,200
stock and $160,000 notes of Crystal Riv. Ry. Series “A” (limited to $14,067,000). Series ”'B’ (limited to $30,932,000), $6,000,000 to retire gen. M.
5a of 1893. V 80. p. 1481. 1720: V. 83. p. 381. 377. 326; V. 96. p. 1492.
V. 97. p. 53. 630.
Of the total of $36,355,000 Col. Ind. 1st 5s outstanding Dec. 31 1925,
$4,925,000 were held in treasury of Colorado Fuel & Iron Oo.
REPORT.—For 1925, in V. 122, p. 1616 and 2185, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Total gross earnings____ $34,537,135 $39,297,321 $38,656,580 $29,533,191
Total net income_______ 5,869,537 4,628,503 4,992,680 3,730,602
Interest, taxes, Ac_____ 4,117,109 4,108,218 4,260,651 4,385,547
Preferred dividends----160,000
160,000
160,000
160,000

Total income------------- $1,399,901 $1,419,196
Interest, Ac., charges__
338,014
217,223
Federal tax reserve____
171,622
158,000
Preferred dividends___
80,000
62,736
Class “A” dividends___
159,880
280,000

Amount

Outstandino

[Vol. 122.
Places Where Interest and
Dividends are Payable
Chase Nat Bank, N Y
Chase Nat Bank, N I
Vew York Trust Co. N -

Oct 30’25 50c-------------- -----------------Mar 1 '26 1% ....................... —..............
To July 1 1929 Guaranty Trust Co, N Y
Bankers Trust Co, N Y
To 1932
Camden S D & Trust Oo
Junel 1942
See text
Apr 15 '21 $1.75
June 1 ’26 114 New York

Income Account for Quarter Ended March 31 1926.
Net profits, $321,889; pref. and Class A divs., $59,960; surplus.. $261,929
Previous surplus________________________________________ _ 1,415,114

Total surplus as of Mar. 31 1926__________________________ $1,677,043
OFFICERS.—Chairman, W. D. Ticknor; Pres., P. G. Mumford; Treas.,
J. Carty; Sec., W. V. Sullivan; Compt., E. L. Pangborn. Office, 17 East
42d St., New York.—(V. 122, p. 2504.)
COMPUTING-TABULATING-RECORDING CO.—See International
Business Machines Corp.
CONGRESS CIGAR CO., INC.—(V. 122, p. 2335.)
CONGOLEUM-NAIRN, INC.—Incorp. June 23 1919 In N. Y. as the
Congoleum Co., Inc., successor to The Congoleum Co., a Pennsylvania
corp.; name was changed to Congoleum-Nairn, Inc., in Oct. 1924. Manu­
factures waterproof floor covering, art rugs and borders under the registered
name of “Congoleum.” Plants are located at Marcus Hook, Pa.; Salem,
N. J.; Camden, N. J., and Asbestos, Md.
The stockholders in Oct. 1924 authorized the company to purchase the
assets or to that end to acquire the whole or any part not less than 66 2-3 %,
of the capital stock, both com. and pref., of “The Nairn Linoleum Co.”
(of N. J.), by issuing and giving in exhange for each share, either com.
or pref. of said stock of “The Nairn Linoleum Co.” (of N. J.) 6.80126
shares ofthe com. capital stock without par value of Congoleum Co., Inc.
STOCK.—The stockholders on Sept. 8 1924 increased the authorized
common stock from 1,000,000 to 1,750.000 shares of no par value.
DIVIDENDS.—On pref. in full to date. On common, paid $1 50 per
share each on Oct. 15 1920 and Jan. 15 1921; Apr. 15 1921 to Oct. 15 1922
paid $1 quar.; Jan. 15 and Apr. 16 1923, $2 each; July 16 1923, $4: Oct. 15
1923, $2; Dec. 22 1923 paid 300% in stock: Jan. 1924 to Apr. 1925 paid
75c. quar. on increased capitalization; July and Oct. 1925 paid 50c. quar.;
none since.
BONDS.—The Farr & Bailey Mfg. Co. first sinking fund gold bonds are
callable as a whole or in part at 110 and interest prior to June 1 1927, and
annually thereafter at % of 1 % less until 1937, and thereafter 1 % less until
maturity. Guaranteed as to principal and interest by endorsement by the
Congoleum Co.. Inc.
REPORT.—For 1925, in V. 122, p. 1922, showed:
Calendar Years
1925.
xl924.
1923.
Manufacturing profit______________$10,269,761 $16,691,710 $11,440,308
Selling, admin. & general expenses
7,224,802 8.994,307
5,768,792
Operating profits________________ $3,044,959 $7,697,403 $5,680,516
266,906
612,802
Add—Int., royalties, dividends, Ac.. 2,136,822

Total income___________________ $5,181,781
Interest paid_____________________
256,623
Depreciation______________________
722,084
Fed’l & State income taxes (est.).__
425,000

$8,310,205
289,921
749,111
882,715

$5,947,422
303,566
332,846
675,000

Net income_____________________ $3,778,074
Dividends paid—Preferred stock____
119,842
Second preferred stock___________
Common stock_________________
4,077,565

$6,388,458
135,752

$4,646,010
129,036

3,489,375

1,280,000

Balance, surplus................... ............ def$419,334 $2,763,332 $3,226,974
Profit and loss surplus
......... .......... $13,166,554 $12,648,709 $7,390,826
x Congoleum Co., Inc., was merged with the Nairn Linoleum Co. during
1924 and the earnings of both companies for the year are included in the
above report; however, the properties were jointly operated only for the
last two months of the year.
OFFICERS.—Chairman, A. W. Erickson; Pres., F. B. Foster; Sec. &
Treas., L. W. Fogg. Office, Morris Building, Philadelphia.—(V. 122, p.
218.)
CONLEY TIN FOIL CORP.—A holding company, incorporated under
laws of New York on Dec. 9 1919. Subsidiary corporations are engaged
In the business of manufacturing and selling metal products, particularly
tin foil products.
To Dissolve.—The stockholders on Sept. 9 1924 voted to dissolve the
corporation. An initial liquidating dividend of $14 a share was paid on
Feb. 16 1925; a second dividend in liquidation of $2 50 a share was paid
on May 15 1925. Compare V. 120, p. 2555.
DIVIDENDS.—Paid 50 cents per share on June 16 1920 and 50 cents
per share on Oct. 1 1920.
REPORT.—For 1923, in V. 118, p . 1778 and 2442, showed:
1923.
1922.
1921.
Calendar Years—
$145,750
$373,708
$134,013
•Net earnings________________________
17.500
52,106
19,006
Federal taxes_____________________
Net income_____________________
$128,250
$321,602
$115,007
* After expenses and reserves for inventory adjustment. Ac.
For 9 mos. ended Sept. 30 1924: Manufacturing profit, Ac., $10,044,231
expenses, $5,296,689: interest, $172,938; depreciation, $294,921; Federal
taxes, $536,197; net profit, $3,743,486. V. 119, p. 1959.
OFFICERS.'—Pres., E. J. Conley; V.-P., Egbert Moxham; Sec., L. D.
Conley; Treas., Fred. D. Keithly.—(V. 120, p. 2555.)
CONSOLIDATED CIGAR CORP.—ORGANIZATION—Incorp. May
14 1919 in Delaware and acquired the properties and 27 factories of six
long established concerns, namely (a) E. M. Schwarz A Co., Inc., New
York; (6) T. J. Dunn A Co.. New York; (c) Lilies Cigar Co., Detroit, Mich.;
(d) El Sidelo Cigar Co. and (e) Jose Lovera Co., Tampa, Fla.; (/; Samuel I.
Davis Co., Tampa, Fla. In Oct. 1919 acquired by purchase the G. J.
Johnson Cigar Co., Grand Rapids, Mich. V. 109. p. 1463. Plants
(comprising 26 factories) at Tampa, Key West, New York, Philadelphia,
Detroit, Poughkeepsie, Allentown, Coplay, Harrisburg, Grand Rapids,
Traverse City, Manistee and other cities.
The stockholders on Sept. 30 1920 ratified and approved a contract
whereby the company became the owner of all the Common stock of “44”
Cigar Co., established in 1893 in Phila. and incorporated in 1905, maker
•f the widely advertised brands “44" and “Adlon.
STOCK.—No mortgage without consent of 2-3 of pref. stock. Annual
cumulative sinking fund of $80,000 beginning June 1 1921 to be applied for
redemption of the pref. stock at 110. Also callable as a whole at 110. In
case of failure to pay 3 successive quar. divs., pref. stockholders shall have
right to elect a majority of directors. There was also outstanding oh
Dec. 31 1925 $171,500 stocks of subsidiary companies.
The stockholders In Feb. 1925 increased the auth. common stock from
150,000 shares to 250.000 shares.
Common stockholders of record Jan. 22 1926 were given the right to
subscribe for 48,665 additional shares of Common stock at $55 a share on
the basis of one new share for each three shares held. V. 122, p. 615.
DIVIDENDS.—An Initial dividend on pref. at the rate of 7% per annum
for the 3M months ending Aug. 31 (about $2) was paid Sept. 1 1919; Dec.
1919 to Dec. 1 1921, 1 % quar.; then none until Dec. 1 1922. when 1 % %
was paid; Mar. 1 1923 to June 1 1926 paid 1J£% quar.; also paid 1K% on

May, 1926.]

167

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
IFor abbreviations, &c., see notes on page 81

Consolidated Distributors Inc—Stock 450,000 shs auth..
consolidated Textile Corp.—Stock auth. 2,000,000 shares,

lstmtee S F convert, gold bonds $5,000,000 auth.kxxxc*
Secured gold notes___________________________________
Income subordinated conv debentures (see text) red 100-Consolidation Coal—Common stock auth $50,000,000___
Preferred (a & d) stock 7% cum red 112}$______________
Refunding mtge 57,500,000 auth gold s f red 105 (i.xc*&r
Fairmont Coal 1st M gold sinking fund assumed .. G.xc*
1st * Ref M S4n.onn non g noth red 107 U «• t nvTc**r*
Continental Baking Corp—Com stk Cl A 2,000,000 sh auth
Common stock Class B 2,000,000 shares authorized_____
Preferred stock 8% cumulative $200,000,000 authorized..

Date

Bond.'

Par
Value

Amount
Outstanding

Rate

%

When
Payable

Last Dividend Places Where Interest o»«
and Maturitv
Dividends are Payable

None 450,000 sh
None l,297,022sh See texi
Jan 16 ’21 76c
$ 100 &c $4,000,000
8 «
t
& D Tune 1 1941
6,569,500
i’ J&J July 15 1929
500&1000
485,000
J & D Dec 1 1929
11 M i 40,205,448 See text
Jan 31 1925 1}$
100 10,000,000 See text
Feb 20 1926 1%
1 <00 4,099,000
May 1 1934
4K g
&
I.C00 3,944,000
&
Tuly 1 1931
nee 1 1950
1 ' 00 21,395,000
&
’> K
None 291,365 shs $8
Q—J Apr 1 1926 $2
None 2,000,000sh
100 51,669,400
8
Q—J Apr 1 1926 2%

account of accumulations on June 1 1925, Sept 1 1925 and Oct 1 1925,
clearing up all back dividends Initial div of $1 50 on com stock paid
April 15 1920: July 15 1920 to April 15 1921 paid $1 75 quar ; none since
On Nov 1 1920 paid 15% in common stock
Notes.—The 3-year 6% gold notes dated Jan. 1 1925 were redeemed on
March 1 1926 at 101}$ and int. V. 122, p. 615.
REPORT.—For 1925, in V. 122, p. 1317, showed:
1922.
Calendar Years—
1925.
1924.
1923.
$3,225,653
Gross profit on sales___ $3,945,937 $3,342,622 $2,754,473
1,697,867
Selling, adm. & gen. exp. 1,702,978 1,620,630
1,769,896

New York

Guaranis Trust Co, M Y
Guaranty Trust Co, N Y
U S Mtge & Tr Oo. N Y
Guaranty Trust Co. N Y

Quarters Ended March 31—
•
1926.
1925.
Net profit after interest, depreciation and reserves. loss$21,968
$56,458
OFFICERS.—Pres., Frederick K. Rupprecht: V.-P., Allen E. Johnson1
Alfred L. Ferguson, J. K. Morrison and Joseph Bennett; Sec. & Treas.*
Henry B. Stimson. Office, 88 Worth St., New York.—V. 122, p. 2658.
CONSOLIDATION COAL CO. (THE).—Inc. in Md. 1860. V. 82, p.
104. The company owns approximately 54,000 acres of fee lands underlaid
with coal, the mineral rights to approximately 228,000 acres, making a total
coal acreage owned of 282,000 acres: and has leasehold mineral rights in
approximately 27,000 acres and owns approximately 2,000 acres of surface
and has approximately 2,000 acres of surface under lease, located in
Operating profit_____ $2,242,959
$384,577 $1:527,786 only
$1,721,992
Maryland,
Pennsylvania, West Virginia and Kentucky. The Development
Int. on loans, discount &
of 82 modernly equipped mines with a developed capacity of 15,$458,594
$357,496 consists
miscell, losses (net)__
$489,797
$475,560
tons per annum, and through the ownership of the entire common
Fed. & State taxes (est.)
230,000
165,000
54,000
115,000 000,000
capital stock of the Carter Coal Co., controls in addition thereto, approxi­
33,700 acres fee lands underlaid with coal, the mineral rights to
Net income.......... ........ $1,523,162 $1,081,432
$471,983
L ,055,290 mately
approximately 2,300 acres and leasehold mineral rights in 2,300 acres in West
Income Account for Quarter Ended March 27 1926.
Virginia, Virginia and Kentucky, on which are located ten modernly
Gross profit, $916,400: Expenses, $433,118: operating profit.. $483,282 equipped mines with a developed capacity of 1,000,000 tons per annum.
141,801
Interest, &c______________________________________________
The coals produced by this company are: Georges Creek Big Vein and
Cumberland: Somerset smokeless and steam; Fairmont gas, locomotive and
$341,481 domestic; Millers Creek block: Elkhorn coking, by-product and gas, and
Balance_______________________________________________
39,984 Pocahontas-New River Smokeless, steam and domestic coals.
Other income____________________________________________
Also owns: Entire capital stock as follows: $1,500,000 Cumberland &
Net income before Federal taxes_________________________
$381,465 Pennsylvania RR., which see under “Railroads” above; $4,000,000 Somer­
OFFICERS.—Pres., Julius Lichtenstein: V.-Pres. & Sec., Louis Cahn. set Coal Co.; $650,000 Consolidation Coastwise Co.; $10,000 Fairmont Coal
Co.:$100,000 Monongah. Service Co.; $20,000 Cassv. & Monon. RR. Co.:
General office. 730 Fifth Ave., N. Y. City—(V. 122. p. 2658.)
Pennmont Coal Mining Co., $250,000 Fairmont Supply Co.; $500
CONSOLIDATED DISTRIBUTORS, INC —lncorp. under laws of $5,000
Maryland Construction & Contracting Co.; $2,500,000 pref. and $4,200,000
New York. Operates a chain of stores dealing in automobile and radio common
of Northwestern Fuel Co., owning large docks at Washburn,
supplies.
Green Bay and Superior, and yards at St. taul and Minneapolis; 50,000
STOCK.—The stockholders on Feb. 16 1926 increased the authorized shares of common stock (no par value) of Carter Coal Co. The company
capital stock from 300,000 shares to 450,000 shares, no par value, the formerly owned the Sandy Valley & Elkhorn Ry. Co., but control of that
150,000 new shares being offered to stockholders of record Mar. 26 1926 road was acquired by the Chesapeake & Ohio Ry. Co. in Aug. 1925 for
in the ratio of 1 new share for each two shares held, at $3 75 per share. approximately $6,800,000 in cash. V. 121, p. 837: V. 106, p. 931; V. 103,
p. 2431; V. 78, p. 1271; V. 79, p. 502: V. 88, p. 1200, V. 95, p. 683.
REPORT.—For 1925, in V. 122, p. 889, showed:
Coal mined in 1925, including subsidiaries, 8,077,292 net tons, and 2,707,Consolidated Income Account for Year Ended Dec. 31 1925.
Sales, $1,685,616: costs and expenses, $1,537,079: oper. profit___ $148,537 611 net tons mined by lessees. See 61-year record, V. 120, p. 1492.
STOCK.—The common stockholders of record March 29 1924 wer«>
Other income__________________________________________ _____ 207,007
entitled to subscribe at par for a new issue of $10,000,000 7% cumulative
preferred
stock at the rate ol one share of new pref. for every four share*
$355,544
Total income___________________
Other deductions_________________
. 11,987 of common stock held.
Reserves for taxes and contingencies.
. 50,000
1909. ’lOto’16 ’17. ’18. ’19toJan31’25
COM.DIVS. 06. ’07. 08
6
6
IK quar.
Percent_____ 6
6
6 6 & 2 ex. 8 yearly.
Net profit________________________________________________ $293,557
2------0
—
8.
.............
do extra ..2
2
Income Account for Quarter Ended March 31 1926.
do In stock
60
5
14
................
Sales, $328,449; costs & expenses, $315,416: operating profit___ $13,033
April 1925 dividend was passed; none since.
.
,
Other income____________________________________________ ;__
2,111
Oh pref. stock, paid in full to March 2 1925; then none until Feb. 20 1926,
when 1?4% was paid.
Total income__________
$15,144
BONDS.—“1st & Ref." M. 5% (V. 106, p. 1475; V. 91, p. 1514. 1330.
Reserves, other deductions.
11,229
1256; V. 92. p. 464; V. 94. p. 1053, 1059; V. 95. p. 621; V. 96, p 949. 1705)
Net profit.............. ................ ........................ ........................................ $3,915 dad a 1st lien on 194,970 acres of coal lands or rights (incl. 100,000 acres pur­
1910) and a general lien, subject to about $11,000,000 prior
OFFICERS.—Pres., Jesse Froehlich; V.-P. F. L. Lamson; Sec. & Treas., chased Nov.
on the remaining property, about 106,160 acres, and on other
L. Minzie. Office. 56th St. and Broadway, New York.—(V. 122, p. 2658.) bonds,
tangible assets. Including mining plant, tugs, barges, coal oars, securities,
CONSOLIDATED TEXTILE CORP.—ORGANIZATION—lncorp
4c., aggregating $21,469,075. Sinking fund, 2o. per ton mined Id first
in Delaware in Oct., 1919 to acquire all the properties, assets &c., of the 5 years, then 3o. for 15 years, 4o. for 10 years and 5c. for remaining 10
Pilot Cotton Mills Co.. Raleigh. N. O.. James N. Williamson & Sons Oo.
»rg. Depredation charge of 2 Ko. per ton, &c., also charged agst. operationBurlington, N. C., owners of the Ossipee and Hopedale mills, and the Ella
Status o/$40,000,000 First and Refunding Mortgage Bonds Dec. 31 1925.
Mfg. Co. of Shelby, N. C. In 1919 also acquired ail of the stock of Pelham Reserveo
to retire prior lien bonas (see table at bead of page) $10,443,000
Mfg Co and Lvnchblirg Cotton Mills: in 1920 Bonham Co’ton Mills.
and held by company__ _________________________
59.),000
Windsor Print Works, Henderson Cotton Mills and Union Cotton Mills. Purchased
Retired
by
operation of sinking fund----------------------------------- 2,250,000
Also owns substantial interest in Exposition Cotton Mills, Atlanta. Ga. Held for future
&c., for most part to 75% of cost. _ 998.,000
Also owns the entire common stock (102,000 shares) and $5,090,000 notes Held in treas., development,
$4,319,000. and outstanding--------------------------- 21,395,000
receivable of B. B. & R. Knight, Inc. (in receivership). For details of
Of Fairmont Goal Go $6,000,000 1st M. 5s, $1,696,000 had on Dec. 31
reorganization plan of that company, compare V. 122, p. 2050.
The corporation on Sept. 8 1924 announced that a plan for strengthening 1925 been retired by sinking fund. V. 106, p. 1475.
the financial structure of the company, which had been under consideration
REPORT.—For 1925, in V. 122, p. 1604. showed:
for some time by the board of directors had been consummated. As con­
1922.
Calendar Years—
1925.
1924.
1923.
templated in the plan a new selling company, to be known as Consolidated Total
earnings___ $19,839,109
$19,263,184 $31,298,373 $22,464,912
Selling Co., was organized as a subsidiary of Consolidated Textile Corp, for Operating expenses, &c_ 17,235,841 18,960,261 26,009,884 17,776,469
the purpose of selling the goods of that company. Compare V. 119, p. 1286. Depreciation____
1,175,404
1,442,698
1,436,388 1,453,508
STOCK.—The stockholders June 12 1922 authorized an increase in the Depletion_______
261,200
247,948
266,253
135,327
capital stock from 1,000,000 shares of no par value to 2,000,000 shares of no
par value. Stockholders of record June 14 were given the right to subscribe
Net earnings_______ $l,166,6641oss$1387723 $3,585,847 $3,099,608
at $12 50 a share for new stock on the basis of one new share for each two Profit from sale of capi­
$372,339
shares held. V. 114. p. 2474.
tal assets.............. ........
$116,627 $143,576
$168,851
111,122
There was also outstanding on Jan. 2 1926 $800,000 8% cumulative first Insur. fund surp. credit.
_____
114,941
130,623
1,017,029
preferred stock of Consolidated Selling Co., Inc.
Other income_________
822,305 1,031,705
911,545
DIVIDENDS.—An initial dividend ot 75c. a share was paid In Jan. 1920,
$2,105,596 def$97,501 $4,796,867 $4,600,097
same amount paid quar. to Jan. 15 1921: none since.
$1,892,659 $1,866,652
BONDS.—The 1st mtge. 8% sinking fund convertible gold bonds are Divs. on pref. stock of. $1,644,942 $1,791,144
redeemable all or part at 110 and int. on or before June 1 1922, and there­
218 923
Carter
Coal
Co.
237,004
235,048
after at }$ of 1% less for each 12 months or part thereof elapsed after Federal taxes____
175,000
99,812
June 1 1922. Convertible into no par value common stock on the basis of
par for the bonds and $21 309 per share for the stock. V 112. p 2646
Surplus for year..........
$225,607 df$2,125,650 $2,585,474$ 2,558,446
DEBENTURES.—Int. on the income subordinated convertible deben­ Realization of apprecia­
tures is payable only if and to the extent that the net income of the compa ny
tion of coal lands____ $1,503,078 $1,479,143 $1,529,562
$935,691
for the 6 months’ period ending 30 days preceding each int. payment date Direct surplus charges._
167,105
44,663
shall be sufficient for the payment of said int., any deficiency in the payment Preferred dividends-----175,000
431,667
of int. at said rate for any period to be cumulative and made up when the Common dividends (6%)
2,412,070
2,412,035
--------2,412,088
net income of the co. shall be sufficient. Conv. at any time after April 1
Balance to surplus..def$l,619,576df$6,493,211df$l,356,158 def$789,280
1925 or such earlier date as the directors or executive committee shall by
resolution specify, at their principal amount into the com. stock as then con­ Profit & loss, surplus...$86,180,809 $87,800,386 $94,293,598 $95,649,757
stituted, at the rate of $3 per share, with a proportionate adjustment of such
OFFICERS.—Pres., Clarence W. Watson; Sec., H. H. Snoderly. Office,
conversion price in case of a reduction in the co.’s capital stock. Red. at
any time on 30 days’ notice at 100 and accrued and unpaid int. Subordi­ 67 Wall St., New York.—(V. 122, p. 1769.)
nated to the prior payment of the co.’s 5 year 7% secured gold notes dated
CONTINENTAL BAKING CORPORATION.—ORGANIZATION.—
July 15 1924 at any time issued and outstanding.
lncorp. under laws of Maryland on Nov. 6 1924. Through its ownership
Stockholders of record Nov. 29 1924 were given the privilege to subscribe of the stock of the United Bakeries Corp., the Continental Baking Corp,
to these debentures at 95, on the basis of $500 of debentures for each 1,200 controls the following ten baking companies:
shares of stock owned.
Campbell Baking Co., Incorporated in Delaware, May 13 1920, with baker­
ies at Kansas City and St. Joseph, Mo.; Des Moines, Waterloo and Sioux
REPORT.—For 1925, in V. 122, p. 1923, showed:
Consolidated
a.Yr. Ended aYr. Ended---- Yrs. Ended Dec. 31----- City, Iowa; Wichita and Topeka, Kan.; Oklahoma City and Tulsa, Okla.;
Dallas, Tex.; Shreveport, La.
Income Account—
Jan. 2’26. Dec. 27 ’24.
1923.
1922.
Shults Bread Co.,incorp, in New York, March 24 1910, with bakeries at
xProfit from operations- $648,680 loss$939,730 $2,591,320
$335,119
West New Brighton, Mt. Vernon, Brooklyn and Jamaica, N. Y.; Hoboken,
Depreciation__________
252,614
248,320
543,565
635,000
N. J.
Interest on bonds and
Ward & Ward, Inc., incorporated in New York, Aug. 14 1913, with bak­
bills payable, &c____
901,404
802,249
1,862,288
1,724,988
ery at Buffalo, N. Y.
Proportion of bond dis­
Ward Bros. Co., incorporated in New York, Sept. 13 1913, with bakeries
count written off____
50,509
37,316
131,392
153,004
at Rochester, N. Y.; Dayton, Toledo, Cincinnati, Youngstown and Colum­
1st pref. div. on Consol.
bus,
Ohio; Gary, Ind., and Oak Park, Chicago, Ill.
Selling Co., Inc_____
64,000
_____
_____
_____
Crescent Baking Co., incorporated in New York, May 4 1922, with bakery
Balance____________ def$619,848def$2027,615 sur$54,074def$2177,871 at Utica, N. Y.
Memphis Baking Co., incorporated in Delaware, May 27 1902, with
a Excluding B. B. & R. Knight, Inc. x After deducting adm., selling
bakery at Memphis, Tenn.
and gen. expenses (and in 1922, also shut-down and strike expenses).




168

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 8]

Continental Can Co, Inc—Common stock 750,000 shares
Pref stock (a & d) 7% cum $7,500,000 red 125_________
Continental Motors Corp—
. Common stock. 3.000 000 shares auth__________ ...... 1st mtge s f g bonds red (text). . . ...
__ CCkxxxc*
Coppei Range Co—Capital stock $10.000.000..... ...............
Corn Product* Refining.— Common stock J75.P00.000
Preferred la & d) stock 7% cum 125.000.000.......... ........ ...
1st M. g sink, fa red 105______________________ ..____ sc*
N Y Glucose Co flrst mtge assumed gold s f (see text)_ _>
Guaranteed Debentures—
Nat Starch Co debs g guar p & 1 (V 94. p. 127)________ >

Date
Bonds

Amount
Outstanding

Par
Value

None
$100
None
100 &c
1924
25
__
25
101
l,00(
1909
1902 See texi
1910

1.00<

Crescent Baking Co., incorporated in Mississippi, May 27 1922, with
bakery at Clarksdale, Miss.
fe
Stroehmann Baking Co., incorporated in West Virginia/April 1 1922, with
bakery at Wheeling, W. Va.
Atlas Bakeries, Inc., incorporated in Delaware, Nov. 1 1923, with bakery
at Milwaukee, Wis.
Bakeries Service Corp., incorporated in Delaware, July 27 1922. This
corporation has charge of operating, buying, accounting and advertising
for all companies acquired by the Continental Baking Corporation.
In addition to the above companies the Continental Baking Corp, has
also acquired a direct controlling interest in the following companies, either
by purchase of their stock for cash, or by exchange of its own stock for that
of the companies controlled, or by both of these methods.
American Baking Co., incorporated in Missouri, Feb. 14 1907, with 7
bakeries at St. Louis, Mo.
Livingston Baking Co., incorporated in Illinois, June 26 1923, with 3
bakeries at Chicago, Ill.
Wagner Baking Co., incorporated in Michigan, July 1 1890, with bakery
at Detroit, Mich.
Standard Bakeries Corp., incorporated in Delaware, Jan., 1923, with
bakeries at Long Beach and Los Angeles, Calif.; Denver and Pueblo, Colo.;
Hammond, Ind.; El Paso, Tex.; Omaha, Neb.; Akron, Ohio.
During 1925 the Continental Baking Corp, further acquired a controlling
interest in the following companies: (1) Massachusetts Baking Co., with
bakeries in Boston, Mass.; Bridgeport, Hartford, New Haven and Water­
bury, Conn. (2) Consumers Baking Co., with bakeries in Paterson and
Harrison, N. J. (3) Occident Baking Co., with bakeries in Minneapolis,
Minn.; Madison, Wis. (4) Spokane Bakery Co., Spokane, Wash. (5)
Perfection Bread Co., Sacramento, Calif.; (6) Log Cabin Baking},Co.,
Portland, Ore. (7) Washington Bakeries Co., Seattle, Wash. (8) Buttercrust Baking Co., Salt Lake City, Utah. (9) Ogden Baking Co., Ogden,
Utah. (10) Northern Bakeries, Ltd., 10 bakeries in 7 Canadian cities,
(ll) Corby Baking Co., with bakeries in Richmond, Va.; Washington,
D. C. (12) R. B. Ward & Co., Inc., with bakeries in Los Angeles, San
Diego, and Berkeley, Calif. (13) New England Bakery Co., with bakeries
in Somerville, Haverhill, Lawrence, New Bedford and Springfield, Mass.
STOCK.—See table at head of page.
BONDS.-—Funded debt of subsidiary companies outstanding Dec. 26
1925, $8,125,780.
DIVIDENDS.—On preferred, in full to date. On Class A common paid
$2 quar. from Jan. 2 1925 to April 1 1926.
REPORT.—For 1925, in V. 122, p. 1923, showed;
Income Account for Year Ended Dec. 31 1925.
Net earnings____________ -_________________ ,---------------------$13,436,915
Interest and mortization, $633,817; depr’n, $2,596,064; total-- 3,229,881
Preferred and Class A dividends (including subsidiaries)_____
1,651,345
Balance, surplus_______________________________________ $8,555,689
OFFICERS.-—Chairman, George G. Barber. Office, Murray Hill
Building, 40th St. and Madison Ave., New York.—(V. 122, p. 2048.)
CONTINENTAL CAN CO., INC—ORGANIZATION.—lncorp. Id
N. Y. Jan. 17 1913. Operates 24 mills at Canonsburg, Pa. V. 95, p
1610; V. 96, p. 363: V. 104, p. 555, 2643. A new general line factory at
Jersey City, N. J., was completed and placed in operation during 1921
and during 1924 a new general line can factory at Chicago was completed.
Agreement with Vulcan Detinning Co. See that company. In Sept. 1923
purchased the can and tube departments of the National Can Co. of De­
troit. V. 117, p. 1240. In April 1924 purchased the properties of the
Bucklen Food & Products Co. at Ida., Mich. V. 118, p. 1916.
STOCK.—The stockholders on Dec 29 1922 ratified a change in the com*
mon stock from $15,000,000 (par $100) to 500,000 shares of no par value,
each share of the old stock receiving 2 2-3 shares of new no par value
common stock. V. 115, p. 2909. The authorized common stock was in­
creased to 750,000 shares in Feb. 1926.
The preferred is callable, all or part, at 125 and accrued div.: also, begin­
ning in 1915, for annual sink, fund of 3% of issue, payable out of surplus
profits. The pref. has no vote for directors unless 4 quarterly divs. are in
default, in which case the election is vested exclusively in the pref. until
all the defaults have been made good. Of the pref. stock, $2,026,500 had
been redeemed to Dec. 31 1925. No mortgage or Increase In pref. stock
without consent of 75% of each class of stock.
The preferred and common stockholders of record Nov. 24 1924 were
given the right to subscribe to no par value common stock at $54 per share
to the extent of 15% of the number of shares of preferred and (or) common
stock held.—(V. 119, p. 2292.)
DIVIDENDS.—Dividend on pref. from organization to July 1 1926.
Incl., 194% quar. (7% per ann.). On common Oct. 1 1915 to Jan. 1 1918,
Incl., 5% per ann. (1 X % Q.-.I.); also. Feb. 21 1918, 35% in com. stock;
April 1918 to July 1919, 114% quar.; Oct. 1919 to July 1921 paid 1X%
quar. On Feb. 15 and May 15 1923 paid each quar. 75 cents a share on
new stock of no par value: Aug. 15 1923 to Nov. 16 1925 paid $1 a share
each quar.; on Feb. 15 1926 paid $1 25 quar. and $1 extra; on May 15 1926
paid $1 25 quar. On Feb. 15 1924 and Feb. 16 1925 also paid 5% in com.
stock.
REPORT.—For 1925, in V. 122, p. 879, showed:
1099
1925.
1924.
1923.
Net earnings__________ $7,097,736
$5,317,370 $3,837,480 $4,438,508
Depreciation ___ ____
776,343
741,888
519,750
476,905
Res. for taxes & conting.
522,157
781,660
550,000
800,000
Preferred dividends (7%)
405,256
387,116
411,574
289,713
Common dividends____
1,875,725' 1,514,389
995,464
270,000
Surplus......... ............ . $3,276,892 $2,133,680 $2,360,692 $2,601,890
Office, Pershing Square Bldg., New York.—(V. 122, p. 2197.)
CONTINENTAL MOTORS CORP.—ORGANIZATION—lncorp in
Virginia In Jan 1917 (see V. 104, p. 259). and took over business and plants
at Detroit and Muskegon. Mich., of Continental Motor® Co. makers of
“Continental” gasoline motors. Produces passenger car motors, truck
motors, bus motors, industrial motors and aviation motors; also special
motors for the exclusive use of some of the largest automobile manufac­
turers.
STOCK.—The stockholders Oct. 18 1922 authorized an increase in the
capital stock to 3,000,000 no par value shares, of which 1,500,000 were
exchanged share for share for the old common stock, par $10. Outstanding
Oct 31 1925, 1,760,845 shares. The unissued shares will be held In the
treasury for issuance as the directors may determine. See V. 115, p. 1637.
Div. on common stock. No. 1, June 15 1917, 1)4%: Dec. 5 1917, 2%;
Feb. 1918 to Aug. 15 1919, 1X%: quar.; Nov. 15 1919 to Aug. 15 1920
2% quar.: Dec. 15 1920, 1 %: then none until April 30 1924. when 20 cents
a share was paid on stock of no par value; same amount paid quarterly to
Apr. 30 1926.
The 1st mtge. 6)4% sinking fund gold bonds are redeemable all or part,
at any time on not less than 30 days’ notice at the following prices and
Interest: to and incl. March 1 1925 at 103)4; thereafter at X of 1 % less for
each succeeding year or part thereof to and incl. March 1 1938 and there­
after at 100. For sinking fund, &c., compare V. 118, p. 1524.




[Vol. 122,

INDUSTRIAL STOCKS AND BONDS
When
Rate
Paya ble
%
500,000 sis See texi Q-F
$5,473,500
7
Q—J
1760,845 sh See text Q—J30
7,207,200
6X g M&S
9,868,875 See text See text
63,250,000 See text Q-J
7
25,000,000
Q— J
1,877,000
5 g M&N
38,280
6g M & f
558,500

5g

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

May 15 ’26$1X Checks mailed
<Jo
July 1 1926 IX
Apr 30 '26 20c
Mar 1 1939
May 3 1926 SI
Apr 20 1926 2%
Apr 15 1926 1)4
May 1 1934
Sept 1 1927

J&J July 11930

By check
1 Halsey, Stuart &Co.NY
Boston

Title Guar & Tr Co. N ’
do
de
Title Guar * Tr Co.BHr-

Farmers’ L & Tr Co N '

REPORT.—For year ended Oct. 31 1925, in V. 122, p. 228. showed:
1921-22.
1922-23.
1924-25.
1923-24.
Profits for year_______
4,776,071 $4,654,374 $3,886,196 $2,955,691
Interest______________
506,092
566,206
610,370
497,547
Premium on notes red - _
30.000
Depreciation__________ 1,007,242
888,655
1,208,195
1,143,981
91,000
Federal tax reserve____
381,000
243,000
367,500
. $2,811,624 $2,502,523 $1,937,453 $1,469,944
Previous surplus _
. $8,945,848 $7,617,248 $6,106,926 $4,779,066
Cr.2,964
1
266,000
117,415
Property adjustment. Cr.l 1,988
,251,974
Total surplus_______ $11,757,472 $10,002,356 $7 790.367
Prem. on pref. stk. ret’d
_____
_____
$138,587
_____
Preferred dividends____
_____
_____
34,533
$145,048
Common dividends____ $1,408,676
$1,056,507
Profit and loss, surp. _$10,348,796 $8,945,848 $7,617,248 $6,106,926
OFFICERS.—Pres., R. W. Judson; V.-Ps., W. R. AngelHand W. A.
Frederick; Sec., T. M. Simpson; Treas., R M. Sloane. Office, Detroit,
Mich.— V. 122, p. 1616.)
COPPER RANGE CO—ORGANIZATION.—lncorp. in Mich. Jan. 26
1899. See V. 105, p. 610; V. 101, p. 925. Has extensive land holdings
and mineral rights in Lake Superior district, Mich. Owns all the stock of
Copper Range RR. (see “Railroads”), and 50% of ChampionCopper Co.;
also owns 9,200 shares of Michigan Smelting Co. stock.
Dividends.—Since Aug. 1915: 1915, 12%; 1916, 40% 1917. 40% (10%
Q.-M.); 1918, 24%; 1919. March 15 $1; June 1919 to Sept. 1920. 50 ct®
(2%) quar.; then none until Mar. 1 1922. when $1 was paid: May 10 1923
paid $1; May 20 1924'. paid $1; May 4 1925, paid $1; Mav 3 1926, paid $1.
REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
1923.
1922.
Copper produced lbs.)- 23,277,718 25,109,175 23.571,360 29,029,474
Total revenue________ $404.5,099
$4,573,230 $3,687,763$ 4,260.422
Net for dividends
*541,132 *def476,101 *def570,745
331,683
Dividends paid
394,727
394.727
394,422
394,422
* After deducting $711,543 for depreciation and depletion and $107,321
Trimountain shut-down expense in 1923 and $740,893 depletion and depre­
ciation in 1924 and $719,943 depletion and depreciation in 1925.
Pres., William A. Paine; V.-P. & Treas., F. W. Paine; Sec., J. A. Ackroyd
Office, 82 Devonshire St., Boston.—(V. 122, p. 2953.)
CORN PRODUCTS REFINING CO.—ORGANIZATION.—lncorp*
Feb. 6 1906 per plan V. 82, p. 103. 1321; V. 85, p. 527: V 86 p 1412; V
87, P- 42; V. 96, p. 996; V. 90, p. 845. Plants at Argo and Pekin, Ill.
Edgewater. N. J , and Kansas City, Mo. V. 105, p. 501; V. 84, p. 696.
V. 87. p. 938: V 88, p. 628. 1623: V. 90, p. 845; V. 92, p. 465, 883; V. 98,
p 915. New plant at North Kansas City Mo., was put in operation in
March 1922. V. Ill, p. 796; V. 114, p. 1291. Purchase of plants in
Europe. V 112, p. 261. Forms German company, V. 114. p. 1895.
In June 1916 the U. 8. District Court !n N. Y. held the company to have
violated the Sherman Anti-Trust Law, and on March 31 1919 a final decree
was filed, to which the company assented, ordering the dissolution of the
merger not later than Jan. 1 1921 (subsequently changed to Jan. 1 1922:
V. 113, p. 1776). The decree ordered the company to dispose of its plants
at Granite City, Ill.; Davenport, Ia.; its interest in the stock and other se­
curities of the National Starch Co., with its plant at Oswego, N. Y., and the
stock and securities of the Novelty Candy Co., which had plants at Chicago,
Ill., and Jersey City, N. J., to a person or persons, including corporations,
not controlled by or affiliated with the Corn Products Refining Co. and
the company, or affiliated corporations, not to have any officers or directors
In common with such purchaser, nor any defendant be such purchaser. Only
persons or corporations intending to continue the business were eligible
as purchasers.
Accordingly in May 1919 the Novelty Candy plants were sold to the
Continental Candy Co. (V. 109, p. 687). In Sept. 1919 also the Granite
City plant was sold for $4,500,000. The Davenport, Ia.. plant was sold
In Dec. 1919 for $250,000. In Dec. 1921 the Oswego, N. Y.. plant of the
National Starch Co. was sold to the Oswego Factories Corp. See V. 109,
p. 1277. 1463, 1702. 2267: V. 112, p. 66.
CAPITAL STOCK.—The stockholders on March 25 1924 (1) reduced
the authorized pref. stock from $30,000,000 to $25,000,000, thus formally
completing the retirement of 50,000 shares which were purchased by the
company and cancelled in 1921, and (2) increased the authorized common
stock from $50,000,000 to $75,000,000, and changed the par value of the
common shares from $100 each to $25 each.
The directors declared a 25% stock div. on the com. stock, payable to
holders of record April 5 1924. The stockholders received 5 shares of the
new stock, par $25, in exchange for each share of the old com. stock, par
$100. The balance of the new com. stock will be held in the treasury,
from which sales may be made to employees.
DIVIDENDS- f T4. ’15. '16. 1917. '18. T9. '20. '21. '22. '23. '24. '25Preferred (%)___ j 5
5
5 26.16 77777777
Common (%).__ I __ __
6
6
6 11X 8X 8
With the regular IX % quarterly the pref. shares in 1917 received in
Jan.. April and July each 5% and In Oct. 4 1-6%. extinguishing all
accumulations. V. 104, p. 1147, 2555; V, 105. p 392. Initial quarterly
div of 1% and X% extra on common paid Jan. 20 1920. V 109. p 2449V. 110, p. 264. Same amount paid quar. to Oct. 1922. On Jan. 20 1923
paid 1
quar. and 3% extra; April 20 1923 paid 1)4% quar.; July 20
1923 paid IX % quar. and 1)4% extra; Oct. 20 1923 and Jan. 19 1924 paid
154% quar. and X% extra: April 19 1924 paid 2)4% quar.; July 19 1924
to Apr. 20 1926 paid 2% quarterly. Common stockholders of record April
5 1924 received a stock dividend of 25%.
BONDS.—Of the New York Glucose 6s, 4% of each bond ($40) is retir­
able Sept. 1 yearly beginning 1902, but they are not subject to call. V. 74,
p. 1086.
The first 25-year 5s of 1909 ($10,000,000 auth. issue) are secured by a first
lien on all the property of the company and its subsidiaries now owned or
hereafter acquired, subject only to New York Glucose first 6s. Annual
sinking fund of 2% of total at any time issued may be used to draw bonds at
105 and interest. V. 106, p. 1034; V. 88, p. 1064, 1256, 1439; V. 90, p. 845.
846; V. 93, p. 348; V. 105, p. 1423.
REPORT.—For 1925, in V. 122, p. 1317, showed:
1923
Calendar Years—
1925.
1924
1922.
Profits from operations. $9,758,174 $14,510, 015 $13,978,966 $13,826,118
Int. on dep., loans, &c__
448,518
241, 445
688,736
532,227
Int. & divs. on securities 1,068,992
1,269, 610
914,305
864,929
Rents real est. not in op _
885,260
__
Profit on securities sold.
346,704
134, 078
122,401
230,644
Total income________$12,507,648 $16,155, 149 $15,704,408 $15,453,918
Interest on bonded debt. $124,959
$127, 301
$136,190
$113,920
General & Fed. taxes__ 1,599,031
1,908, 064
1,990,292
1,755,837
Insurance_____________
231,723
263, 118
199,101
191,450
Preferred dividends___
1,750,000
1,750 000
1,737,890
1,737,890
Common dividends____ 5,060,000
5,030 ,000
4,480,560
4,480,560
Depreciation_________
2,989,186
2,957 369
2,907,265
2,976,138
Balance, surplus____
$752,749 $4,119 295 $4,253,110 $4,198,123

May, 1926.]

INDUSTRIAL STOCKS AND BONDS
Date
Bonds

MISCELLANEOUS COMPANIES
IFor abbreviations, &c., see notes on page 8J

Coty, Inc—Stock 309,300 shares authorized__ _______ __
.m) Cramp & Sons Ship & Engine Bldg Co—See text
7rex Carnet Co—Stock $3,000,000 authorized
Crucible Steel Co - Common stock authorized $75,00(),00(
. referred (a <S> 0) 7% cumulative $25,000,000 authorized
Pitts Cruc Steel Co 1st M $250,000 yearly . .............. UPi.xc*
Cuba Cane Sugar Corp—Com stk no par value (see text)
Pref stock 7% cum convert red 120 $50,000.000_____ Ten-year Debenture bonds convertible text _______ Gc*
Eastern Cuba Sugar Corp mtge conv s f g bds red (text) gu
P& i-_ . -____ _________________________ xxx
Violet Sugar Co 1st mtge due annually
a $17,551,100 bear 8% interest and $7,448’,90 > bear 7% i

3 Mos. End. Mar. 31—
1926.
Net earnings*--------------- $3,148,719
Other income--------------514,555

1925.
$2,234,177
364,731

1920
1922

100 &c

nterest

1924.
$3,943,457
258,059

1923.
$3,583,545
240,488

Surplus------------------- $1,015,750
$76,790 $1,544,560 $1,863,996
* Net earnings from operations, after deducting charges for maintenance
and repairs and estimated amount of Federal taxes, &c.
DIRECTORS.—E. T. Bedford (Pres.). W. J. Matheson (V.-P.), G. M.
Moffett (V.-P.), F. T. Fisher (Sec.-Treas.), C. H. Kelsey, G. S. Mabana
(V.-P.), T. P. Kingsford, W. H. Nichols Jr., A. A. Smith, A. B. Boardman,
F ■ . Hall, Willis D. Wood, Preston Davie, E. E. Van Sickle, C. L. Camp­
bel. Office, 17 Battery Place. New York.—(V. 122. p. 2336.)
COTY, INC.—ORGANIZATION.—Incorp, under laws of Delaware on
Dec. 22 1922. The company is engaged in the business of importing per­
fume extracts, cosmetics, and other toilet articles and maintains its own
laboratories where the various imported ingredients are assembled and
thereafter the finished products are marketed throughout the United States
and its possessions. Laboratories are located at 423 West 55th St., N. Y.
STOCK.—See table at head of page.
DIVIDENDS.—On no par value stock paid $1 90 per share on June 30,
1925 and 95 cents per share quar. on Sept. 30 and Dec. 31 1925; on Mar. 31
1926 paid $1 per share.
REPORT.—For 192S, in V. 122, p. 487, showed:
Calendar Years—
1925.
1924.
1923.
Gross profit----- -------$5,017,174 $3,954,711 $2,528,812
General, admin., selling expenses, &c. 2,112,866
1,564,928 1,278,966
$2,389,783 $1,249,846
21,347
14,890

Total income------------------------------ $2,931,681 $2,411,130 $1,264,736
Depreciation-------------------------------67,310
71,862
39,362
Federal taxes-------------------------------360,000
293,396
154,913
Dividends------------------------------ ($3 80)1,175,34O($3>07217OO
_____
Net income----------------------------------$1,329,031 $1,324,172 $1,070,460
Report for 1st quar. of 1926 in V. 122, p. 2953.
OFFICERS.—Pres., Francois Coty; V.-P. & Treas., Benjamin E. Levy;
2d V.-P., Joseph F. Scanlan; Sec., Paul Fuller Jr.; Asst. Sec., E. M. Jones.
Office, 714 Fifth Ave., New York,—(V.-122, p. 2953.)
(WM.) CRAMP & SONS SHIP AND ENGINE BUILDING CO.
(THE).—lncorp. in Penna. March 26 1872. In Nov. 1917 purchased for
some $1,500,000 the 5Yi-acre plant of the De La Vergne Machine Co.
V. 105, p. 2001. In March 1922 purchased the plant of the Pelton Water
Wheel Co. V. 114, p. 1291. Has also acquired over 95% of the stock
of the Federal Steel Foundry Co. of Chester, Pa. In July 1919
American Ship & Commerce Corp, (see above) acquired a majority of the
stock, issuing in place of each $100 share acquired five shares of its own
stock, with no par value. V. 109, p. 527, 479.
STOCK.—Authorized, $20,000,000; outstanding, $15,232,500; par of
shares, $100.
LATEST
I ’98. ’99. ’00. '01. ’02. ’03-T6. 1917.
T8 T9
20-’?6
DIVS..%1 IX 5
5
5
3X None Aug., 3% 6 7X
text
In May 1917 resumed dividends, 3% being paid Aug. 1; Feb. 1918 tc
Aug. 1919, 3% s.-a. in Oct. 1919 and Jan.. April aud July 1920 pair’
1X%. Paid 150% in stock on Sept. 10 1920. Oct. 15 1920 to Sept. 30
1925 paid 1% quar.; on Dec. 31 1925 and March 31 1926 paid X % quar.
On July 14 1922 paid an extra cash div. of 25%.
Funded Debt.
1st Mtge. 6% gold bonds of 1899. due Mar. 1 1929, but call­
able $25,000 yearly at 110; Interest M. & S________________ $850,000
Real estate mortgage and ground rents______________________
20 444
Notes payable U. S. Navy Dept, 1925-1942_________________
861,600
REPORT.—For 1925 showed:
Calendar Year—
1925.
1924.
1923.
1922.
Net, all departments__ less$74,635 $1,401,141 $1,817,261 $3,828,944
Depreciation__________
477,080
770,748
766.612
756,793
Interest, &c___________
84,755
67,006
96,645
149,733
Net income________ def$636,469
Dividends___________
533,124

$563,387
609,281

$954,003
609,267

$2,922,418
4,420,611

Surplus for year._.def$l,169,593 def$45,894
$344,738df$l,498,193
OFFICERS.—Pres. & Gen. Mgr., J. Harry Mull; V.-P., H. B. Taylor;
Sec. & Treas., Geo. D. Martin; Asst. Sec., R. L. Howe; Asst. Treas., J. P.
Ramage.—(V. 122, p. 2953.)
CREX CARPET CO.—Incorp. June 8 1899, in Delaware, as the
American Grass Twine Co.; name changed to above on Oct. 17 1908 Manu­
factures grass, cotton and wool rugs and carpets. Plants are located at
St. Paul, Minn., and Newburgh, N. Y.; also owns about 50,000 acres of
grass lands in the northern parts of Wisconsin and Minnesota.
I TO. T1-T3. T4. T5-T6. T7. T8-’2O. ’21. ’22-’23. ’24. ’25.
I 5X 6 yrly. 3
0
2 6 yrly. IX
0
14
Paid In 1926: Jan. IS, 1%; April div. was omitted.
REPORT.—For year ended June 30 1925, in V. 121, p. 1455, showed:
Year End. June 30— 1924-25.
1923-24.
1922-23.
1921-22.
Gross income_________
$306,425
$396,284
$418,853
$349,387
Less—Selling administra­
tion, general exp., &c.
208,063
201,803
274,943
359,647
Reserved for deprec’*__
_____
45,872
45,725
Doubtful accounts____
_____
2,081
Net income________
Previous surplus______
Refund Federal tax____
Gain on sale of real estate

a$98,362
801,056
_____
21,204

Total surplus...............
Dividends____________
Inventory adjustment..
Settlement of Burt suit.
Res. for Crex Carpet Co.
(Eng.) .Ltd., curr .acct.

$920,622
120,000
_____
_____

_____

a$194.481
610,835
Cr .5,740

$98,038 loss$58,066
662,377
735,417

$815,056
$760,415
$677,351
_____
_____
_____
_____ deb.30,735 deb.14,974
_____
43,845
_____

10,000

75,000

_____

Balance June 30.___
$800,622
$801,056
$610,835
$662,377
a After depreciation and taxes.
OFFICERS.—Pres., James H. Baldwin; V.-P., H. Esk. Moiler and
R. O. Gambee; Sec. & Treas., Wm. A. Pfeil; Asst. Sec. & Asst. Treas
Wm. B. Herbort; Gen. Mgr., Geo. B. Fawley. Office, 295 Fifth Ave
New York.—(V. 122, p. 1616.)




Amount
Outstanding

$100 $3,000,000 See text See text Jan 15 1926 1%
100 65.000,000 See text Q—J31 Apr 30 1926 1 X
t)—M June 30 '26 1 %
100 25,000,000
7
4,750,000
* S To Mar 1945
5
None 600,000 she
100 50 000.000 See taxi
Apr 1 1921 IX
J—J Jan 1 1H3P
100 See a25.000.000 7&8

Total income_________$3,663,274 $2,598,908 $4,201,516 $3,824,033
Interest and depreciation
945,024
819,618
969,456
778,804
Preferred divs. (134%).
437,500
437,500
437,500
434,473
Common divs. quar_.(29J)l,265,000 (2)1,265,000(2^)1250000 (1)497,840
do
extra----------------------------------- (>0248,920

Balance-------------------------------------- $2,904,308
Other income-------------------------------27,373

Last Dividend Places Where Interest ana
Rale
When
Dividends are PayabU
Payable and Maturity
%
309,300 shs. See text Q—M31 Mar 31 ’26 $1

Par
Value
None

iaii

169

9.700,000
565.000

Union Trust On, Plti.—

Union Trust Co, Pittsb
union 'lruoi tu, Pnub

Guaranty Trust Co. N Y
Guaranty Trust Co, N V

7X g M&S Septi 1937
To 1935

CRUCIBLE STEEL CO. OF AMERICA.—ORGANIZATION .—Incor­

porated In N. J. on July 21 1900. V. 71. p 32; V. 73. p. 842; V. 84. p. 573
V 101 p. 290. Fourteen of plants owned and controlled, Pittsburgh, Pa.
Syracuse. N. Y., Auburn, N. Y Harrison, N. J.. Jersey City, N. J., Mid­
land, Pa., McKees Rocks, Pa., Crucible, Pa., and Glassmere, Pa.
The Pittsburgh Crucible Steel Co., all of whose stock Is owned by the
Crucible 8teel Co. of America, purchased the property of Midland Steel Co
(V 83, p. 41), owning a plant at Midland. Pa., also 501 acres of land, and
sold $7,500,000 1st M. 5% bonds, guar. p. & I. by Crucible Steel Co.
maturing $250,000 annually beginuing 1916. V. 92, p. 525. 728; V. 95. p
1272 V 99 p 1449; V 101 R 1551; V. 105, p. 1895.
Halcomb Steel Co. of Syracuse (controlled by stock), see V. 92, p. 728,
397; V. 103, p. 2082; V. 104, p. 2346; V. 105, p. 2545; V. 106, p. 611.
Guarantees Interest ($46,000 yearly) on Norwalk Steel 4^a of 1910,
iue July 1 1929, having tbe option to purchase the same before maturity
•t 80 and int. (V 95, p. 424): also prin. and Int. of bonds of the St. Olal»
Heel and St. Clair Furnace Co. Jointly with U S. Steel Corporation.
OAPITAL STOCK.—The stockholders voted Feb. 16 1920 to Increase
the authorized limit of common stock from $25,009,000 to $75,000,000, with
a view to stock distributions to represent accumulated surplus when and
as the directors shall deem such distributions conservative. V. 110, p. 767.
GATE DIV. 09. TO 11-13 T-» 16. T6
17. 18. 19. ’20-25
9n pref..% 5X 7
7 yrly. 3X 1W
7
7
7
7
7
Inacc'ns. % (In 1910 M & 10«el
6 18H
.
See
inCom................................... .. .............................
..
4
text
In July 1919 an Initial div. of IX % was paid on tbe common stock, and
n Oct. 1919 and Jan. 1920 paid 3%. V. 109. p. 1182; V. 108, p. 2632
>n April 30 1920 paid 3% in cash aud 50% in common stock. On July 31
1920 paid 2% in cash and 16 2-3% in common stock. On Aug. 31 1920
paid 14 2-7% In common stock. V. Ill, p. 392. Oct. 30 1920 to Apr. 30
1921 paid 2% quar. in cash July 31 1921 to Jan. 31 1922 paid 1% quar ;
then none until Julv 31 1923. when 1 % was paid: same amount, paid quar
terly to Oct. 31 1925; on Jan. 31 and April 30, 1926, paid IX % quarterly.
REPORT.—For 4 mos. ending Dec. 31 1925, in V. 122, p. 476, showed:
4 Mos. End.
-Year Ended Aug. 3lDec. 31 ’25. 1924-25.
1923-24.
1922-23.
y Profits_____ _________ $3,578,774 $8,735,535 $7,703,076 $6,783,493
Depreciation & renewals
400,000
1,200,000
1,200,000
1,200,000
Maintenance of plants__ 1,025,194
2,753,819
1,984,277
Int. on bonds of sub. cos.
83,333
256,250
268,750
281,250
Preferred dividends___ ’
362,486 j 1,750,000
1,750,000
1,750,000
Common dividends____
2,199,939
2,199,924
549,979

I1

Balance, sur. or def__ sur$707,761 sur$575,527 sur$300,125 sr$3,002,264
Note.—Fiscal year has been changed to end Dec. 31.
y Profit from Federal taxes.
OFFICERS.—Chairman, H. S. Wilkinson; Pres., F. B. Hufnagle; V.-P.,
A. T. Galbraith; J. M. McComb and John A. Mathews; Sec. & Treas.,
George E. Shaw; Asst. Sec. & Asst. Treas., F. M. Barnes; Aud., H. L.
Gellinger. Office, 17 East 42d St., New York.—(V. 122, p. 2505.)
CUBA CANE SUGAR CORP.—ORGANIZATION —Incorporated
In Dec. 1915 In N. Y.
A consolidation of 17 sugar plantations.
V. 103, p. 64; V. 102. p. 1628. In July 1916 acquired Stewart Sugar Co.
of Cuba. V. 102, p. 2344: V. 103, p. 64. 496. During 1920 the company
purchased Central Vloleta, in Camaguey Province. Cuba. V. 110, p 2196,
2052. Other acquisitions during 1920. V. Ill, p. 2052. Crops made by
the company: No. of bags 17 bags equal one ton of 2,240 lbs.), viz.: 1916-17,
3,261,621; 1917-18, 3,613.325; 1918-19, 4,319,189; 1919-20, 3,763.915;
1920-21. 3.978.102; 1921-22. 3.379.451: 1922-23. 3.284.731: 1923-24.
3.683,291; 1924-25, 4.471,357.
STOCK.—Authorized. $50,000,000 7% cum. conv pref. (par $100), and
2,100.000 shares common (including 500,000 shares reserved for conversion
of pref. stock and sufficient shares for conversion of 7 % debenture bonds; see
below), no par. Pref. is redeemable at 120 and bit. and Is preferred as to
assets and dividends. Convertible into common, share for share, at any
time, at option of holder. V. 103, p. 64, ±794.
BONDS, &c.—The $25,000,000 10-year 7% debentures (offered in Jan.
1920 at 100 & Int.) are convertible at any time into common stock at $45.8823
per share. Redeemable on 60 days' notice at 107X during the first 5
years, 105 during the sixth year, 104 during the seventh year, 103 during the
eighth year, 102 during the ninth vear, and 101 thereafter. No mortgage
may be created while any of these debentures are outstanding except pur­
chase money mortgages. V. 109. p. 2174: V. 110. p. 363.
In Sept. 1921 the company announced that it had arranged with a
group of bankers to secure at once a loan of $10,000,000 under an arrange­
ment which required the subordination of the $25,000,000 7% Convertible
Debentures to the new money for the period of the loan and of any renewals,
substitutions or refundings thereof. As a consideration therefor, the com­
pany offered to increase the rate of interest on assenting debentures from
7 to 8% per annum from July 1 1921 to the maturity of the debentures.
The plan was declared operative on Oct. 31 1921. On Sept. 29 1923 it was
announced that the loan had been paid off and the subordination of the 8%
debentures had been terminated. The 8% debentures therefore now enjoy
the same position in point of security as the 7% debentures, but they will
continue until maturity (Jan. 1 1930) to bear interest at the rate of 8% per
ann. Instead of 7%. V. 113. p. 1475. 1986: V. 115. p. 2682: V. 117. p. 1560.
The Eastern Cuba Sugar Corp. 7X% mortgage bonds are guaranteed,
prin. and int., by Cuba Cane Sugar Corp, and are exchangeable for the life
>t the bonds into Cuba Cane Sugar Corp, common stock at $20 per share.
■Jinking fund will retire annually for five years, beginning in 1925, 3%, and
thereafter annu illy 5% of the maximum amount of bonds at any one time
outstanding; redeemable at any time after one year, all or part, on 60 days’
QOtice at a premium of 7X% if redeemed on or before Sept. 1 1924; if re­
deemed thereafter and on or before Sept. 1 1934, the premium shall decrease
X of 1 % for each year or fraction thereof elapsed from Sept. 1 1924 to date
of redemption; if redeemed after Sept. 1 1934 the premium shall decrease
1% for each year or fraction thereof elapsed from Sept. 1 1934 to date of
redemption. V. 115, p. 650, 1326.
DIVIDENDS—On pref. April 1916 to Apr. 1 1921.7% p. a (lX%qu.);
none since.
REPORT.—For year ending Sept. 30 1925, in V. 121, p. 2268, showed:
Years End. Sept. 30— 1924-25.
1923-24.
1922-23.
1921-22.
Produc. raw sugar (bags) 4,471,357 3,683,291
3,284,731
3.379,451
Sugar sales____________ $36,536,247 $53,424,441 $50,411,096 $24,340,197
Molasses sales_________ 2,510,847
1,438,034
168,693
106,914
Other earnings.................
118,871
230,694
251,613
280,210
Total earnings______ $39,165,965 $55,093,169 $50,831,402 $24,727,321
Expenses—
Cost of cane__________ $19,351,509 $29,436,370 $26,888,110 $10,854,642
Dead season_____ 3,469,646
3,804,975
2,447,408
2,369,455
4,526,015
Crop exp. (Cuba & U. S.) 5,443,786
4,437.471
3,590,506
aFiscal year charges___
985,963
856,289
922,559
623,914
Sugar expenses__ 5,074.047_______________________________________
3.957,802
3.527.731
3.689.314
Total expenses_ $34,324,951
$42,581,451 $38,223,279 $21,127,830
Operating profit.... $4,841,014
$12,511,719 $12,608,123 $3,599,491

170

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 8]

Date
Bonds

Amount
Outstanding

Par
Value

$10
Cuban-Amer Sugar Co—Com stock $10,000,000 auth----10<
Preferred (a & d) stock 7% cum ($10,000,000 auth)-------600 &c
First mtge coll s f gold bonds red 107 14 $10,000,000 ----- c* 1921
None
^"Prfiffirred (a & dV stock 8% non-cum redeem 105
100
100
Sugar Estates of Oriente pref stock 8 % cum $5,000,000 auth
1st (closed) lien 20-year s f g bonds red (text). — kxxxc* 1924 500-1000
Santa Ana Sugar 1st mtee s f bonds___________________
Sug Est of Oriente 1st M s f g bds $7,500,000 auth..kxxxc*
Cia Central America S A purchase monev s f bonds
Cudahy Packing Co (The)—Com stock $26,449,500 auth. _
Preferred stock 6% cum red 100---------- -- —
Preferred stock 7% cum red 105 - ------------- 1st mtge $12,000,000 s f call 10214---------- — - c*&r*x
Sinking fund gold debentures red (text)-------------kxxxc*&r
Cumberland Pipe Line Co.—Stock $3,000,000 auth_____

1921
1922 500-1000

1916
1922

100
100
100
1,000
100 &c
100

Deductions—
1924-25.
1923-24.
1922-23.
1921-22.
Interest on bonds_____ 2,665,447 2,675,511 2,675,511
1,980,962
Miscellaneous interest..
--------------257,780
1,546,753
Other int. and income... Cr.319,827 Cr.295,931
---------------Taxes paid during year..
8,487
20,712
61,629
43,556
Miscellaneous expenses.
_____
_____
26,927
_____
Res. for contingencies..
___ _
400,000
250,000
-------Res. for depreciation... 1,750,000
1,750,000 1,750.000
1,750,000
Loss on sale of property______
_____
358,855
_____
Reserve for obsolescence
of plants___________
____ -1,500,000
_____ _
_____
Additional taxes & exp..
1,142
38O',762
500,000
Other reserves________ ____ 3,033,100
750,000
Balance, surplus____
#735,766 #3,047,565 #6.477.422 loss#2221780
3,757,209 2,750,480
Previous surplus______ 13,282,195 10,234,631
Miscellaneous credits__
_____
_____
_____
3,228,511
Bai., surp., Sept. 30-_$14,017,961 $13,282,195 $10?234;63i $3,757,209
a General insur., Cuban taxes on sugar and Cuban taxes on real est.,&c.
OFFICERS.—Albert Strauss, Chairman Bd. Dir.; Charles Hayden,
Chairman Exec. Com.: W. E. Ogilvie, Pres.; F. Gerard Smith, Exec.
V.-P.; Manuel E. Rionda and P. G. Bishop, V.-Ps.; B. A. Lyman, V.-P.
& Treas.; G. A. Knapp, Sec. Offices, 123 Front St., New York, and
Amargura 32, Havana, Cuba.—(V. 122, p. 354.
CUBAN-AMERICAN SUGAR CO. (THE).—ORGANIZATION.—
Incorp. Sept. 19 1906 in New Jersey and controls and operates, through its
sub-companies, six sugar plantations in Cuba and two sugar refineries, one
in Cuba and one in Louisiana. Annual capacity of Cuban plantations,
700,000 tons of sugar. Compare V. 89, p. 719; V. 90, p. 916.
DIVS —
109. 10. ’11-14. 16. ’18. "17 ’18. ’19 •20-’25
7
On pref..................... %U« 8Ji 7 y’ly
14
7
7
7
See
Od common__________ |._ _.
.. 10
10 10 10
text
Com extra___________ .. ..
_. 10 10__
Com stock___________ .. ..
.. 40
In 1920: Jan. 1 and April 1, 2H% each; In May 1920 two divs. of $1.76
per share were declared on the new $10 par value stock, payable July 1
and Sept. 30 1920. V. 110, p 2196. In 1921: Jan. 3. $1 April 1. $1
July 1, 50c. None in 1922. In Sept. 1923 two divs. of 75c. per share
were declared, one payable Nov. 15 1923 and the other pa.vable Jan 2 1924
April 1 1924 to July 1 1925 paid 75c. quar.; Sept. 30 1925 to July 1 1926
paid 50c. quar.
CAPITAL STOCK.—The stockholders on April 15 1920 authorized a
Change of capitalization from 100,000 shares, par $100, to 1,000,000 shares
par $10- The common stock outstanding was exchanged for the com­
mon stock of the new par on the basis of 10 shares of new for each one
■hare of old common stock. Holders of common stock will have one vote
for each ten shares held, holders of less than ten shares to have no vote.
—V. 110, p. 1418, 973.
BONDS.—The 1st mtge. collateral 8% s. f. gold bonds are secured by
the deposit of (a) $13,000,000 (entire outstanding issues) first mtge. 6%
bonds, all due Oct. 1 1929, of the following subsidiaries: $2,500,000 Chaparra
Sugar Co., $2,900,000 Chaparra RR., $3,500,000 San Manuel Sugar Co.,
$1,000,000 Tinguaro Sugar Co., $500,000 Mercedita Sugar Co., $300,000
Cuban Sugar Refining Co. (refining), $900,000 Cuban Sugar Refining Co.
(plantation), $400,000 Unidad Sugar Co., and (6) $3,000,000 Colonial Su­
gars Co. 1st mtge. 5s, due April 1 1952—total, $16,000,000. As a sinking
fund company will set aside quarterly the sum of $250,000, beginning with
the quarter ending June 15 1921, which shall be used to purchase bonds in
the market up to 105 and int. if obtainable; any unexpended balance to be
credited upon the next quarterly sinking fund installment. V. 112, p. 1028
REPORT.—For year ending Sept. 30 1925, in V. 121, p. 3020,showed:
1924-25.
1923-24.
1922-2,I:
1921-22.
Gross income_________ $27,372,608 $36,647,841 $37,318,789 $25,393,293
Net income___________ 4,350,772
9,887,260 11,057.634
4,662,215
Reserve for Federal taxes
390,000
1,040,000
830,000
Depreciation__________ 1,443,390
1,332,127
1,304,561
1,243,786
Interest, discount, &c_.
804,400
939,350
1,394,982
919,925
Preferred dividends___
552,566
552,566
552,566
552,566
Common (cash) divs__ 2,750,000__________________________________
2,250.000
1,500.000
Balance, surplus._.def$l,589,584 $3,773,217 $5,950,582 $1,470,881
Production (total bags,
320 lbs.)___________
2,135,259
1,853,202
1,847,746 2,256,736
OFFICERS.—Chairman, J, H. Post; Pres., George E. Keiser; 1st V.-P.,
H. A. Clark; V.-P., John Farr; Treas., J. H. Land; Sec., Walter J. Vreeland;
Comp., Geo. E. Bush. Office, 138 Front St., N. Y.—(V. 121, p. 2998.)
CUBAN DOMINICAN SUGAR CO. (THE)—Co. was incorporated
la Maryland March 22 1922 as a holding company. Owns stocks of
operating subsidiary companies (through 100% stock ownership), which
subsidiaries are engaged in the business of owning and operating sugar
plantations and factories in Cuba and in the Dominican Republic, and in
the growing and grinding of sugar cane and manufacturing and selling of
raw sugar and related products.
Company was organized to acquire all of the assets of the Cuban Domin­
ican Sugar Development Syndicate, including all proceeds of any claims
against defaulting subscribers, in accordance with the plan for the liquida­
tion of the syndicate dated March 8 1922 (V. 114, p. 1185). Compare V
116, p. 620. On Oct. 1923 the company acquired the Sugar Estates of
Oriente, Inc. V. 119, p. 1960, 2184.
Reorganization Plan.

A reorganizationof the company was announced in a letter sent to stock­
holders in April 1926 by Pres. George H. Houston. The plan of capital
readjustment calls for the formation of a new company (Cuban-Dominican
Sugar Corp., organized under laws of Maryland) with but one class of
stock outstanding. The authorized capital stock will consist of 1,150,000
shares (without par value) of which 1,142,836 shares are to be issued
presently. The plan in brief provides as follows:
Each present holder of the pref., in addition to receiving 1 share of stock
of the new co. for each share of the old now held, is also to receive a transfer
of the subscription warrant entitling him to subscribe at $20 a share for
all or any part of 2 shares of stock of the new co.
Eacn nolder of present com., in addition to receiving one share of stock
in the new co. for each 10 shares of old com., is also to receive transferable
subscription warrants giving him the right to subscribe at $20 a share, for
all or any part of 35-100ths of a share of stock of the new co. for each share
of his existing com. stock. This is equivalent to all or any part of 3 >'2
shares of stock of the new co. for each 10 shares of his existing com.
The plan of capital readjustment will provide the new co. with $15,300,000
in cash, which will be sufficient to pay off all bills payable and provide the
co. with adequate working capital to meet its needs. A syndicate, headed
by W. A. Harriman & Co., Inc., and Cassatt & Co., has agreed to under­
write the reorganization. Compare V. 122, p. 2505.
STOCK.—Preferred and common stocks have equal voting power
BONDS, &C.—The first mtge. 8% bonds (see table at head of page) have
a sinking fund provision of $500,000 for each year, commencing July 1 1925,
and continuing to maturity.
The $15,000,000 1st (closed) lien 20-year sinking fund 7M % gold bonds
are redeemable on any int. date, either as a whole or at the option of the




$10,000,000
7,893,800
8,851,000
1,628,911 sh
11,494,220
3,900,000
14.508.500
1,600,000
3,000,000
6,050,000
2,100,000
21.249.500
2,000,000
6,550,500
9,264,000
14,200.000
3,000,000

aate
%

When
Payable

[Vol. 122.

Last Dividend Places Where Interest anr
and Maturity Dividends are Payabli

See text Q—J July 1 1926 5% 138 Front St. N Y
do
do
7
Q—J July 1 1926 1%
Nat City Bank, N Y
8 g M & S15 Mar 15 1931
'"7)4 «
7g
8
7g
6
See text
6
7
5g
5)4 g
See text

Aug. 1 1925 2%
Nat City Bank, NY
M" & "N Nov 1 1944

A & O Apr 1 1931
Nat City Bank, N Y
M & S Septi 1942
1935
Q—J15 Apr 15’26
M & N May 1 ’26 3%
M & N May 1 ’26 3)4
Boston and Chicago
J & D Dec 1 1946
New York and Chicago
A & O Oct 1 1937
Q—M 15 June 15 '26 3% Checks mailed

company, at 105%, or by lot, through the operation of the sinking fund, at
110%. As security there will be pledged with the trustee $16,500,000
1st (closed) mtge. bonds of certain controlled properties constituting their
entire funded debt, and the entire issued and outstanding common capital
stocks (other than directors’ shares) of all controlled companies, both in
Cuba and in the Dominican Republic. The sinking fund provisions will
require the payment to the trustee semi-annually of cash aggregating at
least $750,000 a year, less certain credits on account of subsidiary sinking
fund retirements, together with additional amounts equivalent to 25% of
all dividends declared and paid on the company’s pref. and common stocks,
respectively; and all moneys so deposited will be applied semi-annually
commencing May 1 1925 to the redemotion and retirement by lot of bonds
of this issue at 110%. V. 119, p. 1960; V. 120, p. 1753.
NOTES.—The $1,600,000 secured 7% serial gold notes will be secured
by a second lien on the same collateral as the 1st lien 20-year s. f. 7J^%
gold bonds, and will be redeemable in whole or in part at any time at face
value and accrued interest. These notes will mature in five equal annual
installments.
REPORT.—For 1924-25, in V. 122, p. 210, showed:
Consolidated Income Account Years Ended Sept. 30.
1924-25.
1923-24.
1922-23.
Raw sugar produced.-_____________$18,761,356 $10,884,563 $ 8,662,993
86,923
Molasses produced_______ •_______
1,183,977
330,910
Interest received.
447,965
78,256
44,015
Profit on stores, cattle, &c_
306,582
205,411
95.058

Total___________________ _____ ..$20,699,880 $11,499,140 $8,888,988
Expenses of producing, mfg., &c___ 12,285,294
7,356,629
5,808,238
Provision for depreciation_________
1,463,511
970,258
972.115
Int. on 1st lien 75^s_______________
700,835
Int. Sugar Est. of Oriente 7s_______
421,274
Int. Comp. Cent. America 6s______
135,000
Int. on 7% serial notes_____________
60,667
Int. on 1st mtge. 8s of S. Ana Sug. Co.
258,333
280,000
262,511
Int. on bills pay., current accts., &c._
787,409
620,509
436,218
Disc, on Sug. Est. of Oriente 1st 7s..
34,111
Amortization of bond discount, &c__
183,768
Div. on Sugar Estate of Or. pref. stk.
319,980
Net profit for year.............. .......... loss$l,950,302 $2,271,744 $1,409,905
OFFICERS.—Chairman, Thomas A. Howell; Pros., George H. Houston;
V.-P., H. W. Wilmot; V.-P. & Sec., Lorenzo D. Armstrong; Treas., Arthur
Kirstein Jr. Office, 129 Front St., N. Y.—(V. 122, p. 2505.)
CUDAHY PACKING CO. (THE).—ORGAN.—Began businesB In
1887 In South Omaha, and. as subsequently enlarged, was sold on Oct 15.
1915 to present company, organized in Maine. History V. 107 p. 294. 607.
Owns 8 main plants (in Omaha, Kansas City. Sioux City. Wichita.
Salt Lake, Detroit, Jersey City and Los Angeles) and over -100 branch
houses, with slaughtering, curing and preparing capacity for 15,000 hogs,
4,000 cattle and 10,000 sheep per day. Also owns and operates five plants
which manufacture “Old Dutch Cleanser.”
Packers’ decree suspended—see Armour & Co. above.
DIVIDENDS ON COMMON STOCK.—In 1916. Nov.. 1«% cash and
50% in stock; March 1917 to July 5 1920, 1 % % quar. (cash); also from
accumulated surplus common shareholders of record Dec. 16 1918 received
a stock dividend of 25%. V. 107, p. 2191. No payments were made from
Oct. 1920 to Oct. 1923, incl.; Jan. 15 1924 to Jan. 15 1925 paid 1% quar.;
April 15 1925 to April 15 1923 paid 114 % quar.
The May and Nov. 1921 pref. divs. were deferred: payments were re­
sumed on May 1 1922. when 3% and $14% was paid: same amounts paid
semi-ann. to May 1 1926. On Dec. 31 1923 paid 6% on the 6% pref. stock
and 7% on the 7% pref. stock in payment of dividends deferred in 1921.
BONDS, &O.—Auth. and issued, $12,000,000, of which $2,736,000 were
retired by sinking fund to Nov. 1925, leaving $9,264,000 outstanding.
Annual sinking fund, $325,000.
The $15,000,000 sinking fund 514% gold debentures, due Oct. 1 1937,
are redeemable as a whole or in part, except for sinking fund purposes, at the
following prices and interest: To Oct. 1 1927 at 10714; after Oct I 1927
to Oct. 1 1932 at 105; and thereafter at 102 14 except during the last six
months they will be redeemable at par. Sinking fund beginning April 1
1924, with semi-annual payments amounting to $200,000 each, to be
made to trustoe in cash, or in the debentures at par. Cash so deposited
with the trustee shall be applied to the purchase or redemption of these
debentures at not exceeding 10214 and interest.
REPORT.—Year ending Oct. 31 1925, in V. 121, p. 3127, showed:
Income Account for Fiscal Oct. 31 ’25. Nov. 1 ’24. Oct. 27’23. Oct. 28 ’22
Vpzyrc Ti/f)fllYlft- ■
US
Total sales_____________ 224,491,011 203,750,000 190.289,000 160,164,000
Paid for live stock_____ 145,905,109 f
Mfg. & selling exp_____ 72,121,745!
Depreciation__________ 1,562,226
Net income________ $4,901,9301
Miscell, income_____ _
200,363-J

Figures not available.

Total income______ _ $5,102,293
Int. (incl. amort, of disc.
on fund. debt)__
2,031,062
Net profits_________
3,071.231 y3,352,230 y2,010,198 yl .231,499
Res. for Fed. taxes____
See y
278,874
First pref. dividend___
120,000
120,000
120,000
120,000
Second pref. dividend__
458,535
458,535
458,535
458,535
Res. for 1921 pref. divs_
_____
x578,535
Common dividend____
1,288,094
689,980
Balance.........................
$925,729' $2,083,715
$853,128
$652,964
,142,558 $5,058,843 $4,205,714
Total profit & loss surp- $8,068,287
of interest and all
x Declared payable Dec. 31 1923. _y After .payment
.
other expenses and in 1924 after making reserve for Federal taxes.
OFFICERS.—Chairman, E. A. Cudahy; Pres., E. A. Cudahy Jr.;
V.-P., F. E. Wilhelm; 2d V.-P., G. C. Shepard; 3d V.-P., William Diesing;
Treas., John E. Wagner; Sec.. A. W. Anderson, Chicago.— V. 122, p. 2336.)
CUMBERLAND PIPE LINE CO—ORGAN., &c.—Incorp, in 1901 in
Kentucky. Owns pipe line in Kentucky. Formerly controlled by Stand­
ard Oil Co. of N J., segregated in 1911.
DIVIDENDS.—
’12. ’13. ’14. ’15 ’16. ’17. ’18-’23- ’23. '24. ’25.
5 10 12yrly. 10 12 12
Per cent_______________ 6
6
5
5
Also paid 100% in stock Dec. 30 1922.
Paid in 1926: March 15, 3%; June 15, 3%.
REPORT.—For 1925, in V. 122, p. 1032, showed:
1924.
1923.
1922.
1925.
Profits for the year____
$367,551
$786,420
$723,605
$439,446
Dividends____________
360,000
300,000
179,999
360,000
Balance, surplus____
$7,551
$79,446
#486,420
$543,605
Pres., Forrest M. Tovvl; Treas., J. M. Tussey; Sec., V. S. Swisser.
Office, Oil City, Pa.—(V. 122, p. 1032.)

May, 1926.]

INDUSTRIAL STOCKS AND BONDS

Date
Par
MISCELLANEOUS COMPANIES
Bonds Value
[For abbreviations, &c., see notes on page 81
None
Cushmans Sons, Inc—Common stock 200,000 shares auth_ _____
7% cumulative preferred stock $3,000,000 auth_________ ____
$100
None
$8 cum div pref stock 40,000 shares auth red $110_______ ____
None
Cuyamel Fruit Co—Stock 300,000 shares auth__________
___
1st mtge s f g bonds red (text)__________________ xxxc* 1925
100 &c
Davisnc Chemiroi • '»> (The)—Stock 400,000 shares auth
Mnnp
5-year gold debentures red (text)_________________ kxxxc* 1925 500&1.000
De Beers Consolidated Mines, Ltd—See text
Deere & Co—Common stock $25,000,000________________
Preferred (a & d) stock 7% cum not callable________ FC

(a) Additional $4,828,500 in treasury.

100.240 sh
$2,736,800
23,449 sh
300.000 shs.
4,907,000
235.000 n<
3,000,000

Bate
%
$3
7
$8
$4
6g
See r.Hxt
6)4 g

100 bl 7.904,400
100 a33.000,000 See text

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

Q—M
Q—M
Q—M
See text
A & O
See text
J & J

June 1 1926 75c
June 1 1926 1)4
June 1 1926 $2
May 1 1926 $1
N Y, Chic & New Orl’na
Apr 1 1940
\ov 15 1020 $1 • 'hecks mailed
(Bankers Trust Co, N Y
Jan 1 1931
lor Century Tr Co, Balt

Q—M

June 1 1926 2)4 Co’s Offloe, Moline, Ill

(b) Additional $3, 668,400 in treas

CURTISS AEROPLANE & MOTOR CO.—(V. 122, p. 2048.)

CUSHMAN’S SONS, INC.—Incorp, under laws of 1 ew York Nov. 24
1914. Is engaged principally in the business of manufacturing and selling
breads, rolls and pastries. Owns in fee six manufacturing plants located
in New York City and one at Rockaway Beach, N.Y. It was announced
in Nov. 1925 that L. A. Cushman Jr. had acquired on behalf of the com­
pany substantially all the stock of H. B. Cushman Co., B. A. Cushman Co.
and the Hill Ware Co. By these acquisitions the chain of Cushman stores
operating under one management now numbers in excess of 100, and the
company’s manufacturing capacity has been increased so as to permit It
to supply approximately 100 additional stores.
STOCK.—The holders of the 7% cumulative preferred stock and the
holders of the common stock are entitled to one vote for each share of
stock and if and so long as any quarterly dividend on the $8 cumulative
dividend preferred stock shall have been in default for a period of six
months, the holder of each share of such stock is entitled to one vote for
each share. The 7% preferred stock has preference over the $8 pref. div.
stock as to assets and divs. and sinking fund of 2% annually of amount
of 7% pref. stock at the time outstanding.
DIVIDENDS.—On preferred stocks, in full to date. On common stock,
paid 75 cents quar., Dec 1 1923 to June 1 1926
REPORT.—For 1925, in V. 122, p.. 889, showed:
Calendar Years—
1925.
1922.
1923.
1924.
Total income___________ $1,275,763 $1,406,095 $1,167,401 $1,110,264
Depreciation_________
329,293
293,270
286,386
322,046
103,484
Federal taxes_________
117,147
133,164
106,551
93,331
Preferred dividends___
313,100
270,863
311,275
120,320
Common dividends._ __
287,822
101,510
285,720

Surplus_____________ $228,400
Profit & loss surplus___ 2,406,106
3 Months End. Mar. 31—
Earnings before deprec. & Fed. taxes
Depreciation_____________________
Federal taxes_____________________
Divs. on 7% cum. pref. stock______
Divs. on $8 cum. pref. stock_______
Common dividends________________

Amount
Outstanding

171

$353,890
2,177,706
1926.
$493,659
96,787
53,996
37,384
52,898
75,180

$395,207
1,809,964
1925.
$290,865
83,464
25,457
32,044
45,120
71,430

$506,743
1,427,823
1924.
$352,751
78,755
33,664
32,699
45,120
71,430

sinter and silica gel. In July 1921 helped organize the Silica-Gel Corp.,
in which it holds a substantial interest. V. 112, p. 656; V. 113, p. 1160;
V. 117. p. 668. 1352; V. 118. p. 1397: V. 120. p. 963.
CAPITAL STOCK.—The stockholders on Mar. 26 1926 increased the
auth. capital stock from 235,000 shares of no par value to 400,000 shares.
The stockholders of record Jan. 23 1924 were given the right to subscribe
at $25 per share to 109,350 shares (no par value) capital stock (v. t. c.) of
the Silica Gel Corp. V. 118, p. 315.
DIVIDENDS.—Paid $1 per share in Aug. 1920 and $1 per share In Nov.
1920; none since.
BONDS.—The 5-year 614% gold debentures are redeemable, all or part
on any int. date on 60 days’ notice at 102 and int. up to and incl. Dec. 30
1926, the premium decreasing >4 of 1% for each succeeding 6 months period
thereafter.
Debentures will constitute the sole funded debt of company and its
subsidiaries (the trustee of this issue will hold sufficient funds in cash for
the retirement of $774,000 Davison Sulphur & Phosphate Co. bonds, due
March 1 1927). There will also be pledged with the trustee 10,000 shares
(par $100) Davison Sulphur & Phosphate Co. capital stock (entire issue),
and 184,650 shares (no par value) capital stock of the Silica Gel Corp, as
security for this issue. V. 121, p. 3136.
REPORT.— For 1925, in V. 122, p. 2953, showed:
[Including Davison Sulphur & Phosphate Co.]
Calendar Years—
1925.
1924.
1923.
1922.
$240,421
Gross income_________
$575,558
$366,943 x$2,081,811
191,420
Administrative expenses
213,434
189,712
y271,499
305,917
Interest, &c__________
142,053
304,355
156,159
205,754
Reserve for depreciation
223,839
193,775
189,680
39,862
Conting., &c., reserves.
21,059
18,621
88,591
Non-op. exp. (Cuban
mines)______________
21,055
28,013
Premium, disc., &c., in
connection with retire­
ment of 8% debens__
_____
284,605

Balance, deficit..........
$45,883
$499,847sur$1223,591
$502,532
x As follows: Gross profit from manufacturing and trading operations,
$15,278, and profit from sale of 79,950 shares of the Silica Gel Corp, at
Surplus March 31______________
$177,415
$33,349
$91,083 $25 a share, $2,066,533. y Includes $37,698 non-operating expenditures,
OFFICERS.—Pres., Lewis A. Cushman; V.-P., E. St. John Taylor; Cuban mines, and $36,444 items applicable to prior periods.
OFFICERS.—Pres., C. Wilbur Miller; V.-Pres., Geo. W. Davison,
Sec., Walter R. Herschman; Treas., Benton E. Adams; Asst. Treas.,
William J. Verito. Office, 461 West 125th St., New York.—(V. 122, E. B. Miller and W D. Huntington; Treas., T. J. Dee; Sec., J. R. Wilson.
p. 2336.)
Office, Baltimore, Md.—(V. 122, p. 2953.)
CUYAMEL FRUIT CO.—Incorp, under laws of Delaware on Jan. 24
DE BEERS CONSOLIDATED MINES, LTD.—A registered company
1923. Is engaged in the cultivation, transportation and marketing of of the Province of the Cape of Good Hope in the Union of South Africa.
bananas, which are raised in Honduras and Nicaragua and sold in the Company is said to control about 80% of the world’s output of diamonds.
Vnited States and Canada.
Owns entire capital stock of Cape Explosives Works, Ltd.; a controlling
Stock.—The stockholders on April 1 1925 increased the authorized capital interest in the Premier (Transvaal) Diamond Mining Co., Ltd., and shares
stock from 250,000 to 300,000 shares, no par value. The additional 50,000 (n the South West Africa Co.. Ltd.
shares were offered to stockholders of record April 15 1925 at $48 50 per
CAPITAL STOCK.—Auth., £2,000,000 Preference and £2,750,000 de­
share in the ratio of one new share for every five shares held.
ferred shares: par, £2 10s. Outstanding, £2.000.000 preference and £2,DIVIDENDS.—An initial div. of $1 per share was paid June 28 1923. 726,285 deferred shares. Pres, shares are entitled to an annual cumulative
same amount paid quar. to Dec. 29 1924; May 1 1925 to May 1 1926 dividend of 40% and to priority for capital for the sum of £20 without
paid $1 per share quar.
further participation.
BONDS.—The 1st mtge. 6% sinking fund gold bonds are redeemable,
American Shares.—Pursuant to a deposit agreement, dated Jan. 17 1920.
all or part, at 107)4 and int. to April 1 1926, thereafter the premium de­ entered
with Central Union Trust Co. of N. Y. as depositary, 32,000
creasing )4 of 1 % annually. The bonds are the joint and several obliga­ Defeiredinto
shares have been deposited against which 80,000 “American’’
tions of Cuyamel Fruit Co. and Cortes Development Co. Secured by a shares have
been
issued in the ratio of five “American” shares for each two
1st mtge. upon all of the mortgageable property of both companies In Hon­
shares on deposit. Additional "American” shares may be issued in
duras and by the pledge of notes and stock of the Cuyamel Steamship Co., original
the same proportion against the deposit of further original Deferred shares.
which holds title to 7 steamships.
Mortgage will provide that the company commencing Oct. 1 1925, during The “American” shares represent a proprietary interest in the deposited
the life of this issue, will apply semi-annually as a sinking fund the sum of shares and are entitled to their pro rata benefit of all dividends and other
$240,000 less interest requirements on the amount of this issue then out­ accretions on such deposited shares. "American” certificates are exchange­
standing to the purchase of bonds at not exceeding the then current redemp­ able for original Deferred shares in the same proportion as the American
tion price or to their redemption by lot. Through the operation of this shares were issued. The deposit agreement is terminable by the written
sinking fund provision will be made for the retirement of all but $957,000 request of 75% of “American” shareholders.
of this issue by maturity. The principal amount of bonds which will be
DIVIDENDS.—Divs. on deferred shares have been paid as follows (year
thus retired will steadily increase from a minimum of $169,000 in the first ending June 30): 1912, 40%; 1913. 60%; 1914. 50%; 1915 and 1916 none;
year to a maximum of at least $402,000 in the last year. These calculations 1 17 and 1918, 40% each: 1919. 80%: 1920. 120%: 1921. 20%: 1922-23,
are based on the retirement of bonds at the call price, which is 107)4 in the none; 1924, 20%; 1925, 40%. Also paid a bonus of 10% in each of the years
first year and )4 less in each succeeding year. V. 120, p. 1464.
1912, 1913 and 1918. In Dec. 1922 declared a div. of 30%, and in 1923 80%
on the preference shares in full payment of the back divs. due on that issue.
REPORT.—Consolidated income account years ending Dec. 31:
DEBENTURES.—£1.635,4954)4% South African Exploration Mortfe; ge
(Including Cortes Development Co. and subsidiary.]
Debentures, dated Jan. 23 1901; int. J. & J. Denominations, £5, £10,
Calendar Years—
1925.
1924.
1923.
£50, £100, £500. Auth. £1,750.000. Redeemable at par Jan. 1 1930 or
x Consolidated earnings______ _____ $2,583,737 $2,437,650 $4,274,160
at 105 at any time earlier or in case of voluntary dissolution. Sec.
y Amort, of concessions & deprec__ 1,001,957 1,105,443
1,156,021
z Prov. for depr. on steamships under
REPORT.—For year ended June 30 1925, in V. 122, p. 744, showed:
option of purchase______________
100,948
91,897
--------1922-23. 1
Years Ended June 30—
1924-25.
1923-24.
Interest paid_____________________
421,612
523,963
497,627 Previous year’s balance (diamonds
£
£
£
Provision for Federal tax__________
_____
8,296
236,204
333,143
422,585
unsold, &c.)____________________
407,218
2,818,438
3,452,541
Diamond account during year_____ 3,348,223
Consolidated net earns, for year.. $1,059,219
$708,051 $2,384,307 Int. and divs. on investments, &c__
355,796
948,401
326,317
Prev. capital & sur. of consol, cos__ 14,892,733 15,388,458 13,936,572 Transferred from general fund_____
Add—Proceeds of sale of 50,000 shs.
Stabiliment of diamond trade reserve
cap. stk. of Cuyamel Fruit Co___ 2,398,517
Adj. of res. for Fed. inc. taxes, 1924
3,507,377
15,000
Total income_____ _____
4,703,842
4,201,443
1,167,954
Mining expenditure, &c___________
1,845,449 2,026,579
253,080
Total.._________ ______________ $18,365,471 $16,096,508 $16,320,879 Int. on debentures and sinking fund.
257,744
256,644
Deduct—Net earns of predecessor co.
64,994
Income tax—Union of South Africa._
258,466
191,280
126,183 Amount for stabiliment reserve____
before acquisition_______________
_____
118,765
_____
$4,000
Adj. of values of invest, in sub. cos..
_____
56,239 Preference dividends (after tax)____
1,480,000
800,000
740,000
Adj. of equity in cap. stk. of the SaDeferred dividends, tax free_______
1,090,514
525,722
50,936
gamo S. S. Corp, as at Dec. 31 1923
-------Loss of S. S. Jamaica by fire_______
_____
152,839
Suspense profit acct. (diam. unsold)
451,669
407,218
422,584
Prem. paid on 714% bonds called__
148,750
OFFICERS.—P. Ross Frames, C.M.G., Chairman; Earl of Bessborough,
Hnamort. diet, on 7)4% bonds____
275,697
C.M.G.,
Deputy
Chairman;
E.
F.
Raynham,
Joseph
Bruce,
J.
H.
Boveni500,000
500,000
Dividends paid: Cuyamel Fruit Co..
300,000
Secretaries. General office, Kimberley, South Africa. London office,
500,000
250,000 zer,
do
Cortes Devel. Co__
550,000
15 St. Swithin’s Lane, E. C., 4.—(V. 122, p. 744.)
OFFICERS.—P. Ross Frames, O.M.G., Chairman; Edwin Samuel
Cap. & sur. of comb. cos. Dec 31-$17,091,022 $14,892,733 $15,388,458
P.C., Deputy Chairman; E. F. Raynham, Joseph Bruce, J, H.
x After deducting ail expenses incident to operations, including repairs Montagu,
Bovenizer, Secretaries. General office, Kimberley, South Africa. London
and maintenance and all other charges and losses, and after adding $151,972 office,
15 St. Swithin’s Lane.—(V. 121, p. 1486.)
income from other sources.
y Includes depreciation of farms, railroads, machinery and equipment,,
DEERE & CO.—ORGANIZATION.—Business founded In 1837; tncorp.
steamers and office bulMIng furniture and fixtures.
in 1868 and again in Ill. In 1911. Manuf-steel plows, farm Implements and
z Option cancelled Dec. 31 1925.
vehicles. V. 92. p. 959. 1245, 1313. 1502; V. 95. p. 238. 299. In March
OFFICERS.—Pres., Samuel Zemurray; Treas., P. E. Fulcher; Sec.. 1918 purchased Waterloo (Iowa) Gas Engine Co., manufacturer of tractors
Joseph W. Montgomery. Office, 410 Camp St., New Orleans.—(V. and gas engines. V. 108, p. 969.
122, p. 2505.)
STOCK.—Pref. Stock. See V. 92. p. 1502; V. 95, p. 299 , 820. Com­
DAVISON CHEMICAL CO. (THE).—Incorp, in Maryland Jan .2 1902 mon stock voting trust expired Nov. 1 1920 and was not renewed.
Div. on pref. Sept. 1911 to Sept. 192l, incl.. 1*4% quar.; Dec. 1021
as the Davison Chemical Co. of Baltimore County; name changed to present
% quar.; Mar. 1925. 1%; June 1925, 114'%: Sept. 1925.
title on May 11 1920. Owns the entire capital stock of Davison Sulphur to Dec. 1924.
Sc Phosphate Co. Business consists of the manufacture and sale of sulphuric 1X%; Dec. 1925, 1)4% quar. and X% on account of accumulations; Mar.
acid, acid phosphate, sodium silica fluoride, magnesium fluosilicate, iron 1 and June 1 1926, 1)4% quar. and )4% on account of accumulations.




173

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations. <fec- see notes on page 81

Date
Bonds

Devoe & Ra.vnolds Co— Inc.—Common stock Class A nonvoting 110T000 shares authorized
Common stock Class B voting 40,000 shares authorized..
First pref (a & d) stock 7% cum red 115 $2,000,000 auth..
Second pref stock 7% cum red 115 $1,000,000 auth_____ ::::
Diamond Match Co (The)—Stock $25,000,000 auth------Dodge Bros. Inc—Common stock Class A
Common stock Class B
Preference (a & dl stock $7 cum
Sinking fund gold debentures _____________ Ce.kxxxc*
1925
Serial notes due $2,750,000 annually
1926
Dome Mines, Ltd—Stock 1,000,000 snares auth----- -Douglas-Pectin Corp—Stock 400,000 shares authorized__

Par
Value

Amount
Outstanding

Rate
%

When
Payable

[Vol. 122.
Last Dividend Places Where Interest ana
and Maturity Dividends are Payable

None
None
$100
100
• l(>
None
None
None
100 &c

95,000 shs $2.40
Q—J Apr 1 1926 60c
40,000 shs $2.40
Q—J Apr 1 1926 60c
$1,872,000
7
Q—J Aprl 1926 l)i
935,500
7
Q-J Apr 1 1926 1 34
Q—M June 15 ’26, 2% By check from N Y office
16,800,000
8
1934563shs.
500,000 shs.
850,000 shs.
7
Q—J Apr 15 ’26 $1X
Dillon, Read & Co, N V
59,485,000
6 g M&N May 1 1940
1927 to 1929
8,250,000
5
None 953,334 shs See text Q—J 20 July 20 ’26 50c Checks mailed
None 300.000 shs See text Q—M 31 June 30 ’26 25c

Common stock class “A” and common stock class “B” are identical in
all respects except that holders of common stock class “A” have no voting
power for any purpose and that holders of common stock class “B” have
exclusive votmg power for all purposes.
lQ9zL-9P;
1Q93-94
1099.99
1Q91-99
BONDS.—The 15-year 6% debentures are redeemable all or part on
x Total earns, (all cos.). $5,643,677 $2,968,777 $3,084,416fossl,019,328
Admin., &c., expense...
586,656
499,674
511,401
568,397 any int.. date on 30 days’ notice at 110 and int. to and incl. May 1 1930,
Int. on deb., &c., (net).
542,454
615,265
783,806
933,054 the call price decreasing 1% per annum thereafter.
Sinking Fund.—Company agrees to provide a sinking fund of $1,000,000
Preferred dividends___
1,980,000
1,035,000
1,050,000 1,312,500
per annum, available semi-annually, to buy debentures if available at not
Balance, surplus____ $2,534,567
$818,838
$739,209def$3833,279 exceeding par and int.. during the succeeding 6 months, any unexpended
Total surplus_______ $12,294,022 $9,759,456 $88,940,617 $8,201,408 remainder to revert to the company.
Convertibility.—Debentures to a total face value of $30,000,000 will be
x After deducting all expenses for depreciation of property and equip­
at the option of the holder, into common stock class “A.”
ment, for all taxes, for cash discount, uncollectible notes and accounts, and convertible,
In making conversion debentures shall be valued at face value, and stock
for other contingencies.
at $30 per share until a total of $5,000,000 debentures shall have been
OFFICERS.—Pres., Wm. Butterworth; Sec. & Compt., T. F. Wharton; converted. The conversion value per share of stock for each succeeding
Treas., Geo. W. Crampton. Office, Moline, Ill.—(V. 122, p. 2506.)
$5,000,000 debentures converted thereafter shall be as follows: $35, $40,
$50, $60 and $70, respectively. (In accordance with the terms of the
DEVOE & RAYNOLDS CO- INC.—Incorp, in N. Y. on April 6 1917
indenture, $15,000,000 of debentures had been surrendered in Oct. 1925
Manufactures paints, varnishes, brushes, artists’ supplies and other inci­ for
conversion into Class “A” Common stock.—V. 121, p. 1794.)
dental and kindred products. In Oct. 1925 acquired Wadsworth-Howland
These debentures were offered in April 1925 by Dillon, Read & Co. and
Co., Inc., of Boston. V. 121, p. 2045.
associates at 99 and int. V. 120, p. 1885.
STOCK.—The stockholders on Sept. 22 1925 voted to change the
i:
EARNINGS.—-For calendar years:
authorized Common stock from 40,000 shares, par $100 to 150,000 shares
Net Earns, before
No. of Cars
of Common stock of no par value, of which 110,000 shares will be Class
Fed. Taxes.
Net Sales.
Calendar Years-—
Sold.
“A” non-voting and 40,000 shares Class “B" voting. The Common 1920
$18,601,780
$161,002,512
_____
_____
_______
145,389
stockholders received in exchange for each share of stock (par $100) held by 1921_______
2,801,370
83,666,284
.
______
92,476
them, two shares of Class “A” non-voting stock and one share of Class 1922 ____ ______ _______ 164,037
19,054,098
130,625,774
“B” voting stock.
11,590.637
1923
---------------141,332.685
_______
179,505
The stockholders of record Sept. 22 1925 were offered the right to sub­
19,965,440
191.652.446
__________ _______ 222.236
scribe at $35 a share, to 10,000 additional shares of Class “A” Common 1924
*$28,698,846
__________ _______ 255,322
$216,841,368
(non-voting) stock of no par value in the ratio of one share for each four 1925
*
From
which
was
deducted:
interest
on
6%
gold
debentures,
$2,752,733;
shares owned.
provision ior Federal income taxes, $2,077,747; provision for dividends on
DIVIDENDS.—Paid on common: 1919 to 1922. 4% per ann.: 1923 5%
preference stock, $3,904,687; bal., sur., $9,841,969.
1924, 5% and %% extra; 1925, 5%% and 1)4% extra. On Jan. 2 and j
a1925.
Three Months Ended March 31—
1926.
April 1 1926 paid 60 cents a share quar. on the new class A and B common Earnings
from sales____________________________ $6,319,698 $5,977,569
stocks.
379,613
Other earnings_______________________________
339,596
REPORT.—For 12 mos. ended Nov. 30 1925, in V. 122, p. 756 and 889,
Total............. ............................................ .............. - $6,659,294 $6,357,182
12 Mos.End. 11 Mos.End. 12 Mos.End. cLess earnings accrued to minority interests in
Nov. 30 '25. Nov. 30 ’24. Dec. 31 ’23.
Graham Brothers___________________________
668,805
--------Net sales________________________ $11,304,161 $10,593,166 $10,692,038
Cost of sales and expenses_________ 10,360,185
9,539,046
9,456,873
Net earnings after depreciation but before
deducting Federal income tax______________ $5,990,489 b$6,357,182
Operating profit_________________
$943,977 $1,054,120 $1,235,165
a Earnings of predecessor co. b In addition to earnings from operations
Other income_____________________
106,638
91,638
88,504 as shown above, there were profits of $644,632 realized through the sale
of idle real estate, c After April 30 1926 earnings at present accruing to
Total income____________________ $1,050,614 $1,145,758 $1,323,669 minority interests will belong to Dodge Brothers because of purchase at
Discounts, adjustments, &c________
251,129
231,546
294,573 that date of remaining 49% of Graham Brothers.
Provision for Federal taxes_________
101,468
116,899
133,416
OFFICERS.—Chairman, Frederick J. Haynes; Pres., Edwin G. Wilmer;
First preferred dividends___________
134,263
103,803
105,000 V.-P.,
A. T. Waterfall; V.-P., A. Z. Mitchell; V.-P., H. H. Springford;
Second preferred dividends________
65,485
49,114
65,485
Common dividends________________
280,000
180,000
200,000 Sec. & Treas., H. V. Popeney. Office, Detroit, Mich.—(V. 122, p. 2954.)
DOME MINES, LTD.—The stockholders of the Dome Mines Co., LtdSurplus________________________
$218,271 $464,396
$525,192
in Oct. 1923 were advised that the assets, rights, credits and effects of the
Profit and loss, surplus------------------- 1,849,145 1,630,350 1,166,479
company had been vested in Domes Mines, Ltd., incorporated under the
OFFICERS.—Chairman, I. W. Drummond; Pres., E. S. Phillips; Companies Act of Canada July 7 1923 with an authorized capital of 1,000,V.-P. & Sec., E. B. Prindle; Treas., de L. Kountze; Compt., D. Kiefer. 000 shares of no par value. The stockholders of the Dome Mines CoLtd., received in exchange two fully paid shares of no par value of the new
Office, 1 West 47th St., New York.—(V. 122, p. 1616.)
company for each share (par $9) of the old company.
DIAMOND MATCH CO. (THE).—ORGANIZATION. &c.—Incorp.
Properties are located at South Porcupine, Ontario, Canada.
Feb. 13 1889 in Illinois as successor to a Connecticut corporation. Owns
DIVS.—Jan. 1924 to July 1926 paid 50 cents quar .on stock of new co.
tracts of timber lands in Massachusetts, New Hampshire, Vermont and
Gold Production (.Value).
Maine, and has extensive holdings of timber lands in California, Idaho and
Mar. ’26.
Feb. ’26.
Jan. '26.
Dec. ’25.
Nov. ’25.
Washington: owns match and block factories located at Oswego, N. Y— Bar­ Apr. ’26
$344,933
$329,689
$348,324
$377,710
$379,990
berton, O., Chico, Calif., Springfield, Mass., Spokane, Wash., Athol, $311,551
Mass., Biddeford, Me., and Stirling City, Calif.; machine shop and foundry
REPORT.—For 1925, in V. 122, p. 2506, showed:
at Barberton, Ohio, together with plant employed in lumber operation in
Cal. Year Gal. Year 9 Mos.End.
California, consisting of saw mills, power plants, logging railroads, equip­
1925.
1924.
Dec. 31 ’23.
ment, rolling stock retail lumber yards, &c. Owns holdings of pine lands Operating earnings________________ $1,997,415 $2,049,071 $1,859,882
in Maine, Massachusetts, New Hampshire, Vermont, California, Idaho Other income_____________________
176,132
204,982
179,381
and Washington, and conducts selling branches in New York, Chicago,
St. Louis, San Francisco, New Orleans and Atlanta. Is interested in the
Total income_____________________ $2,173,547 $2,254,053 $2,039,263
match business of Great Britain (V. 108, p. 1821) and Peru. Interest in Depreciation & depletion___________
$480,580
$431,035
$454,089
new Canadian company, V. 113, p. 2084; V. Il7, p. 1560.
Canadian taxes................
120,538
102,961
104,979
Dividends
______________
1,906,668
1,906,668
1,453,334
STOCK.—The stockholders in Oct. 1922 increased the authorized capital
stock from $18,000,000 to $25,000,000.
Balance, surplus________________ def$334,240 def$186,611
$26,861
DEBENTURES.—All of the outstanding 15-year 7)4% sinking fund
gold debentures, dated Nov. 1 1920, were called for redemption Nov. 1 Profit and loss, surplus______________ $2,019,665 $2,419,278 $2,671,557
OFFICERS.—Pres. & Treas., Jules S. Bache; Sec., Alexander Fasken1923 at 105 and int. V. 117, p. 785.
Main office, 36 Toronto.St., Toronto, Can. N. Y office, 42 BroadwayDIVS.— (1896tol908. '09. TO. ’ll. ’12-T5. T6. T7. T8 to June’26. —
(V. 122, p. 2659.)
Since 1893% 110 (2)4quar.) 8
6
6 7 y’ly 7% 9 8y'ly(2Q.-M)
DOUGLAS-PECTIN CORP.—Incorp, under laws of N. Y. on April 1
REPORT.—For 1925, in V. 122, p. 1770, showed:
1923. Manufactures Pectin, Certo, and pure apple vinegar.
Calendar Years—
1925.
1924.
1923.
1922.
Earnings-----------------------$3,209,729 $4,277,215 $4,693,286 $4,732,787
DIVIDENDS.—An initial dividend of 25c. per share was paid July 1
Gen., &c., depr., res’ve. 1,288,530
2,207,409 2,640,966 2,733,310 1923; same amount paid quar. to June 30 1926; also paid 25c. extra on
Res. for Fed. taxes, &c_.
315,000
375,000
350,000
300,000 Dec. 31 1925.
Dividends____________
1,354,306
1,357,208 1,357,208 1,357,208
REPORT.—For 1925:
[Includes Packing Co., Ltd. , and Oil Emulsion Corp.\1
Balance, surplus------$251,892
$337,598
$345,112
$342,269
Calendar Years—
1923.
1925.
1924.
Total surplus---------------$4,646,952 $4,395,060 $4,057,462 $3,712,350
Sales, less returns, &c__________ _ $2,885,812 $2,895,410 $2,463,459
Income Account for Quarter Ended March 31 1926.
Manufacturing cost
______ ..
1,390,209
1,528,398
1,004,435
Operating income_________________________________________ $785,636 Selling & administrative expenses___
743,049
870,670
799,787
Depreciation and amortization_____________________________
155,082
Federal, State and county taxes____________________________
214,914
Balance. ...
_
. _
$567,225
$624,933
$715,974
Miscellaneous income
______
38,327
33,824
Net profit---------------------------------------------------------------------- $415,640
Dividends..--------- ------------------------------------- ------------ --------336,000
Total income. .
______ ______
$663,260
$601,048
$715,974
Depreciation____________ __ ______
92,021
97,564
88,695
Surplus----------------------------------------------------------------- '____
$79,640 Interest. . _
___
___
34,463
63,615
43,748
Profit and loss, surplus____________________________________
4,726,593 Prov. for U. S. & Can. Govt. inc. tax.
64,567
61,642
78,584
___ ______
225,000
375,000
300,000
OFFICERS.—Pres., W. A. Fairburn; \ .-Pres., T. J. Reynolds & C. K. Dividends.. ..
Light, Sec. & Treas., H. F. Holman. General offices, 110 W. Kinzie StProfit for year ending Dec. 31.
$289,232
$83,771
$82,381
Chicago. New York offices, 30 Church St.—(V. 122, p. 2658.)
Quarter Ended March 31—
1924.
1926.
1925.
DODGE BROTHERS, INC.—Incorporated in Maryland to own the Neb sales, less returns and allowances. $559,780
$390,711
$217,361
business and all of the assets (excepting $14,000,000 cash) of Dodge Brothers, Other income.
. _____ . . .
4,352
7,067
4,831
Incorporated July 1 1914 in lichigan. Manufactures the Dodge motor
car and accessories. Plant is located in Detroit. Mich.
Total income. . ___________ ____
$566,847
$395,542
$221,713
On Oct. 1 1925 the company purchased a 51 % interest in the common Mfg. costs, selling exp., &c___
242,962
89,256
395,333
stock of Graham Brothers, motor truck manufacturers, and in April 1926 Depreciation_________ __
____
23,334
22,682
27,905
acquired the remaining 49%. V. 121, p. 2644; V. 122, p. 2197.
Interest.
_. _________ ________
7,122
17,453
8,086
STOCK.—Preference stock is entitled to $105 per share and divs. in
Net
profit
---------------------------------$135,523
$122,124
$92,322
case of liquidation. The preference stock was offered (850,000 shares) in
April 1925 by a syndicate of bankers headed by Dillon, Read & Co. at $100
OFFICERS.—Pres., Robert Douglas: V.-P., Charles A. Douglas;
per share. Each share of preference stock carried as a bonus one share of V.-P- Charles G. Knight; Sec., Earl J. Neville; Treas., John J. Clingen.
common stock, class “A.”— V. 120, p. 1885.
Office, Rochester, N. Y.—(V. 122, p. 2336.)
Notes.—All of the outstanding 7'A% gold notes, dated Feb. 15 1921, were
redeemed on Nov. 1 1925 at 103 and int.
REPORT.—For year ending Oct. 31 1925, in V. 122, p. 755, showed:




May, 1926.]

MISCELLANEOUS COMPANIES
(For abbreviations, dec.. see notes on page 81

E 1) du Pont de Nemours & Co—Com stock $150,000,000
’debenture stock 8% red at 125% cum voting $10,000.0001
do
do
do nnn-»otlDir S15O noo.oon
.J
Durham Hosiery Mills—Oom Class “A” auth $1,250,000---Preferred, 7% cum (a A d) call 120. ant.h $5.000.000______
pjifttnijin Kodak—Common stock 2.500.000 shares________
Preferred (a A d) $10,000,000 6% cumulative
_____
Eaton Axle & Spring Co—Stock 250,000 shares auth--------

Date
Bonds

Par
Value

Amount

Outstanding

Rate
%

When
Payable

$100 133.082.900 See text Q—M 15
Q—J 25
100 $79,521,200
6
100 1,250.000 8ee text
50 3.750.000 See text
100 2.910.000 See text _______
None 2,046,190sh See text Q—J
41 7
6
100 6,165,700
None 250,000 sh. See text Q—F

E. I. DU PONT DE NEMOURS & CO.—Incorporated in Delaware
on Sept. 4 1915 and on Oct. 1 1915 succeeded to the ownership of all the
properties of the E. 1. du Pont de Nemours Powder Co. of N. J. (per
plan in V. 101, p. 616. 696, 848), with no change in the management,
and without creation of bonded debt or fixed charges. In Dec. 1915 pur
chased the Arlington Co. of N. J. for about $6,500,000. V. 101. p. 1888
Tn May 1917 acquired from the Government of Chile two large nitrate
fields in the northern part of that country. V. 104. p. 1902; V. 106. p. 1034
In 1917 built at Deepwater. N. J., an extensive plant for manufacture o'
coal tar dyes. V. 105, p. 610.
in 1917 purchased the property of Harrison Bros. & Co., Inc., and other
companies and had made substantial progress in the manufacture and sale
of fabrlkoid. pyralln, lacquers, solvents, dyes and a variety of chemicals,
V. 106, p. 1034, 1347. In Oct. 1918 purchased New England Paint & Var­
nish Co. of Everett, Mass. V. 107. p. 1671.
The E. I. du Pont de Nemours Export Co. was liquidated early in 1922.
In May 1922 the Du Pont Chemical Co. was dissolved, the Industrial Sal­
vage Co. being organized to purchase such of the Chemical Co.’s assets as
could not be. readily disposed of.
Tn May 1920 purchased in connection with Flint Varnish & Color Works,
the plant and business of the Chicago Varnish Co. V. 110, P. 2294.
The Flint Varnish & Color Works sold its entire assets to the du Pont Co.
as of Oct. 31 1924. V. 119, p. 2414. On Dec. 31 1925 the company’s
direct holdings of General Motors Corp, common stock together with its
equity in the holdings of the General Motors Securities Co. (constituting
about 25.8% of the entire common stock of General Motors Corp.), aggre­
gated 1,330,829 shares. Also owned $15,520,000 preferred stock of Mana­
gers Securities Oo. Compare Gen. Motors Corp, below, and V. 120, p. 697.
Investment in D» Pont Rayon Co. and Du Pont Cellophone Co., V. 119,
p. 699.
The Du Pont-Pathe Film Manufacturing Corp, was formed in Oct. 1924
by E. I. du Pont de Nemours & Co., the Pathe Exchange, Inc., and the
Pathe Cinema Societe Anonume of Paris. V. 119, p. 2414, 2886.
The Du Pont Everdur Co. was organized in April 1925 to take over the
manufacture and sale of the metal alloy developed by chemists of the E. I.
du Pont de Nemours & Co. and known as Everdur. Previously this had
been handled by the Du Pont Engineering Co.
The Du Psnt-Viscoloid Co. was organized May 1 1925 to manufacture
and deal in pyroxylin plastic products and articles. V. 120, p. 1886.
It was announced in Nov. 1925 that the Eastern Alcohol Corp, had been
formed to be jointly owned and operated by E. I. du Pont de Nemours &
Co. and the National Distillers’ Products Corp., for the manufacture of
industrial alcohol. V. 121, p. 2279,2525.
CAPITALIZATION.—The auth. capital stock is $310,000,000 in share*
of $100 each, viz.: (a) $150,000,000 6% cumulative non-voting deben tur*
stock: (0) $10,000,000 0% cumulative voting debenture stock; (c) $lo0,000.000 common stock. V. 101. p. 616. 848, 1275.
Rights of Debenture Stock.—Except as co voting powers the rights of bott
debenture stocks will be identical.
All debenture shares will bear cumula
tlve dividends of 6% p. a., may be called for payment at $125 per share
and have preference as to assets for both principal and accumulated dlvl
dends. No mortgage or other specific lien may be placed upon any of thi
property without the consent of 75% of the total debenture stock outstand­
ing, but this does not apply to purchase money mortgages or liens upon
property purchased, or collateral Ioans for cash advances in the ordinary
course of business, provided they do not run more than three years. The
voting deb. stock has equal voting rights with the common stock.
The non-voting deb. stock has no voting privileges except that (a) Is
ease of default for 6 mos In the payment of any dividend thereon, the voting
and non-voting debenture stockholders will have the sole right of voting
until the company shall pay all accrued dividends on said debenture stock
and (b) in case of the net earnings in any cal year amounting to less than Of
on the debenture stock, then the debenture stockholders of both classes will
have equal voting rights with the common until the net earnings for some
future year equal 9% on the debenture stock V. 101, p. 016. 848.1275
At a meeting of the finance committee on Nov. 2 1925 it was resolved that
$10,000,000 of 6% non-voting debenture stock be issued and offered to the
debenture stockholders pro rata to their holdings, at $100 per share. Each
debenture stockholder was given the right to subscribe to one share of the
new stock for each seven shares of his holdings as of Nov. 16 1925.
BONDS.—The 10-year gold bonds of 1921 were redeemed on Sept. 1
1925 at 106 and int.
All of the outstanding 4)4 % 30-year gold bonds, due June 1 1936, were
redeemed on June 1 1926 at.llO and interest.
Bonds of subsidiary cos. in hands of public Dec. 31 1925, $2,441,500.
DIVIDENDS (%)— 1919. 1920. 1921. 1922. 1923. 1924. 1925.
Regular, cash________
18 10)4
8
8
6)4
8
10
Extras, common stock.. __
7)4
-50
__
40
Paid in 1926; Jan. 8, 5% extra; Mar. 15, 2)4% quar.; June 15, 2)4%
quar.; July 3,4% extra.
REPORT.—For 1925, in V. 122, p. 741, showed:
Calendar Years—
1924.
1923.
1925.
1922.
Net sales____________ Not reported $90,861,633 $94,069,319 $71,956,448
Net income from opera­
tions & investments.a$24,860,458 $18,660,468 $21,134,656 $12,920,458
Profit and loss on sale of
real estate, secur., &c. __Dr.1,520 Cr.111.198
Cr.3,424 Cr.334,233
Total earnings______ $24,858,938 $18,771,666 $21,138,081 $13,254,691
Interest on funded debt.
'
824,980
1,740,178
2,825,577
3,263,575
Balance of income for
the year.......... ........ $24,033,957 $17,031,488 $18,312,505 $9,991,117
Co.’s portion thereof__
See a
15,947,424 17,346,222
9,445,751
Surplus at begin, of year. 55,881,491 54,642,476 37,652,211 b69,061,369
Profits from sale of Gen.
Mators Securs. stock.
_____
_____
c9,926,086
Surplus from reval’n of
Gen. Mot. Corp. stk.d36,285,893
_____
_____
_____
Total surplus______ $116,201,341 $70,589,899 $64,924,519 $78,507,121
Deduct—Debenture stock
dividend (cash)___ $4,105,331 $4,104,868 $4,104,770
$4,103,432
Com. stk. div. (cash). 11,404,429
7,603,540
6,177,274
5,068,878
Com. stk. div. (stock)
(40%)____________ 38,022,040
-(50)31682600
Approp. to provide for
premium <fe discount
3,000,000
on 7)4 % bonds_____
_____
Profit & loss surplus..$62,669,541 $55,881,491 $54,642,476 $37,652,211
a Including in 1925 company’s equity in earnings of controlled companies
not wholly owned, b Includes $2,980,710 surplus of subsidiaries not hereto­
fore included in annual report, c Increase in surplus arising from sale by
General Motor Securities Co. of a 30% interest in its stock, d Resulting
from revaluation of 70% interest in 1,875,000 shares of General Motors
Corp, common stock.
Note.—Ajo. amount of $6,654,145 receivable on Jan. 7 1926 in respect of
an extra dividend of $5 per share declared by General Motors Corp, on its
common stock and the corresponding amount payable on Jan. 8 1926,
representing an extra dividend of 5% on the Du Pont Co.’s common stock
are not reflected in the above statement.
OFFICERS.—Pres., Lammot du Pont; Chairman of Board, Irenee du
Pont; Vice-Presidents, J. P. Laffey, H. G. Haskell, Frank G. Tallman,




173

INDUSTRIAL STOCKS AND BONDS

Last Dividend Places Where Interest ano
Dividends are Payable
and Maturity

See text

July 26 26 1)4

Checks mailed
do

See text
See text
Aug 4 1924 IX
July 1 1926 $2 Rochester. N Y & Load
do
do
July! 1926 1)4
May 1 *26, 50c. Checks mailed

H. F. Brown, R. R. M. Carpenter, William Coyne, John J. Raskob, F. W.
Pickard, C. L. Patterson, W. S. Carpenter Jr., J. B. D. Edge, A. Felix du
Pont, William C. Spruance; Sec., Charles Copeland; Treas., Angus B.
Echols.
DIRECTORS.—Donaldson Brown, H. F. Brown, R. R. M. Carpenter,
Walter S. Carpenter Jr., Alfred P. Sloan Jr., William Coyne, A. Felix du
Pont, Charles Copeland, Eugene du Pont, Eugene E. du Pont, II. F. du Popt,
Irenee du Pont. Lammot du Pout, P. S. du Pont (Chair-nan). J. B. D. Edge,
H. G. Haskell, C. L. Patterson, J. P. Laffey, J. Thompson Brown, F. W.
Pickard. H. M. Pierce, M. R. Poucher, John J. Raskob, Charles L. Reese.
W. C. Spruance, F. G. Tallman, Leonard A. Yerkas. Office, Wilmington.
Del.—-(V. 122. p. 2954.)
E. I DU PONT DE NEMOURS POWDER CO.—The stockholders on
May 10 1926 approved a plan of dissolution of the company.
The plan provided for retirement on June 1 1926 of outstanding 4)4%
30-year gold bonds due June 1 1936, at 110 and int., the retirement of the
5% cumulative pref. stock at par and the payment of $10 60 per share for
each outstanding share of common stock, par $10.
DURANT MOTORS, INC.—(V. 122, p. 2197.)
DURHAM HOSIERY MILLS.—Incorporated under laws of North
Carolina, Feb. 17 1898. Business is the spinning, manufacturing aud selling
of hosiery and similar lines of cotton, woolen, silk or other materials. Mills
»re located at Durham, N. C., High Point, N. C., Carrboro. N O.,Golds­
boro, N. C., and Mebane, N. C. Affiliated companies are: North State
Knitting Mills, Inc., Durham, N. C., Tar Heel Hosiery Mills, Inc., West
Durham, N. C.; Jno. O’Daniel Hosiery Mills, Inc., Durham, N. C.; Dur­
ham Hosiery Mills, Inc., New York.
CAPITAL STOCK.—Pref. stock is redeemable at 120 and has no votlrug
power except in the case of default in dividends for two quarterly periods,
when It then has the sole voting power. A yearly sinking fund of 3% of the
largest amount outstanding is provided for. Preferred as to 120% of assets
In case of dissolution. Common Class “B" stock has no voting power.
V. 109. p. 891.
DIVIDENDS.—Dividends on the pref. stock were paid 1 X % quarterly
Aug. 1924; none since.
1912. 1913-17. 1918. 1919. 1920-21. 1922-24.
Common. Class “A”-_ 7)4 7 yearly
12
12
See
None
Common. Class “B”..
________
6)4
12
text.
None
Feb. 1 1920 paid 4% on com. “A" and 4% on com. “B;" Apr. 1 1920, paid
I X % guar, and )4% extra on com, “A” and “B"- July 1 and Oct, 1 1920
paid 1X% quar. and X% extra on com. “B”; Jan. 3 1921 paid 1 X % lu
scrip on com. “B."
REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
1293.
1922.
Gross sales_____________$6,483,777 $5,431,694 $6,079,657 $5,813,582
Expenses, &c_________
5,873,870 _5,127,785 _5,444,872
5,188,422
Balance____________
$609,907
$303,909
$634(785
$625,160
Other income________ ______ 19,134 __ 3,0015 _ 35,769 __ 69,256
Total income_______
$629,041
$333,923
$670,554
$694,416
Est. insur. taxes for 1925
4,738
Other charges_________
56,920
Interest and depreciation
397,009
196,869
274,678
372,617
Inventory adjustment--____ 94,140
66,274
Net profit---------------$76,230
$137,054
$329,602
$321,799
Preferred divs. (all cos.) _
a!3,125
171,951
233,840
233,485
Balance, surplus____
$63,105 def$34,897
$95,762
$88,314
a North State Knitting Mills, Inc. , only.
OFFICERS.—C. M. Carr, Pres.; H. C. Flower Jr., V.-P.; A. H. Carr,
V.-P. & Treas.: W. F. Carr, Sec. & Asst. Treas.
Main office, Durham, N. O.—(V. 122, p. 2506.
EASTMAN KODAK CO.—ORGANIZATION.—Incorp. in New Jersey
Oct. 24 1901 as an amalgamation per plan in V. 73, p. 1114, of various oper­
ating companies, of which it owns practically all the stock. See list, V. 67.
p. 1160, 1207; V. 69, p. 387; V. 75. p. 735, 613; V. 77. p. 253, 300; V. 89,
p. 1225; application to list. V. 80, p. 1477; V. 93. p. 1728; V. 97, p. 73l;
V. 98, p. 1540.
The decree of dissolution and injunction entered on Feb. 1 1921, against
the co. was modified May 13 1928 when Judge Hazel of the U. S. District
Court for the Western District of New York signed a new decree in the case.
This case, which was a suit against the co. under the anti-trust laws, was
won by the Government several years ago. The decree directed the respond­
ent to sell the Premo camera, Century-Fulmer and Schwing business and
certain brands of dry plates and printing-out paper. The plates and paper in­
terests were sold to Defender Photo & Supply Co., Inc., of Rochester in 1924.
The decree signed May 13 1926 recites that the co. has entered into a
contract with Clark Williams & Co. of 160 Broadway, N. Y. City, for sale
of the Premo and Century-Folmer and Schwing departments of its business,
including a factory in Rochester and modifies the other decrees to the extent
that, although the Premo camera business is transferred title is not passed
to the factory in which this business has heretofore been carried on, nor
does the purchaser take such machinery as remains in the Premo factory.
The decree also recites that Clark, Williams & Co. proposes to organize a
corporation to take title to the properties purchased and to continue the
manufacture of the several lines of cameras and accessories which are the
subject of sale.
CAPITAL STOCK.—The stockholders on Apr. 4 1922 ratified the pro­
posal to change the 250,000 shares of common stock, par $100, to 2,500.000
shares of no par value, and to give ten shares of no par value stock for each
share of $100 par value.
Extra Dividends on Common Stock (Additional to 10% per an.. 2)4% Q.-J.)
Year—’OQ. '07. 08. ’09. 10-T3. ’14. 15. 16. ’17. ’18. ’19. ’20. 1921.
Extra % 7)4 10 15 20 30 y’ly 20 50 40
40 35 30 30 30
Extras in 1922, Jan., 7)4%; April, 7)4%. On July 1 1922 paid a regular
quar. div. of $1 25 per share on the new no par value stock; same amount
paid quar. to July 1926. Extra divs. have been paid as follows: Dec. 30
1922, 50 cents; Mar. 1 1923. $1: Apr. 2 1923, 75 cents; July 2 1923.75
cents; Jan. 2 1924, $1 25; April 1 1924 to July 1 1926, 75 cents each quarter.
REPORT.—For 1925, in V. 122, p. 2185, showed:
Calendar
x Net (.after Pref.Divs. ^Common
Balance,
Total
Year—
Depreciation')
Dividends.
Surplus.
Surplus.
--------- $369,942 16,231,640 $1,751,732 $68,274,845
1925................$18,467,114
369,942 16,267,400
1924............... 17,201,815
564,473 66,523,114
1923_______ 18,877,229
369,942 15,678,337
2,828,950 65,958,640
369,942 12,574,963
1922............... 17,952,555
5,007,650 63,129.690
x Figures are after deducting Federal taxes.
OFFICERS.—Chairman, George Eastman; Pres., William G. Stuber;
Gen. Mgr., Frank W. Lovejoy; Sec., James S. Havens. Office, Rochester
N. Y.—(V. 122, p. 2804.)
EATON AXLE & SPRING CO- (THE) —Incorp. in 1916 in Ohio under
the name of The Torbensen Axle Co., which had previously acquired the
properties of the Eaton Axle Co. and the Perfection Spring Co.; name
changed to present title on May 17 1923. Manufactures axles, bumpers
and springs for automobiles and motor trucks. In Aug. 1923 acquired the
bumper business of Cox Bros. Mfg. Co. Plants located in Cleveland, Ohio,
Pontiac, Mich., and Albany, N. Y., and service stations in Chicago, Cleve­
land, Boston, New York and Philadelphia.

174

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 81

Date
Bonds

Electric Boat Co—Stock______________________________
Electric Storage Battery Co—Common stock (see text)__
Elk Horn Coal Corporation—
Com stk $6 & partic 440,000 shares auth_______________
Pref stock 6% and participating redeemable at 56 X_____
Ist&refMsfgbdsred (text) $5,500,000auth.MeBa.kxxxc*
6-year deben notes $2,000,000 auth red 102___ FBa.kxxxc*
Mineral Fuel Co 1st M sinking fund................................... ..
Emerson-Rrantingham Co—Common stock $30,000,000
Preferred stock (a & d) 7% cum red 115 $20,000,000 auth.
(For stock proposed to be issued under readjustment plan,

Par
Value

Rate
%

....

766,932 shs
None 797.917 sh. See text

1925
1925
1913
___

240.000 sh. See text
$3,600,000 See text
4,500,000
6^g
1,500,000
363.000
5
10,132,500
11.084.500 See text

$50
1,000
1,000

see te xt.)

100
100

During November 1925 a new corporation, known as the Eaton Spring
Corp., was organized and the property of the American Autoparts Co., loca­
ted in Detroit, was acquired and subsequently merged with the spring busi­
ness of the Eaton Axle & Spring Co. The acquisition was made without
new financing. Ail of the common stock is owned by the Spring company,
the preferred stock being owned by the American Steel Foundries.
STOCK.—The stockholders of record Oct. 15 1925 were offered ih eright
to subscribe to additional stock in the ratio of one new share fo I each 10
shares held, at $23 a share.
DIVS.—An initial div. of 65 cents per share was paid July 1 1923; svm
amount paid quar. to April 1 1924: July 1 1924 paid 40 cents: (Ml tMu
until Aug. 1 1925. when 50 cents quarterly was paid; same amount paid
quar. to May 1 1926.
REPORT.—For 1925, in V. 122, p. 2048, showed:
Consolidated Income Account for Calendar Year 1925.
Manufacturing profit after deducting cost of goods sold, including
material, labor, factory expense and depreciation___________ $1,298,247
Selling, general and administrative expense----------------------------- 645,050
Operating profit_________________________________________ $653,197
Other income, $188,870; Less other deductions, $87,793; balance.Cr.101,077
Provision for estimated Federal taxes------------------------------------47,500
Dividends paid and provided for----- ---------------------------------- ... 354,200
Balance, surplus_________________________________________ $352,574
Three Months Ended March 31—
1926.
1925.
1924.
Net before Federal taxes___________
$203,637
$153,198
$113,103
OFFICERS.—Chairman, J. O. Eaton; Pres. & Gen. Mgr., C. I. Ochs!
V.-P. & Asst. Gen Mgr., F. C. Robie: V.-P. & Dir. of Sales, R. C. Enos;
Sec. & Treas., F. A. Buchda. Office, Cleveland, Ohio.—(V. 122, p. 2336.)
EDMUNDS & JONES CORPORATION.—(V. 122, p. 1032.)
ELECTRIC BOAT CO.—lncorp. under laws of New Jersey on May 29
1925, and acquired the property and assets of the old Electric Boat Co.
which was organized in Feb. 1899. Builds submarine boats, motor boats,
naval equipment, Diesel engines, electrical equipment and accessories.
STOCK, &c.—The entire outstanding stock of the old company was held
by Submarine Boat Corp. Upon the organization of the new Electric Boat
Co., Submarine Boat Corp, acquired 766,920 shares of the Capital stock
of the new company for the sum of $76,692 in cash. Submarine Boat Corp,
then declared and paid to its stockholders in Aug. 1925 a dividend of $76,692,
payable in shares of the new Electric Boat Co. on the basis of one share of
stock of the new Electric Boat Co. for each share of stock of Submarine
Boat Corp. held. After payment of such dividend the outstanding stock
of the old Electric Boat Co. was acquired by the new company from Sub­
marine Boat Corp, in consideration of the following:
(а) The assumption by the new company of an indebtedness of Submarine
Boat Corp, to the old Electric Boat Co. of $6,821,004.
(б) An agreement to pay the sum of $848,196, represented by promissory
notes of the new company maturing at certain intervals.
(c) The guaranty by the new company of a debt of Submarine Boat
Corp, amounting to the principal sum of $1,000,000.
REPORT.—For 1925, showed:
Consolidated Income Account for Year Ending Dec. 31 1925.
Exclusive of New London Ship & Engine Co.
Gross earnings from operations------------------------------------------- $5,189,501
Cost of operations________________________________________ 4,129,992
Expenses not apportioned to cost---------------------------------------615,796

Net profit from operations---------------------------------------------Other income (interest, dividends and miscellaneous)_________

$443,713
90,495

Gross income__________________________________________
Less—Interest, discount and miscellaneous________________

$534,208
10,558

Net inc. (subject to add’l deprec. & Fed. taxes) carried to sur. $523,650
alance Jan. 1 1925----------------------------------------------------------- 7,721,195
apital as of Dec. 31 1925 (766,932 shares of no par value at
10 cents per share)_____________________________________
76,693

Total capital and surplus as per balance sheet_____________ $8,321,538
OFFICERS.—Pres., Henry R. Carse; V.-P., L. Y. Spear; V.-P., Henry
R. Sutphen; Sec. & Treas., H. A. G. Taylor. Office, 11 Pine St., New
York.—(V. 122, p. 0000.
ELECTRIC STORAGE BATTERY CO. (THE)—lncorp. in 1888 In
New Jersey. Owns basic patents for storage batteries. V. 69, p. 76, 850;
V. 105, p. 1212.
STOCK.—After 1% on pref. ($31,400 outstanding Dec. 31 1925) com.
and pref. share equally.
The stockholders April 19 1922 voted to change the authorized capital
stock from $30,000,000. divided into 300,000 shares, par $100 (875 pref. and
299.125 common stock), to 3,500 shares of pref. stock, par $25, and of
proportionately the same preference, and 1,196.500 shares of common stock,
no par value. The new stock was issued at the rate of one share of the old
stock for four shares of the new stock; old common stock being exchanged
for new common stock without par value, and old preferred stock being
exchanged for new preferred stock, par $25, or for new common stock of
no par value, at the option of the holder of the preferred shares.
DIVIDENDS.—On com., 1901 to 1907, 5% yearly; 1908, 3K%; 1909
3k %: 1910 to 1918, 4%; 1919, 5%; Jan. 1920 to July 1920 paid 2H% quar.
Oct. 1920 to April 1922, 3% quar. On July 1 and Oct. 1 1922 paid 75 cents
per share on new com. and pref. stocks; Jan. 2 1923 to Oct. 1 1925 paid
$1 quar.; Jan. 2 and April 1 1926 paid $1 25 quar. Also paid extra divs.
of 75 cents on Jan. 2 1923; $1 on Jan. 2 1924; $1 on Jan. 2 1925 and $1 on
Jan.21926.
REPORT.—For 1925, in V. 122, p. 1616, showed:
[Including Willard Storage Battery Company.]
Calendar Years—
1925.
1924.
1923.
1922.
Sales, less mfg. cost &C-$13,980,160 $12,122,460 $11,836,030 $11,966,681
Total net income______ $8,626,106 $7,210,882 $7,216,522
$7,570,839
Dividends____________
4,247,250
4,028,905 4,010,145
3,196,685
Balance, surplus_____$4,378,856
$3,181,977 $3,206,377 $4,374,154
Previous surplus_______ 20,540,379 18,103,661 21,957,765 19,041,211
Total surplus________ $24,919,235 $21,285,638 $25,164,142 $23,415,365
Sundry adjustments----- Cr.271,229
Cr.106,310 Dr.96,540 Dr.101,467
Employees’ pension fund
75,000
25,000
150,000
350,000
Taxes paid previous year
851,007
826,569
813,941
1,006,132
xAdjust. of patent acct- y4,999,999
6,000,000
Loss on sale of plant----73,314

Profit & loss, surplus.$19,191,144 $20,540,379 $18,103,661 $21,957,765
x Adjustment of patents account to the approximate valuation allowed
by the U. S. Treasury Dept. for the purpose of Federal taxation.
y Patent account written down Dec. 31 1925 to nominal value of $1.
Note.—Federal income tax for year 1925 is estimated at $1,050,000.




Amount

Outstanding

When
Payable

Q—J

[Vol. 122.
Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Apr 1 ’26 SlJd Checks mailed

Sept 11 ’19 1)4
June 11 ’23 1J$
& D Dec 1 1931
N Y or Merc T & D, Balt
& D Dec 1 1931
N Y, or Fidelity Tr ,Balto
Fidelity Trust Co, Bait
May 1 1943

Nov 1 1920 lk Checks mailed

OFFICERS.—Pres., Herbert Lloyd; Sec. & Treas., Walter G. Henderson,
p^igl'V^3'
Allegheny Ave. and 19th St., Philadelphia.—(V. 122,
ELK HORN COAL CORPORATION.—ORGANIZATION.—lncorp
in W. Va., Nov. 18 1915, per plan In V. 101, p. 1716: V. 102 p. 348; and
cook over the properties and business of Elk Horn Fuel Oo. (V. 98, p. 1762)
BHk Hom Min,n8 CoirP. (V. 98. p. 1618), and Mineral Fuel Co. (V. 96, p.

Owns approximately 205,000 acres of valuable coal lands and improve­
ments thereon lying principally in 6 of the counties in the southeastern
part of the State of Kentucky, and 2 of the counties in the central part of
West Virginia.. Also owns oil and gas rights, free of royalty, on more than
160,000 acres in Kentucky and West Virginia.
Other assets consist of holdings of the stocks of other operating coal
companies, including over 24,000 shares of the common stock of the Con­
solidation Coal Co.
.STOCK.—Authorized (a) pref. (6% and participating; red. at 56K);
$6,600,000, all out, with sole voting power during any default on full year’s
dividend. (6) Common, 440,000 shares ($6 and partic.); outstanding,
240,000 shares (no par value). The stockholders on Oct. 24 1925 changed
the authorized common stock from 440,000 shares, par $50, to 440,009
shares of no par value, one share of no par stock to be issued in exchange
for each share of common (par $50) outstanding.
Pref. dividend No. 1, June 15 1916 to Dec. 1918, 3% semi-ann. (J. & D.);
March 1919 to Dec. 1922, lk% quar.; March 1923 dividend deferred
June 11 1923 paid lk%', none since. Com. div., 2%, June, Sept, and
Dec. 1918; March, June and Sept., 1919, lMi% each; none since.
BONDS.—The first & ref. mtge. sinking fund gold bonds are redeemable
as a whole, or in part, by lot, at any int. date upon 60 days notice, during
year a* 103 and int., and threeafter at 101 and int.
The bonds are secured by a first mortgage on all property owned by the
corporation, including coal reserves, real estate, equipment, dwellings and
other extensive improvements, subject only to an issue of $363,000 5%
bonds on approximately 4,800 acres acquired from the Mineral Fuel Co.
They are additionally secured by the specific pledge of the above referred to
stocks of various companies owned.
NOTES.—The 6-year 7% debenture notes are redeemable as a whole
or in part by lot at any int. date upon 60 days’ notice at 102 and int.
JTarranZs.—Each $1,000 note carries a detachable warrant entitling the
holder to subscribe for 40 shares of no par common stock of the coal cor­
poration at $15 per share if the purchase is made on or before Dec. 1 1926;
thereafter at $16 50 per share if purchased on or before Dec. 1 1927; if
purchased subsequent to Dec. 1 1927 but on or before Dec. 1 1928, at
817 50 per share; if purchased thereafter but on or before Dec. 1 1929, at
$18 50 per share, and if purchased subsequent to Dec. 1 1929 and on or
before Dec. 1 1930 at $21 per share. V. 121, p. 2526.
REPORT.—For calendar year 1925, in V. 122, p. 2198, showed:
„
1925.
1924.
1923.
1922.
Earnings (all sources).. $5,116,177 $3,840,136 $4,689,375 $3,443,877
Oper. exp., taxes, &c...
4,022,121 3,100,886 3,795,500 2,815,872
Depreciation, &c______
358,915
309,961
323,265
323,219
Net earnings--------------735,141
429,288
570,610
304,786
Interest, sink, fund., &c.
385,680
390,843
402,309
404,692
Federal taxes________
37 659
__
_____
_____
Preferred dividends____
_____
_____
98,988
395,952
$311,802
$38,445
$69,313 def$495,858
OFFICERS.—Chairman, O. W. Watson, Fairmont, W, Va.; Pres.
George W. Fleming, N. Y.; Sec., J. W. M. Stewart, Ashland, Ky.: V.-P;
& Treas., J. F. Caulfield, N. Y.; V.-P., J. N. Camden, Versailles, Ky
New York office. 67 Wall St.—(V. 122, p. 1924.)
EMERSON-B R ANT IN G H A M CO.—ORGANIZATION .—Incorporated
under laws of Illinois Aug. 19 1895 as Emerson Mfg. Co.; name changed to
present title Oct. 19 1909. Manufactures agricultural implements, gas
and steam engines, farm wagons, tractors, &c. Plants are located at
Rockford and Batavia, Ill.
Readjustment Plan (V. 122, p. 1032).
The directors in Feb. 1926 submitted to the stockholders a plan of read­
justment of the company’s affairs outlined as follows:
New Company.—It is proposed that a new company be organized under
the name of Emerson-Brantingham Corp, in-Illinois. All of the assets of
the present company are to be transferred to the new corporation which
will assume all of the obligations of the present comrany.
Capitalization.—The new corporation will issue: 200,000 shares class A
stock and 20,000 shares class B stock.
Both classes of stock shall be no par value and with equal voting privilege,
but the A stock shall have a preference of $50 per share as to assets, in
event of liquidation, and $3 50 per share as to divs. paid, and shall parti­
cipate share for share with class B stock on any divs. paid over $3 50 per
share. Dividends on the class A stock to be non-cumulative.
Exchange of Stock.—Holders of preferred stock of present company are
to receive one share of class A stock of new company in exchange for each
share of pref. stock which they hold. Common stockholders of present
company are to receive one share of class B stock of new company in ex­
change for each 5 shares of common stock they own in present company.
Stock for Employees.—A portion of the class A stock shall be set aside for
the benefit of employees participating in the management of the company,
to be distributed among them in such manner and at such prices as may be
determined by the directors, in the event of the company showing satis­
factory earnings. None of the stock reserved for employees participating
in the management of the company shall be distributed until 25% of the
original issue of debentures (mentioned below) shall have been retired.
To Offer Additional Stock.—After this exchange, a part of the excess class
A stock remaining in the treasury of new company shall be later either
offered to preferred stockholders at such price as may be deemed fair and
adequate by the directors, or otherwise disposed of, for the purpose of
acquiring additional working capital.
Bank and Creditors to Convert Indebtedness.—In the event that the plan is
consummated with the practically unanimous consent of the stockholders,
the banks and the larger creditors have agreed to convert the indebtedness
owing by the company to them as of Oct. 31 1925, into 5% 5-year debenture
notes. The banks have further consented to make such additional loans as
may from time to time be agreed upon as necessary in the conduct of the
business, provided, of course, the company is making satisfactory progress.
The indenture securing the debenture notes shall contain among others,
the following provisions:
(a) Each year an annual audit is to be made by competent accountants.
If such audit reveals a loss from operations, after all proper charges including
the usual reserves in accordance with the practice of the leading companies
in the-industry, as of much as $400,000 in any one year, or losses aggregating
$750,000 or more in any three consecutive years, or if any such audit shall
show that the company’s net quick assets do not equal at least 75% of the
then outstanding obligations, upon request of the holders of 50% of the
then outstanding debenture notes, the trustees shall declare the entire issue
in default and proceed to exercise all rights given the trustee under the
indenture in the event of any default on the part of the company. (6) No
mortgage or prior lien shall be placed on any of the company’s assets, nor

May, 1926.]

175

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 81

Date
Bonds

Endicott-Johnson Corp—Common stock $21,000.000___
Pref (a & d) 7% cum (sink fund) call 125auth $15,000,000
Eureka Pipe Line Co—Stock $5,000,000_________________
Exchange Buffet Corp—Stock 250,000 shares authorized-.
Fairbanks Co.—Common stock $1,500,000 ........................... ___
1st Pref. (a. & d.) 8% cum. stock, call. 110. s.f $1,000,000
(2d) Pref. (a & d ) S'? cum stk.. call 110 $2 000.000___
Fairbanks Morse & Co—Com stk 375,000 shares auth___
Pref (a & d) stock 7% cum s f red 110 auth $12,500,000. Fairmont Coal Co—See Consolidation Coal Co

Par
Value
$50
100
100
None
25
100
100
None
100

shall any sale of the Rockford or Batavia plants be had without first obtain­
ing the written consent thereto of the holders of a majority in amount
of the debentures remaining outstanding, (c) No dividends shall be paid
to either A or B stockholders until the indebtedness evidenced by the
debenture notes is reduced to $2,500,000; and then only on consent of the
holders of a majority of the debentures remaining outstanding, (d) Deben­
ture notes may be retired at par and int. at any time before maturity.
STOCK—As to pref. stock, see V. 95. p. 363; V. 97, p. 1507. No bonds.
DIVIDENDS.—On pref., 1%%, paid quar. Nov. 1 1912 to Aug. 1 1914,
then none till Nov. 1918, 1%%; Peb. 1919 to Nov. 1920, 1^% quar;
none since; overdue accumulated pref. div. Nov. 1 1925, 63%.
REPORT.—Por year ending Oct. 31 1925, showed:
Oct. 31—Years—
1924-25.
1923-24.
1922-23.
1921-22.
Loss from oper .after exp.,
&c-------------------------$425,725 $1,183,172 $1,608,201 $1,690,308
Interest on loans______
353,493
418,243
569,876
516,360
Depreciation--------------136,696
195,675
203,702
239,118

Amount
Outstanding
$20,268,000
12,262,900
5,000,000
250,000 shs.
1,500,000
1,000,000
9 non noo
368,977 shs
7,529,425

Rate
%
10
7
See text
-ee text
See text
See text
$3
7

When
Payable

Q—J
Q—J
O—F
Q—J 31

Last Dividend Places Where I’ terest aha 1
and Maturity
Dividends are / ayable

Apr 1 1926 294 Irv Bk-Col Tr Co, N Y
Apr 1 1926 1’4
do
do
Mav 1 1926 1% Checks mailed
Apr 30’26 3794c.

Apr 1 1921 2%
Mayl 1921 2%
Q—M31 Dec 31 ’26, 75c
Q—M
Dec 1 ’26, 194

tda and the western part of the United States. Plants located at Rome
Ga. and Binghamton, N. Y.
•
STOCK.—Sinking fund for the 1st Pref. beginning in 1918 10% of net
darnings after all taxes and divs. on both First Pref. and Pref. stock. If,
In any year such 10% is less than $50,000 all available earnings up to
150,000 shall be set aside for the sinking fund. If such 10% is more than
$100,000 only $100,000 shall be set aside. See also under divs. heinw.
DIVS. '97. ’99-’01. ’02-’03. 04-’06. ’07-’08. '10. ’ll. 42. 43. 48 ’19.-’25
Com.%10 15 96 8 y’ly. 10 y’ly.12 y’ly. 12
4 10
8 tex« None
Dividends of 2% were regularly paid quarterly on the 1st Pref. from
June 7 1918 to May 1921: none since. On the (2d) Pref. stock 2% quarterly
from Nov. 27 1907 to April 1 1914, Inclusive. The accumulated divs. from
April 1 1914 to April 1 1918 were adjusted by a Com. stock div. (20%)
paid June 7 1918, the (2d) Pref. stockholders receiving one share of Com.
stock for each $100 accrued. Cash divs. were resumed July 1 1918 and
were paid quarterly to April 1921; none since.
On Dec. 1 1918 paid a*4% stock div. on the Common stock.
REPORT.—For 1925. showed:
1 Q93
Balance, deficit_____ x$915,914 $1,797,089 $2,381,779 $2,445,786
Calendar Years—
1924.
1925.
Net sales.
.....
$4,416,479 $5,680,564
x Exclusive of special losses and charges.
3,264,102
4,381,765
Allowance and costs
_________ '
Not
OPPICERS.—Pres., Charles S. Brantingham; V.-Ps., Edward P. Lathrop; Albert T. Jackson and Harry H. Biggert; Sec. & Treas., Cecil FGross profit..___
__
stated
$1,152,378 $1,298,799
77,445
Other income
______ __ ______
75,766
Sanders. Office, Rockford, Ill.—(V. 122, p. 1033.)
ENDICOTT JOHNSON CORP.—ORGANIZATION.—lncorp. Id Total income_______
...
__
$1,341,955 $1,228,143 $1,376,244
New York Mar. 31 1919. Business, principally manufacturing leather and Expenses
1,260,768
_ _ . _______ __
946,891
835,658
medium-priced staple shoes and footwear. Plants at Endicott, Johnson Discount and miscellaneous charges.
60,507
Cr.8,703
Cr.27,497
City, Binghamton and Owego, N. Y., together with tanneries, shoe fac­ Interest, reserve, &c__
260,333
205,944
177,426
tories. Number of employees about 17,000. Average output, about Depreciation _
_______________
189,097
181,159
132,532
125,000 pairs of shoes daily.
Balance___________
_
___ .sur$205,041 def$78,354 def$394,461
STOCK.—Annually beginning Feb. 1 1921 the co. shall acquire out of the
surplus profits 3% of the largest amount of Pref stock at any time outstand
1924.
3 Months Ended March 31—
1925.
1926.
ing. No mortgage without consent of 75% of each class of stock. Pref. Gro,ss profit ...
__ _ $365,092
$333,008
$355,177
stock has equal voting power with the common stock.
251,851
Operating expenses
.
. ___
217,728
223,848
Dividends.—An initial dividend of 1 % % on both the pref. and com. stock
$81,157
Profit ....
_
_ _ . $147,364
$131,329
was paid July 1 1919; Oct. 1 1919, 1?£% each; Jan 1 1920. 114 % on pref
71,321
98,279
80,214
and 2t4% regular and 4% extra on com., April 1 1920, 194% on pref. and Interest, depreciation, &c_ . .
294% on com On June 10 1920 common shareholders received a stock
Net profit...___________________
$76,044
$51,115 loss$17,122
dividend of 10% July 1 1920 to Apr. 1 1926 paid quar. 1 % % on pref. and
294% on common. On Feb. 15 1923 paid on common 20% in stock.
OFFICERS.—Pres., Geo. M. Naylor; Treas., Jas. A. Cleary; Sec.,
E. Valentine. New York office, 416 Broome St.—(V. 122, p. 2804.)
REPORT.—For 1925, in V. 122, p. 475, showed:
1925.
1924
1923
FAIRBANKS. MORSE & CO.—lncorp. in Illinois In 1891, succeeding a
Gross sales________________________ $69,346,931 $66,378477 $66,565,812 partnership
of same name. Manufactures internal combustion engines for
Total profits______________________ 6,374,729
6,360,513 6,381,472 Industrial, marine
and farm purposes, including practically all classes of
Retirement of preferred stock___ ___
450,000
450,000
450,000 internal combustion
engines except automobile engines. In addition,
Provision for taxes. _______________
908,840
949,773 1,029,902
manufactures and sells Fairbanks scales, centrifugal, steam and
Profit-sharing plan_______
1,153,824
1,235,096 1,197,290 company
power
pumps,
railroad
motor cars, hand and push cars and standpipes,
Preferred dividends-_____ _________
876,228
914,874
932,517
Common dividends________________ 2,026,800
2,025,675 2,024,471 dynamos, motors and electrical equipment: windmills and water systems.
Business originated in Chicago in 1858 as the Western selling agency of
Balance.
$747,290 E. & T. Fairbanks & Co., manufacturers of the Fairbanks scale, produced
$959,036
$785,095
since 1830. During the years following 1858 the Western business was
OFFICERS.—Pres., George F. Johnson: Sec., M. E. Page; Treas., John extended to include manufacture and sale of internal combustion engines
E. Paden. Office, Endicott. N. Y.—(V. 122, p. 890.)
and other lines of product, the company acquiring from time to time
manufacturing plants at Beloit, Wis., Three Rivers, Mich., and Indian­
EUREKA PIPE LINE CO. (THE)—ORGANIZATION, *O.—lncorp
apolis, Ind. In 1916 purchased all the Capital stock of E. & T. Fairbanks
In 1890 In W Va. Owns pipe line In W Va Formerly controlled by & Co., with plants at St. Johnsbury, Vt., and East Moline, Ill., and
Standard Oil Co, of New Jersey, but segregated In 1911,
continues the manufacture of Fairbanks scales at these points, acting as
Stock $5,000,000; par. $100. Div. 10% paid quar. from May 1912 to Western distributors.
Feb. 1914: May & Aug.. 8%: Nov. 1914 to May 1918, Incl , 24% (6% qu.)
Aug. and Nov. 1918 and Feb. 1919. 5% quar.; May, Aug. & Nov 1919. and
REPORT.—For 1925, showed:
Feb. 1920 4%: Mav 1920 to Mav 1921.3% quar.: Ang. 1921 to Nov. i922
-Company Proper--------- Consolidated2% quar.; Feb. 1923 to Aug. 1923 paid 3% quar.: Nov. 1923 to Aug. 1924
1923.
1922.
Results—Cal. Years—
1925.
1924.
Net shipments________ $29,357,668 $24,621,894 $25,757,363 $20,011,200
paid 2% quar.; Nov. 1 1924 to May 1 1926 paid 1% quar.
Operating profit_____ 1 4,525,838
3,317,900 /$3,478,192 $2,452,678
REPORT.—For 1925, in V. 122, p. 756, showed:
Div., E.T. F’b’ks.&Co. J
t 150,000
100,000
Prof, from sale of prop..
--------50,805
_____
_____
Calendar Years—
1925.
1924.
1923.
1922.
Profits for year______ loss$208,353
$32,061
$324,507
$632,603
Total income_________$4,525,838 $3,368,705 $3,628,192 $2,552,678
Dividends paid______ (4%)200,000 (7)350,000 (11)550,001 (10)400,001
Depr. on bldgs. & equip.
950,349
924,478
797,330
776,568
_____
____ _
290,042
449,145
Balance____________ def$408,353 def$317,939 def$225,494 sur$232,602 Federal taxes_________
Pres., Forrest M. Towl; Vice-Pres., Alan T. Towl; Sec. ,V. S. Swisser;
Balance........................... $3,126,344 $2,154,185 $2,830,862 $1,776,110
Treas., J. M. Tussey. Office, Oil City, Pa.—(V. 122, p. 756.)
Surp. & undiv. profits
brought forward____ all,145,378 18,110,967
15,978,897 15,061,837
EXCHANGE BUFFET CORP.—lncorp. under laws of N. Y., July 26
_____
3,450
_____
_____
1913, and acquired the business of The Exchange Buffet Corp., lncorp. In Prem. on sale of pf. stk
_____
_____
Cr.100,000 Cr.100,000
1902, the business having been established in 1885. Operates restaurants Prov. for sinking fund
and cigar stands in various business centres of N. Y. City, Brooklyn, and
Total surplus_______ $14,271,722 $20,268,602 $18,909,759 $16,937,947
Newark,
. .
,lg >lg >2()
Contrib. to pension fund
110,094
97,347
108,522
81,391
Stock dividend_______
_____ b7,349,425
Regular____ { $4 $4 $4.50 $5 $5 $5.50$7.50 $8 $3.50 $2 $2
$194
Exp. in sale of cap. stk. .
_____
168,530
Extra______ I .. 50c. 50c. 60c. $1
$1
__
__ __
____
Prem. on red. of 6% pfd.
_____
85,000
Also paid 300% in stock on April 20 1922.
Adj. of surp. of subs___
Cr.l,444
13,188
Paid in 1926: Jan. 30, 3794 cents; April 30, 3794 cents.
Pref. stock sinking fund.
_____
_____
100,000
100,000
REPORT.—For year ending April 30 1925 in V. 121, p. 81.
Preferred dividends___
526,825
c383,275 (6)108,000 (6)108,000
Div. on pref. stk. Moline
Years End. April 30—
1924.
1923.
1922.
1925.
Scale Co....................
717
13,455
$670,099
Gross profits. _______
$624,877
$732,953
$815,753
669,659
1,013,004
1,175,270
Deduct—Depreciation ._
108,914
93,412
104,087
89,375 Common dividends..__ . 959,064
Interest __ __ _ ._
27,941
39,280
25,417
30,948
Amortization of debt
BaundividedUprofite“%12,676,464 $11,145,379 $17,417,967 $15,978,897
7,731
7,172
discount & expense.
58,000
Prov. for Fed. inc. tax
150,000
64,000
70,000
a Including $902,924 undivided profits of subsidiaries, b 25% stock
453,584 dividend
Dividends ________
468,489
497,790
485,205
paid on Common stock in 7% Preferred stock, c Dividends on
the
6% Pref. stock were paid until date of redemption, June 1 1924, and the
Net prefit________
def$35,944 def$23,719
$37,325
$84,674 divs. pn the new 7 % Pref. stock have been paid at the fixed rate since Apr. 1
—Quar. End. Jan. 31— —9 Mos. End Jan. 31— 1924 (paid on 6% Pref., $40,434 on 7% Pref. $342,840).
Period
1926.
1925.
1926.
1925.
1925.
Quarters Ended March 31—
1926.
Gross profits . _
$148,920
$175,606
$387,154
$464,512 Gross
income________________________________ $2,455,168
$2,030,340
27,381
Depreciation______
22,760
72,315
82,143
1,367,747
____________________________________
1,604,430
18,528
37,168
Federal taxes. .
. _
15,771
47,796 Expenses
205,509
Depreciation.
218,828
Dividends______
93,750
125,000
281,250
374,739 Pension
25,414
fund______
28,447
Federal taxes...__
78,450
51,959
Surplus. . _____ __
$16,639
$4,697
def$3,579 def$40,166 Preferred dividends.
131,706
131,705
276,654
239,766
OFFICERS.—Chairman, S. C. Millett; Vice-Chairman, Henry de Common dividends.
Jongh; Pres., Gardner W. Millett; Sec. & Treas., H. A. Fream. Office,
Balance, surplus____________________________
$116,652
$8,240
17 John St., New York.—(V. 122, p. 1177.)
STOCK.—Preferred stock is entitled in liquidation to 110 and div.
FAIR (THE), (DEPARTMENT STORE), CHICAGO—(V. 122, Has
equal voting power with Common stock. Preferred stock sinking
p. 890.)
fund, first payment April, 1926, annually at rate of 10%of net earnings for
FAIRBANKS CO. (THE).—Incorporated in New Jersey, June 11 preceding fiscal year remaining after payment of preferred stock dividend
1891, to acquire the business, &c., of the Fairbanks Co. of New York, and (but not over 5% of maximum amount of preferred at any time outstanding)
other cities. Manufactures valves, trucks and barrows; also acts as selling for purchase or redemption of preferred at not over redeemable prices.
No cash dividends may be paid on stocks junior to preferred stock which
and distributing agents for manufacturers. Has the exclusive right until
1929 to sell the Fairbanks Scale throughout the entire world, except Oan- would reduce net current assets below 110% of par value of preferred stock




176

MISCELLANEOUS COMPANIES
IFor abbreviations, Ac., see notes on page 81

Famoui Players-Lasky Corp—Com stock 450, (Xuj shares ..
deferred (a Sr d) stock 8% cum conv s f auth $20,000,000
Paramount B’way Corp 1st msf g loan red (text) .kxxxc*
Federal Mining & smelting -Common stock Slo.oou.oou
Preferred (a & d) 7% cumulative $20,000 000 authorized
Federal Sugar Refining Co—Common stock___________
Preferred (a & d) stock 6% cum red conv (text)_________
Sinking fund gold bonds red (text)__________________kxc*
Firestone Nre & Rubber Co—Com stock $25.000.000___
First pref stock 6% cum $10,000,000 call llOskfd 1921
Second pref.stock 7% cum $40,000,000 call 110
____
Firestone Park Land Co coll tr s f g (guar p & i) -CLCL.kxxx
Firestone Cott M 1st M s f gbds(gu p&i)red 101-CLCLkc*.
Fisher Body t orp—Com. stk $60.000 000 auth_______
Serial gold notes (see text) red par______________Ba.xxxc*

Date

Bond!

Par
Value

Amouru
outstanding

None

370 114 shs
$8 000.000
10, 000,000
5, 4 I AHI1
1 • o. ,i i on
12 913.100
1 929.300
5 000,000
3, 580,260
8, 000,000
18 380,900
2 ,000,000
2 ,000,000
60 000.000
12 500.000

$100

1926 500-1000
Kk
i o100
100
500 &c
1923
10
100
100
100 &c
1923
1925 500&1000
25
1,000
1925

outstanding or which would aggregate more than $1,500,000 (except out
of earnings accumulated since Dec. 31, 1923) or while any dividends on
preferred stock are unpaid.
DIVIDENDS.—Preferred Stock: Initial dividend of $1.17 June 1 1924:
Regularly quarterly X%% since to Dec. 1 1926. Common (no par) 1920,
$3 75: 1921, $1 25: 1922, $2 25; 1923, $4; 1924, $2 95; 1925, $2 60. The
directors in Feb. 1926 declared four quarterly dividends of 75c. each of
the common stock, payable Mar. 31 .June 30, Sept. 30, and Dec. 31 1926 to
holders of record the 15th of each preceding month.
, It fe B V B BBl
OFFICERS—Pres., C. H. Morse; 1st V.-P., R>HTMorse;fl|V.-P. &
Gen. Mgr., W. S. Hovey; V.-P. & Treas., W. E. Miller; Sec. & Comp.,
F. M. Boughey. General office, 900 So. Wabash Ave., Chicago, Ill.—
(V. 122, p. 2659.)
FAMOUS PLAYERS-LASKY CORP.—ORGANIZATION—Incor­
porated in New York July 19 1916 as a holding and operating company
with the right to produce, lease and exhibit motion pictures, operate thea­
tres, &c. Acquired the Famous Players Film Co., the Jesse L. Lasky
Feature Play Co . Inc., the Paramount. Pictures Corp and its snbsi
diaries and the Artcraft Pictures Corp. In Jan. 1924 merged the Clark
Film Corp., New York. Owns stock in several other companies doing
business in the United States and foreign countries. Has general contract
with foreign concerns for substantially exclusive distribution of its pictures
On June 30 1919 acauired the Charles Frohman, Inc. V. 109, p. 176, 480
See V. 109, p. 1708. Other acquisitions, V. 110, p. 469: V. 115, p. 188
V. 116, p. 416; V. 120, p. 2688. Famous Players Canadian Corp., Ltd.
V. 110, p. 364 , 469; V. 113, p. 75, 2409; V. 114, p. 632; V. 119, p. 1287.
1400, 2184.
The Paramount Broadway Corp., a wholly owned subsidiary, is erecting
a building situated in one of the recognized centers of New York City: it
includes the entire block front on the west side of Broadway between 43rd
and 44th Sts., fronting on Times Square, and has an area of approximately
41,575 sq. ft., with frontages of 200 ft. 10 inches on Broadway, 207 ft. on
43rd St. and 207 ft. on 44th St.
The building will be known as the Paramount Building. It will be a
high-grade fireproof office and theatre building, the office portion of which
will be 31 stories with a height of approximately 417 ft., and with over 223,300 sq. ft. of rentable floor space for stores and offices. The theatre portion
of the building will contain a motion picture theatre with a seating capacity
of approximately 3,700. See also under “Bonds” below. V. 122,p.225.
The corporation in September 1925 announced the separation of its theatre
interests from its production and distribution departments, through the
organization of a new co. to be wholly owned by Famous Players, but under
the management of Balaban & Katz of Chicago. V. 121, p. 1466 , 2045.
STOCK.—Sinking fund of 3% of maximum issued pref. stock, less con­
verted amount, began Nov. 30 1920. Red. on 60 days’ notice (also for
sinking fund) at 120. Convertible at par at any time into common stock
at $107 32 per share (as amended). No mortgage without the consent of
2-3 of the outstanding pref. stock. Each share of pref. shall be entitled to
one vote. V. 108, p. 2245, 2633; V. 109, p. 487, 1612.
Common stockholders of record July 8 1925 were given the right to sub­
scribe for a number of shares of common stock with no par value equal to
50% (i. e., one share for each two shares held) of their holdings at $90 per
share. V. 120, p. 3194.
Recent Dividends— 1918 1919 1920 1921 1922 1923 1924 1925
Common____________
0 $5.50 $8
$8
$8
$8 $8
$8
Paid in 1926: Jan. 2, $2; April 1, $2; July 1, $2.
BONDS.—The Paramount Broadway Corp. 1st mtge. 5)4% 25-year
sinking fund gold loan is redeemable all or part on any int. date on 30 days’
notice up to and incl. Jan. 1 1936 at 103 and int., thereafter up to and incl.
Jan. 1 1941 at 102 and int., thereafter up to and incl. Jan. 1 1946 at 101
and int., and thereafter at 100 and int. Annual sinking fund payable in
semi-annual installments beginning Jan. 1 1929, sufficient to retire $250,000
principal amount of certificates per annum at redemption price, to be ap­
plied to purchase of certificates if obtainable at or below redemption price
then in force, or, to the extent not so obtainable, by call at such prices.
V. 122, p. 225.
Initial div. of 2% on new pref., paid Feb. 1 1920; same amount paid
quar. to May 1 1926.
REPORT.—For 1925, in V. 122, p. 1644, showed:
Calendar Years—
1925.
1924.
1923.
Operating profits___ ______
$6,418,054 $6,221,769 $4,605,785
Provision for Federal taxes..._______
700,000
799,420
360,001
Balance, operating profit__________ $5,718,054 $5,422,349 $4,245,784
Common divs. (paid and reserved)___ 2,200,814
1,867,450 1,858,240
Preferred divs. (paid & reserved)____
658,000
683,800
710,800
Divs. of sub. cos. (to outside interests)
_____
1,135
5,115

Balance, surplus._______
$2,859,240 $2,869,964 $1,671,629
Profit and loss surplus....... ...........
$15,209,317 $12,350,077 $9,480,113
OFFICERS.—Aldolph Zukor, Pres.; Jesse L. Lasky, 1st V.-P.; Frank A,
Garbutt, V.-P.; Elek J. Ludvigh, Sec. & Treas.; Richard W. Saunders,
Compt. Office, 485 Fifth Ave., New York.—(V. 122, p. 2337.)
(WILLIAM) FARRELL & SONS, Inc.—See Burns Bros, above.

FEDERAL MINING AND SMELTING CO.—ORGANIZATION.—
lncorp. under laws of Delaware June 25 1903. Owns silter-lead mines in
Ooeur d’Alene district, Idaho. V. 93, p. 733; V. 96, p. 1086; V. 97, p. 1424.
In 1905 Amer. Smelters Securities Co. (Amer. Smelting & Refining Co.)
acquired about $3,000,000 common stock. V. 93, p. 1728; V. 99. p. 52
DIVIDENDS.— ’14. ’15. ’16. ’17. ’18. '19. ’20. '21. ’22. ’23. ”24 '25
Common_________
0
0
0
0
0 .. __
__
Preferred................
5
4 4)£ 7
7 3X 6
4 ±X 7
7
7
The directors on Jan. 6 1926 declared dividends (paying the $19 25 per
share dividend arrears) on the preferred stock, as follows: $6 per share
payable Jan. 26, $6 per share payable Feb. 16, $7 25 per share payable
Mar. 9.
A
The directors also declared a special dividend on the common stock of
$10 per share, payable Mar. 16 1926 from earnings prior to Jan. 1 1926,
and passed a resolution announcing it to be the policy of the company, until
further action of the board, that, beginning with Jan. 1 1926, approximately
one-half of the current earnings of the company after all charges except
depletion, and after preferred dividends, shall be paid out as dividends on
the common stock. V. 122, p. 220.
H. Content & Co. on Jan. 8 1926 started suit in the Court of Chancery of
the State of Delaware asking for an injunction restraining the payment
of the common dividend of $10 per share. V. 122, p. 220. Chancellor
Wolcott issued a preliminary injunction on Mar. 16 1926. A demurer
filed by the company was overruled on April 20 1926. V. 122, p. 2337.
The company has filed an appeal. V. 122, p. 2659.




[Vol. 122,

INDUSTRIAL STOCKS AND BONDS
Rate
%

When
Payable

Last Dividena Places Where Interest an*
Dividends are Payable
and Maturity'

<|—F July 1 1926 $2
8
May 1 1926 2%
5) 4 g J&J Jan 1 1951___
See text
See text
See text
June 15 '26 l3/.,
See text
Aug 1 '24. IX
See text
Nov 1 '24, XX
6 g M&N May 1 1933
'ee texi Q—J 20 Apr 20 '26 $1X
6
Q—J 15 Apr 15 ’26 1 H
7
Q—F May 15 '26 1
6) 4 g J&D June 1 1933
6 g J&J July 1 1940
See text Q—F Mayl '26 $1.25
5 g J&J To Jan 1 1929
$8

Checks mailed.

Amer Ex Nat Bk, N Y

Cleveland Tr Co, Cleve
Cleveland Tr Co, Cleve
Bankers Trust Co, N Y

REPORT.—For 1925, in V. 122, p. 1603, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Operating earnings_$12,546,161
$9,468,309 $6,662,327 $4,653,023
Operating expenses____ _ 8,505,651___ 6,882,063_ 5J.27,048__ 3,655,424
Balance_______ $4,040,511
$2,586,246 $1,535,279
$997,599
Other income____ _____
4K),955_____ 303,346
262,239____ 208,214
Total income,......... .. $4,451,466 $2,889,592 $1,797,517 $1,205,813
Gen. exp., inc. tax, &c_.
682,405
882,922
339,942
235,482
Net earnings___ $3,769,060
$2,006,670 $1,457,575
$970,331
Previous deficit__ 7,624,662
6,566,548 6,291,985 5,933,614
Profit on common stock
purchased for treasury
822,592
_____
_____
_____
Total deficit________ $3,033,010 $4,559,878 $4,834,410 $4?963,283
Add’l inc. tax, prin., &c_____
_____
$50,000
_____
Depreciation__________
319,240
346,205
149,204
101,627
Ore depletion_________
719,572
756,790
693,899
657,731
Rev. of property accr__
_____
1,122,756
_____
_____
Preferred dividends.__
839,034 _
839,034 _ $39,034
569,344
Profit & loss deficit... $4,910,855 $7,624,662$6,566,548 $6,291,986
OFFICERS.—Chairman & Pres., Francis H. Brownell; Sec., J. L. Mar­
tin; Treas., F. C. Druding. Office, 120 Broadway, N. Y.—(V. 122, p.2659
FEDERAL SUGAR REFINING CO-—ORGANIZATION.—lncorp. in
New Jersey June 1 1902; reincorp. in New York May 3 1907. V. 84, p.
1117. Plant at Yonkers, N. Y., capacity 10,000 bbls. daily. Pref. stock
is subject to call at 125 and convertible into common stock at par. Both
classes of stock have equal voting power. Dividend on common stock 1912
to Oct. 1913. 5% yearly iQ -J.): none then until June 15 1917, when XX %
was paid: SeDt. 15 and Dec. 15 1917.
each; 1918 to 1922, inclusive,
7% per annum: 1923. 5%: Feb. I. May 1 aud Aug. 1 1924. paid 1 X% each;
none since. Divs on pref. paid in full to Nov 1 1924: none since. An
extra cash dividend of 5% was oaid on Aug 2 1920 A stock dividend of
60% was paid on Nov. 23 1922
BONDS.—The sinking fund 6% gold bonds due May 1 1933 are callable
as a whole or in part at 102X on or before Nov. 1 1928, at 102 in 1929,
101)4 in 1930, 101 in 1931, and 100)4 in 1932, plus interest in each case.
Sinking fund, $200,000 in 1925, and increasing at the rate of $50,000 each
succeeding year to a maximum of $550,000 in 1932.
REPORT.—For 14 months ended June 3 1922: (latest rendered):
14 \dos. to 22 Jos. lo ------- Years Ending-------June 3 1922. Apr. 2 1921. day 31 ’19. May 25 '18.
Profit..------- -------------- $643,367 $5,540,875 $1,654,291 $2,172,945
Interest---------------------- $333,722
$468,535
$328,001
$225,427
Inc. & exc. profits tax,&c
182,195
1,351,337
218,909
1,003,002
Dividends on stocks—.__ 732,505
1,384,678
783,625
603,088
Balance, surplus----- def$605,055 $2,336,325
$323,756
$341,428
OFFICERS.—Chairman, C. A. Spreckels; Pres., P. J. Smith; V.-P.,
Lewis L. Clark; Sec. & Treas., A. H. Platt. Office, 82 Wall St., New
York.—(V. 120, p. 834.)
FIRESTONE TIRF & RUBBER CO. (THE)—ORGANIZATION.—
lncorp. in W Va. in Aug. 1900: in 1910 reincorp. in Ohio Manufactures
automobile and truck tires, other rubber products and accessories and steel
rims. Factories are located at Akron, Ohio, Hudson, Mass., and Hamilton,
Ont., and preparation mills at Fall River, Mass., and Singapore Straits
Settlements. Canadian subsidiary. V. 114. p. 2723.
President Harvey S. Firestone, Oct. 14 1925, announced that the Firestone
Plantation Co. has obtained concessions for 1,000,000 acres of rubber planta­
tions in Liberia, W. Africa, and that the project calls for an investment of
$100,000,000. Development plans, it is stated, call for building harbors,
roads, towns, hospitals and possibly organization of steamship lines.
Compare V. 121, p. 1914.
President Firestone on Oct. 28 1925 also announced the leasing by the
company of 35,000 acres of rubber plantation land in the Province of
Tobasco. Mexico. V. 121, p. 2279.
STOCK —In Aug. 1919 (V. 109, p. 681) increased the auth. issue of cornstock to $25,000,000 and auth. also $40,000,000 7% pref stock, of which
$10,000,000 was sold. See offering, V. 109, p. 1182.
Divs on 1st pref.. 1)4% Q.-J. 15: 2d pref.. XX% Q -F 15
Dividend Record on Common. Shores (Par Value

*10

after

1916).

Year—
1917. 1918. 1919. 1920. 1921. 1922-23. 1924. 1925.
Per share----- $4.25 $6.25
$8
$6
$1.50
None
$4
$6
Paid in 1926: Jan. 2, 10% (special); Jan. 20, 15%; April 20, 15%.
BONDS.—Guarantees prin., int. & sink, fund $2,000,000 coll, trust
s, f. 6)4% gold bonds due June 1 1933 of Firestone Park Land Co. and
$2,000,000 1st mtge. s. f. 6% gold bonds due July 1 1940 of Firestone
Cotton Mills. V. 117, p. 211. ; V. 121, p. 205.
REPORT.—For year ended Oct. 31 1925. showed:
Years End. Oct. 31— 1924-25.
1923-24.
1922-23.
1921-22.
Sales------------------------ $125,597,998 $85,610,004 $77,583,149 $64,507,301
Depreciation--------------- 2,614,192
1,716,860
1,670,998
1,559,530
Net after deprec., int.,
& Federal taxes-------- 12,800,412 7,116,689
6,104,992
7,348,421
Balance after 6% pref.
divs. & red. fund----- 11,811,653 6,066,935
5,038,859
6,309,885
OFFICERS.—Pres.. H. S. Firestone; V.-P.. A. C. Miller; V.-P., J. W.
Thoms; Sec., S. G. Carkhuff; Treas., J. J. Shea. Office, Akron, Ohio.—
(V. 122, p. 488.)
FIRST NATIONAL PICTURES, INC.—(V. 122, p. 2954.)
FISHER BODY CORPORATION.—ORGANIZATION.—Organized in
N. Y. State Aug. 1916. The original Fisher Body Co. was formed in 1909.
The corporation operates 33 plants in U. S. and Canada.
The Fisher Body Ohio Co., a controlling interest (approximately 98%)
in which is held by Fisher Body Co., was organized in Oct. 1919 to build an
additional plant with 1,500,000 sq. ft. of floor space. See that co. below.
V. 109. p. 1612, 480; V. 103. p. 1690, 1893. Owns all of the common
stock of the National Plate Glass Co. Acquisition of plant at Memphis
from Kelsey Wheel Co. V. 117, p. 1998. In July 1925 acquired the
Fleetwood (Pa.) Metal Body Co.
The General Motors Corp, in Nov. 1919 entered into an agreement to
order and purchase from the company substantially all of the automobile
bodies required by it which the company can furnish on a cost plus 17.6%
basis.
In Dec. 1923 acquired approximately 100,000 acres of standing timber
properties located in Tennessee, Arkansas, Louisiana and Mississippi. The
properties will be operated by a subsidiary, Fisher-Hurd Lumber Co.—
V. 117, p. 2895.
STOCK.—The entire outstanding preferred stock was redeemed on May 1
1923 at 120 and divs. At a special meeting of stockholders Dec. 29 1924, it
was voted to authorize and issue 2,400,000 shares of common stock, par
$25, to take the place of the old authorized and outstanding common
stock of 600,000 shares of no par value, stockholders receiving the right to
exchange their stock on the basis of one share of old stock for four shares of
new stock.
The General Motors Corp., which owns 60% of the stock, in May 1926
offered to acquire the minority interest on the basis of two-thirds of a share
of General Motors common for each share of Fisher Body stock. V. 122,
p. 2804, 2954.

May, 1926.]

MISCELLANEOUS COMPANIES

IFor abbreviations. &c., see notes on page 8]

Date

Bonds

Par
Value

Amount

Outstanding

Nont 808,255 hs
$100 $18,520,900
100 See text
100
1 006 000
500 Af
8 370 ooo
ist /Cosed' rottre .« f void bonds call (text).__
kc* 1091
Sinking fund gold notes red (text)_____________Ce.kxxxc* 1926 500&1000 10,000,000
None 4,500,OOOsh
Fleischmann Co—Common stock 4,500,000 shares auth__
Pref (a & d) stock 6% cum $3,OOO.O0O auth_____________
100 $1,234,800
None 100.000shs
Foundation Co—Common stock lOO.OOO shares authorized
None 160,000shs.
FOUNDATION CO. (FOREIGN).—Cl. A stk. (see text)
None 160,000shs.
Class B stock (see text)_______________________________
Fisk Rubber Co—Common stock'1,250.000 shares________
First, pref (a & d) stock 7% cum $24,950,000 call 110 sk fd
First pref conv stock 7% cum $4,630,300 auth_________
Second pref 7% com $10,000,000 conv till Dec 31 1930__

A plan for the exchange of common stock of the Fisher Body Ohio Co. foi
common stock of Fisher Body Corp, was declared operative in May 1921
Under this plan (as modified) the holder of each share of the Ohio Co
stock was entitled to $3 in cash and one-fifth of a share of common stock ii
the parent corporation.
DIVIDENDS.—Initial dividend of $2 50 per share on com. paid Feb. 2
1920; same amount paid quarterly to Nov. 1 1924. Feb. 2 1925 to May 1
1926 paid each quar. $1 25 per share on new stock of $25 par value.
NOTES.—The 6% serial gold notes were all redeemed on Feb. I 1925.
V. 119, p. 2651.
The 5% serial gold notes mature as folio"s: Series A, $2,500,000 Jan. 1
1926; Series B, $2,500,000 Jan. 1 1927; Series C, $5,000,000 Jan. 1 1928:
Series D, $5,000,000 Jan. 1 1929. Redeemable as a whole or as to one or
more series (and, if as to one or more series, then in the inverse order of the
maturity of the respective series), at the option of the company on any inter­
est date on 60 days’ prior notice by publication, at par and interest.
REPORT.—Year end. April 30 1925, in V. 120, p. 3060, showed:
1924-25.
1923-24.
1922-23.
Net income after Federal taxes, &c. .$15,244,409 $22,102,009 $17,172,176
Preferred dividends________________
_____
_____
182,038
Common dividends________________ 9,000,000
5,981,408
5,000,000
-——3 Months Ended-—— ------9 Months Ended-----Period—
Jon. 31’26. Jan. 3l ’25. Jon. 31’26. Jan. 31.’25.
a Net earns. A income..$10,035,853 $2,957,548 $25,887,407 $9,056,173
Deduct—Interest charges
293,805
288,826
754,471
813,938
Prov. for Fed. income
& profits taxes and
Can’n income taxes. 1,257,924
361,533
3,203,407
1,060,676
Balance, surplus____ $8,484,124 $2,307,188 $21,929,529 $7,181,558
a Net earnings and income from operations after deducting all expenses
of the business, including expenditures for repairs and maintenance of
properties and an adequate allowance for accruing renewals and deprecia­
tion.
OFFICERS.— Chairman, Louis Mendelssohn; Pres., Wm. A. Fisher;
V.-P., Edward F. Fisher and Alfred J. Fisher; Treas., William Butler;
Sec., Aaron Mendelsnn; Comp., A. Foy. Office, Detroit, Mich.—(V. 122,
p. 2954.)
FISHER BODY OHIO CO. (THE).—ORGANIZATION.—Incorp. In
Ohio about Oct. 18 1919. Fisher Body Corp, owns a controlling interest.
Plant is located in Cleveland, Ohio. Company owns in fee about 45 acres
of property. The buildings are seven in number, having a total floor
space of about 25 acres.
CAPITALIZATION.—The entire outstanding 8% cumul. pref. stock
was redeemed an Oct. 1 1925 at 110 and divs. Common stock (no par
value), 100,000 shares; held by public, 1,435 shares; held by Fisher Body
Corp., 98,565 shares. No bonds. Exchange of com. stock of Fisher
Body Corp., see that eempany above.
REPORT.—Fer year ended April 30 1925, in V. 120, p. 3320, showed:
---------- Year Ended April 30——------ Dec. 1 '21 to
Period—
1925.
1924.
1923.
Apr. 30 ’22.
Earnings after deprec... $2,380,356 $5,539,581 $3,705,519
$398,759
Int., Fed. taxes, <te___
428,725
909,542
549,712
58,482
Portion of comm, on sale
of Preferred stock___
_____
_____
120,000
50,000
Organ. exp. written off..
_____
_____
53,367
...___
Preferred dividends___
704,133
755,600
648,000
200,000
Balance, surplus......... $1,247,498 $3,874,439 $2,334,440
$90,278
Pres., E. F. Fisher; V.-P., A. J. Fisher; Treas., L. R. Scafe; Sec., A.
Mendelson Compt., M. E. Page. Office, Cleveland, Ohio.—(V. 121,
p. 1106.)
FISK RUBBER CO. (THE).—ORGANIZATION, &C.—Incorp, in
Mass, in 1912. Manufactures pneumatic and solid tires for automobiles
and trucks; also for motorcycles and bicycles, &c. Factories are located at
Chicopee Falls, Mass., Cudahy, Wis., Pawtucket, R. I., New Bedford,
Mass., and Jewett City, Conn.
The stockholders of the Fisk Rubber Co. and Federal Rubber Co. in Sept.
1921 voted to consolidate the two companies and to take over the Ninigret
Co. V. 113, p. 631. 1160.
STOCK.—The stockholders on Dec. 28 1925 approved the proposed plan
to pay the back dividends of $26 a share on the 1st pref. stock and of about
$31 a share on the 2d pref. stock. In settlement of the divs. on the 1st
pref. stock, stockholders were offered $1 in cash and $25 in 1st pref. (conv.)
stock, which will be entitled to 7% divs. ranking equally with the present
1st pref. stock and will be convertible into 4 shares of com. stock at any
time up to Dec. 31 1935- When all the divs. on the 1st pref. stock are paid, it
is proposed to offer to 2d pref. stockholders in payment of their accumulated
divs. com. stock to be taken at a valuation of not less than $25 a share.
V. 121, p. 2757. The 2d pref. is convertible into com. par for par until
Dec. 31 1930. The 1st pref. is callable all or any part at 110 at any time
on 60 days’ notice, and when that has all been redeemed the 2d pref. will
be redeemable in like manner.
BONDS.—The 1st mtge. 8% sinking fund gold bonds are callable as a
whole only at 11714 and int, from Sept. 1 1931 to Sept. 1 1936, and there­
after at 112J4 and tnt. Sinking fund, $500,600 per ann. V. 113, p. 1160.
NOTES.—The 5-year 514% sinking fund gold notes are red. all or part
by lot, on any int. date on 30 days’ notice at 102 and int., to and incl.
Jan. 1 1927; thereafter at 10114 and int. to and incl. Jan. 1 1928; thereafter
at 101 and int., to and incl. Jan. 1 1929; and thereafter prior to maturity
at 10014 and int. An annual sinking fund of $250,000, payable semi­
annually Jan. 1 and July 1 (first payment July 1 1926, last payment July 1
1930), will be provided to purchase these notes at not exceeding 100 and
int., unexpended funds to revert to the company. V. 122, p. 488.
DIVIDENDS.—Initial div. of 3% quar. on com. stock paid April 1 1920.
July 1 1920, 3%; Oct. 1 1920, 3%; none since. On 1st pref. no payments
were made from Aug. 1921 to Nov. 1924, both incl.: on Feb. 2 and Mav 1
1925 paid 1% quar.; Aug. 1 1925 to May 1 1626 paid 1)4% quar. The
Sept. 1921 and subsequent divs. on 2d pref. were deferred. As of Oct. 31
1925 the accumulated divs were as follows: on 1st pref., 26%; on 2d pref.,
30lln%. (For plan providing for payment of these divs., see under “Stock”
above.)
REPORT.'—For year ended Oct. 31 1925, in V. 122, p. 743, showed:
Year Ended Year Ended 10 Mos.end.
Oct. 31 '25. Oct. 31 ’24. Oct. 31 ’23.
Gross sales_______________________ $74,900,373 $52,946,531 $44,862,744
Selling & admin, exp., incl. deprec.. 64,918,561 48,686,987 41,051,863
Operating profit__________________$9,981,812 $4,259,544 $3,810,881
Int. charges & Fed, tax reserve, &c_. 3,872,906
1,522,880
1,727,268
Net profit_______________________ $6,108,906 $2,736,664 $2,083,613
Previous surplus__________________ 8,348,771
5,612,107
3,528,494
First preferred dividends__________
1,025,696
_____ _____ _____
Total surplus___________________ $13,431,980 $8,348,770 $5,612,107
Pres., H. T. Dunn; Treas., R. B. McGaw; Sec., Andrew A. Leiser Jr.;
Office. Fisk Bldg., New York.—(V. 122, p. 2507.)




IT?

INDUSTRIAL STOCKS AND BONDS
Rate

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Q—F

Oct 1 1920 3%
May 1 ’26 1 X Vew Eng Tr Co, Boston

Q—F
MAS
J & J
Q—J
Q—J
Q-M 15

May 1 ’26 1
Sept 1 IQ41
New York
Jan 1 1931
Dillon, Read & Oo, NJY
Apr 1 1926 50c
Ian 1 1926 IX
June 15 ’26 $2

FLEISCHMANN CO. (THE).—Incorp, in Ohio in April 1905: certificate
of reorganization filed in Oct. 1922. Manufactures yeast and distilled
vinegar; also produces malt. In Oct. 1925 purchased from the National
Distillers Products Corp, the plants and equipment of the Liberty Yeast
Corp. V. 121, p. 1795. In Nov. 1925 purchased the North Star Malting
Co.’s plant at Minneapolis. V. 121, p. 2646. The co. has a total capacity
of about 7,500,000 bushels of malt yearly, operating malt houses in Chicago,
Buffalo, Red Wing, another plant in Minneapolis, and Watertown, Wis.,
and in connection with these malt houses a chain of 24 country elevators are
also operated by the Fleischmann Malting Co. throughout the States of
Minnesota and South Dakota.
STOCK.—The stockholders voted Nov. 10 1925 to increase the auth­
orized capital stock (no par value) from 1,500,000 shares to 4,500,000
shares. The new stock was exchanged 3 shares for 1 of the old stock.
DIVIDENDS.—
1923.
1924.
1925.
Regular______________________
$1.50$2.75 $3.75
Extra____________________________________ $1
75c.
1.50
Paid in 1926: Jan. 2, $1; April 1 50c. (on increased capitalization).
REPORT.—For 1925, in V. 122, p. 1032, showed:
Calendar Years—
1925.
1924.
Net sales____________ ______________________ .$56,645,813 $46,442,691
Cost of sales_________________________________ 20,820,924 17,258,161
General expenses, &c________ ,________________ 20,587,306 18,575,475
Net operating income-------------- :____________ $15,237,583 $10,609,055
Other income_______________________________
823,698
840,633

Gross income______________________________$16,061,281 $11,449,688
Income charges
179,208
229,615
Federal and Canadian taxes___________________ 1,959,968
1,376,840
Preferred dividends .
74,274
76,678
Common dividends___________________________ 7,500,000
6,000,000
Profit and loss credits .
176,944
18,627
Profit and loss charges.
270,821
464,420
Surplus.------- --------------------------------------------- $6,253,954
$3,320,762
Quarter Ended Mar. 31—
1925.
1925.
1924.
Net sales-------------------------------------- $14,984,387 $12,594,232 $10,539,443
Operating profit___________________ 4,596,528
3,067,646
2,321,369
Other income_____________________
178,643
246,860
191,909
Charges and Federal taxes_________
643,793
475,534
322,680
Preferred dividends________________
18,522
' 18,618
19,425
Common dividends________________ 2,250,000
1,500,000
1,125,000
Surplus__________________________ 1,862,856
1,320,354
1,046,173
OFFICERS.—Chairman, Max C. Fleischmann; Pres., Joseph Wilshire,
1st V.-P., Paul W. Fleischmann; Sec. & Treas., Hugo A. Oswald. Office/
701 Washington St., New York.— ,V. 122, p. 2337.)
FORD MOTOR CO.—(V. 122, p. 2049.)
FOUNDATION CO. (THE).—(See Map.)—Incorp, under laws of New
York on April 1 1902 Conducts directly or through subsidiaries a general
engineering and construction business in the United States and many
foreign countries. Since inception company has specialized in foundation
work in lower Manhattan and at present does the greater part of this class
of construction. Its engineering and construction work includes sub­
aqueous work of all kinds, the building of industrial plants, power houses,
hydro-electric developments, railroads, bridges, harbor and river terminals,
mine shafts and tunnels and general building construction. Directly or
through subsidiaries has important contracts in the United States, Canada,
Great Britain, Belgium, France, Greece, Japan and South America. Much
of its present business consists of the construction of power developments for
public utility corporations, but it is equipped for practically every type of
construction. A large percentage of its business is done on a cost-plus basis.
The Foundation Co. (Foreign), a subsidiary, was incorporated in Dela­
ware on Nov. 27 1925 with an authorized capitalization consisting of 160,000
shares of Class “A” stock of no par value, and 160,000 shares of Class “B”
stock of no par value. V. 121, p. 2882.
STOCK.—All of the outstanding cumul. conv. pref. stock was redeemed
on March 16 1925 at 115 and divs.
The stockholders on Feb. 19 1925 increased the auth. common stock from
75,000 shares to 100,000 shares of no par value. Stockholders of record
Mar. 3 1925 were offered 15,000 shares of new common stock (no par value)
at $95 a share on the basis of 1-5 of 1 share for each share of old stock held.
The stockholders of record Nov. 11 1925 were given the right to subscribe
for 10,000 additional shares of capital stock (no par value) at $125 per share,
on the basis of one new share for each nine shares held.
The stockholders of record Dec. 3 1925 were given the right to subscribe
at $28 50 a share for 100,000 shares of Series A stock of a new subsidiary
company to be known as The Foundation Co. (Foreign). Compare V. 121,
p. 2526, 2882.
DIVS.—On common stock, initial div. of $1 per share was paid Dec. 15
1917; Jan. 15 1918, $3 extra; Mar. 15 1918 to Dec. 15 1918 paid $1 quar.;
Dec. 15 1918, $3 extra; Mar. 15 and June 15 1919, $2 each; Aug. 15 and
Oct. 15 1919, $5 each; Dec. 15 1919 and Mar. 15 and June 15 1920, $2 per
share each; Sept. 15 1920 to Mar. 15 1921. $2 50 quar.; June 15 1921 to
Dec. 15 1921, $1 50 quar.: 1922, $6 per share; Mar. 15 1923 to Dec. 15 1924.
$1-50 quar.; Mar. 16 1925 to June 15 1926 paid $2 quar. On Jan. 25 1926
paid 40% in series “A” stock of Foundation Co. (Foreign).
REPORT.—For 1925, in V. 122, p. 1771, showed:
Includes Foundation Co., Ltd.; Construction Equipment Co., Ltd.,
and Foundation Co. of Canada, Ltd.]
Years End. Dec. 31—
1924.
1922.
1923.
1925.
Gross income _. _ ■ . $2,067,222 $1,997,842 $1,358,469 $1,076,223
Federal taxes. .
__
35,000
50,000
Expenses, &c . .
951,542
1,022,661
865,171
844,401
Preferred dividends__
48,9281
297,115{
Common dividends____
687,792
318,805/
197,720

Surnlus _
..__ __
3 Mos. End. Mar. 31—
Gross earnings ...
Exp., charges & taxes..

$321,769
1926.
$369,183
288,605

$628,567
1925.
$322,800
287,577

$196,183
1924.
$286,756
259,128

$34,102
1923.
$205,437
192,590

Net income. .
$35,223
$80,578
$27,628
12,847
OFFICERS.—Honorary Chairman, Franklin Remington; Chairman,
John W. Doty; Pres., H. J. Deutschbein; V.-P. & Gen. Mgr., G. L. Free­
man; V.-P., Frank Quilter, Wm. Steele, Walter C. Hebard, Geo. R.
Johnson, Lee F. Giblin, Walter Rutherford, Reuben Davis, and J. H.
O’Brien; Sec. & Treas., Ralph L. Dalton.
DIRECTORS.—Franklin Remington, C. P. Coleman, John W, Doty,
Frank Quilter, Willis Booth, H. J. Deutschebin, Louis Stoddard, A. J.
McQuatters, H. P. Wilson, R. L. Dalton, R. J. Davidson Jr., New York,
N. Y. Office, 120 Liberty St., New York.—(V. 122, p. 2804.)
(THE) FOUNDATION CO. (FOREIGN).—Incorp, under laws of Dela­
ware Nov. 27 1925 to take over the business of the Foundation Co. in all
parts of the world other than North, Central, and South America, the West
Indies, the British Empire (including British mandate territory) and the
insular possessions of the United States, together with the good-will of the
Foundation Co. in such territory, any and all contracts, options, &c.,
possessed by the Foundation Co. for carrying out work in such territory and

J 78

IN DU ST RI AL STOC KS AN D BO ND S
[V ol. 122.




Mat, 1926.]

179

INDUSTRIAL STOCKS AND BONDS
Date
Bonds

MISCELLANEOUS COMPANIES
[For abbreviations, Ac., see notes on page 8]
Preeport Texas Co—Stock 732,000 snares autb_____
Galena Signal Oil Co.—Common $22,000,000 Auth.
Preferred 8%_________________________________
New pref (a & d) 8% cum $8,000,000 call 116____
Convertible debentures $6,000,000 auth ced text...
Subsidiary Co., entire $12,000,000 stock owned—
Galena Signal Oil of Tex bonds red. 105___________

Ba

Par
Value

Amount
Outstanding

None
729,844 sb
$100 $16,000,000
100 2.000 0(M,
100 4.000.000
1920 100&1.000 4,819,700

_c* 1918

1,000

2,800,000

None 155,000 shs.
None 303,570 shs.
100 $8,319,700
100 23,584.000
General Asphalt—Common stock__________________ __ ___
100 7,416.000
Pref fa A dl stk 5% cum couvert, (text) call 110 & div__ C.
Convertible gold bonds red (text)__________________ kxxx 1924 100&1000 4,837,000
None 429.719 sh.
General Baking Co—Common stock 500,000 shares auth,.
None
Preferred (a & d) stock $8, cum 100,000 shares auth..........
90,775 sh.
1,000 1,478,000
Kolb Bakery first gold red 105 __________________ Gxc* 1911
Dillman Bakery first s f gold $500,000 auth red 105-Col.c* 1915
100 &c
236.000

Gardner Motor Co, Inc—Stock 300,000 snares authorized
General Amer Tank Car Corp—Common stock__________
Preferred (a & d) stock_______________________________
Oar trust certificates—See text.

the entire capital stock of the Belgian and French subsidiary companies of
the Foundation Co. which companies now carry on business in Belgium
and France, respectively.
For the property so transferred the Foundation Co. received 40,000 shares
of Class A stock and 160,000 shares of Class B stock of the Foundation Co.
(Foreign). 20,000 shares of such Class A stock were sold to bankers and the
remaining 100,000 shares of Class A stock were offered to the stockholders
of the Foundation Co.
STOCK.—The Class A stock shall be entitled to non-cumulative divi­
dends at the rate of $2.50 per share per year, either for the whole
year or for current quarterly periods thereof, before any dividend for
such period shall be paid or set apart on the Class B stock. After divs.
at such rate have been paid or set apart on the Class A stock for any cur­
rent annual or quarterly period, divs. for such period may be paid or
set apart on the Class B stock at a rate not in excess of $2.50 per share
per year, entirely irrespective of whether divs. for prior years or for prior
quarterly periods have been earned, paid or set apart on the Class A stock.
After divs. at such annual rate have been paid or set apart upon both
the Class A and Class B stock for any period, any additional divs. which
may be declared for such period shall be distributed ratably among the
holders of all shares of Class A stock and of Class B stock then outstanding
irrespective of class. The Class A and Class B stock shall be entitled to
equal voting rights, each share of each class having one vote.
FOX FILM CORP.—(V. 122, p. 2955.)
FREEPORT TEXAS CO.—ORGANIZATION.—Incorp. Sept. 30
1913, in Delaware A holding company controlling through ownership of
entire stock; Freeport Sulphur Co. ($200,000); Freeport Town Site Co.
($20,000); Freeport Light, Water & Ice Co. ($5,000); Freeport Sulphur
Transportation Co. ($25,000); Freeport Asphalt Co. ($50,000): Sulphur
Export Corp. ($9,380); South Texas Stevedore Co. ($5,000). Also owns
500.000 francs (of a total of 2,000,000) of Societe Pour L’lmportation
et al Vente des Soufres Americains. Owns entire $250,000 stock of La
Espuela Oil Co., which was organized in Mexico. Full description in
V. 108, p. 1517. Export association formed, V. 115, p. 1638. The new
plant at Hoskins Mound. Tex., was put into operation on Marche , 1923.
DIVIDENDS.—(On capital of $100 par.) Nov. 4 1915 to May 151917
incl., 10% quarterly; on capital no par value (per share); Aug. 15 1917, to
Nov. 15 1917. Feb. 15 and May 15 1918. $1.50 each; May 20 1919. $2
Aug. 20 1919, $1: Nov. 28 1919, $1; none since.
REPORT.—For fiscal year end. Nov. 30 1925 in V. 122, p. 1318:
Nov. 30 Years—
1924-25.
1923-24.
1922-23.
1921-22.
♦Net profits____________ $1,094,213
$439,395 $1,339,435
$290,781
Total income_________
1,158,687
458,425
1,374,437
422,273
Federal taxes_________
140,862
243,578
112,439
60,751
Int., depl’n, deprec., &c.
267,516
540,609
491,887
615,020

When
Bate
Last Dividend Places Where Interest and
Payable and Maturity
Dividends Are Payable
%
See texi
Nov 28 1919 $1
See text
Tune 30 ’25 1 % Cnecks mailed
Q—M Mar 31 ’26 2%
8
do
8
Q—M Mar 31 ’26 2%
do
7
A & O Apr 1 1930
Bankers Trust Oo, N Y
& O July 1 1933

6

A

$3
7

J

5
6g

Q—M Junel 1926 i )£
& C Oct 1 1939
Octi ’25. $1)4
Q—J Mar 31 1926 $2
J & J Jan 1 1937
M&S Mar 1 1935

$8
5g
6g

A

Fidelity TrCo, Houston,
U S Mtge & Tr Co. N Y

& J fan 1 ’26 $1.50 Checks mailed
do
Q—J Apr 1 1926 1 %
Checks mailed
Bankers Trust Co, N Y
Checks mailed
do
Company’s office, N Y
Irv Bk-Col Tr, N Y

pany owns the entire capital stock of the General American Car Co., Genera^
American Tank Car Corp, of La., General American Refrigerator Express
and General American Tank Storage & Terminal Co., Inc.
CAPITAL STOCK.—Authorized, 400,000 shares Common of no par
value and $10,000,000 7% cumulative preferred, par $100; outstanding,
303,570 shares common and $8,319,700 preferred. Pref. stock provisions
in V. 110. p. 2090.
DIVIDENDS.—On common: April 1 1919 to April 1 1920, $1 50 quar.;
May 1 and July 1 1920, 50 cents each; Jan. 1 1921 to Jan. 1 1926, $1 50
semi-ann.
CAR TRUST CTFS.—Outstanding Dec. 31 1925 as follows:
Due
Bate
Due
Bate
Detail o,
Series Date
% Amts. Due. Series Date.
% Amts. Due.
A
Apr. 1 ’27 7)4
$288,000
May 1 ’27 5)4
$300,000
Apr. 1 ’28 7)4
288,000
May 1 ’28 5)4
300,000
Apr. 1 ’29 7)4
288,000
May 1 ’29 5)4
300,000
Apr. 1 ’30 7)4
288,000
May 1 ’30 5)4
500,000
Apr. 1 ’31 7)4
584,000
May 1 ’31 5)4
600,000
Dec. 1 ’26 6
400,000
May 1 ’32 5)4
700,000
Dec. 1 ’27 6
500.000
May 1 ’33 5)4
800,000
Dec. 1 ’28 6
500.000
May 1 ’34 5)4
900,000
Dec. 1 ’29 6
500.000
Dec. 1 ’30 6
500.000
REPORT -For 1925. in V. 122, ». 2660, showed
Calendar Years1925.
1924.
1923.
1922.
Net income$2,477,001 $2,483,198 $2,243,256 $1,706,796
Taxes .
X473.045
X436.199
x425,000
185,000
Preferred dividends___
596,013
625,142
637,439
500,330
Common dividends___
760,200
760,200
750,200
760,203
Balance to surplus... $647,743
$661,656
$420,617
$261,262
x Includes reserves for contingencies.
OFFICERS.—Pres., Max Epstein; V.-Pres., David Copland; V.-P. &
Compt., John M. Sweeny, Chicago; V.-P., Henry E. Butler, New York;
V. -P., Le Roy Kramer; V.-P. & Sec., Elias Mayer: Treas. & Asst. Sec.,
W. J. Woodward, Chicago, Asst. Sec., Bennet Epstein, New York; Asst.
Compt., Sam Land, Chicago. N. Y. office. 17 Battery Place.—(V. 122.
p. 2260.)
GENERAL ASPHALT CO.—ORGANIZATION.—Incorp. In N. J. on
May 19 1903 as successor of the Nat. Asphalt Co., per plan V. 75. d. 188;
V. 76. p. 1145: V. 79. p. 101, 2586; V. 80. d. 2218: V. 82. p 1208.
Controls the following corporations through which, as subsidiaries, prac­
tically all of the business is conducted: The Barber Asphalt Co.; The Trin­
idad Lake Petroleum Co., Ltd.: The Uintah Ry. Co.: Gilson Asphaltum
Co.; The Petroleum Devel. Co., Ltd.; The Trinidad Lake Asphalt Operating
Co., Ltd.; N. Y. & Bermudez Co.: the Bermudez Co.
Subsidiary companies own extensive asphalt deposits and petroleum
lands in Trinidad and Venezuela and gilsonite deposits in Colorado and
Utah; operate Important mining, refining and shipping properties, proluclng a great variety of asphaltic and other materials for paving, roofing
Minting. Sic., and conduct a paving business.
Agreement with Royal Dutch Co., V. 115, p. 2691; V. 118, p. 1906.
STOCK.—The total authorized capital stock (pref. & com.) was in­
creased to $40,000,000 in Sept. 1924. The pref. stock is convertible Into
com. stock as follows: $150 com. for $100 pref.
DIVIDENDS.—
1 06. ’07. ’08. ’09 to’18. ’17. 18. ’1 9 to June’26
On preferred............... J 4
2
2
5 yly
5 5 l)4quar(Q-M)
The accumulated dividends, 9 )4 %, were discharged in full In cash.
t% In 1910 and balance. 8)4%. through payment in 1915 of debentures
issued representing same.
CONVERTIBLE BONDS OF 1924.—Convertible after April 1 1927
Into com. stock at par. Call, all or part at 105 and int. up to and incl.
Oct. 1 1929, and thereafter at )4%less premium during each successive
year prior to the year of maturity, together with accrued Interest.
Each stockholder of record Sept. 23 1924 had the right to subscribe to
bonds of the above issue in an amount face value equal to 18.4% of the
par value of his holdings of stock, including both pref. and com. stock,
at the price of 97)4% of their face value and accrued int. V. 119, p. 1513.
The 10-year 6% debentures of 1915 were redeemed on Oct. 1 1924 at
par and int. The 8% convertible gold bonds, due Dec. 1 1930, were re­
deemed on Dec. 1 1924 at 105 and int.
REPORT.—For 1925, in V. 122, p. 1910, showed: ,
Calendar Years—
1925.
1924.
1923.
1922.
Trade income.................. $17,634,375 $16,110,062 $14,015,652 $12,059,946
Expenses & depreciation 14,795,942 13,304,120 12,034,050 10,869,543

Balance.
.sur$750.309 def$325,762 sur$770,lll def$253,498
• After cost of sales and expenses.
OFFICERS.—Pres., Eric P. Swenson; V.-P., E. E. Dickinson; Treas.
S. M. Swenson; Sec., F. M. Altz; Gen. Aud., O. H. Findlay. New York
office, 61 Broadway.—(V. 122, p. 2508.)
GALENA-SIGNAL OIL CO.—ORGANIZATION. &O.—Incorp. it
Penn, in 1901
Deals In railroad lubricating and signal oils Formerly
controlled by Standard Oil Co. ofN. J. but segregated in 1911.
In 1918 arranged to acquire control, subject to $2,800,000 6% bonds
of Important interests in the Humble. Tex., oil field Including 42 well
(daily capacity, 3.000 bbls.), with 24-mile pipe line, and remaining 509.
of the $1,500,000 stock of the Petroleum Refining Co. (name changed to
Galena Signal Oil of Texas), owning refinery at Houston. V. 106. p. 123?
V. 110. p. 968.
In connection with these acquisitions the shareholders voted May 21 1911
to increase the authorized common stock from $12,000,000 to $20,000,001
and on creating $8,000,000 of 8% cumulative preferred (a. & d.) stocl
(callable at 115 and divs.), ranking as to assets and dividends ahead of al)
other stock except present $2,000,000 8% cum. pref stock Par of all $1 Ot
The plan involved (1) the issuing of $2,000,000 of such new pref. stocl
and $4,000,000 of the increased common stock, in part payment for afore
said acquisitions; while (2) $4,000,000 of such new pref. stock was offerer
for subscription to all stockholders of record June 29 1919 at par. V. 107
p. 85.
It was the Intention ofthe board that the remaining $4,000,000 of nev
common stock and $2,000,000 of new pref. stock should for the present re
main in the Treasury, unissued. V. 106, p. 1233. 2563; V. 110, p. 968
“American Republics Corporation Co.,’’&c., see V. 109. p. 1181. 1275.
Government suit. V. 118, p. 3161.
Stock—Debentures.—The stockholders in May 1920 approved the plat
to increase the common stock from $20,000,000 to $22,000,000 (par $100
and to issue $6,000,000 7% convertible debenture bonds, convertible into
$2,838,432 $2,805,942 $1,981,602 $1,190,403
common stock, par for par. Stockholders were given the right to subscritx Other income80,681
333,251
213,160
502,431
to the debentures at the rate of $100 in principal sum thereof for everj
3 2-3 shares held at $93 04 for each $100 of debentures. Debentures art
$2,919,113 $3,139,193 $2,194,762 $1,692,834
redeemable at 110 during 1920. at 109 during 1921. the premium decreasinf interest, gen. dxp,. &c_ $1,156,323 $1,432,914 $1,024,626 $1,050,120
1% each subsequent year until maturity. Convertible into common stocl Federal tax, &c______
241.785
133,750
92.030
31.587
at rate of $100 in par value of stock for each $100 in principal of debentun Preferred dividends (5 %)I
370.800
370,800
370.800
370,803
bonds. Compare V. 111. p. 696.
. $1,150,206 $1,201,729
$707,306
$240,324
SUB. OO.—BONDS.—A new company with title “Petroleum Refinins
Oo. of Texas” (in 1919 name changed to Galena Signal Oil Co. of Texas
OFFICERS.—Pres., Arthur W. Sewall: V.-P., C. W. Bayliss. A. L.
took over the properties acquired in Texas and operates the same
Robinson and Frank Seamans; Comp., Ira Atkinson; Sec., E. Robert Riter;
a separate organization This new company issued $6,000,000 capita
Treas., John A. MacPeak: Aud., Frank E. Deitlin. Office, Insurance Co.
stock (Increased to $12,000,000 Dec. 31 1924), all owned by the Galena of North America Bldg., Philadelphia, Pa.—(V. 122, p. 1910.)
Signal Oil Co.; also $3,800,000 6% bonds dated July 1 1918, $1,000,000
GENERAL BAKING CO.—Incorp. June 6 1911 in N. Y. Owns
of which are in the treasury.
plants in New York, Phila., Boston, Detroit, Cleveland, Buffalo,
Galena Pipe Line Co. (of Texas), Galena Navigation Co., Socleto bakery
Providence.
Washington, Rochester, Buffalo, New Orleans and other cities.
Anonyme des Huiles Galena (of France), Galena-Signal Oil Co., Ltd. (o’
In Oct. 1925 William B. Ward offered to purchase a controlling interest
London, Eng.), Galena-Signal Oil Co. (of Brazil), Galena-Signal Oil Oo
in the common stock of the dompany and to pay for such $225 a share and
(of Canada). V. 110, p. 968. 1294; V. Ill, p. 2143.
accrued dividends in cash. A new company known as the General Bak­
COMMON DIVS.— 1 ’13. 1914 to 1917. ’18. ’19-’21. ’22. ’23. ’24 ’25 ing Corp, (see below), was organized under laws of Maryland to hold stock
Cash(%)____
___ I 14 12% (3% qu.) 10)4 None
14 4 2
acquired as a result of this offer. Compare V. 121, p. 2163.
Divs. on common stock were resumed Dec. 30 1922 with a payment of 1 %:
STOCK—Both classes of stock have equal voting rights.
same amount paid auarterly to June 30 1925; none since.
DIVIDENDS.—On pref., in full to date. On new com., paid $2 per
Oom. stock, $4,000,000 was distributed May 15 1913 as a 50% stock div. share
quar. April 1 1922 to Dec. 30 1922: April 2 1923 to Oct. 1 1923 paid
REPORT.—Balance sheet as of Dec. 31 1925 In V. 122, p. 1318.
$1 quar.; Dec. 31 1923 to Oct. 1 1925 paid $1 50 quar.
OFFICERS.—Pres., L. J. Drake: V.-Pres., L. F. Jordan. J. E. I.inahen
BONDS.—The first gold 6% bonds due June 1 1936 were redeemed on
G. A. Barnes, Geo. L. Morton; W. A. Trubee, W. J. Walsh; Sec., J. French Dec. 1 1925 at 105 and int.
Miller, Treas., C. W. Hochette, N. Y. Office, Franklin, Pa.—(V-. 122,
The Kolb Bakery Co. first gold 5% bonds are guaranteed as to $40,000
yearly sinking fund and interest by General Baking Co.
p. 2804.)
GARDNER MOTOR CO., INC. (THE)—Incorp. under laws of New
REPORT.—For 1924, in V. 120, p. 844, showed:
York on July 14 1920. Plants are located in St. Louis, Mo.
----------- Consolidated Company----------1924.
1923.
1922.
REPORT.—Balance sheet as of Dec. 31 1925 in V. 122, p. 2199.
Net
after
taxes
and
bond
Interest
_____
$6,205,598 $5,272,472
OFFICERS.—Chairman, Russell E. Gardner; Pres., Russell E. Gardner, Reserve for depreciation------------------- $6,060,075
783,957
680.039
571,050
Jr.; Exec. V.-P. & Treas., F. W. Gardner; Sec., W. H. Yeldell. Office, Preferred dividends.................................. ($8)726,200 ($8)719.720 ($8)703,796
St. Louis, Mo—(V. 122, p. 2199.)
Common dividends-------- ------------ ($6)2,578,314(450)1921807($8) 1108,624
GENERAL AMERICAN TANK CAR CORP.—Incorp. in N. Y. Kolb Bakery preferred dividends.__
_____
_____ (7%)13,990
July 5 1916. A bolding company owning the entire capital stock ($3,000,
000) of General Amer. Tank Car Corp., incorp. in W. Va. The latter com­
Balance, surplus................................ $1,971,604 $2,884,032 $2,875,012




180

[Vol. 122.

INDUSTRIAL STOCKS AND BONDS
MISCELLANEOUS SECURITIES
For abbreviations, <%c., see notes on page 8]

Date
Bonds

Par
Value

Amount
Outstanding

When
Rate
Last Dividend Places Where Interest and
Payable and Maturity
Dividends Are Payable
%
General Baking Corp—Class A stock 5,000,000 shares auth ___
None 1,045,757sh See text Q—J Apr 1 ’26, $1)4............................................
Class B stoek 5,000,000 shares authorized______________ ___
None 4,006,897sh
General Cigar Co, Inc—Common stock 500.000 shares__ - ___
None
$362,080 See text q—f Mayl 1926 $1 Check from Co's office
Preferred stock (p & d, 7% cumulative $5.000.000................... ......
$i00 5.000.000
Q—M Junel 1926 1If
7
do
dt
Debent pref (a & di stk “B" 7% cum $5,000,000 call 110
sk fd convert, Into common________ . .._________________
7
100 2,280.000
July 1 1926 1 Va New York
Serial gold notas due $700,000 ann red (text)______ kxxxc* 1923
100 &c 7.000,000
J & D To Dec 1 1935 Corn Exch Bank. N Y
68
General Electric Co—Common stock----------------------------- ----- See text See text See text Q—J J15 Apr 15 ’26 2% Check from Co’s office
Special stock 6% cum $55,000,000 see text_____________ ___
10 35.718.825 See text See text Apr 15 26 15c
fbntt«r« to>
«toc|, a. call 105 (V.75, p. 139)-X< 1902
100 <Jc<
2.047.000
3 i P & A Augl 1942
Guar Tr Co, A Y; & Bost
General Electric Co. Germany—See text.

OFFICERS.—Chairman, F. E. H. Frazier: Pres., C. Leslie Lowes; Sec. &
Treas.. A. A. Clarke. Office. 342 Madison Ave.. N. Y.—(V. 122. p. 2049.)
GENERAL BAKING CORP.—lncorp. Oct. 3 1925 under laws of
Maryland to hold stock of General Baking Co. acquired under offer byWill­
iam B. Ward In Oct. 1925—see General Baking Co. above. In November
1925 acquired the Smith Great Western Baking Corp., which operates nine
bakeries in Missouri, Kansas and Oklahoma.
STOCK.—Class A stock (no par value), having a value at liquidation of
$100 per share; authorized, 5,000.000 shares; issued, 1,045,757 shares;
subscribed but not fully paid, 5,135 shares; total, 1,050,892 shares. Class B
stock (no par value), authorized and issued, 5,000.000 shares; less held in
treasury, 993,103 shares; balance, 4,006,897 shares.
Suit by independent stockholders’ committee against William B. Ward.
Compare V, 122, p. 2955, 2338, 2199.
DIVIDENDS.—An initial quar. div. of $1 25 per share on the Class “A’
stock was paid on Jan. 2 1926; same amount paid April 1 1926.
REPORT.—For year ending Dec. 26 1925, in V. 122, p. 1043, showed:
Statement of Profit and Loss Account, Year Ended Dec. 26 1925 General
Baking Co. and Smith Great Western Baking Corporation}.

Profit from operations_____________________________________ $8,588,645
Depreciation______________________________________________ 1,053,908
Federal income taxes______________________________________
919,145
Net profit______________________________________________ $6,615,591
Net profit applicable to period prior to acquisition____________ 4,249,331
Net profit applicable to period since acquisition______________ x2,366,261
Dividend payable on General Baking Co. 8% cumul. pref. stock.
181,505
Minority interest,__________________________________________
6,852
Dividend payable Jan. 2 1926 on Class A stock ($1 25 per share) 1,292,044

Net surplus of earnings after dividends since acquisition------- $885,815
OFFICERS.—-Chairman. F. E. H. Frazier; Pres., C. Leslie Lowes; V.-Pl,
Bryce B. Smith; V.-P., J. W. Rumbough; Sec. & Treas., R. E. Peterson.
Office, 522 Fifth Ave., New York.—(V. 122, p. 2955.)
GENERAL CIGAR CO., INC.—ORGANIZATION.—Incorporated
April 28 1906 under laws of N. Y. as the United Cigar Manufacturers Co.
The name was changed by court order effective March 1 1917 to General
Cigar Co., Inc.
Business is that of the manufacture and distribution of cigars. Company
succeeded to the properties and business of the United Cigar Manufacturer*
and has since acquired the business of Theobald & Oppenheimer Co. ot
Phila.. M. A. Gunst & Co.. Inc.. Bondy & Lederer. of New York, the Best
A. Russell Companies of Chicago, Memphis and Kansas City, and the
Conway Cigar Co. of Sioux City, la. Manufacturing department comprises
40 factories, located in 39 cities: warehouse department comprises 31 units,
located in 19 cities; distributing branches are established in 100 cities, and
retail demonstration stores (a total of 30 in operation) are located In 9
cities. Output is approximately 650,000,000 cigars annually.
STOCK.—The stockholders voted Feb. 3 1926 to change the authorized
common stock from 250.000 shares, par $100, to 500,000 shares of no par
value, and authorized the issue of two shares of such stock of no par value
for each share of old common stock outstanding. Neither pref. can be
increased nor can mortgage other than purchase money mortgage be created
without consent of 75% of that issue, and neither has voting power except
while default for at least two quarterly dividends continues.
The debenture pref. stock is entitled to an annual cumulative sinking
fund sufficient te purchase (or call) and cancel at not exceeding 110 and div..
1.500 shares of said stock; it is also exchangeable for common stock of no
par value at the rate of two shares of common stock for each share of
debenture preferred stock.
NOTES,—The serial gold notes of 1923 are redeemable as a whole on
30 days’ notice on any interest date. The redemption price on Dec. 1 1925
shall be 184 plus interest and the redemption price shall decline if of 1%
On each succeeding Dec. 1. V. 117, p. 2439.
DIVIDENDS.—On common, 1909. 5%; 1910, 6%; 1911. 4b$%. 191?
to May 1919, 4% yearly (1 % Q.-F.): Aug 1919 to Nov. 1923 144%
Feb. 1924 to Feb. 1926, paid 2% quar; on May 1 1926 paid $1 quar. on new
stock of no par value.
REPORT.—For 1925 in V. 122. p. 756, showed:
1923.
1922.
1924.
1925.
,889,129 $8,775,360
Gross earnings-------------- $9,008,235 $9,211,413
Selling, gen., admin.,&c.,
6,642,254
6,151,133
6.344.436
exp., incl. Fed’l taxes. 6,034,009

As to organization of Radio Corp <•! America, see caption of that om pany in “Public Utility Compendium.”
,wns tbe rnruts foi me L a unuei patents covering Curtis steam turb ne
engines V 76, D 1195’ V 77 p. 2161: V 82. p. 1272
Acquired the former plant of the Bartlett Hayward Co.. Baltimore. In
May 1920. V. 110, p. 1976. Purchased the Remington Arms Co. plant
at Bridgeport in June 1922. V. 115. p. 188. Lamp patent sustained,
V. 110, p. 2571. Agreement with Amer. Tel. & Tel. Co to exchange
licenses, patents, &c., V. Ill, p. 899. Controls the Canadian General
Electric Co. V. 117, p. 1908.
STOCK.—The stockholders on May 11 1926 approved a plan to change
the 1,850,000 shares of auth. common stock, par $100 each, into 7,400,000
shares of common stock without par value. Each common stockholder
will receive four shares of the new no par stock for each share of present
holdings ($180,287,046 outstanding on Dec. 31 1925).
COM. DIVIDENDS.— 1899. 1900. 1901.
1902 to Apr. 1926
In cash, percent------------------ 3 . 6)4 - 9 --- 8 yearly (Q.-J.)
In Common stock J. & J___ _
4% y’ly Jan. T8 to Jan.’22
In Oct. 1922, Oct. 1923, Oct. 1924 and Oct. 1925 paid, in addition to the
regular quar. div. of 2% , an extra div. of 5% in 6% pref. stock, par $10.
Stockholders of record Jan 15 1925 also received shares of the Electric Bond
& Share Securities Corporation—see above.
In 1902 distributed oo2-3"<, •toon, resulting 40% surrendered in 1898;
•nd on Jan. 18 1913 30% ($23,297,000) to repay In part dividends passed
ir reduced iu years siace 1893 In Aug 1917 1% extra was paid to aid
Red Cross contributions. V. 95, p. 2388.422.
DEBENTURES.—No mortgage can be made without equaliy securing
the debentures except purchase money mortgages and pledges as security
for temporary loans or as indemnity. V 95. p. 238. 752. 892 '611
The outstanding $15,000,000 6% debenture bonds, due 1940, were re­
deemed at 105 and int. on Feb. I 1923. V. 115, p. 2691.
The outstanding $15,136,500 5% debentures, due 1952, were redeemed
on Sept. 1 1925 at 107)4 and interest.
REPORT.—For 1925, in V. 122, p. 1756, showed:
1925.
1924.
1923.
1922.
Receipts__

$

$

$

$

Sales billed____________ 290,290,166 299,251,869 271,309,695 200,194,294
xCost of sales, &c_____ x257,479,491 264,909,538 241,653,949 177,458,012

Profit from sales------- 32,810,675
Interest and discount &
sundry profits_______ 3,803,234
Income from securities.. 6,556,833

34,342,331

Total----------------------- 43,170,743

45,135,683

Deduct—

4,059,580
6,733,772

29,655,746 22,736,282

3,145,348
5,200,434

3,208,814
4,849,871

38,001,528 30,794,966

Interest and discount...(1,925,697 Jl,096.107
1,307,791
4,344,789
Other interest payments J
( 153,081
700,819
219,158
Excess profits tax (est.).
(y)
(y)
(y)
(y)
General reserve_______
2,603,829
4,650,946 2,467,800
_____
Com. divs., cash (8%).. 14,407,544 14,404,980 14,289,316 13,943,234
Cash divs. on special stk.
1,735,576 1,195,405
656,379
130,394

Balance, surplus____ 22,498,097
Previous surplus______ 72,362,223

23,635,163
82,762,096

18,579,423 12,157,391
73,167,048 70,126,922

Total surplus----------- 94,860,321 106,397,259
Dividends in stock (5%)
9,012,150 9,005,035
Chas. A. Coffin Found’n
_____
_____
Delivery of El. Bond &
Share Co. stock_____
_____
25,030,000

91,746,470 82,284,312
8,984,375 8,717,265
_____
400,00

_____

_____

Profit & loss, surplus. 85,848,171 72,362,223 82,762,096 73,167,048
x Includes provision for Federal taxes, y Included in cost of sales, &c
OFFICERS.—Chairman. Owen D. Young; Pres., Gerard Swope; Treas.,
R. S. Murray; Compt., Samuel L. Whitestone; Sec., Myron F. Westover. Main office, Schenectady, N. Y.- N. Y. office, 120 Broadway.
—(V. 122 p. 2804.)
GENERAL ELECTRIC CO. (ALLGEMEINE ELEKTRICITATS
GESELLSCHAFT), GERMANY.—Company was originally incorporated
in 1883 under the name of the German Edison Co. to exploit the Thomas A.
Edison patents for incandescent lamps. In 1887 its corporate name was
changed to “ Allgemeine Elektricitats Geseilschaft,” since known the world
over as the “AEG.” For many years AEG has enjoyed a co-operative
relationship with the General Electric Co. (America) under a contract
which provides for the exchange and mutual use of patents, technical
Net income__________ $2,974,226 $2,866,977 $3,246,875 $2,624,227 knowledge and experience.
421,323
69,278
227,607
181.267
Other income--------------- (AEG manufactures all forms of electrical apparatus from the largest
$3,155,493 $3,288,299 $3,316,152 $2,851,834 turbo-generator set to a flashlight bulb.
$524,429
$377,867
$119,625
Interest on notes & loans $498,002
STOCK.—Outstanding, common, $28,560,000: preferred, $4,165,000
350,000
350,000
350,000
350,000 preferred
Preferred dividends-----“B,” $4,462,500.
223,123
279,611
293,650
160,447
Debenture pref. divs—
1,448,320
1,086,240
1,086,240
1,448,320
DEBENTURES.—The National City Co., New York, in Jan. 1925
sold at 93X and int. $10,000,000 20-year sinking fund 7% gold debentures.
$742,427 $1,222,434 $1,002,319 Dated Jan. 15 1925, due Jan. 15 1945. Int. payable J. & J. 15- Denom.
$698,724
OFFICERS.—President, Fred Hirschhorn; Senior V.-Pres., R. C. Bondy, $1,000 and $500 c*. Principal, interest and sinking fund payable in N. Y.
Vice-Pres. & Treas., William Best; V.-Ps., Milton H. Esberg, B. G. Meyer. City in U. S. gold coin of the present standard of weight and fineness, at
National City Bank, New York, trustee, without deduction for any past,
Sec., H. V. Shick. Office, 119 W. 40th St.. N. Y.—(V. 122. p. 1461.)
present or future taxes or duties. le'Med by or within the German Reich.
GENERAL ELECTRIC CO.—ORGANIZATION.—Organized under a Red. at 105. on 30 days’ notice, either as a whole, on any interest date after
special charter of New York April 15 1892, anu manufactures outfits ftp July 15 1929, or by lot, through the operation of the sinking fund, on any
eleotric railways and all kinds of electrical supplies. V. 85. p 155. 1648;
nterest date after Jan. 15 1930.
V. 62, p. 502, 635. 1040; V. 65, p. 151; V. 68. p. 1024 ( V. 108, p. 1837.)
Fund.—As a sinking fund for the redemption of the debentures,
V. 70. p 689; V. 80. p. 1481; V 83. p 689 Owns entire common stock 01 theSinking
company agrees to pay over to the trustee the sum of $360,150 on or
Electrical Securities Corp. International General Electric Co. export before
1 1930, and the sum of $349,650 on or before each succeeding
organization. V. 108, p. 83, 385; V. 110, p. 1435. In 1919 acquired Dec. 1 June
and June 1, so long as any of the debentures remain outstanding.
control of the Cooper-fl ewitt Electric Co. and Trumbull Electric Oo. V. The sums
so
shall be applied by the trustee, on the respective
108, p. 2437; V. 109, p. 375. Owns a substantial interest in Mohawk Hud­ Interest dates received
next following the receipt thereof, to the redemption by lot,
son Power Corp. Acquired a substantial interest in the Locke Insulator at
105,
of
$343,000
of
debentures
on July 15 1930, and $333,000 principal
Corp, in 1920. V. Ill, p. 1374. Victor X-Ray Corp, organized, V. Ill, amount thereof on each subsequent
interest date. The trust agreement
p. 1475. In Jan. 1921 acquired the lamp and wire plants of the Independent will provide that any debentures which
shall not have been redeemed by
Lamp & Wire Co., V. 112, p. 377. New lamp plant, V. 112, p. 1287; the sinking fund or otherwise retired prior
to maturity on Jan. 15 1945
The company in Dec. 1924 decided to dispose of all of Its shareholdings in will be paid on that date at 105.
Security.—Debentures will be the direct credit obligations of the company
the Electric Bond & Share Co., by organizing a new corooration under the
laws of the State of New York, with an authorized capital stock of 1,802,870 which will covenant in the trust agreement securing the debentures, that
shares without par value (being the same number of shares as the outstand­ so long as any of the debentures remain outstanding and unpaid, the corning Common stock of the General Electric Co.), and by transferring to such company will not execute any mortgage upon or make any pledge of any part
of its properties and assets either real or personal, unless such mortgage or
new corporation:
.
„
. _ . .
(a) 300 shares of the 6 % Cumul. Pref. stock of the Electric Bond & Share agreement of pledge shall provide for the security of these debentures either
equally and ratably with the bonds, notes or other obligations or liabilities,
Co., having a par value of $30,000, and
(5) 250.000 shares of the Common stock of the Electric Bond & Share Oo. or whatsoever character, which are to be secured by such mortgage or
pledge, or, at the option of the company, in priority thereto.
(being the entire Common stock), having a par value of $25,000,000.
Except for the charge or lien in favor of the so-called “ Dawes debentures,”
The new corporation, in consideration of such transfer, distributed its
shares to the stockholders of record of the General Electric Co. as of Jan. the capital amount of which has now been fixed at the equivalent of $7,732,620,
the only outstanding liens on any of the company’s properties are
15 1925, ratably in proportion to their holdings. V. 120, p. 91.




May, 1920.}

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, <tc„ see notes on page 81

Date
Bonds

General Motors Corp—Common stock auth 10,000,000 shs.
Prefstk 6% cum non-vot red 110 & divs_________________
Debenture stock 6% cum non-votine call 115 . .. .....
Pref stock 7% cum call 125 $500,000,000 auth . . _____
General Motors Acceptance Corp—Serial gold notes due
$5,000,000 ana red (text) ___ ___________ ____ -Baz.c*
1926
Genera, Outdoor Advertising Co, Inc—Common stock,
1,000,000 shares authorized
__ _____
__
Class A stock $4 cum & partic (see text) 300,000 shs auth..
Preferred stock 6% cam $3,066,500 authorized_________

Par
Value

Rate
%

None 5161,599sh. See text
$100 $2,059,100
6
100 3,029,900
0
100 104.827,000
7

1,000 50,000,000

5g

642,383 shs
None 125,000 shs
100 2,847,933

$4
6

small mortgages to the extent of only $95,282. Company will also covenant
in the trust agreement not to take advantage of the provision of the German
law, under which the “Dawes debentures ’ have been created, to register
an owner’s mortgage in its own name to the extent that it may at any time
have redeemed or repaid such debentures.
The trust agreement will further provide that the company will not pay
any cash dividends on its capital stock subsequent to Sept. 30 1924 except
out of net earnings.
6H% Gold Debentures.—The National City Co. in Dec. 1925 sold at 94
and int. $10,000,000 15-year 6MJ% gold sinking fund debentures, carrying
certain stock purchase rights which may be availed of at the option of the
respective holders of such rights, at any time up to and incl. Dec. 1 1930.
Dated Dec. 1 1925, due Dec. 1 1940. Int. payable J. & D. Denom.
$l,000c*. Principal, interest and sinking fund payable in N. Y. City in
U. S. gold coin of the present standard of weight and fineness at National
City Bank, New York, trustee, without deduction for any past, present
or future taxes or duties levied by or within the German Reich. Red. on
any int. date, beginning June 1 1931, but not prior thereto, on 30 days’
notice, either as a whole, or in part for sinking fund, at 102 MJ up to and
inch Dec. 1 1935, the premium declining
% each subsequent year to
par in the year 1940.
Stock Purchase Rights.—Each debenture will carry a stock purchase
right evidenced by an appropriate warrant, or otherwise, entitling the holder
to purchase shares of the common stock of the AEG of the par value of
100 reichsmarks (about $23 80 at par of exchange) each, evidenced by
certificates in bearer form, carrying unmatured annual dividend coupons.
The number and price of shares covered by each warrant will be determined
as follows: First 2,360 warrants presented will each call for 18 shares at
$24 a share (100.8%); next 2,150 warrants presented will each call for 18
shares at $26 50 a share ($111.3%); next 1,940 warrants presented will
each call for 18 shares at $29 a share (121.8%); next 1,800 warrants presented
will each call for 18 shares at $31 50 a share (132.4%); last 1,750 warrants
presented will each call for 17 shares at $34 a share (142.9%).
The requisite number of shares will be deposited with National City
Bank, New York, which, upon exercise of any right, will deliver the appro­
priate number of share certificates, or, if the right be exercised prior to
Dec. 1 1928, a trust receipt exchangeable for such shares on and after
that date, or, at the option of the AEG, prior thereto. The purchase
rights will expire if not exercised on or before Dec. 1 1930. The right
may be exercised by the payment of cash, but in lieu of cash, debentures
of the present issue will be accepted at face value, plus int. to an amount
no greater than the aggregate purchase price of the shares. Substantially
all the cash realized from the sale of shares will be applied to the purchase
of debentures, if obtainable at prices not exceeding 100% and int. within
a reasonable time (not less than six or more than 12 months) after receipt.
If not so used, such cash reverts to the AEG.
Sinking Fund & Redemption.—A. sinking fund will be provided which will
redeem all the debentures outstanding on Dec. 1 1930, in substantially
equal semi-annual installments during the following ten years. On any
int. date beginning June 1 1931, but not prior thereto, the outstanding
debentures may be redeemed either as a whole or in part for the sinking
fund at 102>6 up to and incl. Dec. 1 1935, the premium declining one-half
point each subsequent year to par in the year 1940.
EARNINGS.—For the five years ending June 30 1914 the net earnings
available for dividends after deducting all interest, tax and depreciation
charges, were as follows:
1911.
1912.
1913.
1914.
1910.
$4,385,204
$5,269,493
$5,804,014
$6,879,267
$4,496,448
During the year ended Sept. 30 1924 the books of the company have again
been put on a gold basis and the company reports net earnings, after deduct­
ing all interest and tax charges (except income taxes which are a charge
against earnings after interest) but before deducting depreciation—equal to
$3,201,107, and net earnings, available for dividends, after all charges,
of $1,719,143.
(Balance sheet as of Sept. 30 1924, in V. 120, p. 589.)—(V. 121, p. 2883.)
GENERAL MOTORS CORPORATION.—ORGANIZATION—In
corp, in Del. Oct. 13 1916 as successor to Gen. Motors Go. (of N. J.) On
Aug. 1 1917 the N. J. company was dissolved. For plan see V. 103, p
1610.2346.
PROPERTY.—Products include the Buick, Cadillac. Chevrolet. Oak­
land, Pontiac and Oldsmobile passenger cars and the Chevrolet and Oldsmobile trucks; also ice machines, accessories and parts, &c. A detailed
statement as to properties as of Dec. 31 1923 appeared in V. 118, p. 1554;
compare also V. 110, p. 2385; V. 108, p. 883; V. 112, p. 1634; V. 114, p. 1672;
V. 116, p. 1300; V. 120, p. 1609; V. 122, p. 1186.
Statement by Pres, uu Pont in Nov. 1W21 regarding company’s policies
&c.. V. 113. p. 2084 Liquidation of Scripps-Booth Corp., V. 114. p. 31i
ACQUISITIONS.—As of May 2 1918 all assets of Chevrolet Motor Co
of Del. (except its 450,000 shares of Gen. Motors Corp.) were acquired.—
V. 106, p 824, 2761; V. 107, p. 1006, 1194.
In Dec. 1918 acquired United Motors Corp.—V. 107 p 1484, 2101
V. 108, p 83. 584.
In Jan. 1919 acquired entire capital stock of Gen. Motors Corp, of Can
ada.—V. 108. p. 272, 584; V. 107, p. 1923. In 1919 acquired the Inter
State Automobile Co., Muncie, Ind.
In Oct. 1919 announced that control had been acquired of the Delct
house light business and plant at Dayton. O., and the Sunnyhome Elec
Co. of Detroit. In 1919 also purchased for $27,600,000 60% of the common
stock of Fisher Body Corp. On Dec. 31 1925 the corporation's investment
in the Fisher Body Corp, was $32,151,825, represented by l,441.920shares.
being a 60% interest in the common stock. In May 1926 offered to acquire
minority interest on the basis of two-thirds of a share of Gen. Motors com­
mon for each snare of Fisher Body stock. V. 122, p. 2805.
For other acquisitions see V. 108, p. 882; V. 109, p. 2267; V. 110, p. 2660
V. 116, p. 621; V. 118, p. 316.
Organized the Gen. Motors Acceptance Corp, in Jan. 1919. V. 115, p
765; V. 116, p. 613, 1900; V. 117. p. 558, 2439 V. 118. p. 208. 557. 670. 1526
V. 119, p. 585; V. 120, p. 835; V. 121, p. 2046. (Annual report for 1925
in V. 122, p. 890.) For serial gold notes see below.
Gen. Motors Bldg. Corp.—bonds, etc.. V. tia, p. 2189.
New subsidiaries, V. 116, p. 1184. 1767.
Interest in Ethyl Gasoline Corp., V. 119, p. 947.
Owns the entire issue of 800,000 shares of common stock, or 57 % of the
total voting stock ®f the Yellow Truck & Coach Mfg. Co. See that com­
pany below.
President Alfred P. Sloan Jr. announced in Sept. 1925 that the corpora­
tion had pending a proposition looking towards the acquisition of all of the
ordinary shares, or common stock, of the Austin Motor Co., a British
manufacturer of automobiles with plants located at Birmingham, Eng.
The proposition has been accepted by General Motors Corp, and approved
by the directors of the Austin Motor Co., and is subject to ratification by
the stockholders of the latter company. V. 121, p. 1352.
President Sloan in Oct. 1925 also confirmed cable advices from London
to the effect that arrangements are under way whereby the corporation may
become financially interested in Vauxhall Motors, Ltd. V. 121, p. 2046,
2527.
Managers Securities Co.—Pres. Alfred P. Sloan, Jr., on Oct. 29 1923
announced that the directors had worked out a plan under which about
70% of the principal executives of General Motors will be given an oppor­




Amount
outstanding

When
Pavable

Q—M
Q—F
Q—F
Q—F
M &

181

Last Dividend Places Where Interest ant)
Dividends are Pavable
and Maturitv

Checks mailed
See text
Aug 2 1926 1H
do
do
Aug 2 1926 1
do•
do
do
do
Aug 2 1926 1%

S To Mar 1 1936 J P Morgan & O®, N Y

July 15 ’26 50c
Q-F 15 May 15 1926 $1
Q-F 15 May 15 '26 1H

tunity to acquire a substantial stock interest in the corporation. The
plan is briefly summarized as follows:
(1) General Motors Corp, will cause the Managers Securities Co. to be
organized in Delaware with a capital of $28,800,000 of 7 % cumul. non-voting
con. pref. stock, $4,000,000 Class A stock and $1,000,000 Class B stock.
(2) General Motors Corp, will subscribe for all of the Class A and Class B
stock, paying therefor $5,000,000 in cash, and will enter into a contract
with the Managers Securities Co. agreeing to pay to it for each year from
1923 to 1930, both Jnclus’ve, 5% of its net earnings in excess of 7% on the
capital employed. On Jan. 1 of each year it will advance $2,000,000 to the
Managers Securities Co. on account of amount due under this contract,
or as a loan, or both, as more fully recited in the plan.
(3) The Managers Securities Co. will offer to purchase as of Oct. 15 1923,
the equivalent of 2,250,000 shares of General Motors Corp. com. stock at
$15 per share, aggiegating a total purchase price of $33,750,000. payable
$4,950,000 in cash and $28,800,000 in its 7% cumul. non-voting eonv. pref.
stock; this is at the rate of $2 20 in cash and $12 80 in 7% pref. stock for
each share of General Motors Corp, common stock purchased.
(4) A special committee of the directors will select a list of managers (in­
cluding directors who are occupying managerial positions) to whom the
General Motors Corp, will sell at cost the Class A and Class B stocks of the
Managers Securities Co. theretofore purchased. Sales se made to these
managers will be secured by an agreement under which the General Motors
Corp, shall have the right to repurchase said stock under the terms and
conditions recited in the plan.
Each common stockholder is given the right to supply common stock for
the purposes of this plan up to 10% of his total common stock holdings,
to be paid for at the rate of $2 20 in cash and $12 80 in 7% cumul. non­
voting conv. pref. stock of the Managers Securities Co. for each share of
General Motors Corp, common stock supplied.
(For further details of plan, compare V. 117, p. 1998.)
On Dec. 31 1925 E. I. du Pont de Nemours & Co. owned 1,338,829 shares
of the company’s common stock; also owned $15,520,00# preferred stock of
Managers Securities Co.
STOCK.—The stockholders on June 16 1924 adopted the charter amend­
ments proposed by the directors for the purpose of simplifying the capital
structure of the corporation.
These amendments provided for the consolidation of the three Issues of
senior securities into one issue of 7% pref. stock, which will constitute a
prior preference on the entire assets after debts of the corporation.
Holders of the outstanding 6% pref. stock and 6% debenture stock were
accorded the right, upon payment of $10 per share, to exchange their shares
for a like number of shares of the new 7% pref. stock, exchanges to be
made on or before Dec. 31 1924.
Holders of the outstanding 7% debenture stock were notified to send In
their 7% debenture certificates to the stock transfer office of the corporation
for exchange Into 7% pref. certificates, which were to be ready for delivery
on July 1 1924.
The charter amendments also provided for the exchange of the outstanding
common shares for new common shares on the basis of one new common
share for each 4 shares of common stock outstanding, thus reducing the
20.646.400 common shares outstanding to 5.161,599 shares.
DIVIDENDS—On com., in 1917, Feb., 1%; May 1917 to Feb. 1920,
3% each quar. (12% p. a.). The directors on March 25 1920 declared a
dividend of 25 cents a share in cash and l-40th of a share in stock on the
new com. stock without par value, and a dividend on the old com. stock of
the par value of $100 a share at the rate of $2 50 a share in cash and onefourth of a share of com. stock without par value, payable May 1 1920.
In Aug. and Nov. 1920, paid 25c. a share in cash and l-40th of a share in
stock on the new com. In Feb., May, Aug. and Nov. 1921 paid 25c. a
share in cash, the stock dividend being omitted. Feb. 1922 div. was
omitted. On Dec. 20 1922 paid a special div. of 50c. a share. March 15
1923 to Sept. 12 1924 paid 30c. a share each quar. On Dec. 12 1924 paid
$1 25 per share on the new com. stock, which was issued in exchange for
the old com. stock on the basis of one share of new stock for f®ur shares of
old stock. (See under “Capital Stock” above.) Mar. 12 to Dec. 12 1925
paid $1 50 quar.: also paid $1 extra on Sept. 12 1925 and $5 extra on Jan. 7
1926. On March 12 and June 12 1926 paid $1 75 quar. Oi July 2 1926
paid $4 extra.
NOTES.—The General Motors Acceptance Corp. 5% serial gold notes
are redeemable, but only as to the whole amount of any one or more ma­
turities, on any interest date, on 60 days’ notice at 100 plus a premium of
M!% for each 6 months of unexpired life.—V. 122, p. 1034.
REPORT.—For 1925, in V. 122, p. 1186; for 3 m®s. ended March 31
1926, in V. 122, p. 2791:
SMos.End.
—Calendar Years—
Mar .31 '26.
1925.
1924.
1923.
Cars & trucks sold_____
281,449
835,902
587,341
798,555
Net sales___________ $235,858,294$734,592,592$568,007,459$698,038,947
Net profit after depr.,&c 44,458,462 120,982,532 51,462,179 70,521,899
Federal taxes, &c_____ 9,393,483 13,912,000
5,727,000
8,135,000
Balance____________ $35,064,979$107,070,532 $45,735,179 $62,386,899
Gen. Motors proportion.$34,854,816$106,484,756 $45,330,888 $62,067,526
6% preferred dividends.
31,470
135,540
611,380
971,117
7% preferred dividends. 1,833,262
7,315,222
4,743,607 2,268,162
Debenture dividends__
45,903
189,229
1,917,050 3,648,093
Common dividends___ 9,032,271 61,935,221 25,030,631 24,772,026
Balance, surplus____ $23,911,910 $36,909,544 $13,027,620 $30,408,129
OFFICERS.—Pierre 8. du Pont, Chairman, J. J. Raskob, Chairman of
finance committee; Alfred P. Sloan Jr., Pres.; T. S. Merrill, Sec.; M. L.
Prentis. Treas.; Frauk Turner. Comptroller. Main office, Detroit; N. Y:
office. 224 W. 57th St.—(V. 122, p, 2955.)
GENERAL OUTDOOR ADVERTISING CO., INC.—Incorp, under
laws of New Jersey on Feb. 7 1925.
STOCK.—Holders of the Class A stock in addition to cumulative divi­
dends of $4 per annum are entitled to participate share for share with the
common stock, after the latter has received dividends of $2 per share, in
any further dividends declared or paid, until the holders of the Class A stock
shall have received dividends aggregating $6 per share.
Preferred stock and Class A stock have no voting power, unless dividend
payments for twelve consecutive months are in default.
A voting trust for all classes of stock has been formed and expires Feb. 26
1930. The voting trustees are Kerwin H. Fulton, George L. Johnson and
George Armsby.
DIVIDENDS.—Initial divs. of 1 MJ % on the preferred stock and $1 per
share on the Class A stock were paid on May 15 1925; same amounts were
paid quar. to May 15 1926.
„
On common stock paid initial div. of 50 cents per share on July 15 1926.
REPORT.—For 10 months ended Dec. 31 1925:
Income Account for Ten Months Ended December 31 1925.
Profit after depreciation and interest_______________________ $2,146,114
Federal taxes_____________________________________________
202,015
Preferred divs., $128,260; Class A divs., $375,000; total divs...
503,260

Surplus

$1,380,839

182

MISCELLANEOUS COMPANIES
[For abbreviations. &c., see notes on page 81

Date
Bonds

Ueneral Petroleum Corp.—Coro, stock $4fi,787.800____
1st mtge s f g bonds red (text) $35,000,000 auth__kxxx.c* 1925

5-year gold notes red (text)___________________'___ xxxc*
General Refractories Co—Com stk 225,000 shares auth..
lst mtge s f g Ser “A” red (see text)____ FP.kxxxc*&r*
Gillette Safety Razor Co—Stock 2,000,000 shares auth__
Gimbel Bros., Inc.—Com stock 622,500 shares auth_____
Pref (a & d) stock 7% cum red 115 $21,000,000 auth____
Glidden Co.—Common stock 500,000 shares authorized__
Prior Pref (a & d) stock 7% cum red 105 $7,500,000 authlst mtge serial gold bonds red 102________________ kxxxc*

1923
1922
—

1925

Par
Value

Earnings from operations_______________________________
Miscellaneous income_____________________________________

$524,939
66,480

Gross earnings_________________________________________
Interest, $10,178; provision for Federal taxes, $79,355; total___

$591,419
89,533

Net profit_____________________________________________
$501,886
OFFICERS.—Chairman, George L. Johnson; Pres., ICerwin H. Fulton;
Sec., Isaac W. Digges; Treas., J. Durkee. Office, 1 West 25th St., New
York.—(V. 122, p. 2955.)
GENERAL PETROLEUM CORP.—ORGANIZATION.—Incorp. May
26 1916 in California, successor to company of same name, foreclosed June
28 1916 per plan of reorganization in V. 102, p. 889. Owns various oil
fields, held In fee or under lease, in California and Mexico. V. 104. p. 2556.
V. 109, p. 977; V. Ill, p. 1276; V. 112, p. 749; V. 117, p. 1127: V. 118,
p. 1399. Owns entire capital stock ($2,000,000 class “A” and $5,500,000
class “B”) of General Pipe Line Co. of California. V. 103, p. 1414.
It was announced in March 1924 that the company bad entered into an
agreement with the stockholders of the Midway Oil Co. to purchase the
entire capital stock of that company for the sum of $2,850,000, payable
in five installments of $500,000 each, due on Mar. 1 each year from 1924 to
1928 incl., and a final installment of $350,000 due Mar. 1 1929. Also pur­
chased in 1924 one-half of the capital stock of the Republic Supply Co. of
California for the Sum of $750,000.
Merger Ratified.—The stockholders on May 17 1926 approved the plan to
merge this company with the Standard Oil Co. of N. Y. (see latter co. below).
BONDS.—The 1st mtge. sinking fund 5% gold bonds are redeemable
all or part on any int. date on 30 days’ notice on or before Feb. 15 1938 at
102 X and int., the premium thereafter decreasing X of 1% for each six
months period. Bonds will be secured by a direct first mortgage on all the
fixed property of the corporation, including oil lands, leases, refineries and
storage facilities. Bonds will also be secured by a mortgage on the tank
steamers owned. Bonds will be further secured by pledge of all the capital
stock, except directors’ qualifying shares, of the General Pipe Line Co. of
California and other subsidiaries. The indenture will provide for an annual
sinking fund of $800,000, payable in equal quarterly installments commenc­
ing Jan. 1 1926, to be applied to the purchase of bonds at not exceeding
the redemption price or to redemption by lot. Whenever bonds in addi­
tion to these $18,000,000 are issued, an additional sinking fund will be estab­
lished sufficient to retire at least 64% of such bonds by their maturity.
The remaining authorized bonds may be issued to retire the 5-year 6%
gold notes or for other purposes under the restrictions provided in the
indenture. V. 121, p. 1352.
NOTES.—The 5-yr. 6% gold notes of 1923 are redeemable at 102)4 on or
before Oct. 15 1923. the premium thereafter decreasing )4 of 1% for each 6
months period or fraction thereof. Indenture is to provide for a purchase
fund of $500 000 annually, payable in equal quar. installments commencing
April 15 1924 to be applied by the trustee to the purchase of notes at or
below par and interest. V. 116, p. 1900.
DIVIDENDS.—Initial dlv. of 3)4% paid on Pref. stock Sept. 1 1916
and l % % quar. since. On common initial div. of 10% was declared payable
2)4% each on Oct. 1 1917, Jan. .Apr. and July 1918: Oct. 11 1918. 2)4%:
Oct. 31 1918 to Aug 31 1921.1 % monthly: Dec. 15 1921 to Sept. 15 1925.
2% quar.; Dec. 15 1925 to June 15 1926, paid 3% quar.
REPORT.- -For fiscal year ended June 30 1925, in V. 121, p. 1238,
showed;
Year End. June 30— 1924-25.
1922-23.
1921-22.
1923-24.
Gross profit_________ $20,803,751 $21,339,766 $18,313,544 $10,502,963
Depletion___________
860.093
558,638
380.515
583,617
2,399,293
3,509,242
3,036.219
2,612,028
Sell. & marketing exp._ 2,040,629
363.649
1,113,458
848,170
General exp. & taxes__ 3,580,238
3,062,255
2,556,913
1,998.718
$11,115,004 $13,747,318 $11,712,816
595.289
532,299
515,366

$4,881,210
502,031

$11,710,293 $14,279,617 $12,228,182 $5,383,241
5,766.567
5,510,141
5,736.784
2,500.544
539,029
115,000
502,147
500.000
224,854
224,854
224,854
224.854
1,959,667
2,249,531
2,136,561
1.878,766
Surplus.................. .. $3,930,312 $5,905,914 $3,887,777 t $583,175
Profit & loss surplus-----$19,226,122 $15,827,078 $9,901,240 $6,085,547
OFFICERS.—Chairman, John Barneson: Pres., Lionel T. Barneson;
Sec., C. R.Stevens; Treas., Robert Mitchell; Gen. Mgr., R. A. Sperry;
Comp., R. S. Durkee. Office, Alaska Commercial Bldg., San Francisco.—
(V. 122, p. 2955.)
GENERAL RAILWAY SIGNAL CO.—(V. 122, p. 2660.)
GENERAL REFRACTORIES CO.—Incorp, in Pennsylvania in 1922.
Consolidation of the General Refractories Co. of West Virginia; the Pennsyl­
vania Fire Brick Co., the Hayes Run Fire Brick Co., and the Standard
Refractories Co. Refractory brick constitute the chief material of which
furnaces, stacks and retaining vessels used in the manufacture of iron and
steel, and the refining of copper are made. Pottery, lime, cement manu­
facturing and glass industries are large users of refractory brick. Company
has at the present time 15 plants, with a capacity of 320.000.000 refractory
brick per annum. Value of real estate, buildings, equipment, mineral
lands. ftc., exceeds $27,500,000 according to conservative appraisal made
in 1922.
STOCK.—See table at head of page.
DIVIDENDS.—Initial dividend. 50 cents Jan. 1923: 1923, $2 25;
1924, $3; 1925, $2; 1926, Jan. 15, 50 cents; April 15, 50 cents.
BONDS.—Redeemable at 107)4 prior to Aug. 1 1932: at 105 prior to
Aug. 1 1942: premium thereafter decreasing )4% annually to maturity.
Cumulative sinking fund semi-annually of 1 X % bonds of bonds issued
plus 6% interest on bonds retired, plus premium paid for purchase or
redemption of bonds.
REPORT.—For 1925 showed:
Calendar Years—
Sales, net returns and allowances..
Operating cost of sales___________
Federal taxes_________
Preferred dividends___
Common dividends____

Gross earnings from operations..
Selling, admin. & general expenses..
Net earnings from operations______$1,893,104
Miscellaneous income______________
59,770
T al income..............




T$l,952,874

Amount
Outstandim

Rate
When
Last Dividend Places Where Interest and
Dividends are Payable
Payable and Maturity
%
$25 $29,429,550 See text Q—M15 June 15 ’26 3% National City Bank, N Y
500 &c 17,600,000
1 Bank of Calif., San Fran
6 g F & A Aug 15 1940
1 Guaranty Tr Co, N Y
Bank of Calif., San Fran.
500&1000 9,260,500
6 g A & O Apr 15 1928
225,000 shs
$2
Q—J 15 Apr 15 '26, 50c.
Lee, Higg’n & Co,NY,ftc
500 ftc $3,897,500
6 g F & A Aug 1 1952
None 2000000 shs See text Q—M June 1 1926 $1 Boston
622,500 shs
100 21,000,000
Q—F May 1 1926 1 X
7
None 400,000 sh. See text Q—J July 1 1926 50c.
$100 $7 291 300 See text Q—J July 1 1926
500&1000 2,800,000
6 g M & S To Mar 1 1940 (Union Tr Co, Cleve, or
(Chase Nat Bk, N Y

Income Account for Quarter Ended March 31 1926.
Operating revenues_______________________________________ $6,668,010
Operating expenses, including depreciation__________________ 6,143,071

Other income,

[Vol. 122.

INDUSTRIAL STOCKS AND BONDS

Calendar Years—
Reorganization expenses, &c_______
Corporate, municipal & income taxes
Interest on bonded and floating debt.
Deprec. & depl. reserved from earns._
Dividends paid___________________

1925.
$32,790
219,217
306,440
225,184
450,000

Balance, surplus___________
Previous surplus (adjusted)_________
Depreciation and depletion reserved
from paid in surplus___________

$719,243
6,068,238

Total surplus_________________
Three Months Ended March 31—
Net after expenses_______________
Interest, taxes, &c______________
Depreciation and depletion______
Dividends______________________

1924.
$81,600
116,990
330,142
203,555
560,870
$66,226
6,280,701

1923.
$112,244
87,276
367,356
311,850
628,350
$187,522
6,650,671

Dr.139,725

$6,787,481 $6,207,202
1925.
1926.
$493,703
$551,786
145,284
133,329
59,627
60,691
112,500
112,500

$6,838,193
1924.
$443,613
140,468
86,726
224,550

Surplus........................ ........................
$187,183 ' $234,375
def$8,133
OFFICERS.—Wm. C. Sproul, Chairman; Burrows Sloan, Pres.; H. Longstreth. Sec.; J. R. Sproul, Treas.; G. O. Williams, Compt. Office, 117
South 16th St., Philadelphia.—(V. 122, p. 2805.)
GILLETTE SAFETY RAZOR CO. (THE).—Incorp, in Delaware
Sept. 20 1917 (V. 105. p. 1108, 1213), succeeding Mass, corporation.
Plants located at Boston, Mass., Montreal, Canada, and Slough, England.
STOCK.—The shareholders on Oct. 6 1924 increased the authorized capi­
tal stock from 500,000 shares to 2,000,000 shares of no par value. Stock­
holders of record Nov. 1 1924 received on Dec. 1 1924, 4.7 additional shares
of stock for each share held, making 2,000,000 shares outstanding. V. 119,
p. 1401, 1740.
Canadian Co., see V. 109, p. 1464.
DIVIDENDS—
1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925.
Cash (regular)............... $7)4 $9 $10
$12 $12 $12 $12 x$2X
Cash (extra)__________ $2
$1
$2
___ ___ ___ ____ x75c.
Stock..------- --------------------- ----- ----- 10% 10% 10% *5% ----♦ Stockholders of record Nov. 1 1924 also received 4.7 additional shares
of stock for each share held, x On increased capitalization.
Paid in 1926: Mar. 1 and June 1, 75c. quar. and 25c. extra.
REPORT.—For 1925, in V. 122, p. 877,
Calendar Years—
1926.
1924.
1923.
1922.
Razor sales___________ 14,862,098 8,438,576 7,798,781
3,420,895
Blade sales (packets).__a52,983,533 a42,604,498 b29,061,634 b24,082,970
Net earnings__________ $12,089,857 $10,122,473 $8,411,776 $7,602,939
x Cash dividends______
7,000,000
4,103,127
3,719,424
3,375,463
a Ten in packet, b Dozen blades in packet,
x In addition stock distributions were made from time to time.
OFFICERS.—Chairman. J. E. Aldred; Pres., King O. Gillette; V.-Pres.
ft Treas., Frank J. Fahey: Sec., Frank J. Sullivan. Office, 47 West First
St.. Boston.—(V. 122. p. 2660.)
GIMBEL BROTHERS, INC.—Incorp, under laws of New York on Aug.
22 1922. Conducts department stores in New York City, Philadelphia and
Milwaukee In April 1923 acquired Saks ft Co. Compare V. 116, p. 1901.
In Dec. 1925 acquired the entire stock of Kaufmann & Baer Co. of Pitts­
burgh. V. 121, p. 2883.
STOCK.—The stockholders on Dec. 29 1925 ratified the proposal of the
directors to increase the preferred stock from 180,000 shares to 210,000
shares (par $100) and the common stock from 600,000 shares to 622,500
shares (no par value).
DIVIDENDS.—On pref., in full to date. Nc payments on common.
REPORT.—For year ended Jan. 31 1926, in V. 122, p. 1924, showed:
Years Ended Jan. 31—
1926.
1925.
1924.
Net sales______________________ y$110,102,565$102,110,802$101,544,467
Cost of goods sold, selling, operating
& adm. exp., less misc. earnings__ 104,335,615 96,078,439 93,215,821
Federal income tax________________
610,000
550,000
950,000
Pref. divs. on stock of former cos___
_____
_____
_____
Com. divs. on stock of former cos__
_____
_____
_____
Pref. dividends of new company___
1,260,000
1,260,000 1,155,000

Balance to surplus_______________ $3,896,950 $4,222,363 $6,223,646
y Includes other income of $1,001,000, being proceeds from insurance
policy on life of an officer.
OFFICERS.—Chairman, Charles Gimbel; Pres., Isaac Gimbel; V.-P.
ft Treas., Ellis A. Gimbel; Sec., Richard Gimbel. Office, Broadway ft
33d St., New York.—(V. 122, p. 1924.)
OFFICERS.—Chairman. Charles Gimbel; Pres., Isaac Gimbel; Sec.,
Richard Gimbel; Treas., Ellis A. Gimbel. Office, Broadway & 33d St.,
New York.—(V. 122, p. 2508.)
GLIDDEN CO. (THE)—Incorp, under laws of Ohio on Dec. 11 1917
Manufactures paints, varnishes, dryers, japans, chemicals, oils and al
allied products, also linseed oil. lithopone, edible oils and nut margarine.
STOCK.—The stockholders on Jan. 18 1924 authorized the creation of a
new issue of $7,500,000 7% prior preferred stock. The new stock was
offered to holders of the old preferred stock in the ratio of 116 shares of new
stock for 100 shares of old pref. stock, which included payment of all
accumulated dividends up to April 12 1924. Compare V. 117, p. 2776.
The stockholders on Aug. 17 1925 approved an increase in the authorized
common stock from 360,000 shares to 500,000 shares. Approval was also
given for the sale of 40,000 shares of such stock at $20 per share, through
offering the holders of the outstanding common stock of record July 22 1925
the privilege of subscribing for one share for each nine shares held.
DIVIDENDS.—On common stock of no par value paid 50 cents quar.
from April 1 1920 to Jan. 3 1921; then none until Jan. 2 1926, when 50 cents
was paid; same amount paid April 1 1926 and July 1 1926. Initial div. of
1 )4 % on prior preferred stock (covering period from April 12 to July 1 1924)
was paid July 1 1924; Oct. 1 1924 to July 1 1926 paid IX % quar.
BONDS.—All of the outstanding 1st mtge. 8% sinking fund gold bonds
dated Sept. 1 1921 were redeemed on Mar. 1 1925 at 107X and int.
The $3,000,000 1st mtge. 6% serial gold bonds (sold in Feb. 1925) are
secured by a first (closed) mtge. on all of the fixed assets, comprising valu­
able land, buildings, machinery and equipment. V. 120, p. 964.
REPORT.—For year ending Oct. 31 1925, in V. 122, p. 357, showed:
----------------- Year Ending----------------- 10 Mos.End.
Oct. 31 ’25. Oct. 31 ’24. Oct. 31 ’23. Oct. 31 ’22.
Sales__________ ______ $23,769,396 $19,614,396 $19,372,277 $14,113,495
Cost of sales, exp., &c._ 20,419,319 JLTJH&OSZ 17.276,192 13,042,765
Operating profit_____ $3,350,077 $2,019,364 $2,096,085 $1,070,730
Interest, &c__________
564,605
533,900
695,017
626,182
Depreciation__________
300,715
276,558
284,566
251,823
Federal tax___________
275,000
130,000
----------500JJ96
$1,359,383$1,694,600
Net profit........................ $1,709,361 $1,078,906 $1,116,502
$192,725

May, 1926.]

MISCELLANEOUS COMPANIES
[For abbreviations. &c., see notes on page 81

Date
Bonds

Gold Dust Corp—Common stock (v t c) 325,000 shares auth
Serial notes,____ __
_
_________________ ______
Securities of Amer Cotton Oil Co guar under consol agreem't
Bonds $15,000,000 authorized gold red 105 . - ______ Ce.xc*
(loodrich iB F) Co (The)—Common stock 750,000 shares.
Preferred (a 4 4) 7% cumulative
___
__ __
First mtge. red. 107 $25,000,000 auth________ _-_Bac*
Serial gold notes due $5,000,000 ann red (text)__ Ba.xxxc *
Goodyear Tire & Rubber Co—Com stk 1,450,000 shs auth.
Management stock 6% $10,000_____ - _
__________
Prior pref stk 8% cum red 110 $21,904,500 ___________
Preferred stock 7% $100,000,000 auth....... ............ ................
First mtge. s. f. gold bonds red. 120______________ ____ k
Sink fund deb. red . 110 auth $30,000,000 . ____ Ce.kc*
3-year gold notes red (text) ____
-. ______ kxxxc*
Goodyear Tire & Rubber Co of California—
Pref (a&d) stock 7% cum $10,000,000 call 5 yrs 105,then 110
5-year sinking fund gold notes red (text)__
. -kxxxc*

1925

1911
1922
1926

1921
1921
1925

1926

None 281,543 sh.
$1,500,000

$1,000
None
100
500-1non
1,000
None
$1
100
100
100 &c
100 tor
500-1000
100
1,000

STOCK.—The stock Is deposited under a voting trust agreement, dated
Jan. 28 1924 and expiring July 1 1931. The voting trustees are Francis D.
Bartow, Ray Morris, George K. Morrow and Royall Victor.
REPORT.—For year ended Aug. 31 1925, in V. 121, p. 2164, showed:
Years Ended Aug. 31—
1925.
1924.
Profit-------------------------- --------------- ------------------ - $987,225 $1,129,099
Depreciation._______ ________________________
138,898
156,767
Interest.......................... .................. .............. ................
17C.442
367,882

Balance
------------------------------------------------Other income________________________________

$677,885
_____

$604,450
68,648

Net profit........... . .................... ............................... $677,885
$673,098
OFFICERS.—Pres., George K. Morrow: V.-P., Alfred Jaretzki Jr.;
Sec. & Treas., Randolph Catlin; Director of Sales & Advtg., A. C. Lang;
Asst, Sec. & Asst. Treas., J. F. Forsyth. Offices, 239 West 30th St., New
York.—(V. 121, p. 2280.)
GOOD HOPE STEEL & IRON WORKS, GERMANY.—(V. 121, p.
2527.1
(B. F.) GOODRICH CO. (THE).—ORGANIZATION.—The company
was founded in 1870 and operated as an Ohio corporation until April 1 1912.
Reincorp, in N. Y. May 2 1912, and in June 1912 acquired Diamond Rubber
Co. (V. 93, p. 1262), having adjoining plant at Akron, O. V. 94, p. 829,
1386, 1629. Manufactures a large variety of rubber goods, including
automobile tires.
In July 1921 organized the International B. F. Goodrich Co. V. 113,
p. 188. In Jan. 1925 acquired control of the Ames-Holden Tire & Rubber
Co., Ltd. (V. 120, p. 835); British Goodrich Rubber Co., Ltd. (V. 118,
p. 3204).
STOCK.—Preferred may be redeemed at not exceeding 125 and divs. At
least 3% of pref. stock must be retired yearly after July 1 1913 from surplus
profits before divs. are paid on com. stock. Entire voting power for elec­
tion of directors is vested in common stock until four quarterly preferred
divs. are in default. V. 94, p. 1629.
The stockholders on April 16 1924 voted to reduce the authorized com.
stock from 1,500,000 shares to 750.000 shares.
BONDS.—First Mtge. 6}$% gold bonds, V. 115, p. 188.
NOTES.—The 5% serial gold notes are redeemable as a whole on any int.
date on 30 days’ notice at 100 and int. plus a premium of O for each 6
months from date of red. to the date of maturity of the respective series.
DIVIDENDS.—Dividends on pref. have been declared regularly 1%%
ouar. to and incl. July 1 1926. On common 1% was paid Aug. and Nov. 15
1912 and Feb. 1 1913; then none till Feb. 1916 to Nov. 1919, 4% per annum
(1 % Q.-F.). In Feb. 1920 paid 1 % quar. and J4 % extra, and in May 1920
to Feb. 1921 paid $1 50 quar.; then none until Aug. 15 1 925, when $1 per
share was paid; same amount paid quar. to June 1 1926.
REPORT.—For 1925, in V. 122, p . 1303, showed:
1925.
1924.
1923.
1922.
$
$
$
$
Net sales_____________ 136,239,526 109,817,685 107,092,730 93,649,710
Mfg., &c., expenses___ 113,860,422 95,952,161 99,947,324 86,631,164
Net profit__________ 22,379,105 13,865,524
7,145,406
7,018,548
Miscellaneous income__ 1,020,035
865,643
863,075
835,284
Total net income____ 23,399,139 14,731,167
8,008,481
7,853,830
Depreciation_________
2,377,192
2,547,434
2,088,386
2,094,188
Interest on bonds, notes,
bills payable, &c____
1,927,500
2,361,228
2,894,711
2,711,872
Provision for Fed. taxes, 2,350,000
Reserve for contingencies 4,000,000
1,000,000
Preferred divs. (7%)__ 2,314,620
2,460,150
2,543,310
2,605,680
Common dividends___
1,202,800
9,227,028
17,609,966

6,362,354
11,106,950

482,074
10,794,614

442,090
10,194,527

Total______________ 26,836,994 17,469,304 11,276,688
Profit & Loss Items—Pref. stock & bond red’n Cr.58,643 Cr.140,663 Cr.330,262
Fed. tax (1924 earnings)
685,692
Cost of issuing 6 >6 % bds 1,439,821
Est. earthquake loss___
_____
...........
y500,000

Cr.157,997

Total profit & loss sur, 24,770,125

10,636,617

17,609,966 11,106,950 10,794,614
x This item, appearing as a credit item in the company’s profit and loss
account, represents reserve at Dec. 31 1920 for contingencies and approxi­
mate losses on raw material commitments for future delivery, y Provision
for estimated losses on investments in Japan caused by earthquake. «
OFFICERS.—Chairman & Pres., B. G. Work; V.-P. & Treas., L. D.
Brown; Sec., F. C. Van Cleef. Office, Akron, Ohio.—(V. 122, p. 2338.)




Amount
Outstanding

Par
Value

OFFICERS.—Pres., Adrian D. Joyce: Sec. & Treas., R. H. Horsburgh.
Office, Cleveland, Ohio.—(V. 122, p. 221.)
GOLD DUST CORPORATION.—Organized in Sept. 1923 with an
authorized capital of $5,000,000 non-cumui. 6% pref. stock, par $100, and
325.000 shares of com. stock, no par value. It succeeded to the soap and
washing powder business (the manufacture and sale of Gold Dust, Fairy
Soap, Sunny Monday Soap and like products) formerly carried on by The
N. K. Fairbank Co., a subsidiary of American Cotton Oil Co., and all of
its then outstanding stock was issued to The N. K. Fairbank Co. and
American Cotton Oil Co. for property. On Oct. 25 1925 it was announced
that the corporation had contracted to acquire the business of the F. F.
Dailey Corp., manufacturers of Two-ih-One, Bixby’s and Shinola shoe
polishes. V. 121, p. 2164.
A plan for the exchange of stock of Gold Dust Corp, for stock of American
Cotton Oil Co. was formulated under which pref. and com. stock of American
Cotton Oil Co. were made exchangeable for stock of Gold Dust Corp, in
the ratio of one share of com. stock of Gold Dust for one share of the pref.
stock of American Cotton Oil Co. and one share of com. stock of Gold Dust
Corp, for each three shares of the com stock of American Cotton Oil Co.
In furtherance of this plan there was organized in Dec. 1923 the F. S. Corp,
tn New Jersey. To this corporation were transferred the pref. and com.
stock of American Cotton Oil Co. deposited under the plan for exchange of
stock of Gold Dust Corp. By consolidation agreement, dated Jan. 22
1924, the F. S. Corp, merged with and into Gold Dust Corp. This merger
effected the transfer to Gold Dust Corp, of the deposited stock of American
Cotton Oil Co., consisting of over 93% of each class. The capital of Gold
Dust Corp, continued the same. $1,000,000 of Its pref. stock were reissued
to American Cotton Oil Co. and $4,000,060 pref. and approximately 50.000
shares of its com. stock to N. K. Fairbank Co. Arrangements were made
for the exchange of further stock of the American Cotton Oil Co. for stock
of Gold Dust Corp., &c., in the above ratios. As of May 1 1926 Gold Dust
Corp, owned over 98% of pref. and over 99% of common stock.

Balance, surplus____
Previous surplus______

183

INDUSTRIAL STOCKS AND BONDS
Bate
%

TVftera
Payable

6

5,000,000
601,56ushs. cSee 5g
text
31.284.000
7
22.662,500
6t£ g
15,000,000
5g
830,771 >n>. See text
10,000
6
15,000,000
8
65,079,600
7
8g
22,500.000
8
20,226,800
15,000,000
5g
7,995.700 See text
5.000.000
5X g

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

1926-1930
New York Trust Co, N Y

M&N
See text
Q—J
1 & J
J&J

May 11931
June 1 1926 $1
July 1 1926 1%
July 1 1947
To Jan 15 1929

M&N
Q—J
Q—J
M&N
F&A
J&D

July 1 1926 2%
Julyl5 1926 1%
New York & Cleveland
Mar 1 1941
May 1 1931
Cent’l Union Tr Oo, N Y
Dillon, Read & Co, N Y
Dec 15 1928

Checks mailed
Bankers Trust Co.. N- V
Dillon, Read & Co, N Y

Q—J Apr 1 1926 15 %
(Dillon Read & Co, N Y
F&A Feb 15 1931
(Pac-S W Tr & S B, L A

GOODYEAR TIRE & RUBBER CO. (THE)—ORGANIZATION.—
lncorp. in Ohio in 1898. Owns fireproof plant at Akron, O., capable (V. 109,
p. 1703) of producing tires and other rubber goods; owns rubber lands In
Sumatra; cotton lands in Arizona. V. 106, p. 293. Owns entire $4,000,000
common stock of Goodyear Tire & Rubber Co. of Calif., which see below.
Also controls, through stock ownership, the Goodyear Tire & Rubber Co.
of Canada, Ltd. Compare V. 120, p. 337. Acquisition of coal lands,
V. 110, p. 875.
The company's principal products are automobile tires and tubes, solid,
cushion and pneumatic truck and bus tires, motorcycle tires and tubes, air­
plane tires, carriage tires, tire accessories and repair materials, aeronautical
goods, golf bans, “ Wingfoot” rubber heels and soles, and mechanical rubber
goods. Products are distributed through 105 branches in the United States
and through branches and agencies in most of the important business centres
of the world.
The company announced on Nov. 7 1923 that, negotiations having been
concluded with the Zeppelin Co. of Germany, a company, known as the
Goodyear-Zeppelin Corp., would be formed in this country as a subsidiary
of the Goodyear organization, to construct lighter-than-air craft of the
Zeppelin type. The new company was organized Dec. 14 1923. Compare
V. 117, p. 2116; V. 119, p. 1961.
REFINANCING PLAN.—The stockholders on May 11 1921 ratified
a refinancing plan under which stocks and bonds were issued as shown i n
table at head of page. For details of refinancing plan, compare V. 112,
p. 656, 1735 Suits filed attacking legality of refinancing plan. V. 115.
p. 766; V. 116. p. 727.
DIVIDENDS.—Divs. of 16% In cash on the outstanding prior prefer­
ence stock, being the amount of accumulated unpaid dividends thereon
to Jan. 1 1923, were paid on Feb. 16 1923. The regular quarterly dividends
of 2% were paid April 1 1923 to July 1 1926.
On pref. stock, dividends of $1 75 were paid quar. from April 15 1925 to
July 15 1926. Divs. on this issue have accrued since Oct. 1 1920.
BONDS.—The first mtge. 20-year 8% sinking fund bonds have a sinking
fund of $750,000 semi-annually.
8% Sinking Fund Gold Debentures.—Subject to call as a whole or in part
for sinking fund at 110 and int. Sinking fund (annual) of either $1,500,000
or 25% of net earnings after divs. on prior pref. stock commenced on Mar.
15 1922. Any bonds not canceled through sinking fund to be redeemed
at maturity at 110 Compare V. 112. p. 2417. 2541.
5% Gold Notes.—The 3-year 5% gold notes rank equally with the 10-year
8% sinking fund gold debentures and are redeemable at 101 and int. on
June 15 1926, and thereafter at 100)^ and int. V. 121, p. 2884.
REPORT.—For 1925, in V. 122, p. 740. showed:
1925.
1924.
1923.
1922.
Net sales (less returns,
disc’ ts & freights), incl.
ship’ts to sub. cos. and
foreign branches___ $169,470,112$115,323,173$106,026,109$102,904,177
Deduct mfg. cost & sell.
& general expense,_.yl51,822.651 101,004,330 95,250,572 95,201.115
$17,647,461y$14,318,843 $10,775,537 $7,703,062
Add surp. net profits of
sub. cos. & foreign
branches & other inc.. 8,637,211
3,044,319
1,944,590 3,235,686

Total earnings______ $26,284,672 $17,363,162 $12,720,127 $10,938,748
Profits of California co_ _
_____
_____
x641,396
x837,317

Balance, surplus____ $26,284,672 $17,363,162 $12,078,731 $10,101,431
Interest charges______ $3,970,199
-------$4,095,118 $4,410,787 $4,795,817
Loss on property liquid­
208,609
ated, &c___________
217,999
403,056
Foreign excnange prov__
359,018
Propor. of bond & deben.
854,242
888,505
1,234.469
discount, &c_______
905,518
Special raw mat’l reserve 7,500,000
Balance of carrying chgs.
(int., insur., &c.) on
def. deliv. of materials
900,190
purch. prior to reorg. _
_____
Divs. on prior pref. stock 1
f
1,149,100 2,729,652
Divs. on preferred stock, jz5,655,156 (
$7,850,743 $11,012,440
Add profits of California
co. as above________
_____
_____
Previous surplus______ 22,798,576 11,786,136

$3,136,196

$3,551,183

641,396
837,317
8,008.542 3,620,043

Profit & loss surplus___ $30,649,319 $22,798,577 $11,786,136 $8,008,543
x Applied in reduction of California deficit and consequently an addition
to parent co. equity, but not available for int., &c. y Includes Fed. taxes
in 1925 and 1924. z Representing divs. on prior pref. stock (8%) and pref.
stock (7%) less the divs. on the stocks held by subsidiary companies.
OFFICERS.—Chairman, Edw. G. Wilmer; Pres., P. W. Litchfield;
1st V.-P., F. K. Espenhain; Treas, P. H. Hart; Sec., Chas. A. Stillman;
Compt., C. H. Brook. Office, Akron, Ohio.—(V. 122, p. 2660.)
GOODYEAR TIRE & RUBBER CO. OF CALIF.—Incorporated
In California July 11 1919. Entire outstanding common stock, $4,000,000,
owned by Goodyear Tire & Rubber Co. of Akron, O.; total authorized,
pref. stock, $10,000,000; sold in July 1919, $7,995,700. A quar. div. of
I % % on the pref. stock was paid April 1 1924, this being the first payment
since Oct. 1 1920; same amount paid quar. to Apr. 1926. Also paid 1 %
on account of accumulations in Jan. 1925, April 1925, July 1925 and Oct.
1925 and 14% in April 1926.The 5-year 5>£% sinking fund gold notes are
redeemable as a whole or in part by lot, on any int. date after 30 days’
notice, at 102 and int,., to and incl. Feb. 15 1927; thereafter at 101 and int.,
to and incl. Feb. 15 1929; and thereafter prior to maturity at 100)<S and int.
An annual sinking fund of $200,000, payable semi-annually Feb. 15 and
Aug. 15 (first payment Aug. 15 1926, last payment Aug. 15 1930), will be
provided to purchase these notes at not exceeding 100 and int., any unex­
pended balances to revert to the company. V. 122, p. 1319. Report for
1925 in V. 122, p. 2200.—(V. 122, p. 2200.)
GRANBY CONSOLIDATED MINING, SMELTING & POWER CO.,
LTD. (THE).—ORGANIZATION.—lncorp. March 29 1901 in British
Columbia. Owns low-grade copper, &c., deposits. V. 79, p. 1644; V. 81,
p. 1490; statement to N. Y. Stock Exchange, V. 85, p. 403; report of expert,
V. 91, p. 1250; V. 96, p. 289. In 1907 a large interest was acquired in the
Crow’s Nest Pass Coal Co., which provides the coal supply. V. 88, p. 155.
In 1923 acquired the capital stock of the Allenby Copper Co., Ltd. V. 116,
p. 2394.
CAPITAL STOCK.—The stockholders on Feb. 8 1923 approved an
Increase in the authorized capital stock from $25,000,000 to $50,000,000.
OIV.l'13.'14.Auo.'15to Afav’16. Auo.ANor 16. 17. ’18. 1919 1920-25.
% I 6
3 6% (1K% Q.-P.) 2% each 2«qu. 10
3« . None
Stockholders in 1913 auth. $5,000,000 15-year bonds, sub), co call after
10 years at 105 and int., with sink. fd. of 4% of bonds issued, to purchase up

181

Date
Bonds

MISCELLANEOUS COMPANIES
IFor abbreviations, &c., see notes on page 8]

Granby Consol Min Smelt & Pow Co—Stock #50,000,000ist M convertible bonds aeries A gold red see text
.xc>
Convertible debenture bonds red 105 $4,000,000 auth___
(treat Northern lr<>n Ore Prop—Trust certs I .£><h».0«h> shares
Great Western Sugar Co—Common stock $15,OO0,OOO auth
Preferred (a & d) stock 7 % cum $15,000,000 authorized___
Greene Cananea Copper Co—-Capital stock $60,000,000-Guantanamo Sugar Co—Stock 405,000 shares auth_____
Pref (a & d, stock red 105 after April 1 1925 ____
Gulf Oil Corp of Penna—Stock $120,000,000 auth_____
S f deben gold bonds red 103 H -..................... . Uoi.kxxxi
Ser deb gold bonds due $4,000,000 ann red 102. UPI.kxxxc*
Gulf States Oil & Refining Corp—See text.
Gulf States Steel Co—Common stock____ ______ -_______
1st pref stock 7% cum call begin 1918 at 110_________

1913
1925

1922
1924

Par
Value

Amount
Outstanding

$100
100 Ac
fWOTIF
25
100
100
None
100
25
1.000
1.000

$34,480,365
1,353.400
2,500,000
1,5t >t i OOOsh
15,000,000
15,000,000
50.000.000
397.435 shs.
1.933,800
109,767,900
30,904,000
8.000,000

Net operating income- $1,273,395
Other income_________
96,796

$1,087,076
31,056

$995,788
67,870

$1,028,604
66,796

Total income_______ $1,370,191
Interest, &c___________
262,956
Deprec’n. depletion, Ac. 1,610,982

$1,118,132
285,740
1,604,765

$1,063,658
286,332
1,494,613

$1,095,400
287,300
781.790

Balance, deficit_____
$503,747
Profit and loss, deficit-. $2,645,278

$772,373
$2,156,811

$717,287
$1,423,366

sur$26,311
$738,007

Value copper produced______
Operating costs____________

1926.
$1,314,725
867,594

1925.
$1,292,735
1,040,148

1924.
$1,172,942
835.730

Miscellaneous income .

$447,131
53,027

$252,587
15,254

$337,212
54,386

Less accrued bond interest_________

$500,158
70,559

$267,840
71,880

$391,598
71,435

Net income before depr. & deplet’n $429,599
$195,960
$320,163
Pres., J. T. Crabbs; Sec., Henry G. Lodge; V.-P. & Gen. Mgr., Charles
Brocking; Treas., H. R. Plommer. Office, 718 Granville St.. Vancouver,
B. C.; New York office, 25 Broad St.—(V. 122, p. 2660.)
GREAT NORTHERN IRON ORE PROPERTIES.—In July 1917
M. A. Hanna & Co. of Cleveland, O., took over under lease substantially
all the active controlled properties on the Mesa ba range not theretofore
leased, leaving free only about 15% of the original holdings. See V. 105.
p. 184. The trustees are Louis W. Hill, James N. Hill, E. T. Nichols
and Ralph Budd. The 1,500,000 shares of beneficial interest equal to the
number of shares of stock held were issued Dec. 1906 to Great Northern Rv.
stockholders. Properties. Ac., V. 104, p. 2346: V. 103. p. 58; V. 94. p. 55
V. 99, p. 1751: V. 104, p. 955; V. 109, p. 69, 1277.
LATE DIVS. T4 T5. 1916. 1917. T8. 19. ’20. '21. ’22. ’23 ’24. ’25.
Per share---------- 50c. 50c. $1.25 $1.50 $4 $4 $4 $4 $3 $3 $4 $lJi
Paid in 1926: April 30, 75 cents.
New York office, 32 Nassau St.—(V. 122, p. 1925.)
GREAT WESTERN SUGAR CO. (THE)—Incorp, under laws of N. J.
on Jan. 12 1905. Manufactures beet sugar and by-products. Owns 17
plants, 11 of which are in Colo., 4 in Neb., 1 in Wyo. and 1 in Mont.
STOCK.—The holders of the pref. stock are entitled to one vote for each
share of such pref. stock, and the holders of common stock to one-fourtb
of one vote for each share of such common stock.
DIVIDENDS.—A dividend of $1 per share was paid on the new common
stock of $25 Dar value on Jan. 2 1923; same amount paid quar. to Jan. 2
1924; April 2 1924 to Apr. 2 1926 paid $2 quar.
REPORT.—For year ended Feb. 28 1926, in V. 122, p. 2660, showed:
Consolidated Income Account Years Ended Last Day of February.
. „
1925-26.
1924-25.
1923-24.
1922-23.
Profits from operation.- $7,784,107 $11,614,119 $13,760,579 $8,056,092
Interest income-----------314,269
278,738
211,369
247,508
Income from investm’ts454,057
527,895
450,733
146,273
Total income------------$8,552,434 $12,420,752
Int. on money borrowed _______
Loss on farming, Ac.,
side operations_______

1,288,343
_
839,948

f,224’,511
618,967

$14,422,681

$8,449,873
93,113

1,162
1,202,520

1,176,765

1,214,696
Balance, surplus------- $6,424,142 $10,577,274 $12,004,304
Previous surplus---------- 38,427,200 33,699,927 25,145,623
Deduct— Pref. divs.(7%) 1,050,000
1,050,000
1,050,000
Common divs----- (32 %)4,800,000(32)4800,000 (16)2400,000

48,125

252,756

$6,879,114
19,868,560
1,002,050
(4)600000
Profit and loss---------- $39,001,342 $38,427,201 $33,699,927 $25,145,623
OFFICERS.—Pres., W. L. Petrikin; 1st V.-P. & Gen. Mgr., W. D.
Lippitt; V.-P., Chas. Boettcher;V.-P., B. A. Tompkins; Treas., M. D.
Thatcher; Sec., S. P. Saunders. General offices, Sugar Bldg., Denver,
Colo.—(V. 122, p. 2660.)
GREENE CANANEa t-OPPER CO.—ORGANIZATION —Ineorp in
Minn. Dec. 26 1906 and acquired nearly all of the 1.000.000 shares of the
capital stock of Greene Consolidated Copper Co. (W. Va.). which in turn
owned all the shares of the Cananea Consolidated Copper Co. of Mexico
Id June 1917 arranged to purchase outright the properties of the last-named
company. See V. 105, p. 75, 184: V. J04. p. 2455.
DIVIDENDS—
11912. 1913. 1914. 1916. T7. T8. T9. 1920
Per cent
............1
2«
2
8
8
8 IX
1
A dividend of $1.50 was paid Feb. 24 1919: none thereafter until Aug. 23
1920, when 50c. was paid; same amount paid Nov. 22 1920; none since
REPORT.—For 1925, in V. 122, p. 2973, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Gross income_________ $4,443,238
$5,340,596 $6,497,318 $2,494,130
Expenses, taxes, &c___
3,500,477
4,828,461
6 192,055 3,601,939
Depreciation__________
347,347
409,523
376,036
Interest paid__________
5,462
46,490
85.158
Cr.'l’5’,695
Shutdown expense_____ _______
367,532

Balance, sur. or def.sur.$589,952 sur.$56,122def.$155,932def$1459,647
Note.—Operations were suspended in Jan. 1921 and were not resumed
until July 15 1922.
Pres., Wm. D. Thornton; Sec. A Treas., Joseph W. Allen. Office.
25 Broadway, N. Y.—(V. 122, p. 2937.)




Rate
%

6
7

See text
See text
7
See text
See text
8
6
5g
5X g
100 12,500,000 See text
7
100 2.000,000

to 110 and then call at 105. and conv. Into ccm. stock at not less than par;
issues above present $3,440,000 (convertible into com. stock at par until
May 1 1923) limited to $650,000. The $2,000,000 Issue of 1915 and future
Issues will be redeemable at 110 by lot by an annual sinking fund of 10% of
net earnings or 1% of copper ore mined (except at Phoenix) V. 96, p. 289,
718; V. ICO, p. 1613. 1596: V. 98. p. 1319 1611: V. 101. p. 1275
The 5-year 7% convertible debentures of 1925 are convertible into ordi­
nary shares of stock at$25 per share. Each shareholder of record April 10
1925 was given the right to subscribe for $100 of new 7 % debentures at par
for every eight shares of capital stock held. The remaining $1,500,000 will
not be issued except to extinguish bank loans or to care for outstanding first
mortgage bonds, which mature May 1 1928.
REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
1923.
1922.
Gross income___________ $6,749,831 $6,172,777 $7,691,856 $5,279,267
Operating costs_______
5,086,858
4,699,849 6,185,448 3,759,332
Expenses, taxes. Ac___
389,577
385,852
510,619
491,331

Deprec. of plants & RR.
Adjust, of construe, in
suspense_________
Federal taxes_________

[Vol. 122,

INDUSTRIAL STOCKS AND BONDS
When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

May 1 1919 IX
MAN May 1 1928
MAN May 11930
See text Apr 30 ’26 75c
Q—J Apr 2 1926 $2
Q—J Apr 2 1926 IX
Nov 22 ’20
July 1 '21, 25c.
Q.-J July 1 1926 2°7,
Q—J Apr 1 1926 IX
TAD Dec 1 ,927
J A J To Jan 1 1928
Q—J
«—J

Company’s office
Title Guar & Tr Co., NY
42 Nassau «t, New t crk

Checks mailed
Checks mailed
, i n Tr, Pi ts; Ba Tr. N Y
Union Trust Co. Pittsb

July 1 1926 IX
Jan 2 1927 1 X Ou&r Tr. N Y, by check

GUANTANAMO SUGAR CO.—Incorp. In N. J. Feb. 9 1905. Own
over 100,000 acres of sugar lands situated at Guantanamo, Cuba, together
vitb a majority of the capital stock of the Guantanamo RR. Co. (Compare
annual report in V. 121, p. 2768.
CAPITAL STOCK.—The stockholders voted on Nov. 25 1924 to increase
the authorized 8% cum. pref. stock from $1,390,000 to $1,990,000 and the
authorized common from 375,000 shares to 405,000 shares of no par value.
The pref. stock created by this issue was offered to stockholders of record
Dec. 1 1924 at $100 per share. The no par common stock was offered to
stockholders of record Dec. 1 1924 at $1 per share.
DIVIDENDS.—Initial cash dividend of 12%, together with a 10% stock
div., were paid July 1 1915; on July 1 1916, 12% cash and 9% in stock were
paid; May 31 1917, 2X%'. July 31 1917 to July 1920. 2X% quar. In
addition, an extra dividend of 10% was paid July 1 1920. On Sept. 30 1920
paid 50 cents quar. and 50 cents extra on the new no par val'” stock. On
Jan 3 and Apr. 1 1921 paid 50 cents quar. On July 1 1921 jpal 1 25 cents,
none since. On new pref. an initial dividend of $1 09 was pa d A Til 1 1922.
covering the period from Feb. 10 to Mar. 31 1922; July 1 i92-i to July 1
1926 paid 2% quar.
REPORT.—Far year ended Sept. 30 1925, in V. 121, p. 2768, showed:
Divi­
Deduc­
Balance,
Sept. 30
Gross
Total
dends.
tions.
Sur. or Def.
Sales.
Profits.
Years—
$283,401 $138,080
$442,969
sur.$21,488
1924-25--. $2,940,711
114,000
438,336
221,690
sur.102,646
1923-24..- 2,592,039
2,038
120,000
def .364,291
246,330
1922—23--- 1,637,727
437,779
331,715
51,605
sur. 54,458
1921-22--. 2,739,588
Production of sugar in bags of 320 lbs. each has been as follows: 1924-25,
346,495; 1923-24, 197,693; 1922-23, 124,980; 1921-22, 351,937.
OFFICERS.—Pres., Janes H. Post; V.-P., George R. Bunker; V.-P. &
Gen. Mgr., G. H. Bunker; Sec., Malcolm McDougall; Treas., John Wollpert. Office, 129 Frdnt St., New York.—(V. 121, p. 2747.)
GULF OIL CORP. OF PENNA.—Incorp, in 1922 under laws of Penna.
to succeed the Gulf Oil Corp., incorp, under laws of New Jersey. The com­
pany, through its subsidiaries, conducts an active business in producing, re­
fining, transporting and distributing petroleum and its products. Owns and
operates (a) producing wells, with its own connecting pipe lines, In Texas,
Oklahoma, Louisiana, Kansas and in Mexico; principal refineries located at
Port Arthur and Fort Worth,Tex., have a daily capacity of 100,000 bbls. of
crude oil; (5) a large fleet of tank steamers and other ocean-going equipment;
(c) distributing stations “at practically all of the Atlantic seaport cities and
at Inland points over a large area of country.” Also controls, through stock
ownership, the Venezuela Gulf Oil Co.
STOCK.—Stockholders of the Gulf Oil Corp, (of N. J.) had the privilege
of exchanging their shares for shares of the newly-organized Gulf Oil Corp,
of Pennsylvania on the basis of 12 shares of Penna. Corp, stock (par $25) for
one share of Gulf Oil Corp, stock (par $100).
DIVIDENDS.—Regular rate 5% p. a. in July and Oct 1913: thereafter
6% per annum to and incl. Oct. 1 1922. Jan. 1 1923 to Apr. 1 1926 paid
IH% quar. on new stock of $25 par value.
BONDS.—Proceeds of the 5% debenture gold bonds, due Dec. 1 1937,
were used to provide funds for the retirement of the Gulf Oil Corp. (N. J.)
12-year 7% sink, fund debenture gold bonds which were called for redemp­
tion on Feb. 1 1923 at 103>6 and interest.
A purchase fund of $2,000,000 per ann., commencing Nov. 1 1924, to
be used to purchase bonds upon tender during each Nov. at not exceeding
par and int. If in Nov. of any year a sufficient number of bonds shall not
have been tendered at a price of par or less and accrued int. to exhaust the
purchase fund of that year, the trustee shall on Dec. 1 next thereafter repay
’he balance in the fund to the company
V. I 15, p. 2052.

REPORT.—For 1925, in V. 122, p. 1772, shewed:
1925.
1924.
1923.
1 922.
Calendar Years—
$
$
$
$
Operating revenue____ 215,661,868 172,'481,560 159,057,367 159,188,251
Operating expenses____ 127,763,121 108,099,026 98,193,340 100,754,494
Operating profits___ 87,898,747
Other income_________ x5,106,433

64,382,534 60,864.027
4,373,233 5,615,229

Total______________ 93,005,180
Depletion A deprec’n, _.y36,959,716
Shrinkage in val. of inv_
-------Taxes________________ 17,221,520
Interest, &c__________
3,823,183

68,755,767
32,514,540
-------13,053,0381
4,021,395/

66„479,256 61,476,767
34,825,068 20,925,632
4,044,364
4,947,524
13,286,481 15,851,544

Net profits_________ 35,000,761
Dividends (6% p. a.)..- 6,554,731
Additions to surplus (af­
fecting prior years)__
_______

19,166,795

14,323,342
6,523,229

19,752,067

Cr. 1,342

Cr.923,985

6,523,239

58,433,756
3,043,011

2,173,950

Balance, surplus____ 28,446,029 12,643,565
7,801<455 18.502,102
x Inclufing $2,948,543 appreciation in value of inventories (oil), y In­
cludes drilling costs.
Pres., W. L. Mellon. Office, Pittsburgh, Pa.—(V. 122, p. 1772.)
GULF STATES OIL & REFINING CORP.—Ineorp. in Delaware.
The properties of .the company are as follows: Number of acres, 10,292;
number of producing wells, 94; number of drilling wells, 8: present daily
production, 9,276 barrels (wells pinched in and not producing at full ca­
pacity account limited market); wells producing to normal capacity, daily
production, 13,346 barrels.
All of the above acreage located in Union, Ouichita, Calhoun, Brady,
Nevada and Columbia counties, Arkansas.
In Oct. 1923 the company entered into an agreement with the committee
for the stockholders of Island Oil & Transport Co., whereby the Gulf States
Corp, offered to exchange shares of its Class “A” stock (par $5) for shares
of Island Oil & Transport Corp, (par $10) on a share-for-snare basis, each
shareholder of Island Oil paying in addition to the exchange of bis shares
on the above basis $3 for each snare of Class “A” stock of Gulf States Oil
A Refining Corp. The latter company has also acquired the New Orleans
refinery of the Island Refining Corp, and a $12,000,000 claim against the
Island Oil A Transport Co. Compare readjustment plan of Island OU &
Transport Co. in V. 117, p. 1561; also V. 117, p. 1894.
Capitalization.—Authorized capital stock (all common), 5,000,000 shares
(par $5 per share), divided into: 4,900,000 Class “A” non-voting stock and
tOO,000 shares Class B voting stock. Issued: Class “A,” 1.500,000 shares;
Class “B” 100,000 shares.
. OFFICERS.—Pres., P. D. Saklatvala; V.-P., J. A. Bruning; V.-P. A
Asst. Treas., C. A. Eastman; Sec. A Treas., P. Rohrbach. Office, 350
Madison Ave., New York.—(V. 117, p. 2896.)
GULF STATES STEEL CO.—ORGANIZATION.—Ineorp. in Dela­
ware Nov. 1 1913 as successor of Southern Iron A Steel Co. (foreclosed),
per plan in V. 97, p. 1119. Owns blast furnaces, by-product coke ovens,
open-hearth steel plant, blooming mih, rod mill, merchant mill, wire mUls,
machine shop, Ac., at Alabama City, Ala., and also coal mines at Altoona,
8ayre and Virginia, Ala., and iron ore mines at Shannon, Ala. Its products
are pig iron, coke and its by-products, barbed wire, galvanized wire, bar
steel, billets, rods and wire nails. V. 101, p. 128, 776.

May, 1926.]

INDUSTRIAL STOCKS AND BONDS

MTSCELLANEOUS COMPANIES
\For abbreviations, &c., see notes on page 81

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

When

Payable

185

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

<M A) hannaCo—Common stock 500.000 shares auth ___
None 291,844 sh.
First pref stock 7% cum $20,000,000 auth red 110_____
$100 $11,199,400 See text ZZZZZZZZ June'20’25,‘i zzzzzzzzzzzzzzzzzzzzzz
2d pref stock 8% cum $10,000,000 auth red 110 conv (text)
100 3.186.000 See text
Un TrZ OiefB of Oom. NY
Sink fund gold debentures $15,000,000 auth red (text)_ kc* 1924 500-1000 6,649,500
6 g F&A Aug 1 1934
Harbison-Walker Refractories Co—Oommon stock_____
100 36,000,000 See text Q—M June 1 1926 1 ’
O—T
Preferred stock 6% cumulative.... ..............................
100 3,000 000
July 20 ’26 1!
6
100 15,000,000 See text Q-F May 29 ’26
Hart. Schaffner & Marx—Common stock $15,000,000 ..
None 393,615 shs. See text Q—M June 1 '26 6214c Chicago. Ill
Hartman Corporation (The)—Capital stock 400.000 shs au
Hayes Wheel Co—8tock 200,000 shares authorized----------None 197,044 shs. See text Q—M June 15 '26 75c
Preferred stock
cumul $2,000,000 authorized_____
100 1,578 890
Q—M June 15'26 1%
7)4
Helme (Geo W) Co—Common stock $8,000,000 authorized..
25 6,000,000 Se e text Q—J Apr 1 1926 3% Cheeks mailed
Q—J Apr 1 1926 154 (Checks mailed
Preferred stock (a & d) 54.000.000 7% non-oum
....
100 4.000,000
7
Hercules Powder Co—Common stock auth $20.000,000___
100 14.300.000 See text Q—M Mar 25 '26 1)4 (''hecks mailed
Q—F
Pref stock 7% cum $20,000,000 red 120 Nov 16 beg 1915-.
100 10,572,200
7
May 15 '26 1% Checks maled

In Jan. 1918 purchased Sayre coal property, 15,000 acres. V. 105, p
REPORT.—For year ending Nov. 30 1925, in V. 122, p. 604, showed:
2547: V 106. D 1457
1924-25.
1923-24.
1922-23.
1921-22.
STOCK.—First ppef., $3,000,000; In treasury Dec. 1925, $1,000,000 x Net profits___________ $1,854,447 $2,041,383 $2,541,249 $2,141,068
y$21,286
$102,260
$209,328
outstanding. $2,000,000. Com. stock auth. and outstanding, $12,500,000. Preferred dividends____ _______
Common dividends____
900,000
900,000
900,000
675,000
DIVIDENDS.—
'16. '17. '18. T9. ’20-'22. '23. '24. '25. '26
Redemp. pref. stock, &c. _______
282,078
24,966
317,967
Common (%)------------- ------- - ..
8 10
1
0
3
5
See
Oommon (extra)___________ ._ 2J4_ 25stk __
.. _
text
Balance, surplus____
$954,447
$838,018 $1,514,023
$938,774
April 1919 a quarterly common dividend of 1 % was paid; then none until
x Net profits after deducting manufacturing, marketing, administrative
Apiil 2 1«23 when 1 % was paid: same amount paid quar. to Jan. 2 1924. expenses and interest on loans and provisions for depreciation of equip­
On April 1 1924 paid 1 J4% quar.: July 1 1924 to July 1 1926 paid 1)4% ment, doubtful accounts and Federal taxes, y Preferred stock redeemed
quar.; also paid 11)4% in common stock on Mar. 13 1925. Divs. on 1st April 1 1924.
pref. stock paid or declared in full to and incl. Jan. 2 1927.
OFFICERS.—Pres., H. Hart; V.-Ps., Max Hart and Alex M. Levy;
Sec. & Treas., M. W. Cresap. Office. Chicago, Ill.—(V. 122, p. 2661.).
REPORT.—For 1925, in V. 122, p. 1178, showed:
ates a chain of 17 retail stores located as follows: 11 in Chicago, 2 in Mil­
1925.
1924.
1923.
1922.
Gross profits...............
$1,571,441 $1,493,972 $2,169,863 $1,406,083 waukee, 1 in Minneapolis, 1 in St. Joseph, 1 in Denver and 1 in Omaha,Neb.
Depr., taxes, &c., res’ves
534,663
514,657
593,342
447,876
HARTMAN CORPORATION (THE).—ORGANIZATION.—lncorp. in
First pref. divs. (7%).-.
140,000
140,000
140,000
140,000
Va. in Jan. 1916 and acquired the capita) stock of the Hartman Furniture
Second pref. divs. (6%). _______
123
2,194
________ &
Carpet Co. of Chicago and affiliated companies. V. 103, p. 2337- OperCommon dividends____
625,000
560,663
448,520
_______
DIVIDENDS.—Sept. 3 1917 to Dec. 31 1919, 5% per ann. <1X% Q.-M.)
Balance, surplus_____ $271,778
$278,530
$985,807
$818,207 Mar. 1920 to Sept. 1923, IX % quar.; on Dec. 1 1923 paid $2 quar. «n new
Quarter End. Mar. 31 1926.
1925.
1924.
1923.
stock of no par value; Mar. 1 1924 to Dec. 1 1924, paid $1 quar.; Mar. 2
Net operating income--.
$389,470
$545,584
$499,777
$705,764 1925 to June 1 1926, paid 62 )3 cents quar.
Taxes, depreciation, &c.
132,836
149,237
144,030
171.786
The stockholders voted Oct. 15 1923 to change the par value of the cap­
ital stock from shares of $100 to shares of no par value and to increase
Net income-------------- $256,634
$396,347
$355,747
$533,978 the total authorized number of shares to 400,000 of no par value. Two no
OFFICERS.—Chairman, James Brown; Pres., Chas. A. Moffett; 1st par value shares were issued in exchange for eacn share of $100 par value.
V.-P., H. Sanborn Smith; V.-P. & Treas., A. R. Fosryth; Sec., P. R.Owens An additional 120.000 shares was offered to stockholders of record Oct. 18
Office, Brown-Marx Bldg., Birmingham, Ala.; New York office, 55 Cedar 1923 at $37 50 per share. V. 117. p. 1467. 1783. 2116.
St.— (V. 122, p. 2661.)
REPORT.—For 1925, in V. 122, p. 2338, showed:
Calendar Years—
1925.
1924.
1923.
1922."^
(THE M. A.) HANNA CO.—lncorp. Dec. 9 1922 in Ohio. Owns and
profits and income*$l,412,827 *$1,276,643 $1,979,549 $1,670,448
operates Iron ore and coal mines, blast furnaces, coke ovens, by-product Total
Interest charges______
158,652
112,304
203,150
65,072
plants and steamships.
Dividends paid_______
984,037
1,574,460
870,000
840,000
STOCK.—The 2d pref. stock Is convertible, prior to Jan. 1 1933, into
Balance, surplus____
$270,137 def$410,121
$906,899
$765,376
common shares on the basis of 2)3 shares of common stock for one share
* After depreciation, doubtful accounts receivable, taxes, commission
of 2d pref. stock.
and
collection
and
other
expenses.
DIVIDENDS.—The dividend on the 2d pref. stock due to be paid
OFFICERS.—Chairman, David May; Pres., Martin L. Straus: V.-P.,
in June 1925 was deferred. The dividend on the 1st pref. stock due to be
(. H. Hartman and S. E. Kohn; Sec. & Treas., E G. Felsenthal; Asst.
paid in Sept. 1925 was deferred.
Sec. & Treas., Harry A. Cohen, Office, 144 So. Wabash Ave., Chicago,
FUNDED DEBT.—Tne 10-year 6% sinking fund gold debentures of —(V. 122, p. 2509.)
1924 are red., all or part., on any int. date at 102 and int to and lncl.
HAYES WHEEL CO.—ORGANIZATION.—lncorp. under laws of
Aug 1 1929, and at 101 and Int. thereafter. A sinking fund will be provided
to retire one-half of the debentures by maturity. In annual installments Micnigan on Oct. 20 1908. Manufactures automobile wheels, wheel ma­
commencing Aug. 1 1925 by purchase at or below the current redemption terial, &c. Plants arp located at Jackson, Mich.. Anderson. Tnd.. and Al­
price, or, if not so obtainable, by call by lot at that price. Minimum bion, Mich. In 1924 acquired the Hayes Motor Truck Wheel Co., the
Albion Bolt Co. and the Morrison Metal Stamping Ce. Oempare V. 118,
annual retirements $350,000 debentures. V. 119, p. 461.
p 1019.
REPORT.—For 1925, in V. 122, p. 1319, showed:
STOCK.—See table at head of page.
Calendar Years—
1925.
1924.
1923.
DIVIDENDS.—On stock of no par value, paid as follows: Sept. 15 1922,
Net income after all charges_________$1,958,016
$154,596 $4,276,753
Interest on funded debt___________
408,609
592,004
514,792 50 cents; Dec. 15 1922 to June 15 1926, 75 cents quar.; also paid 25 cents
Depreciation and depletion________
1,365,242
1,181,737 1,382,039 extra on Sept. 15 1925, Dec. 15 1925 and Mar. 16 1926.
Federal taxes...____ _____________
60,871
32,427
52,080
REPORT—For 1925, in V. 122, p. 1795, showed:
1923.
1922.
Calendar Years—
1924.
1925.
Net corporate deficit.
x$123,294 $1,651,572prof$2327842 Sales..
.. .$ 16,484,833 $15,366,492 $19,737,725 $13,483,915
Previous surplus_____
1,885,542
4,693,095
3,545,004 Cost of sales, &c______
12,380,442
14,456,538
18,234,201
14,527,976
Miscellaneous credits.
164,280
42,142
18,300
Gross profit_____ ___ $1,956,857
$909,954 $1,503,524 $1,103,473
$2,173,116 $3,083,665 $5,891,147 Other
income _______
100,038
110.297
82.051
141,761
Dividends paid by company:
On 1st pref. 7% cum. stock___ ___
395,302
810,901
826,175
$1,613,821
$1,185,524
Total
income
__
$1,009,992
$2,098,618
On 2d conv. pref. 8% cum. stock..
51,896
201,789 Interest charges, &c___
207,584
72,281
138,099
121,755
99,613
Divs. paid by other controlled (but
of cos. acquired.
Dr .71,629
not wholly owned) (net)_________
ylll,867
179,638
170,088 Profits
140,000
Federal taxes
___
280,000
85,000
190,000
dividends. ..
137,867
91,910
Balance carried to balance sheet__ $1,614,052
$1,885,542 $4,693,095 Preferred
393,819
591,132
Common dividends____
591,132
689,654
x Applicable to the M. A. Hanna Oo. stock, $323,941, applicable to
minority stock holdings (less) $200,647. y After deducting $223,983 re$579,424
$710,934
Surplus____________
$891,484
$32,222
cdived by M. A. Hanna Co.
1925.
Quarter Ended March 31
1926.
Quarter Ended March 31—
1926.
1925.
$254,085
Net after interest, &c_________________________
$171,987
Deficit after interest, depreciation, &c______________$47,529
$413,647 Federal taxes.
32,050
23,000
29,721
34,467
OFFICERS.—Chairman, M. Andrews; Pres., H. M. Hanna; Sec. & Preferred dividends .
Treas., C. N. Osborne. Office, 1300 Leader Bldg., Cleveland. Ohio.— Common dividends___________________________ ($1)197,044 (75c) 147,783
(V. 122. p. 2956.)
$39,785
Balance, surplus____________________________ def$77,778
OFFICERS.—Pres. & Gen. Mgr., C. B. Hayes; V.-P. & Treas., R. H.
HARBISON-WALKER REFRACTORIES CO.—ORGANIZATION
— Incorporated June 30 1902 in Pa. Manufactures fire-clav products ftp
Loveland; Sec.. C. G. Mackay. Office, Jackson. Mich.—(V. 122. p. 2509.)
Has 32 plants, embracing 400 kilns; total dally capacity, 1,500,000 brick
Plants are located 24 in Pa., 3 in Ohio, 3 in Ala., 1 in Ky. and 1 in Ind.
(GEO. W.) HELME CO.—ORGANIZATION.—lncorp. in New Jersey
Dec. 4 1911 and took over snuff factories at Yorklyn, Del., and Helmetta,
STOOK.—Authorized and issued $3,000,000 6% cumulative pref and N. J., formerly owned by American Snuff Co. V. 93. p. 1605; V. 94, p. 282.
$36,000,000 common stock, par each $100. No bonded or funded debt
STOCK.—The stockholders on March 5 1923 voted to change the author­
Announced In September 1920 that the stockholders had adopted a reso­ ized
common stock from 80.000 shares, par $100, to 320.000 shares, par $25.
lution empowering the directors to purchase the outstanding preferred stock
DIVIDENDS.— I 14 '15. '16. '17. '18. '19.'20-'21. '22. ’23. '24 '25.
at such a time and to such an extent as surplus may permit. Stockholders
10 *10)4 12 12 12
voted May 15 1922 to retire and cancel $6,600,000 of preferred stock held On common....% { 10 10 10 10 10 10
Extra in January (22444.
44
47
15
In the treasury of the company.
* Also 50% in common stock paid Feb. 23 1922.
DIVIDENDS.—On preferred, 1902 in full to July 1926, 6%.
Paid in 1926: Jan., 3% quar. and 15% extra; April, 3% quar.
On Common—
( 1910T4. '17. '16. T7. '18. T9. '20. 1921 '24. '25
Regular---------- ------- .12% yrly. 2)4 5)4 6
6
6
6 6 yrly.
6
REPORT.—For 1925, in V. 122, p. 1035, showed:
Extra_______________ 1...............
4 18
6
6 _.
..
2
1925.
1924.
1923.
1922.
Also paid stock dividends as follows: 50% in 1920 and 33 1-3% in 1925.
Net earnings__________ *$2,203,724 *$2,199,749 *$2,096,307 *$2,005,612
Paid in 1926: Jan. 30, 2% extra; Mar. 1, 1)4%; June 1, 1)4%.
Preferred dividends____
280,000
280,000
280,000
280,000
Common dividends_____ 1,620,000
1,620,000 1,140,000
900,000
REPORT.—For 1925, in V. 122, p. 1462, showed:
Calendar Years__ _
109’)
1Q94
1Q9 Q
Balance,
surplus
.........
$303,724
$299,749
$676,307
$825,612
Net earnings, after all taxes__________ $4,55L620 $4,17L398 $4,358,708
Net. after repairs and depreciation__ 3,847,493
3,496,113 3,651,582
♦ After provision for estimated Federal taxes, &c.
Dividends on preferred stock_______
164,435
159,576
160,723
Pres., J. C. Flynn: Treas., L. A. Bengert. Office. Ill Fifth Ave., N. Y.
Dividends on common stock_______
2,444,131
1,524,849 1,522,761 —(V. 122, p. 1035.)
Balance, surplus------------------------ $1,238,927
$1,811,688 $1,968,098
HERCULES POWDER CO.—ORGANIZATION —lncorp. in Dela­
ware Oct. 17 1912. and took over,as of Jan. 1913, per plan of disintegra­
OFFTCERS.—H. W. Croft, Chairman; J. E. Lewis. Pres.: O. M. Reif
Hamilton Stewart and Nln McQuillen, Vice-Presidents: Wm Walker. Treas. tion, part of tbe properties of the E. I. du Pont de Nemours Powder Co
(V. 94. p. 1386. 1629. 1698: V 95. p. 969). Half of the stock received by
and P. R. Hilleman. Sec. Office. Pittsburgh. Pa.—(V. 122. d. 2338.)
the 27 defendants in the dissolution suit Is without voting power.
The stockholders of the Aetna Explosives Co. on June 6 1921 approved
HART, SCHAFFNER & MAR X.—ORGANIZATION.—lncorp. In
N. Y. May 11 1911, succeeding firm manufacturing men's clothing. V. the sale of the entire property, assets, privileges, franchises, &c.. to the
Hercules Explosives Corp., in accordance with a contract dated Feb. 12
92, p. 1376. Also manufactures coats for women.
1921. made by and between J. 8. Bache & Co. and Hercules Powder Co.,
STOCK.—Common stock, $15,000,000; par, $100. The entire out. Inc. The sale was made subject to the mortgage dated Jan. 1 1919
standing preferred stock was retired on Mar. 31 1924.
made to the Bankers Trust Co. and now a lien on said property, and also
DIVIDENDS.—Com. div. March 1 19)6 to Aug. 31 1922, 1% quar.- subject to the unpaid outstanding bonds of the Jefferson Powder Co.,
Nov. 29 1922 to May 29 1926, paid 1)4% quar.; also paid 2% extra on and all the debts, contracts, just liabilities and obligations, all of which are
to be assumed by the purchaser as set forth in the contract.
Feb. 27 1926.




186

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 81

Date
Bonds

Hoe(R.) & Co., Inc.—Common stock 160,000 shares auth__
Class A stk.$4 cum. (pref.& part.) red.$65 100,000 shs.auth.
1st mtge. g. coupon bonds series A $6,000,000 auth.Gkc*

Homectake/Minina Co—Stook *25.116.000

____

Par
Value

...

10-year sinking fund gold notes red (text).__ MBa-xxxc* 1925

500 &c

The consideration was $5,400,000 In cash and $2,160,000 Pref. 7% Cum.
stock of Hercules Powder Co., Tne., at par. This consideration was paid
to J. S. Bache & Co. for the account of the holders of the Common stock to
be distributed by the bankers as follows: For each share of Common stock
the holder received $10 in cash and $1 50 in Pref. 7% Cum. stock of Hercules
Powder Co., Inc., at par, and in addition thereto an escrow receipt for
$2 50 In Pref. 7% Cum. stock of Hercules Powder Co., Tne., at par. The
last-mentioned amount of stock was held by J. 8. Bache & Co. in escrow
pending the liquidation and discharge of certain liabilities of Aetna Explos.
Co., but on Sept. 6 1922 the escrow receipts were exchanged for certificates
of preferred stock. V. 112, p. 263: V. 115, p. 1215.
The Hercules Explosives Corp, was incorporated June 4 1921 In N. Y.
with an authorized capital of 80,000 no par value shares. The company
is a subsidiary of Hercules Powder Co. and was organized to acquire the
assets and business of Aetna Explosives Co., Inc., which it did June 7 1921
The Aetna Explosives Co. 6% bonds. Series A. due Jan. 1 1931, and
Series B. due Jan. 1 1941 ($3,261,675 outstanding Dec. 31 1925) are solely
a liability of the Hercules Explosives Corporation.
STOCK.—The stockholders on Oct. 24 1922 Increased the authorized
capital stock from $10,000,000 Common and $10,000,000 Preferred to
$20,000,000 Common and $20,000,000 Preferred. The directors declared
out of the surplus earnings a stock dividend of 100% on the Common stock
payable Nov. 25 1922. Compare V. 115, p. 1327.
Common Dividends— 1918. 1919. 1920. 1921. 1922. ’23. 1924. 1925.
Regular (%)....................... 8
8
8
8
10)4 6
6
6
Extra, cash (%)________
8
8
8
4
2
2
4
do Red Cross (%)__ 1
Extra, In common stock.
_
_
__ 100
. Paid in 1926: Mar. 25, 1)4%.
REPORT.—For 1925. in V. 122, p. 741, showed:
1925.
1924.
1923.
1922.
Gross receipts....... .......... $23,669,009 $20,862,603 $22,260,796 $18,728,881
x Net from all sources.. $2,999,369 $2,156,902 $2,508,670 $2,264,895
Preferred dividend____
734,538
723,233
711,050
667,620
Common dividends.(10%) 1,430,000 (8)1,144,000 (8)1,144,000(10)4)858000

Balance-............
$834,831
$289,669
$653,619
$739,276
Previous surplus........... .. 8,894,659
8,604,991 7,951,372 14,362,096
J* Total surplus.... $9,729,490
$8,894,659 $8,604,991 $15,101,372
lT Report for 3 mos. ended Mar. 31 1926, in V. 122,p. 2509, showed:
Quar. End. Mar. 31— 1926.
1925.
1924.
1923.
Gross receipts__________$6,004,731 $5,503,369 $5,171,399 $5,503,261
x Net earns, all sources.
667,408
604,225
433,828
679,899
Pref. divs. (1)4%).........
185,656
182,010
179,369
177,160
t^Jlalance, surplus____
$481,752
$422,215
$254,460
$502,740
x After deducting all expenses incident to manufacture and sale, ordinary
and extraordinary repairs, maintenance of plants, accidents, depreciation,
&c.; also interest on Aetna bonds.
OFFICERS.—Pres., R. H. Dunham; V.-P., T. W. Bacchus, J. T.
Skelly, G. H. Markell, C. D. Prickett, N. P. Rood: Sec. & Treas., H. H.
Eastman. Office, Wilmington, Del.—(V. 122, p. 2509.)
HERSHEY CHOCOLATE CO.—(V. 122, p. 2661.)
HOE (R.) & CO., INC.—Incorp. Oct. 4 1924 under laws of New York,
and acquired the property, &c., of R. Hoe & Co., a New York corporation
incorp. Dec. 31 1909. Manufactures printing press machinery and ac­
cessories, and repair parts for presses and equipment. Also manufactures
circular saws and accessories for the lumber trade.
STOCK.—The Class A stock ($4 per share cumulative) participates with
the Common stock, after dividends of $160,000 per annum have been paid
on the latter, as follows: the holders of Class A stock shall be entitled to
receive one-third of any additional dividend and the holders of Common
stock shall be entitled to receive two-thirds thereof, until the holders of
Class A stock shall have received in such one-year period an additional
dividend (in excess of said regular four dollar dividend and arrears, if any)
amounting to three dollars a share on the outstanding Class A stock, and
thereafter any further dividends paid during such one-year period shall be
paid exclusively to the holders of the Common stock.
DIVS.—On Class A stock, paid $1 quar. from Jan. 15 1925 to Oct. 15
1925: none since.
BONDS.—The 1st mtge. gold coupon bonds, Series A, are redeemable
at 105 and int. to Oct. 1 1930, and thereafter less 1% for each full year
elapsed after Oct. 2 1930. The bonds are secured by a first mortgage upon
all the plants of the company in the United States and by the pledge of
4,997 shares of the Capital stock of R. Hoe & Co., Limited, a corporation
organized under the laws of the United Kingdom of Great Britain and Ire­
land, of the par value of £20 each, being all of the issued and outstanding
shares of Capital stock of said corporation, except three shares held as
qualifying shares by directors of R. Hoe & Co., Ltd. Any additional shares
issued by R. Hoe & Co., Limited, are to be acquired by the company and
pledged under the mortgage.
REPORT.—For 1925, in V. 122, p. 1773, showed:
Calendar Years—
1925.
1924.
Total income__________________________________
$681,463 $1,203,792
Interest______________________________________
387,244
105,287
Depreciation__________________________________
230,545
257,182
British income tax_____________________________
59,940
54,007
United States taxes__________________________ .
_____
57,435
Net profits. . .............
$3,734
Dividends, class A stock________________________ ($3)240,000

Amount
Outstanding

None
$1,000
ioo
None
100
100

Household Products. Inc—Stock 575.000 snares auth.__
Houston Oil Co—Common stock certif $25,000,000 auth_
Preferred stock certificates 6% cumulative______________

$729,880
x295,604

Balance, surplus_____________________________ def$236,266
$434,276
x Includes $215,604 paid on the preferred stock of the old company and
$80,000 paid in class A stock of new company.
OFFICERS.—Pres., Harry R. Swartz; V.-P. Harold M. Tillinghast,
Harry V. Ball and Addison J. Gallien; Treas., R. Earle Anderson; Sec.,
John M. Masterson; Asst. Sec., Louis Roehm. Office, 504 Grand St.,
New York. (V. 122, p. 1773.)
b.*kwlMitfci.is&.k«4u.2uakiiaclMKMa«4feMI
HOMESTAKE MINING CO.—Incorp. in California Nov. 5 1877. Owns
over 4,000 acres, located in the White Wood Mining District, near Lead,
Lawrence County, So. Dak., where the company has a large gold mining
plant, including reduction works, stamp mills, electric plants, &c.
DIVS11910 to 1912.
1913
1914 to 1916.
1917.
1918-26.
Since’09( 50c. monthly 65c. monthly 65c. monthly 66c. mthly
text
Extra_ [
None
15% stock
$1 yearly
None
Jan. 1918 to Sept. 1919, 50 cents monthly. In Oct. 1919 dividends
were suspended, owing to a fire that necessitated flooding to the sixth level
V. 109. p. 1529. Payments were resumed on May 25 1921 with a dis­
tribution of 25 cents a share; then to Oct. 25 1922 paid 25 cents monthly;
Nov. 25 1922 to May 25 1926, paid 50 cents monthly; also paid $1 extra
on April 25 1924, Jan. 25 1925 and Jan. 25 1926.




[Vol. 122.

INDUSTRIAL STOCKS AND BONDS
Rate
%

IV/ten
Payable

160,000 shs
80,000 shs See text
$4,435,000 6)48.
\ & o
25,116.000 See text Monthly
575.000 sh
Q—M
$3
24.968,600
F & A
8,947.600
6

7,000,000

Last Dividend Places Where Interest ant
Dividends are Payable
and Maturity
Oct 15 1925 $1
Guaranty Trust Co, N Y
Oct 1 1934
May 25 26 50c.
June 1 ’26 75c.

Feb 1 1926 3% Checks mailed
(Bankers Tr Co, N Y
(Maryland Tr Co, Balt
[Boatmen’s Bank, St L

6)4 g A & O Apr 1 1935

REPORT.—For 1925 gross revenues, $6,079,498: expenses, taxes, &c.,
$4,185,313: depreciation, $740,361; depletion, $589,871: dividends, $1,758,120: bal., def., $1,194,167 (paid from depletion reserve).
OFFICERS.—Pres., Edward H. Clark, N. Y.; V.-P„ Fred T. Elsey,
San Francisco: Treas., L. T. Haggin, N. Y.; Sec., R. A. Clark, San Fran­
cisco, Cal. Office, 910 American Bank Bldg., San Francisco.—(V. 122,
p. 221.)
HOUSEHOLD PRODUCTS. INC.—Incorp. Feb. 9 1923 under laws
of Delaware. The corporation is authorized to manufacture and sell,
either directly or indirectly through stock ownership, medicinal and pharma­
ceutical preparations. At present the corporation is only a holding company
owning and holding all the issued and outstanding capital stock of the
Centaur Co., manufacturers of “Chas. H. Fletcher's Castoria,” and the
Pepsin Syrup Co. of Monticello, Ill., manufacturers of Caldwell’s Syrup
of Pepsin.
In Feb. 1923 Sterling Products, Inc., purchased a one-fourth interest n
Household Products, Inc., and has assumed the management of the corp.
DIVIDENDS.—An initial div. of 75 cents a share was paid May 31
1923: same amount paid quar. to Mar. 1 1926. On Jan. 2 1925 and 1926
paid 50c. extra.
REPORT.—For 1925, in V. 122, p. 1618, showed:
1923.
Calendar Years—
xl925.
1924.
Net profits............................................. $2,908,400 $2,628,176 $2,630,355
311,635
Estimated Federal taxes____________
345,950
_ 316,216
1,125,000
1,750,000
Dividends_____________
1,843,750

$561,960 $1,193,720
Surplus________________________
$718,700
$959,027
$1,423,388
Profit and loss surplus_____________ $1,810,680
x Includes Pepsin Syrup Co.
OFFICERS.—Pres., A. H. Diebold: V.-P. & Sec.,Frank A. Blair; Treas.,
Albert Bryant: Gen. Mgr., W. E. Weiss. Office, Wilmington, Dela.—
(V. 122, p. 1618.)
HOUSTON OIL CO. OP TEXAS—Incorp. July 5 1901 In Texas.
Owns the oil and gas rights on over 800,000 acres of land in Texas and
Louisiana. The fee simple of the lands, together with all mineral rights
thereon other than oil and gas was sold in 1915 to the Southwestern Settle­
ment & Development Co. (not incorporated).
The stockholders in Nov 1910 ratified the acquisition by the Federal
Petroleum Co. and the Republic Production Co. of an undivided halfinterest in the mineral rights retained by the company and also in those sold
to the Southwestern Settlement & Development Co. The Federal Petro­
leum Co. and the Republic Production Co. assumed the management and
control of the company’s oil development of the lands Involved In Dec.
1916 under this agreement.
„
In 1901 the Houston Oil Co. contracted to sell to the Kirby Lumber Oo.
about 8,000,000,000 feet of standing yellow pine timber of 12 inches and up­
wards to be paid for semi-annually at $5 per 1,000 feet. Under an agree­
ment effected in July 1908. the amount or timber to be cut under this con­
tract was reduced to 6,400,000.000 feet, the minimum semi-annual pay­
ments to be five-eighths of amount specified in original contract
The stockholders on M ay 12 1921 approved the terms of the adjustment of
the company’s claims against the Kirby Lumber Co., under which the
Houston Oil Co. received in settlement $3,000,000 in 7% notes, payable
semi-annually in installments of $150,000 and secured by a lien on the
Kirby Lumber Co.’s timber Compare V. 112. P. 1982.
The company in April 1925 issued $7,000,000 10-year sinking fund 6)4%
gold notes, the proceeds to provide the Houston Pipe Line Co. (all of whose
securities are owned by the Houston Oil Co. and pledged with the trustee to
secure this issue) with funds for the construction of a 200-mile pipe line
from the company’s recently developed gas field in Live Oak County, Texas,
to Houston, Texas, and intermediate points.
CAPITAL STOCK.—Under the terms of a readjustment plan dated
July 1911, the Readjustment Managers assigned to the Mercantile Trust
& Deposit Co. of Baltimore, trustee, under a readjustment and voting
trust agreement, all the pref. and common stock deposited with them,
against which weie issued Certificates of Beneticial Interest. Under this
agreement, the divs. accrued to Jan. 1 1912 were separated from the pref.
stock by the Issue of (a) Pref. stock certificates carrying 6% divs. from Jan. 1
1912, which were issued foi pref. stock par for par (6) accrued div. certificates
which were issued for the divs. unpaid to Jan. 1 1912. All of the accrued
dividend certificates have been paid off.
DIVS.—At the end of 1911 accumulated divs. on pref. stock amounted to
54%. Payments were resumed on Aug. 1 1912 with a div. of 3%, which
amount has been paid semi-annually to Feb. 1926. The 54% back divs.
were paid with an issue of $2,394,065 6% Accrued Dividend Certificates
(See above).
The 10-year sinking fund 6)4% gold notes are redeemable all or part on
any int. date on 60 days’ notice at par and int. plus a premium of )4 of 1 %
for each year or fractional year from date of redemption to maturity.
The indenture provides that the co. will not create any mortgage upon
any property now owned or hereafter acquired, except purchase-money mort­
gages and loans made in the ordinary transactions of the business, while any
notes of this issue are outstanding. There will be deposited with the trustee
for the benefit of these notes all the bonds and stocks of the Houston Pipe
Line Co., including $7,000,000 6)4% bonds, which will constitute a first
mortgage on the entire 20 ( miles of proposed pipe line.
The indenture will provide a sinking fund equal to 75% of the net earnings
of the Houston Pipe Line Co., after deducting int. charges on the latter’s
1st mtge. bonds, but before depreciation. Sinking fund to be applied to
redemption of this issue by purchase in the open market, and if not obtain­
able, to redemption by lot. It is estimated there should be available for
the sinking fund not less than $700,000 annually from date of completion
of the pipe line. V. 120, p. 1754.
REPORT.—For 1925, in V. 122, p. 1462, showed:
1922.
1923.
1924.
Calendar Years—
*1925.
Oil sales______________ $4,200,113 $3,887,983 $3,480,144 $2,401,584
28,360
Premiums on oil runs__
103,675
02,336
49,630
Royalties received_____
138,727
22,794
87,244
79,224
Misc. sales, oil trans., &c
136,325
194,146
112,071
Incr. in inventory of oil.
445,619
33,505
Total income_______ $4,508,670 $4,462,456
Oper. exp., depreciation,
depletion, taxes, &c._ 3,523,459
2,933,397
Income credits________ Cr.648,473
Cr.70,374
Income charges________
80,641
379,334
536,856
Preferred divs. (6%) —
546,856

$3,852,230

$2,640,124

2,320,693
Cr.28,618
30,986
536,856

1,457,877
Cr.57,374
16,302
536,856

$686,463
$992,313
$981,936
$717,494
2,346,258
1,659,795
3,358,447
4,226,950
.— , - - - .
Profit & loss surplus.. $4,944,444 $4,340,383 $3,338,571 $2,346,258
♦Includes Houston Pipe Line Co.
Quarter Ended March 31—
1926.
1925.
1924.
Gross earnings from oil and operation $1,295,583
$908,612 $1,918,880
Oper. & gen. exp., incl. taxes for period
723,903
323,810
745,578

Balance, surplus------Previous surplus (adj.). .

Net earns, before deduc. depr.&depl

$571,680

$584,802 $1,173,302

May, 1926.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 8]

Date
Bonds

Hudson Motor Car Co—Stock 2,000,000 shs auth________
Humble Oil & Refining—Capital stock $75,000,000......... .
Gold debenture bonds red (text)______________G.c*&r* 1922
Hupp Motor Car Corp—Common stock auth $10,000,000
Hydraulic Steel Co—Common stock 500 000 shares auih..
Preferred stock 7% cum conv red 102}$ $6,000,000 auth..
Ten-year ■ f aold notes red 107}$________________ xxxci
1920
{For securities to be issued under reorganization plan, see text.')
a Before payment of 20% stock dividend on July 10 1926

Par
Value

Amount
Outstanding

None a
$25
100 &c
10
None
100
100 &c

1.330,050sh
$75,000,000
25,000.000
9,138,090
294,518 sh
5,998.900
2,851.300

OFFICERS.'—Pres., E. H. Buckner; V.-P., Murray Carleton; V.-P. &
Treas., L. S. Zimmerman; Gen. Mgr., A. W. Standing; Sec.-Auditor, A. H.
Kennerly. Office, Houston, Tex.—(V. 122, p. 2339.)
HUDSON MOTOR CAR CO.—lncorp. under laws of Michigan on Feb.
24 1909. Manufactures the Hudson Super-Six and Essex motor cars.
Plant located In Detroit, Mich.
STOCK.—The authorized capital stock was increased from 1,200,000
to 2,000,000 shares on Mar. 31 1924.
DIVIDENDS.—An initial quar. div. of 50c. per share on the no par value
stock was paid July 1 1922; Oct. 5 1922 paid 50c. quar.; Jan. 2 1923 to July 2
1923 paid each quar. 50c. quar. and 25c. extra; Oct. 1 1923 to Apr. 1 1926
paid 75c. quar.; July 1 1926 paid 87}$c. quar. On April 15 1924 paid a
stock div. of 10%; and on July 10 1926 paid a stock div. of 20%.
REPORT.-—For fiscal year ended Nov. 30 1925, in V. 122, p. 90, showed:
Consolidated Income Account Year Ended Nov. 30.
Years Ended Nov. 30—
1925.
1924.
1923.
Gross profit____________
$32,004,261 $16,247,872 $14,472,351
Other income__________
800,374
396,195
380,675

Total income__________
Expenses, depreciation, &c.
Provision for Federal taxes.

$32,804,635 $16,644,067 $14,853,026
. 8,444,005
7,450,000
5,706,002
. 2,982,125
1,120,600
1,143,400

Net income............... ...................... .$21,378,504 $8,073,458 $8,003,624
Dividends paid______ _____________ 4,974,562
3,781,394 3,601,255
Balance, surplus_______________ $16,403,942 $4,292,064 $4,402,369
Profit and loss surplus Nov. 30_____ 26,375,360 10,201,418
9,459,979
Quarter Ended Feb. 28—
1926.
1925.
1924.
Net income after deprec.. Federal
tax prov. and all charges________ $2,746,023 $3,826,932 $1,301,363
OFFICERS.—Chairman, R. D. Chapin; Pres., R. B. Jackson; V.-P. &
Treas., W. J. McAneeny; V.-P., H. E. Coffin; V.-P., O. H. McCornack;
Sec., A. Barit. Office, 12601 East Jefferson Ave., Detroit, Mich.—
(V. 122, p. 2956.)
HUMBLE OIL & REFINING CO.—ORGANIZATION.—lncorp. in
1917 in Texas. Has large holdings of well selected leases upon lands in all
sections of Texas and has considerable holdings in Louisiana, Arkansas and
Oklahoma. Transportation facilities, &c.. compare V. 115. p. 188.
STOCK.'—The Standard Oil Co. of N. J. owns 50% of the capital stock.
The stockholders on Mar. 1 1926 increased the authorized capital stock from
1,750,000 shares to 3,000,000 shares, the new stock, except such amount as
was reserved for sale to employees, being offered to holders of record Mar. 1
1926 at par.
DIVIDENDS.—Quarterly dividends of 30c. a share on the outstanding
$43,750,000 capital stock, par $25, were paid April 1, 1923 to Ap il 1.
1926. Holders of record Dec. 18 1922 received a 75% stock div. Previous
to this stock distribution, divs. at the rate of 8% per ann. (2% quar.)
were paid on the old stock, par $l00.
The 51$ % gold debenture bonds of 1922 are redeemable as a whole only
at 105 and int. to July 15 1925, and at 102>4 and int. thereafter. Proceeds
were used to retire $25.000,00(17% notes which were called for redemption
on Sept. 15 1922. V. 115. p. 188.
REPORT.—For 1925, in V. 122, p. 1618, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Total income__________ $68,620,429 $48,734,410 $40,356,536 $26,490,523
Cost of oper. & interest-'33,104,610 28,486,860 26,466,642 19,760,643
Depreciation---------------- 9,656,119 8,476,630
6,664,383 5,646,506
Depletion_____________
985,911
935,725
2,167,319 2,239,853
Federal taxes (est.)____ 2,250,000
1,000,000
_______
_______
Dividends paid.............. 2,100,000
2,100,000 2,100,000
x

Balance. . ............. ........$20,523,789 $7,735,195sur$2858,192def$1156,479
x Dividends paid out of surplus in these years.
President, W. S. Parish, Houston, Texas.—(V. 122, p. 1618.)
HUPP MOTOR CAR CORPORATION.—ORGANIZATION.—Inc. on
Nov. 24 1915 in Va. to make automobiles and take over the business and
properties of the Hupp Motor Car Cos. of Detroit and Canada, and the
Amer. Gear & Mfg. Co. of Michigan. V. 101, p. 2074; V. 102, p. 2079.
Also owns the Detroit Auto Specialty Corp.
In May 1925 an agreement was reached with the Murrav Body Corp,
whereby the latter took over the Hupp Motor body plant at Racine, Wis.,
and becomes exclusive producers of all Hupp bodies for five years.
CAPITALIZATION.—Stockholders of record Dec. 24 1923 were offered
342,678 shares of treasury stock at $12 50 per share. The entire outstand­
ing pref. stock was retired on April 1 1924. V. 118. p. 90. Initial common
div. of 2}$% paid in Feb. 1920; to May 1926, 2}$% quar. On March 15
1923 paid 10% in common stock.
REPORT.—For 1925, in V. 122, p. 1463, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Sales------- ------- ---------- $43,847,198 $32,320,706 $38,013,014 $34,122,847
Net profits after taxes.. 2,916,939
1,095,160 2,646,438
3,763,984
Pref. dividends (7%)-__ _______
_______
37,822
58,873
Common dividends____
913,809
685,357
786,603
519,210
Balance, surplus____ $2,003,130
$409,803 $1,822,013
Quarter Ended March 31—
1926.
1925.
Net sales_________________________ $14,437,693 $10,592,746
Costs and depreciation_____________ 12,400,468
8,979,642
Expenses and Federal taxes________
914,918
760,141
Net profit_____ ________________ $1,122,307
$852,963
Preferred dividends________________ _______
----------Common dividends________________
228,452
228,452

$3,185,901
1924.

$392,121
5,945
_______

Surplus................................................. $893,855
$624,511
$386,176
OFFICERS.—Chairman of Board, J. W. Drake; Pres. & Gen. Mgr.,
C. D. Hastings: V.-Pres., Dubois Young; V -Pres., Sec. *• Treas., A. von
Schlegell. General office, Detroit, Mich.—(V. 122, p. 2661.)
HYDRAULIC STEEL CO. (THE).—lncorp. In Ohio on Dec. 2 1919
and took over the business, assets and liabilities of its predecessors. The
Hydraulic Pressed Steel Co. and the subsidiaries of The Hydraulic Pressed
Steel Co., i. e., the Canton Sheet Steel Co. (sold in 1922; V. 114, p. 2475),
the Cleveland Welding & Mfg. Co. and the Hydraulic Steelcraft Co., which
concerns were engaged in manufacturing hydraulically pressed steel prod­
ucts, &c. The company is directly engaged in manufacturing and fabricat­
ing and buying and selling and dealing in steel, and is authorized by its
charter to do the same with other metals and metal products, as well as all
other things which may be incident thereto.
Receiver Appointed.—Federal Judge D. O. Westenhaver at Cleveland
Oct. 26 1923 appointed Thomas P. Goodbody (V.-P.) receiver for the com­
pany. Compare V. 117, p. 2000.




Rate
%

When
Payable

187

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Q—J
Text
J & J 15
Q—P

See text
Apr 1 ‘26 30<
New York.
luly 15 1932
May 1 1926 2}$ New York
See text
Dec 31 ’20 75c
See text
Mar 31 ’21 lh
New York
8g M & N Nov 1 1930
See text

See texi

Noteholders' Committee.—The following noteholders’ committee has been
formed: John H. Mason (Chairman Bank of North America & Trust Co.),
Wilfred H. Cunningham (Kurtz Bros.), Walter O. Janney (Chairman
Janney & Co.), with Stephen G. Duncan, Sec., 133 So. 4th St., Philadelphia,
and Roberts & Montgomery. Philadelphia, ard Toiles. Hogsett, Ginn &
Morely, Cleveland, counsel. Bank of North America & Trust Co., Phila.,
depositary; Bankers Trust Co., 14 Wall St., N. Y. City, and Cleveland
Trust Co., Cleveland, sub-depositaries.
Preferred Stockholders' Committee.—A committee consisting of James A.
Drain, Washington, Chairman; Lyman Spitzer, Toledo; George B. Johnson
and R. A. Wilbur, of Cleveland, has been organized to protect the interests
of the preferred stockholders.
Reorganization Committee.—Walter C. Janney, Chairman (representing
noteholders' protective committee); John H. Mason, O. E. Sullivan (repre­
senting bank creditors committee), C. E. Reichenbach (representing mer­
chandise creditors’ committee).
,
Reorganization Plan.
A reorganization plan, prepared by the reorganization committee has
been adopted by the committee representing the holders of the 8% 10-year
sinking fund gold notes.
Digest of Plan.
Sale of Property.—The reorganization committee proposes to petition the
court for an order of sale of the receivership property and assets, and ar­
range for a bid to be made therefor by a purchaser designated by the com­
mittee and representing the participating creditors. If purchased, pay­
ment for the property is to be made as far as possible through the medium of
the creditor’s claims. The committee may decline to bid for all or any of the
receivership property and assets in the event that a minimum sale price is set
for the property in excess of the amount which the committee in its discretion
deems it advisable to bid, or it may refrain from bidding in the event other
bids are submitted if the committee is of the opinion that the acceptance of
anv such other bid would be of greater advantage to the participating
creditors.
Offer for West Side Plant.—It the committee is successful in purchasing the
receivership property, it will proceed in accordance with the following plan.
The committee is in receipt of an offer from H. W. Kranz and associates
who are and have been for several years the managing executives of the West
Side plant. The offer, summarized, is as follows:
They propose to form an Ohio corp, with the following capitalization:
(a) $500,000 1st mtge. 10-year 6% gold bonds. Callable at 101 and int.
upon 30 days’ notice. Mortgage to provide for a fixed minimum sink fund
of $25,000 p. a. and a further provision that after the payment of the div. on
the pref. stock and a payment of $1 per share on the common stock in any
year, 80% of the balance of net earnings shall be used to retire bonds.
Bonds to be underwritten at 90 and int.
(6) 25,000 shares 7% cumul. pref. (a. & d.) stock (par’$100), of which
15,000 shares are to be presently issued. Callable as a whole at 105 and
divs., or for sinking fund at 100 and divs. After present issue of 1st mtge.
bonds shall have been retired, it is provided that after the payment of pref.
stock divs. and $1 per share on the common stock in any year, 50% of the
balance of net earnings shall be used to retire pref. stock until a total of
$500,000 shall have been retired, at which time such provision will expire.
Pref. stock shall have no voting power except in the event that the co. shall
fail to pay divs. for 4 consecutive quarterly periods, in which case the holders
of prer. stock shall have the right to elect a majority of the board of directors.
(c) 100,000 shares no par value common stock.
They propose to purchase from the reorganization committee the West
Side plant, together with all assets pertaining thereto, on the basis of the
receiver’s balance sheet as of Jan. 31 1925, with certain adjustments caused
by changes in the statement due to operations of the company since Jan. 31,
ahd to pay for the whole property $250,000 in cash (par of the proceeds of
the sale of the bonds), $1,500,000 7% cumul. pref. stock, and 45,000 shares
no par value common stock.
It is estimated that they will pay an amount in cash of $160,000 in settle­
ment of the before-mentioned adjustments, making a total cash payment of
approximately $410,000.
The balance of the proceeds of the 1st mtge. bondissue, namely, $200,000,
to be paid into the treasury of the co. as additional cash working capital.
They also propose to buy the balance of 55,000 shares common stock,
paying therefor into the treasury of the company $50,000 in cash.
East Side Plant.—The committee has no definite offer in hand for the
property and assets of the East Side plant, but feels that within a reasonable
time it should be able to develop an offer, from reponsible parties who will
furnish satisfactory management, for the assets pertaining to the East Side
plant. It therefore proposes to form, or have formed, an Ohi® corporation
with the same capitalization as set forth above, namely, 1st mtge. 10-year
6% sinking fund gold bonds, $500,000; 7% cumul. pref. stock, authorized,
$2,500,000, to be presently issued, $1,500,000; common stock, no par value,
106,000 shares; and to convey to such new corporation all the assets pertain­
ing to the East Side business, planning to deal with the securities received in
payment in, as nearly as practical, the same manner as outlined above in
connection with the West Side plant.
U. S. Government Claim.—The committee proposes to adjust as promptly
as possible the U. S. Government claim in connection with the Steelcraft
property, and thereafter to dispose of the equity therein on as favorable
terms as possible.
To Form Holding Company.—Upon completion of the above steps, the
committee should have in its possession the following assets: $1,500,006
7% cumul. pref. stock of the West Side company; 45,000 shares common
stock (no par value) of the West Side company; $1,500,000 7% cumul pref.
stock of the East Side company; 45,000 shares common stock (no par value)
of the East Side company, and a cash balance.
The committee proposes to form a holding company to acquire from the
committee the above securities, the holding company to have approximately
the following capitalization:
5-year secured gold notes, say_______________________ .______ $3,000,000
Common stock (no par value), say__________________________ 100,600 shs.
The amount of notes to be issued will be the total amount of participating
creditors’ claims, without interest from date of receivership, less such amount
as the committee may pay in cash on account of the principal of said claims.
The number of shares of stock to be issued will be the total of the following:
One share for each $100 of participating creditors’ claims and 59,989 shares,
which is the no. of shares of pref. stock of Hydraulic Steel Oo. outstanding.
The 5-year secured gold notes will be issued in registered form and secured
by deposit and pledge as collateral of all the above-mentioned securities, and
they shall be entitled to receive all of the net income of the co. Of such in­
come, an amount equal to 6 % on the face amount of such notes outstanding,
as shown on the books of th ) trustees, shall be paid as int. Any balance of
income remaining shall be paid to all noteholders pro rata in reduction of
principal until notes shall have been paid in full. In the event of the sale
of part or all of the pref. stocks pledged, which sales may be made only at
reasonable prices, the proceeds from such sale will be paid to all noteholders
pro rata in reduction of principal of said notes.
The 100,000 shares no par value common stock, or whatever number of
shares may be issued, are to be placed in a voting trust for five years. There
shall be three voting trustees to be selected by the reorganization committee.
A condition of the trust shall be that if the 5-year secured gold notes shall

188

MISCELLANEOUS COMPANIES
[For abbreviations, Ac., see notes on page 8]

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

J St V
$106 $20,000,006
Illinois Pipe Line Co—Stock $30,000,000 .. .
...
Independent Oil and Gas Co—Stock 1,000.000 shares auth
None
500,000 sh.
$1
Q—M31
5-yr g notes (with stk purch warrants) red (text)__ kxxxc* 1926 500&1000 3,000,000
6X g J & J
llseder Steel Corp—See text.
Indiana Pipe Line Co—Stock $5,000,000
50 5,000,000 See text Q—F
100,000 shs
Indian MotocycleCo—Common stock 100,000 shares auth..
Q—M
7
Pref (a & d) cumul convert call 125 $2,500,000 auth. .
100
$750 000
Q—J
10 7,850,680
Indian Refining Co—Common stock $10,000,000 auth..
Pref (a & d) stock 7% cum convert (text) $3,000,000 auth..
100 2,296,400 See text

be paid in full within the 5-year period, the voting trustees shall promptly
resign and the voting trust shall be terminated.
To Distribute Cash to Participating Creditors.—The committee proposes,
as promptly as may be, to distribute to all participating creditors pro rata,
on account of their claims, all cash remaining upon the completion of the
above steps, and the 5-year secured gold notes of the holding company,
equal in face amount to the balance of the claims, together with one share
common stock (v. t. e.) for each $100 of claim, such distribution of stock to
be in lieu of interest on claims, subject, however, to the right of the pref.
stockholders of Hydraulic Steel Oo. to purchase from the committee, for
the account ef creditors, said stock at $10 per share.
Offer to Pref. Stockholder-, of Hydraulic Steel Co.—Holders of the pref. stock
of Hydraulic Steel Co. shall receive one share of common stock (v. t. c.)
for and in respect to each share of pref. stock held, provided the holders of
pref. stock shall approve this plan, evidencing their acceptance by depositing
their stock with the pref. stockholders protective committee or such other
depositary as the committee may select, and shall co-operate in every way
in putting this plan into effect.
Subject to the same condition, said holders of pref. stock shall be given
the right to subscribe for a period of 30 days after the date upon which the
subscription offer is made, for one share common stock (v. t. c.) at $10 per
share for and in respect of each 2 shares of pref. stock held. The stock thus
offered will be the stock reserved for creditors in lieu of interest on their
claims as stated above.
CAPITAL STOCK.—Pref. stock is pref. as to assets as well as to divs. and
Is redeemable at 102)^. Convertible Into common stock at $45 to Apr. 1
1921 and at $50 thereafter. A semi-annual sinking fund of $175,000 com
menced Jan. 1 1922. Pref. stock has no voting power.
DIVIDENDS.—Initial div. of 75c. quar. paid on common stock on Apr l
1920; same amounts paid June 30 1920, Oct. 1 1920 and Dec. 31 1920
none since.
NOTES.—See V. Ill, p. 1857.
REPORT.—Far 1923-24, in V. 119, p. 2768. showed:
Statement of Operations—Period Oct. 27 1923 to Oct. 31 1924.
Welding
Hydraulic
Steelcraft
Division.
Division.
Division.
Combined.
Gross sales______ _ _____ $1,491,844 $3,633,893
$159,233 $5,284,970
Returns, allowances, dis­
count, &c___________
22.364
107,495
5.611
135,470
Net sales____________ $1,469,481 $3,526,397
$153,622 $5,149,500
Total cost of sales_____ $1,379,817
$3,014,503
$148,824 $4,543,144
Plant admin., selling &
accounting expense__
68,112
90,393
24,389
182,894
Executive office exps__
51,066
76,121
2,933
130,120
Operating profit____ loss$29,514
$345,381 loss$22,524
$293,343
Other income (net)____ lossl7,051
13,279
loss8,179 lossl 1,951
Net profit before int.
on investment____ loss$46,565
$358,660 loss$30.703
$281,391
OFFICERS.—Chairman, A. W. Ellenberger: Pres., J. H. Foster: Treas.
R. E. Hayslett; Sec., H. F. Pettee. Office, 6100 Hydraulic Ave.. Cleve­
land. Ohio.—(V. 122. D. 2956.)
ILLINOIS PIPE LINE CO. (TH E)—ORGANIZATION.—Incorp. in
Ohio on Nov. 30 1914 and took over as of Jan. 1 1915 the pipe line owned by
Ohio Oil Co., extending from Wood River. Ill., to Centerbridge on Pennsyl­
vania-New Jersey boundary line, about 900 miles, joining at that point the
line of the Standard Oil Co. leading to the Bayonne refinery. The line also
reached the Solar Refining Co.'s plant at Lima, O. Also has line from
Martinsville, Ill., to Preble, 182 miles. Stock. $20,000,000. all distributed
among stockholders of Ohio Oil Co V. 99. p. 1678, 1913: V. 100. p. 144
LATE DIVS. 1918. 1919. 1920. '1921. 1922. 1923. 1924. 1925.
Percent-------14
16
18
16
14
11
12
12
Paid in 1926: June 30, 6%.
REPORT.—Far 1925, in V. 122, p. 1463, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Net prefits___________ $3,855,554
$2,401,302 $2,233,199 $2,808,255
Dividends____________ 2,400,000
2,400,000
2,200,000
2,800,000
Sin-plus------------------- $1,455,554
$1,302
$33,199
$8,255
Pres., W. A. Miller, Lima. O.; V.-P. & Treas., W. E. Badger; Sec., O F.
Moore. Findlay. O.—(V. 122, p. 1463.)
ILSEDER STEEL CORP. (ILSEDER HUTTE), GROSS--!LSEDE,
GERMANY.—The National City Co. April 1926 sold at 94 and interest
$7,500,009 29-year mtge. sinking fund 7% gold bonds. Dated April 1
1926; due April 1 1946. Prin. and int. (A. & 0.) payable at National City
Bank, New Yerk, in U. S. gold coin without deduction for any past, present
or future taxes or duties levied by or within the German Reich or any
political subdivision thereof. Prin. and int. also collectible at the option
of the holder either at the city office of National City Bank of New York
in London, Eng., in pounds sterling; or at the Amsterdamsche Bank in
Amsterdam, Netherlands, in guilders; or at the Stockholms Enskilda Bank
in Stockholm, Sweden, in Swedish kronen; in each case at the then current
buying rate of the respective banks for sight exchange on New York.
Denom. $1,609 and $500 c*. Red., all or part, on any int. date upon 30
days’ prior notice at 103%. National City Bank of New York, trustee.
Darmstadter und Nationalbank Kommanditgesellschaft auf Aktien, co­
trustee.
Sinking Fund.—Mortgage will provide for a sink.fundsu fficient to retire
prior to maturity all the present and any additional issue of these bonds.
On Aug. 15 1926, and semi-annually thereafter, the corporation shall be re­
quired to deliver te the trustee, either cash sufficient to redeem at 103%,
such principal amount of bonds as is necessary to retire by equal semi-annual
installments prior to maturity all bonds previously issued, or in lieu thereof
(in whole or in part) bonds in such principal amount. Bonds so delivered
and redeemed shall thereupon be canceled and permanently retired.
PROPERTY.—The corporation, founded in 1861, produces steel beams
and channels and other structural steel products. The properties include
3 large iron ore deposits, extensive coal lands and mines, together with by­
product coke plants, 6 modern blast furnaces having annual capacity of
600,000 tons of pig iron, converters and furnaces having annual capacity
of 600,000 stons of steel ingots, 9 electrically driven rolling mill trains, an
electric power plant of 45,000 h.p. capacity, and a steam railroad system
comprising 110 miles of track.—(V. 122. p. 2509.)
INDEPENDENT OIL AND GAS CO.—Incorp. Oct. 18 1919 In Dela­
ware. Properties are located in Oklahoma, Kansas and Texas.
The Independent Pipe Line Co. has been incorporated in Oklahoma with
an authorized capital of $300,000 to handle the crude oil production of the
Independent Oil & Gas Co.
STOCK.—The stockholders of record June 15 1925 were given the right
to subscribe for additional stock at $30 per share to the extent of one new
share for each 9 shares held.
DIVIDENDS.—Paid 25 cents a share quar. from March 31 1924 to
July 19 1926.
NOTES.—The 5-year 6%% gold notes are redeemable, all or part, on
the first day of any month or on any int. date on 60 days’ notice at 102




[Vol. 122.

INDUSTRIAL STOCKS AND BONDS

Last Dividend Places Where Interest anDividends are Payable
and Maturitv
June 30 '26 6% Findlay. Ohio
July 19 ’26 25c Checks mailed
Nat Bk of Com, N Y
Jan 15 1931

May 15 ’26 4°?. New York
Mar 1 ’26 50c
Apr 1 1926 1%
See text

and int. on or before Jan. 15 1927, and thereafter at a premium decreasing
of 1% during each succeeding 12 months period until maturity. Re­
deemable for sinking fund on or before Jan. 15 1929 at 101, and thereafter
prior to maturity at 100)^, plus accrued interest in each case..
Stock Purchase Warrants.—These notes carry detachable stock purchase
warrants entitling the holder thereof to subscribe to the capital stock of the
company at the rate of 15 shares of stock for each $ 1,000 notes, and 7 shares
for each $500 note, at the following prices, depending upon the period in
which exercised: On or before Jan. 15 1927 at $35 per share; thereafter, and
on or before Jan. 15 1928, at $37 50 per share; thereafter, and on or before
Jan. 15 1929, at $40 per share; thereafter, and on or before Jan. 15 1930, at
$42 50 per share; thereafter, and on or before Jan. 15 1931, at $45 per share.
Sinking Fund.—Beginning July 15 1926, and semi-annually thereafter,
the company, as a sinking fund, will deliver to the trustee, or deposit cash
sufficient to redeem, $300,000 principal amount of notes. V. 122, p. 619.
REPORT.—For calendar years (including owned companies):
Calendar Years—
1925.
1924.
Oil and gas sales, &c___________________________ $6,213,120 $2,275,119
Sales of leases and equipment__________________
39,952
545,816

Total_______
$6,253,072 $2,820,934
Cost of crude oil refined________________________ $489,620
_______
Operating, general and administrative expenses_ 1,086,409
$536,307
Taxes, dry holes, abandoned wells & expired leases.
752,732
458,299
Interest and discounts (net)________________
21,807
4,185
Depreciation and depletion________________ 1,271,839
1,183,985
Estimated reserve for Federal taxes______________
75,9o9
________
Net income.
$638,171
$2,561,664
Surplus account, Dec. 31 1925, shows: Earned surplus, Dec. 31 1924,
$622,286; net income, year 1925, $2,561,664; total, $3,183,949. Cash divi­
dends paid and declared during 1925, $474,750; total earned surplus, $2,709,199; appreciation resulting from appraisal of producing leases, $4,403,622;
stock dividends paid, $2,043,824; total capital surplus, $2,359,797; total
surplus per balance sheet, $5,068,997.
3 Mos. End. Mar. 31— 1926.
1925.
1924.
1923.
Gross revenue________ $1,668,706
$528,722
$1,324,415 $1,063,080
Oper., gen. & adm. exp. 1
826,430
1254,224
134,2791
241,529
Taxes, dry holes, &c__ /
1 46,418
133,756/
Income charges______ ■_
53,416
2,813
671
51,734
Deprec’n & depletion__
370,785
Net income............ ..
$418,072 $1,020,960
$794,373
$235,459,
OFFICERS.—Pres., E. H. Moore; 1st V.-P., Wade H. James; 24 V.-P.,
J. Donald Duncan; Sec. & Treas., R. M. Riggins; Asst. Sec. & Treas.)
L. F. Craig and Wm. A. McKnight. Office. Tulsa. Okla.—(V. 122. p.2661

INDIAN MOTOCYCLE CO.—Incorp. Oct. 4 1913 in Massachusetts
as Hendee Manufacturing Co.; name changed to present title Oct. 24 1923.
Manufactures the “Indian Motocycle.” Plant is located at Springfield.
Mass. Also has a branch in London, Eng.
STOCK.—Pref. stock is convertible into common share for share.
Callable as a whole only at 125. No mortgage without consent of 75% of
outstanding pref. stock. Both classes have equal voting power. A total
of $1,500,000 pref. stock has been retired under the terms of the sinking
fund as provided in the articles of organization, leaving $1,000,000 out­
standing and completing all requirements of the sinking fund provision.
Subsequent to the retirement, the company purchased a total of $250,000
pref. stock, which stock is held in the treasury and is not to be reissued.
DIVIDENDS.—Quarterly divs. of l)i% have been paid on the pref.
stock since Jan. 1 1914 to Apr. 1 1926. On common, paid initial div. of
50 cents per share on Nov. 1 1925; same amount paid March 1 1926.
REPORT.—For fiscal year ended Aug. 31 1925 in V. 121, p. 1903, showed
l
1 099
Years End. Aug. 31—
1925.
1924.
$4,687 >97 $3,097480
Sales_________________ $4,286,866 y$3,757,880
Cost and expenses_____ 3,910,728
3,476,945
4,287,921 x4,370,718
Operating profit____
Main. E. Springf. prop.
Depreciation_________
Preferred dividends___

$376,138
10,297
163,928
56,525

$280,935
14,044
178,880
63,264

$399,875 df$l ,273,238

192438
70,000

ZZZZZZ

70,000

Surplus____ ______
$145,388
$24,748
$137,737 df$ 1,343,238
x Includes loss on sale of holdings in the Harley Co. y Includes $20,098
other income credits.
OFFICERS.—Pres., Frank J. Weschler; V.-P., Wm. E. Gilbert; Sec. &
Treas., Parmly Hanford: Asst. Treas., John W. Leahy.

field. Mass.—(V. 121. p.4354.)

Office. Spring-

INDIAN REFINING CO.—Incorp, in Nov. 1904 in Maine. Engaged
In transporting and refining crude oil. Owns the entire capital stock of the
Central Refining CoSTOCK.—The pref. stock is convertible Into common stock In the ratio
of one share of pref. for five shares of common.
The stock trust certificates have been issued under a stock trust agree­
ment dated as of July 22 1925, made by and between Bayard Dominick,
J. H. Graham and W. C. Janney as a committee under a certain plan
and agreement dated April 15 1925 for the realization and distribution of
collateral securing the 2-year secured conv. gold notes dated Sept. 1 1921
of Seaboard Finance & Investment Co. and Bayard Dominick, David M.
Goodrich, J. H. Graham, Walter C. Janney and Robert L. Montgomery as
trustees. The purpose of the stock trust agreement is to insure for the ben­
efit of the holders of all the stock of the company continuity of management
and policy for a term of years. The stock trust agreement expires on July
22 1930, but may be terminated prior thereto by a majority vote of the
trustees.
DIVS.—On pref., in full to Dec. 1921; none since. On common, July
1906 to Oct. 1911 at rate of 12% per annum; then none until Dec. 1917,
when 3% was paid: Mar. 1918 to June 1920 paid 3% quar.; Sept. 1920, 5%:
Dec. 1920. 5%; none since.
REPORT.—For 1924 showed;
Calendar Years—
1924.
1923.
1922.
1921.
Profit from operations.. $488,1791oss$1850413 loss$402,5381oss$3557117
Profit on sale of capital
assets______________ 2,089,945
_____
_____
_____

Total profits_______ $2,578,1251oss$18504131oss$402,5381oss$3557117
Deduct—Interest paid..
143,069
190,974
226,566
277,991
Depreciation_______
833,832
Amort, of disc. & exp.
40,818
Pref. divs. (7% p. a.).
xl 1,078
xl9,440
X19.429
yl80,177
Balance, deficit sur.$1,549,327 $2,060,827
$648,533 $4,015,285
Profit & loss deficit____ $2,582,964
$4,132,291 $2,074,464 $1,422,931
x Central Refining Co. y Central Refining Co. and Indian Refining Co.

May, 1926.]

MISCELLANEOUS COMPANIES
[For abbreviations, Ac., see notes on page 81

Date
Bondi

Ingersoll-Rand—Common stock 1,500,000 shs auth______
I ret Block 6% cum ia A d) option (see text? ... .........
First mtge 13,000 000 gold red 105 since 1911. ..Njrc*A>
Inland Steel Co.—Stock 1,200,000 shares_______________
Pref (a & d) stock 7% cum. red 115 $30,000,000 auth_____
>st Mtge r due $150,000 yearly April 1_______
FC.c*
Debenture gold bonds red (text)_____________ Fcxxxc*

IPOS
1925

Five year-gold notes redeemable (text)_________ Qxxx.c$

1926

Prior preference (a & d) stock 7% cum red 110____ ____
1st (closed) M & coll tr s f bonds red 103
_____ Ba.xc*
Internat Business Mach Corp—Stk (750,000 shs auth)
bluk fd golu bonds__ ________________ ______________ Oj

19i2

In-ntrstloo tnrinl Copper Co— Stock $30.000,OCX1

International Agricultural Corp—Common stock..___

i HOT

1911

Par
Valur

$519,801

def$567

$165,944df$l,467,144

OFFICERS.—D. 8. Bushnell, ITes.: R. A. Miller, V.-Pres. & Gen. Mgr

J. R. Fast. Sec.; W. F. Livingston. Treas.
Main office. Huntington, Ind. New York office. 26 Broadway.—(V
122, p. 1319.)
INGERSOLL-RAND CO.—ORG A N IZATION .—Incorporated in N J
’imp 1 1905 and acquired Ingersnll-Sergeant Drill and Rand Drill companies
Owns plants at Philipsburg, N. J., Easton and Athens, Pa., Painted Post,
N. Y., and Littleton, Colo. Manufactures air compressors, rock drills,
locomotives, oil and gas engines, pneumatic tools and general mining,
tunnelling and quarrying machinery. See V. 83, p. 117; also V. 84, p. 867:
V. 85, p. 465. Canadian Co., V. 105, p. 824.
STOCK.—The stockholders on Oct. 6 1925 changed tne authorized com­
mon stock from 300,000 shares, par $100, to 1,500,000 shares without par
value, and approved the issuance of four shares of common stock without
par value in exchange for each share of Common stock (par $100) outstand’g.
DIVIDENDS—
’12 ’13- '14. 15. 16. 17. 18-’21. 22 ’23. ’24 ’25,
Common, cash___% 5
5
5 15
50 30
lOyly. 10
38
8 8
do stock_____ 25
— —
20 ..
100
.. 10 ..
Paid in 1926: Onnew stock ofno par value, Mar. 1,75c.; June 1,
75c.;
July 1, $1 (special).
REPORT.—For 1925, in V. 122, p. 1925, showed:
1925
1924
1923
1922
Total income__________ $8,117,264 $6,138,042 $7,829,592 $4,982,949
Depreciation_______ ... 1,048,761
1,036,517
1,015,788
1,071,091
Reserve for Federal taxes
871,057
596,901
792,666
283,595
Bond interest, &c..........
50,000
50,000
50,000
50,000
Dividend on pref. stock.
151,518
151,518
151,518
151,518
Common (cash) divs___
1,923,802
1,923,456
6,102,532 3,269,140
Balance.................... sur$4,072,125 sr$2,379,650 def$282,912 sur$157,604
OFFICERS.—Chairman, W. L. Saunders; Pres., George Doublday;
1st V.-P., W. R. Grace; Sec., F. S. Overton; Treas., R. D. Purcell. Office,
11 Broadway, New York.—(V. 122, p. 2956.)
INLAND STEEL CO.—ORGANIZATION.—Incorp. In Delaware Feb.
6 1917 as successor of Illinois company, incorp, in 1893. Owns plants at
Indiana Harbor, Ind.; Chicago Heights, Ill., and Milwaukee, Wis. In
April 1917 purchased 2,000 acres of coal land 14 miles northeast of Pitts­
burgh. V. 104, p. 1493. In Jan. 1924 acquired the Milwaukee Rolling
Mill Co., the name being subsequently changed to Inland Steel Co. of
Wisconsin. V. 118, p. 673.
STOCK.—The stockholders on April 12 1923 voted: (a) to create an
authorized issue of $30,000,000 7% cum. pref. (of which $10,000,000 has
been sold), and (6) to change the authorized common stock, consisting of
1,200,000 shares, par $25 per share, Into a like number of shares without
par value, of which 1,182,799 shares are outstanding. V. 116. p 1655.
DIVIDENDS.—On common: 1917, March, 5%; June 1917 to Marchl920
incl., 8% p. a. (2% Q.-M.). In June, Sept, and Dec. 1920 paid a dividend
of 75c. a share (3% on the new $25 par value stock). March 1921 to March
1923 paid each quarter 25c. a share (1%). Extra dividends: In May 1911,
1912 and 1913. each 3%. June 1 1923 to June 1 1926 paid each quarter
62>$c. a share on new stock of no par value.
BONDS.—The 5>$% debenture gold bonds are redeemable as a whole
but not in part upon not less than 6 weeks’ notice at 103 Vi and int. on any
int. date on or before Nov. 1 1935, at 102 and int. on any int. date there­
after on or before Nov. 1 1940, and at 101 and int. on any int. date there­
after prior to maturity. Semi-annual sinking fund, beginning May 1 1926,
of 1 % of the maximum principal amount of bonds at any time outstanding
is to be applied to purchase of bonds if obtainable at their principal amount
or less, or if bonds are not so obtainable, within 5 months after each payment
date, may be used for capital expenditures for which no additional securities
are issued, at the rate of 75% of such expenditures. V. 121, p. 2165.
REPORT.—For 1925, in V. 122, p. 1925, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Total income_________ $7,980,316 $8,044,563 $7,673,408 *$2,434,023
Depreciation, &c______
2,055,638
1,507,296
1,321,270
1,004,336
Bond interest_________
129,943
58,667
162,180
288,510
Federal tax___________
669,000
716,000
650,000
Employees’ pension fund
256,000
288,000
265,000
Preferred dividends.___
700,000
700,000
525,000
Common dividends____
2,956,997
1,014'009
2,956,997
2,471,313
Balance, surplus____ $1,212,737 $1,817,603
*After reserve for Federal and other taxes.
Three Months Ended March 31—
1926.
Net profits after expenses__________ $2,441,629
Depreciation and depletion________
490,095
Interest and Federal taxes_________
410,625
Preferred dividend________________
175,000
Common dividend_________________
739,249

$2,278,645

$127,168

1925.
$1,715,872
537,301
150,000
175,000
739,249

1924.
2,775,753
309,014
296,250
175,000
739,249

Balance, surplus________________ $626,660
$114,321 $1,256,240
OFFICERS.—Chairman, L. E. Block; Pres., P. D. Block; 1st V.-P.,
E. M. Adams; Sec. & Treas., W. D. Truesdale. Office, First Nat'l Bank
Bldg., Chicago, Ill.—(V. 122, p. 2509.)
INSPIRATION CONSOLIDATED COPPER CO.—ORGANIZA­
TION.— lncorp. in Maine Dec. 18 1911. Owns 4,216 acres, of which (a)
1.870 for raining lands, and (ft) 2,346 for mill site, tailings, disposals, water
supply, &c. Owns half of the outstanding 16.320 shares of the stock of the
Arizona Oil Co. Acquisition of Warrior property. V. 110. p. 2295.
DIVIDENDS.—An initial div. of 6)4% ($1 25 per share) was paid
May 1 1916; July 1916 to Jan. 1919, Incl., 10% quar., also July 30 1917
1)4% to aid Red Cross distributions. V. 104. p. 2556; V. 107. p. 2479.
In Mar. 1919 the quarterly dividend declared payable April 28 was reduced




Amount
‘utstandinc

Rate
%

(Then
Payable

i ast Dividend

and Maturity

None l,000,000sh See text Q—M July 1 1926 $1
Jnly 1 1926 3%
6
I a
$ di $2,525,500
• * A.
SB
• * i Dec 31 1935
1,000,000
Junel’26 62>£c
None 1,182,799sh $2.50
100 $10,000,000
7
Q—J July I 1926 1%
1.000
* A o To Apr 19 18
6«
300,000
1,000 12,250.000
5)4 g M & N N’ov 1 1945
text 0 % S Apr 5 1926 2^
W 2'<.«B».34n
500&1000 6,000,000 6 Vi g M & s Mar 1 1931
None 450,00(1 sh
100 10,000 000 See text Q—M lunel 1926 1%
100 Ac 8,228.300
5 g M & N May I 1942
None 578,634 shs See text
Q—J Apr 10 ’26. 75c
$ 0(1 At
5,481,500
6 g J & J July 1 1941

Report for 6 months ended June 30 1925, in V. 121, p. 835, showed:
Net sales, $11,742,196; gross profit, $3,311,169: net profit, $849,283;
depreciation and depletion, $394,148; net incomo, $455,135.
OFFICERS.—IVes., James H. Graham: Sec. D. G. Siemer; Treas.
R. J. Dillon. Office, Lawrenceville, 111.—(V. 122, p. 2200.)
INDIANA PIPE LINE CO.—ORGANIZATION SO.- Incorporated In
lDdlana in 1891. Owns pipe lines in State of Indiana. Formerly controlled
by Standard Oil Co. of N. J., but segregated In 1911
DIVIDENDS.—
( ’15. ’16. ’17. ’18. ’19. ’20. ’21. ’22. ’23. ’24. '25.
Regular..............
%\ 16 16 16 16 16 16
16 16
16 14 8
Extra---------------------- %[ ....
4
8
3
4 .. 44
.. .. -On Dec. 30 1922 paid a special dividend of 40%.
Paid in 1926: Eeb. 15, 2%; May 15, 2% quar. and 2% extra.
REPORT.—For 1925 showed:
1922.
IMO.
1924.
1923.
Profits for year_______
$919,801
$599,433
$965,944 $1,532,856
Dividends____________
400,000
600,000
800,000
3,000,000

Balance, surplus____

189

INDUSTRIAL STOCKS AND BONDS

-‘laces Where Interest and
Dividends are Payable
Iheoks mailed
do

Oitloe 11

B'way, N Y

thirst Tr & 8 8, Chicago

Guaraaty Trust Co, N Y
________ ________ ____
tankers Trust Co, N Y
..........................................
Juaranty Trust Co, N Y

to $1 50 (7)4%); to Apr. 1920, 714% quar.: In Julv and Oct 1920 paid 5%
then none until April 1923, when 2)4% was paid; July 1923 to Jan. 1924
paid 2)4 % quar.: then none until July 6 1925, when 50 cents quar .was paid;
same amount paid quar. to April 5 1926.
NOTES.—-The 5-year 6)4% gold notes are redeemable, all er part, on
any int. date on 30 days’ notice at 103 and int. to and incl. March 1 1930
and on Sent. 1 1930 at 101 and int. V. 122, p. 1320.
REPORT.—For 1925 showed
1923.
1922.
1924.
1925.
Copper produced (lbs.). 81,944, 321 90,832,927 88.881.012 67,625,067
Sales of copper_________$11,497, 356 $12,430,177 $10,779,320 $10,236,894
Operating expenses, &c_ 9,216 ,037 10,037,528
8,203,026
9,229,967
289,262
Adm. & Federal taxes..
258 446
267,188
399,941
35,497
196,945
Other income_________
179 465
309
Dividends____________
1,772 950
-----------2,363,934
Depreciation, &c______
385 ,536
'352",049
457,365
399,965
Idle plant expenses____
____
229,081
Balance, sur. or def___ sur43 ,851surl,703,593 def279,922
sur26,166
12.14 cts.
Net cost of prod, copper.12.2858 cts. 11.0251 cts. 11.6158 cts.
Operations were suspended April 1 1921; resumed Feb. 15 1922. V. 112,
p. 1350; V. 114, p. 953, 1658.
OFFICERS.—Pres., L. D. Ricketts; V.-P., Wm. D. Thornton and Wm.
Wraith: Sec. & Treas., J. W. Allen; Asst. Sec. & Asst. Treas., W. S. Harper;
Gen. Mgr., Thos. H. O’Brien. Office, 25 Broadway, New York.—(V. 122,
p. 2200.)
INTERNATIONAL AGRICULTURAL CORPORATION.—ORGAN­

IZATION.—Incorporated on June 14 1909 in New York. Owns one-half
of the stock of the Kaliwerke Sollstedt Gewerkschaft, owning petash mines
at Sollstedt, Germany (having sold one-half with an option outstanding in
Jan. 1912 on the remaining half), Prairie Pebble Phosphate Co., Florida,
&c., phosphate deposits in Tennessee and fertilizer factories in various
States. V. 91, p. 1516, 1450; V. 92, p. 1181; V. 94, p. 282, 1768; V. 97,
p. 1895; V. 109, p. 1699. Had contract with the Tennessee Capper Co. for
sulphuric acid. V. 110, p. 1419; V. 108, p. 2437; Y. 196, p. 932, 1482.
Potash supplies, V. 93, p. 287, 231, 1197; V. 94, p. 70, 282. Properties
owned, &c., see application to list, V. 100, p. 138. New construction, &c.,
V. Ill, p. 1274.
Readjustment Plan.—The stockholders on Oct. 3 1923 approved a plan for
the readjustment of the debt and capitalization of the corporation. The
olan in brief provided as followsThe capital stock was reclassified so as to consist of $10,099,000 of prior
preference cumulative 7% preferred stock and 450,000 shares of common
stock, of no par value.
Holders of the old preferred stock received 1 Vi shares of new common stock
of no par value for each share of preferred stock held, in lieu of the share
so held, and of the accumulated dividends thereon. Holders of common
stock received one share of new stock of no par value for each six shares
of old common stock.
A new issue of $10,000,000 of prior preference stock was underwritten at
90, carrying with it for each share of prior preference stock so underwritten
2)4 shares of the new non-par value common stock. This prior preference
stock, together with the accompanying common stock, was offered pro rata
to the stockholders on Identically the same terms as the banks had under­
written it
Accordingly, rights were issued to the old preferred stockholders, entitling
each preferred stockholder to subscribe for his proportionate share of the
$10,000,000 prior preference stock, together with the 225,000 shares of
common stock.
Under the plan the maturity of the bonds was extended from May 1 1932
to May 1 1942. the annual sinking fund payments postponed until May 1
1929, unless a dividend is paid on common stock (see V. 117. p. 1241),
and the mortgage closed at $10,000,000, leaving in the treasury of the com­
pany $1,771,700 of bonds available for future corporate purposes. (Com­
pare V. 117, p. 1241, 1669. 1783.)
DIVIDENDS.—An initial quar. div. of
on the prior pref. stock
was paid March 1 1926; same amount paid June 1 1926. Accumulated
dividends on this issue total 14%.
REPORT.—For year ending June 30 1925, in V. 121, p. 1564, showed:
Years End. June30— 1924-25.
1923-24.
1922-23.
1921-22.
Gross profit on opera’ns. $3,201,601 $1,929,114 $1,650,092 $2,654,726
Operating, &c., exp___
1,155,670
1,255,408
1,357,328 1,255,906
$673,706
Net earnings------------- $2,045,931
$292,764 $1,398,820
411,415
429,322
Bondinterest-------------411,415
449,445
Interest on loans______
193,439
519,895
920,774
1,015,154
Amortiz’n of bond disc’t,
organization exp., &c_
_____
92,841
92,841
Cr.85,572
Profit on bds. purchased
_____
Cr.79,511
Depreciation & depletion
340,240
304,219
291,404
309,255
Recovered from German
debt_______________
Cr .71.197
Balance, surplus____ $1,172,035 def$549,008df$l,368,820 def$388,363
OFFICERS.—Pres. & Treas., John J. Watson, Jr.; V.-P.. Albert French;
V.-P., F. F. Ward; Asst. Treas. & Asst. Sec., Charles J. Cottee; Asst. Sec.,
A. O. Edwards. Office, 61 Broadway. N. Y.— (V. 122, p. 2339.)
IN T E R N ATIO N A L B US IN ESS M AC HIN ES CO RP.—The ComputingTabulating-Recording Co. was incorp, in 1911 as an amalgamation, per
plan in V. 93. p. 48. of International Time-Recording Co., Tabulating Ma­
chine Co. and Dayton Scale Co., Chicago, Ill. See V. 94, p. 1254-5.
The directors on Jan. 30 1924 authorized the merger of International
Business Machines Corp., all of the stock of which was owned by Comput­
ing-Tabulating-Recording Co. into Computing-Tabula ting-Recording Co.,,
and the assumption of the name by the latter corporation of International
Business Machines Corp. The merger and change of name in no way
affected the corporate identity of the company or its rights, powers and
obligations.
STOCK.—The stockholders on Feb. 16 1926 increased the authorized
common stock from 200,000 shares to 750,000 shares, no par value, three
new shares being distributed in exchange for each share held. Capital stock
and surplus of sub. cos. not owned Dec. 31 1925, $162,588.
DIVIDENDS.—1% paid April, July and Oct. 10 1913. In 1916 and
again in 1917 4% was declared, payable 1% quar. Jan. 1918 to April 1922
paid $1 quar.; July 1922 to Jan. 1924 paid $1 50 quar.; April 1924 to Jan.
1926 paid $2 quar. Also paid 20% in stock on Dec. 15 1925. On April 10
1926 paid 75c. quar. on increased capitalization.
REPORT.—For 1925, in V. 122, p. 2339, showed:
1923.
Calendar Years—
1925.
19241922.
x Net profit____________ $4,956,259 $4,069,749 $3,659,537 $3,121,709
349,542
387,255
464,852
Bond, &c., interest____
343,152
813,372
979,810
Depreciation__________ 1,055,586
777,701
315,060
297,535
Develop. & patents exp.
353,988
247,339
1,205,416
874,573
Divs. on C. T. R. stock. • 1,329,610
720,616

Balance, surplus____ $1,873,923
$1,219,921 $1,286,802
Previous surplus______ > 21,647,086 20,701,430 18,249,713
Total surplus.

$911,203
17,635,928

$23,521,009 $21,921,351 $19,536,515 $18,547,131

190

MISCELLANEOUS COMPANIES
IFor abbreviations, &c„ see notes on page 8]

Par
Value

1916

None 500,000 sh See text Q-M31
$100 $9,971,700
7
Q-M31
None 646,137 shs
$2
Q—J 31
101 $99,876,772 See text Q—J 15
IO 62,678,401
. Q—M
7
101 40.871.800
100 51.725.0 '0 See text
500 ate 36,431,000
8g A&O

International Mercantile Marine—Stock com $60.000.000...

Pref (a & d) 6% oum #60.000,000 (V 84. p 1309. 1370)-.
1st M * Ool Tr $50,000,000 callable at 110 * int............... N
Securities of Controlled Companies—
Oceanic 8tm Navi
1st M debentsfSer 2 s f 5% or £125.000. call par______
Number One Broadway Corp bond and mortgage_______

Calendar Years—
1925.
Federal taxes (est.)____
375,000
Sale of stock__________ Crl.004,629
Amt. rec’d in lawsuits.. _______
Res. for contingencies-. ________
Loss in liquid, of Detroit
Auto Scale Co______
_______
Cost of list. & issuing shs.
4,629
Amortization of patents.
74,837

1924.
$200,000

1099

$200,000
Crl ,427,386
Cr513,818
500,000
76,289

1Q99

$200,000

76,289

Balance____________ $24,071,173 $21,647,086 $20,701,430 $18,249,713
x Net profit of subsidiary companies after writing down Inventories of
raw materials to cost or market, whichever was lower, and deducting
maintenance repairs and in 1921 depreciation of plants and equipment,
provision for doubtful accounts, the proportion of net profit applicable to
unacquired shares, and expenses of Internat. Business Machines Corp.
3 Mos. End. Mar. 31— 1926.
1924.
1923.
1925.
Net after bond interest,
res., deprec., &c____
$873,654
$658 410
$558,063
$747,481
Estimated Federal taxes
93,481
82,410
110.063
113,654

Balance, surplus.........
$760,000
$654,000
$576,000
$448,000
OPPICERS.—Thomas J. Watson, Pres. & Gen. Mgr.; Otto E. Braitmayer, V.-P.; Clement Ehret, V.-P.; William F. Battin, Treas. & Compt.;
John G. Phillips, Sec. Office, 50 Broad St., N. Y.—(V. 122, p. 2662.)
INTERNATIONAL CEMENT CORP.—Organized on Nov. 15 1919
under the laws of Maine. Through subsidiaries, is engaged in manufacture
of Portland cement in New York, Kansas, Texas, Virginia, Indiana, Ala­
bama, Cuba, Argentina and Uruguay. Owns and controls the following
independent cement companies: Indiana Portland Cement Co., Indianapo­
lis, Ind.; Kansas Portland Cement Co., Kansas City, Mo.; Texas Portland
Cement Co., Houston and Dallas, Tex.; Knickerbocker Portland Cement
Co., Inc., Albany, N. Y.; Virginia Portland Cement Co., Norfolk. Va.;
Cuban Portland Cement Corp., Havana, Cuba; Argentine Portland Cement
Co., Buenos Aires, Arg.; Uruguay Portland Cement Co., Montevideo,
Uruguay; Alabama Portland Cement Co., Birmingham, Ala.; Louisiana
Portland Cement Co., New Orleans, La.
CAPITAL STOCK.—Pref. and com. shares have equal voting power.
The stockholders on June 19 1925 increased the authorized pref. stock
from $5,000,000 (par $100) to $15,000,000 (par $100) and the authorized
com. stock from 400,000 shares without par value to 600,000 shares without
par value.
Common stockholders of record June 23 1925 were given the right to
subscribe at $50 per share for 100,000 shares of com. stock. V. 120,
p. 3197.
DIVIDENDS.—On common, initial div. of 62)4 cents per share was
paid Sept 30 1920: same amount paid quar in Sept 30 1992. Dec 30
1922 to Sept. 29 1923 paid 75 cents quar.; Dec. 31 1923 to June 30 1926.
paid $1 quarterly. Also paid 10% in com. stock on Dec. 31 1924.
REPORT.—Por 1925, in V. 122. p. 2676. showed:
Calendar Years—
1925.
1924.
1923.
.$17,713,900 $13,683,504 $11,289,117
Manufacturing and shipping costs.. . 10,021,390
7,843,273
6,382,770
. 1,154,627
697 ,987
822,074
1.505.852
.. 2.064,055
1,214.104
$3,636,391 $2,870,169
135,006
102,261

Miscellaneous income-

.. $4,473,827
164,994

interest, taxes and miscellaneous..
Preferred dividends (7%)_________

.. $4,638,821 $3,771,397
662,436
723,890
457,922
193,591
.. 1,800,000
1,476,006

$2,972,430
549,853
103,351
1,164,537

Balance, surplus_________
.. $1,718,463 $1,377,910 $1,154,689
Report for 1st quarter of 1926 in V. 122, p. 2956.
OPPICERS.—Chairman, P. R. Bissell; Pres., H. Struckmann; Sec.,
Henry S. Buescher; Treas., John R. Dillon. Executive offices, 342 Madison
Ave., New York.—(V. 122, p. 2956.)
""INTERNATIONAL COMBUSTION ENGINEERING CORP—In­
corp. July 30 1920 in Delaware as a holding company. Subsidiary compan­
ies are engaged in the business of manufacturing and selling automatic
stokers and accessories, and fuel burning and heating devices of all kinds.
The subsidiary companies are as follows: Combustion Engineering Corp.,
New York; Coshocton Iron Co., Monongahela, Pa.; Coxe Traveling Grate
Co., Port Carbon, Pa.; Raymond Bros. Impact Pulverizer Co., Chicago,
Ill.: Green Engineering Co., East Chicago, Ind.; Combustion Engineering
Bldg., N. Y.; International Pulverized Fuel Corp., N. Y.; Combustion
Engineering Corp., Ltd., Toronto; Underfeed Stoker Co., Ltd., London,
England; International Combustion, Ltd., London, England; Combustion
Engineering Co., Ltd., Derby, England; Societe Anonyme des Foyers
Automatiques, Paris, Prance; Societe Anonyme Anciens Establissements
Raymond Freres, Paris, Prance; Italsice, Milan, Italy; KohlenscheidungGesellschaft, Berlin, Germany. Plants are located at Monongahela and
Port Carbon, Pa., East Chicago, Indiana, Chicago, Ill., Derby and Barrow
in-Furness, England, and Roubaix, France.
STOCK.—The stockholders of record Dec. 1 1924 were given the righ*
to subscribe to 27,372 additional shares at $33 per share in the ratio of one
new share for each 15 shares held. The stockholders voted on May 20
1925 to increase the authorized capital stock from 450,000 shares of no par
value to 750,000 shares.
DIVS.—Jan. 6 1921 to Oct. 6 1921 paid $1 50 quar.; Jan. 31 1922 to
May 31 1926 paid 50 cents quar. Also paid a div. of 200% in stock on
Jan. 6 1922.
REPORT.—Por 1925, in V. 122, p. 2956, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Net income from oper. $1,350,109 $1,448,432 $1,192,742
$513,160
Other income________
186,175
66,508
105,669
75,253
Total income_______ $1,536,284
$1,514,940
Interest, deprec., &c__
412,215
300,216
Res. for Fed. taxes, &c.
117,150
158,318
Dividends______________
913,186 789,822

$1,298,411
263,123
126.729
562,018

Amount
Outstanding

100

1914

21,130

74,265

When
Payable

Date
Bonds

International Cement Corp.—Common stock auth.
600.000 shares_____________________________________
Preferred stock cumulative S15.000.000 auth. red 100___
Internat Combus Eng Corp—Stock auth 750.000 shs____
Internat Harvester Co.—Com stock S130.0uu.uoU________
Preferred (• * d) 7%cum. $100.000.000_________________

$588,413
108,879
43,752
434,587

Balance, surplus------$93,733
$266,584
$346,541
$1,195
OFFICERS.—Pres., George E. Learned; V.-Ps., Wilfred R. Wood and
Joseph V. Santry; Sec. & Treas., George H. Hansel; Compt., G. G. Guthrie,
Hunter. Office, 43 Broad St., New York.—(V. 122, p. 2956.)
INTERNATIONAL HARVESTER CO.—Originally incorporated
in N. J. on Aug. 12 1902 and acquired five concerns manufacturing agri­
cultural machines: Deering Harvester Co., McCormick Harvesting Machine




[Vol. 122.

INDUSTRIAL STOCKS AND BONDS

5,804,480
1,870,000

Bate
%

4X
6

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Tune 30 '26 $1
June 30 ’26 1
May 31 ’26 50c
July 15 19261)4 Checks mailed
June 1 1926 IX Checks mailed
Peb 1 1923 1)4 New York City
Co’s office. New York
Oct 1 1941

J& D30 June 30 1943

London

Co., &c. Also has timber lands, coal, ore. blast furnace and steel proper
ties. See full description of plants, organization, &c., in Oct. 1918. V
107, p. 1574, 1575: Y 108, p. 2038. V. 85, p. 104. Canadian Co., V. 168,
. 385. In 1919 acquired Chattanooga Plow Oo. and Parlin & Orendorff
o. of Canton. Ill. V. 108, p. 2437. In June 1920 acquired the Richmond
(Ind.) plant of the American Seeding Machine Co., V. 110, p. 2662. The
International Harvester Oo. of Argentina (a subsidiary) was incorporated
in Delaware Sept. 29 1924 with a stated capital of $5,000,000.
Plants are located at Chicago, Ill.: Milwaukee. Wis.: Akron, Ohio: Auburn
N. Y.: Chattanooga, Tenn.: Ft. Wayne. Ind.: Canton, Ill.: New Orleans,
La.; Richmond, Ind.; Rock Falls, Ill.; St. Paul, Minn.; Springfield, O.;
Chatham, Ont.; Hamilton, Ont.; Croix, France; Neuss, Germany, and
Norrkoping, Sweden. Manufactures binders, reapers, harvester threshers,
mowers, rakes, hay stakers. corn machines, ensilage cutters, potato diggers,
culti-packers, engines, cream separators, tractors, commercial cars, motor
trucks, tillage implements, plows, cane mills, evaporators and kettles,
listers, beet pullers, cultivators, corn planters, seeding machines, &c.
The U. S. Govt, through Aixorney-General Daugherty on July 17 1923
filed a petition in the Federal District Court at St. Paul. Minn., demanding
that the International Harvester Co. be separated into three independent
corporations, with different stockholders, owners and officials, as suggested
by the Federal Trade Commission in its report to the U. S. Senate in 1920
lV. Ill, p. 1088).
The action was taken, the Att’y-Gen. stated in his petition, because the
original decree dissolving the Harvester company which was entered Nov. 2
1918 (V. 107, p. 608, 699) was inadequate to achieve its purpose, viz.
“To restore competitive conditions in the United States in the inter-State
business in harvesting machines and other agricultural implements.”
The Att’y-Gen. asks the Court to decree that the company is “still a
combination in restraint of inter-State trade and commerce, and still is
monopolizing and attempting to monopolize said trade and commerce in
violation of the Sherman Anti-Trust Law, and contrary to several opinions,
orders and decrees of this Court.” Compare V. 117,p. 282, 1561; V. 118,
p. 1672; V. 119, p. 1741.
The Government on Oct. 23 1924 filed in the Federal Court at St. Paul
a brief in the foregoing proceedings asking that the consent decree of 1918
be reversed or “effective dissolution” ordered. Compare V. 119, p. 1962.
Holding that the decision of 1918, divesting the company of three of its
manufacturing lines, had proved effective, a special Federal Court of Equity
at St. Paul, Minn., May 19 1925, denied the Government's petition for
supplemental provisions to that decree. The Government, it is stated,
will appeal from the decision. Compare V. 120, p. 2689.
STOOK.—Rights of stock, see application to list. V. 107. p. 1574.
The stockholders on July 29 1920 ratified the proposal Increasing the
authorized Pref. stock from $60,000,000 to $100,000,000 and the Common
stock from $80,000,000 to $130,000,000, The plan provided: (a) that
$20,000,000 of the new Common and $40,000,000 of the Pref, stock be set
aside for employees under the stock ownership and profit-sharing plan* (5)
that $10,000,000 of the new Common will be used for the payment of
12 X % stock dividend on the Common and (c) the balance. $20,000,000. will
be available for the payment of 2% semi-annual stock dividends on the
Common stock, the same to be declared on the first days of Jan, and July of
each year if the directors so decide. V 111, p, 498, 697.
DIVIDENDS.—Regular dividends at rate of 7% per annum were paid
on the pref. stocks of the International Harvester Co. of N. J and Int.
Harvester Corp. Dividends at rate of 5% per annum were paid on Inter.
Harvester Co. of N. J. common stock from 1913 to 1916; 7% In 1917 (5%
and 2% extra), 1 X% on Jan. 15 1918 and two dividends of 1X% each on
April 15 and July 15 1918, respectively. No dividends had been paid on
the common stock of the Inter. Harvester Corp, since July 15 1914 owing
to European war.
The consolidated company paid its initial dividend on common stock
1X% Oct, 25 1918* Jan, 1919 to April 1920, 1X% quar,* July 1920, 1X%’
3ept. 1920, 12)4% In com. stock; Oct. 1920. 1X%: Jan. 1921. 1X% aJ 1
2% in com. stock; April 1921, 1X%; July 1921, 1X% in cash and 2% in
stock (V. 112, p. 2418); Oct. 1921, 1X%; Jan. 1922, 1X% in cash and 2%
In common stock: Apr. 1922, 1X%: July 1922, 1X% in cash and 2% In
common stock; Oct. 1922, 1X%: Jan. 1923, 1 X % in cash and 2% in
common stock; April 1923 to Jan. 1926 paid IX% quar. in cash; April and
July 1926 paid 1X % quar. in cash.
REPORT.—For 1925, in V. 122, p. 1796, showed:
Consol, Income Acct. of Merged Cos.
1925.
1924.
1923.
Operating income after taxes________ $28,956,967 $23,633,236 $18,237,837
Interest__________________________
217,042
645,968
767,194
311,809
Ore and timber extinguishment________________ 292,897
560,693
Reserve for depreciation___________
4,460,360
4,244,010
4,138,493
Special maintenance reserve_______
982,745
364,490
333,205
Reserve for losses on receivables____ 2,332,684
1,988,404
2,163,875
Russian plant investment__________
_______
2,291,160
Pension funds_____________________ 1,500,000
750,000
Preferred dividends________________ 4,363,635
4,215.673
4,230,564
4,993,835
4,993,835
Common dividends________________ 4,993,835
1,958,368
Common dividend (stock)__________ ________

&

Surplus________________________ $9,813,770 $3,812,996 def$893,500
OFFICERS.—Pres., Alexander Legge; V.-Ps., H. F. Perkins, A. E.
McKinstry, H. B. Utley, Cyrus McCormick Jr.; V.-P. & Treas., George
A. Ranney; Gen. Counsel, William S. Elliott; Comp., William M. Reay;
Sec., William M. Gale. General office, 606 South Michigan Ave., Chicago.
—(V. 122, p. 2806.)
INTERNATIONAL MERCANTILE MARINE CO—ORGANIZATION.
4C.—Formerly Internat. Nav. Co., acquiring in 1902 (per plan, V. 74.
p. 888, 941. 1093: V. 75, p. 1089, 1305), entire cap. stock of White Star,
American, Red Star, Atlantic Transport and Dominion Line and in the
Leyland Line, £587,030 of the £1,414,350 5% cum. pref. stock and £1.184.
630 of the £1,200,000 com. stock. V. 102, p. 2080. During 1920 acquired
the remaining com. stock and all except £5.700 of the pref. stock of the
Leyland Line. During 1919 acquired, through the Oceanic Steam Naviga­
tion Co., Ltd., and the Shaw. Savill & Albion Co., Ltd., practically all of
the stock not already held of the George Thompson & Co., Ltd. V. Ill,
p. 387. Io Nov. 1916 Joined in purchase of New York Shipbuilding Corp,,
v 103 a 1N91: V 105 p. 387.
On Dec. 31 1924 the company’s fleet comprised 108 ships, having a gross
tonnage of 1,153,993 tons.
In Oct. 1916 the company’s financial position having been vastly Im­
proved owing to the war, a reorganization was effected without foreclosure
per plan in V. 103, p. 582, 668, 1214, 1985, the funded debt of the Inter­
national Co. being reduced by $30,729,000 and its direct interest chargee
(Tom $3,248,330 as of Dec. 31 1914 to $2,369,820. V. 105. p. 387. The
plan left entirely undisturbed the existing common and preferred stock.
V. 103, p. 1214. The American International Corp. (V. 103. p. 2338; V.
106. p. 90) In 1916-17 acquired a considerable amount of the capital stock.
Contemplated Sale of White Star Line.—On April 24 1926 it was announced
that the company was carrying on negotiations for the sale of the White
Star Line to British interests. Compare V. 122, p. 2509, 2806.

May, 1926.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
IFor abbreviations, Ac., see notes on page 8]

Date
Bonds

International Nickel Co.—Common stock $50,000,000 auth
Preferred stock (a * dl 6% non-cum $12,000,000 auth__ ....
International Paper Co—
Stock common 750,000 shares authorized______________
Preferred (not as to assets) 6% cum $25,000,000 auth__ ,Preferred (a & d) stock 7% cum red 115 $50,000,000 auth.
1st * Kef M 5s s f call 102 M Ser A______________ Baxxxc* 1917
do
do
Series B____________________________ 1917
Ref mtge s f g Series A red 105____________ Ba.kxxxc*&r* 1925

$25 $11,834,600
tOl
8.912.601

None
100
100
1.001
1 .000
500 Ac

PREP. DIVS.—1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924-25Regular dividends. 6
6
6
6
6
6
1M
NoneOn accumulations. 10
5
15
10
-----------Paid in 1923: Peb. 1, 1M %', none since. Accumulated dividends, 55M %
as of Feb. 1 1925.
BONDS.—First M. A Cott. Tr. Sinking Fund bonds dated Oct 1916
and due Oct. 1 1941. but subject to prior redemption on any Int. date at
110 and int. on 4 weeks’ notice. Sinking fund not less than $400,000 pei
annum beginning in 1917, and proportionately more if more than $40,000,
000 bonds are issued. Total auth., $50,000,000. Present issue, bearint
6% int., $40,000,000.
Remaining $10,0OO.0OO reserved for futun
use under restrictions to meet not over 85% of the cost of additional ships
equipment, Ac., and for improvements and betterments of the property.
Int. rate not to exceed 6% and callable at not over 110 and Int. On Dec. 31
1924. $3,569,000 had been retired by sinking fund. V. 105, p. 387.
SUBSIDIARY COMPANY BONDS.—Oceanic Steam Nav. Co. 4M%
debentures: on Dec. 31 1924, $5,804,480 were outstanding, see V. 87, p.
1091; V. 99. p. 202: V. 102, p. 2170; V 105, p. 387. Number One Broadway
Corp. 6% bonds and mortgage outstanding Dec. 31 1924, $1,870,000.
REPORT.—For 1924, in V. 121, p. 192, showed:
Combined Income, Incl. Sub. Cos., 100% Owned, and Fred Leyland A Co.
1924.
1923.
1922.
Gross earns, (after provid. for British
$
$
$
excess profits duty), also miscell-- 79,362,907 76,099,824 81,563,911
Gross oper. exp., incl. U. S. war taxes,
British income tax, also interest on
debenture bonds of subsidiary cos. 72,487,073 69,986,227 74,592,780
Net earnings------------------------------ 6,875,834
Interest on I. M. M. Co. bonds____ 2,198,931
Depreciation on steamers___________ 5,756,208
Preferred divs.I.M.M.Co_______
_______

6,971,131
6,113,597
2,223,718 2,256,254
5,579,800 5,984,661
----------- (4^)2327,625

Net result........................................ def$l ,079,305def$1689.922def$3597,408
The foregoing statement represents earnings of steamers directly operated
by tbe International Mercantile Marine Co.. together with earnings of the
subsidiary companies (largely British), of which the entire issues of capita)
stock are owned by the International Mercantile Marine Co., except
Frederick Leyland & Co., Ltd., of which company 99 6% of the pref
shares and all of the common shares are owned by the Internationa)
Mercantile Marine Co. For proper comparison with results of previom
years the earnings of the British companies have been converted at S4 8/
per £ sterling
Note.—The British excess profits duty on earnings in excess of the aver­
age earnings of any two of the three years previous to the war was increased
In 1916 from 50% to 60%. and in 1917 to 80%. but in 1919 was reduced t»
about 40%
DIRECTORS.—Matthew C. Brush, H. Bronner, P. A. S. Franklin,
J. M. Perry, Charles H. Sabin, Frederic W. Scott, Donald G. Geddes,
John W. Platten, Charles A. Stone, Thomas B. McAdams. Pres., P. A. S.
Franklin; Treas., H. G. Philips; Sec., E. E. Parvin. New York office,
1 Broadway.—(V. 122, p. 2806.)
INTERNATIONAL NICKEL CO. (THE).—lncorp. in N. J. Mar. 29
1902. In Sept. 1912 succeeded to International Nickel Co. and Colonial
Nickel Co., per plan V. 95, p- 239, 682. Had previously acquired all stock
of Canadian Copper Co., with plant at Copper Cliff, Ont.; and the Orford
Copper Co. of Bayonne, N. J.; control Nickel Corp., Ltd., London and
Societe Miniere New Caledonia, Ac. V. 75, p. 1205, 1257.
The new refinery at Port Colborne, Ontario, was placed in operation
in July 1918. V. 108. p. 1063, 2237; V. 106. p. 2338; V. 107. p. 85. In
1918 the International Nickel Co. of Canada, Ltd., increased its authorized
capital stock from $5,000,000 to $50,000,000 (the Issued stock being owned
by the Americ in company) and took over the assets of Canadian Copper Co
with Its mining and smelting operations in Canada and the refining opera­
tions at the Port Colborne plant. V. 108, p. 2236; V. 106, d. 2348. A
rolling mill has been erected on the Guyandotte River near Huntington,
W. Va.
STOOK.—Shareholders voted Jan. 1916 to decrease the par value of com.
shares, each $100share being exchanged forfour $25 shares. V.102.p 348,71.
DIVS.—
I ’13. ’14.
1915.
T6. T7. T8. ’19. ’20-’24. ’25.
Common-............ % (10M 10 17M & 10 stk. 25 23 16
2
0
4
Paid in 1926: Mar. 31, 2%.
ended_ Dec.
31 1925,
in V.
122,
p. 1304,
showed:
REPORT.- -For 9 mos.
----.
—
—
9 Mos. End.
-Years Ended March 3lDec. 31 ’25. 1924-25.
1923-24.
1922-23.
Earnings of all properties
(mfg. and selling exp.,
4,914,289
1,153,322
Ac., deducted)______ 6,325,810
2,803,784
Other income_________
102,291
128,950
194,910
221,870
Total income_______
General expenses______
Federal, franchise, Ac.,
taxes (estimated)____
Depreciation of plants.Shutdown expenses____
Foreign cos. not included
Preferred dividends__
Common dividends____

6,428,101
406,771

5,109,199
392,815,

3,025,654
360,552

1,282,272
370,328

715,796
979,846
80,788
7,500
401,067
1,673,384

467,506
1,200,442
115,878
8,500
534,756

202,830
1,138,457
103,029
14,000
534,756

64,854
394,728
389,191
15,000
534,756

Balance, sur or def sur2,162,949 su2,389,302 sur672,030 def486,586
Report for 3 mos. ended Mar. 31 1926, in V. 122, p. 2662, showed:
3 Mos. End. Mar. 31
1926.
1923.
1925.
1924.
Earnings, after exp., re­
$
$
pairs and maintenance 2,118,275
1,880,343
456,362
811,609
Other income_________
49,240
42,554
68,357
47,289
Gross income_______
Exp., Federal tax., Ac__
Deprec., deplet., Ac----Preferred dividends___
Common dividends____

2,167,515
388,308
412,634
133,689
836,692

1,922,897
277,223
355,591
133,689

879,966
137,480
323,891
133,689

503,651
128,992
344,426
133,689

Surplus................. ..
396,192
1,156,394
284,906 def.103,456
OFFICERS.—Chairman, Charles Hayden; Pres., Robert O. Stanley;
V.-P.. Sec. A Treas., James L. Ashley. Office, 67 Wall St., N. Y.—
(V. 122, p. 2662.)
INTERNATIONAL PAPER CO.—Company, organized in 1898, is the
largest manufacturer of paper in the world.
The stockholders on March 24 1925 ratified a contract between the
company and Canadian International Paper, Ltd., which provided among
other things for the acquisition by the company of all or substantially all
of the capital stock and other securities of Canadian International Paper,
Ltd., and the issue and exchange therefor of $5,000,000 of Com. stock,
$5,370,000 of Cumul. 7% Pref. stock, and not less than $6,912,250 of new
6% 30-Year Sinking Fund Gold bonds of the company and the further
payment of a large sum in cash.




Amount
Outstanding

Par
Value

250,000 shs.
3,590,500
28,229,500
118,140,000 I
1
1
22,347,000

Rate
%

When
Payable

6

Q—F

6
7
5g
5g
6g

O—’
Q—J
J A J
.1 A J
MAS

191

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Mar 31 ’26 2% Bankers Trust Oo, N Y
do
do
May 1 1926 1X
July 1 189° 1%
Apr 15 1926 1^
Apr 15 ’26, 13A
lan 1 1947
Jan 1 1947
Mar 1 1955

Checks mailed
Checks mailed
Bankers Trust Oo. N Y
do
do
New York

Through the acquisition of the securities of the Canadian International
Paper, Ltd., the company acquired indirectly all, or substantially all,
of the properties formerly owned by the Riordon Co., Ltd., of Canada,
purchased at a foreclosure and liquidation sale of the properties of the
Riordon Co., Ltd., held in Montreal, Canada, on Sept. 8 1924, by the
committee representing holders of 20-Year Sinking Fund 1st Mtge. A Ref.
Gold bonds of the Riordon Co., Ltd., and by the committee representing
holders of 10-Year 6% Gen. Mtge. Sinking Fund Gold bonds of the Riordon
Pulp A Paper Co., Ltd.
Company also controls Continental Paper A Bag Mills Corp, and Bastrop
Pulp A Paper Co. V. 121, p. 847.
Mill Properties.—Company and wholly owned subsidiaries own 25 paper
and pulp mills located in Maine, New Hampshire, Vermont, Massachu­
setts, New York, Louisiana and the Provinces of Quebec and Ontario, Can.
These mills have a daily capacity of 1,800 tons of various classes of paper,
which is being increased to approximately 2,200 tons.
The most important plant is the Three Rivers (Que.) mill, which has a
daily capacity of 700 tons of newsprint. The Kipawa mill, a bleached sul­
phite plant for merly owned by Riordon Co., Ltd., is located in the Province
of Quebec.
Including the above mills International Paper Co. and wholly owned
subsidiaries own and operate 5 ground wood mills for the manufacture
of mechanical pulp, 7 combination ground wood and paper mills, 7 combina­
tion ground wood, sulphite pulp and paper mills, one paper mill, one mill
for the manufacture of kraft or sulphate pulp, one combination paper and
soda pulp mill, one combination Kraft paper and Kraft pulp mill, and two
bleached sulphite mills.
Work has begun on the construction of a four-machine newsprint mill
of over 450 tons daily capacity on the Gatineau River in the Province
of Quebec.
Timber Limits A Water Powers.—Company and wholly owned subsidiaries
will own in fee 1,604.000 acres of timber lands, stumpage rights covering
55,000 acres and Canadian Crown timber limit leases covering an additional
9,069,000 acres. The pulp wood on lands owned in fee is estimated to be
in excess of 6.000,000 cords, while that on lands held under Canadian Crown
leases is estimated to exceed 28,000,000 cords.
Company with its wholly owned subsidiaries is also among the largest
holders of developed and undeveloped water powers on the Continent.
The developed water power sites have an installed capacity of 180,000 h.p.,
capable of being increased through further development and through the
utilization of undeveloped sites to over 600,000 h.p. on a hydro-electric
basis. Most of the company’s mills are located adjacent to and utilize the
output of the developed water powers and in addition certain powers have
been electrically developed and their output is sold to public utility com­
panies.
The International Hydro-Electric Corp., a subsidiary, has been incor­
porated for the purpose of segregatihg the company’s power properties from
the manufacturing end of the business. V. 120, p. 2689.
STOCK.—The stockholders on Nov. 6 1925 voted to change the au­
thorized common stock from 500,000 shares, par $100, to 750,000 shares
of no par value, and to increase the authorized 7% pref. stock from $50,000,000 to $75,000,000, par $100. The old common stock was exchanged
share for share for common stock of no par value.
In addition, the company offered additional shares of no par value
common stock at $50 a share to common stockholders of record Nov. 9 1925.
Payments may be made in installments as follows: $12 50 each on Nov. 30
1925, and on March 1, June 15 and Aug. 1 1926.
It is the intention of the company to initiate quarterly dividends on the
common stock at the rate of $2 per annum on Aug. 15 1926.
The cum. 7% pref. stock is entitled to cumulative dividends at the rate
of 7% per annum, preferred over the 6% pref. stock and com. stock. Red.
at 115 on any div. payment date, is preferred as to assets over the present
6% pref. stock and common stock in the event of voluntary or involuntary
liquidation to the extent of $100 par share and divs., and entitled to full
voting powers. The holders of the 6% pref. stock have been given the
privilege of exchanging their stock, share for share, for the new 7% pref.
stock on payment of $10 per share.
DIVS — 1898 1899. '00 to ’07 . 08. ’09toT4. ’15. T6 1917 to Apr 1926.
Pref. (%). 4M
6
6 yearly
4 2 yearly 2 2M6 yrly(l HQ-J15)
Com. (%). 1
2
None None None
— — ______________
On 7% preferred, in full to date.
Under the terms of the financial plan of Jan. 31 1917 the 33M% accum.
divs. were discharged with 7M% in cash, 14% in 6% cum. pref. stock and
12% In common stock.
BONDS.—First A Ref. 5% Sk. Fd. Itge. Bonds.—See V. 107, p. 1575.
Series A, issued to retire 6% bonds of parent and subsidiary cos. and
consol, mtge. 5s, these Series A bonds (but not the remainder. Series B)
were convertible from July 1 1919 to July 1 1922, incl., into 6% cum. pref.
stock, par for par.
Series B bonds (sold in Dec. 1921. V. 113, p. 2825).
An annual sinking fund of 1 % of the total amount of bonds at any time
Issued (plus interest on bonds so retired). Callable at option of comDany,
all or part, on anv interest, date at 1O2M and Int. V 104. n 563
Ref. Mtge. Sinking Fund 6% Gold Bonds, Series "A".—Secured by a
mortgage, subject only to the 1st A Ref. (Closed) Mtge., on all the plants
and real estate, and all the capital stock of the more important wholly
owned American subsidiaries, owned directly. Further secured by a direct
first lien on the entire capital stock (excepting directors’ shares) of Canadian
International Paper, Ltd., which will own or control substantially all the
properties located in Quebec and Ontario.
The mortgage provides for an annual cumulative sinking fund sufficient
to retire all Series “A” bonds by maturity. No bonds of any other series
may be issued unless sinking funds are provided sufficient to retire by
maturity at least 75% of all bonds then to be outstanding.
These bonds were sold in March 1925 by Bankers Trust Co., Harris,
Forbes A Co., Lee, Higginson A Co., Blair A Co., Inc., Union Trust Co.
(Pittsburgh), Continental A Commercial Trust A Savings Bank of Chicago,
Halsey, Stuart A Co., Inc., and Redmond A Co. at 96 and int.—V. 120,
p. 1592.
There were also outstanding on Dec. 31 1925 the following bonds: Ti­
conderoga P. A P. Co. ref. mtge. 5s, 1930, $244,000; Ticonderoga P. A P.
Co. ref. 6s, 1940, $603,500; Riordon Pulp A Paper Co. 1st 6s, 1942, $1,474,600: Riordon pur. money mtges., $605,000: Pentecost 5% bonds. 1927
$25,000; property purchase obligations, $900,000; Bastrop P. A P. Co.
1st mtge. 6Ms, 1940, $800,000.
REPORT.—For 1925, in V. 122, p. 2662, showed:
Consolidated Profit and Loss Statement for Years Ended December 31.
1925.
1924
1923.
1922
Total revenue__________ $8,212,384 $7,815 ,504 $8,074,J>771oss$1047128
Depreciation__________ 3,404,519
3,176 208
3,144 ,737 2,715,726
Bond interest_________ 2,195,969
938 640
962 ,799
962,845
Reserved for taxes_______________ 61,594
xl,168 000
157 ,500
________
Red. of conting. res___ Crl,000,000
Preferred dividends______________ 1,979,020
1,500 000
1,500, 000
1,500,000
Surplus increased____ $1,571,282 $1,032 656 $2,309 ,5411oss$6225699
Paid in surplus_______ 2,140,950
Surplus Jan. 1________ 18,144,986 17,112,330 14,802,789 23,875,180
Inventory adjustment_
_______
----- -----------------deb2,846,691
Surplus Dec. 31_____ $21,857,218 $18,144 986 $17,112,330 $14,802,789
x Including reserves for contingencies.

[Vol. 122.

INDUSTRIAL STOCKS AND BONDS
MISCELLANEOUS COMPANIES
IFor abbreviations, &c., see notes on page 8]

International Salt—Stock SO.077.130 (V 06. p 1025).........
Coll tr M gold S12.000.000 red 105 s f 5200,000 yrly.Usmi
Detroit Rock Halt. Oo. (sub co) 1st Mg________________
International Shoe Co—Common stock 1,400,000 sh auth
Preferred (a & d) stock 6% cum $25,000,000 auth______
Internationa* Silver Co—Common stock______________
Stook pret '% a & d __________________________
First mtge 54,500,000 s f called at 110 since iwu. j\.xr
Debentures $2,000,000 gold redeemable at par. . .
_>
Internationa) Steam Pump Co—See Worthington Pump &
Intertype Corp—Common stock 300,000 shares auth_____
First preferred (a & d) stock 8% cum ref 120__________
Second preferred (a & d) stock 6% cum convert (text)____
Debenture notes redeemable (text)
. __ ____ Eq.xxxc
Jewel Tea Co Inc—Common stock 120,000 shares auth__
Pref stock 7% cum $3,000,000 call 125 & divs__________
Jones Bros Tea Co Inc—Common stock_________________
Pref stock 7% cum call 110_____________ _______ __
a Of which $800,000 called for redemption July 1 1926 at

Date
Bonai
1901
1912
__ _

189>
I90.‘-’
Mart
1922

par &

Par
Valut

Amount
futstandtni

ft ate
%

$100 $6,077,130 See text
500 &c 3,637,890
5K
550,000
9g
None 920,000 sh $6
100 $10,000,000
6
100 6,079,831 See tex
H’l
6.028.5SS
6
1.00'
2,511,000
0S
6j
1.00' a 1.867,001
lDerT On, I»
None 199,141 sh. See text
100 $1,179,700
8
100
5.270
6
1.000
632.000
7
None 120 ooo shs
3.000.0o. See text
101
None 100.000 shs See text
00 3,290.001; See text
interest

” OFFICERS?—Pres., A. R. Graustein; V.-P., Allen Curtis; V.-P., Joseph
L. Fearing; Treas., Owen Shepherd; Sec., F. G. Simons; Aud., B. O. Booth.
Office. 100 East 42d St., New York.—(V. 122, p. 2662.)

When
Payable

Last Dividena Places Where Interesi ao
Dividends are Payabland Maturity

Q—J
A O
& .1
Q—J
See text
See text
si- .1 & 1
J A

July 1 1926 I H
’«>» 1 1951
July I 1032
Oct 1 1926$1J^
See text
Apr 1 1926 1H
Apr 1 1926 IX
bee 1 i'jao
Jan 1 1933

Q—F 15
Q—J
& J
& O

See text
Apr 1 1926 2%
Jan 2 1926 3%
Equitable Trust Co. N Y
Apr 1 1932
Dividends not report,ao
July 1 1926 4% Vew York
Oct 15 23. 17,
July 1 1924 IX

1
J

J
A

Q—-J

Empire Trust
N V
Security Tr Co, Detroit
Checks mailed
Am Ex Nat Bank, N Y
d>
do

INTERTYPE CORPORATION.—Ineorp. under laws of New York on
Feb. 1 1916. Manufactures intertype machines which are sold to the
publishers of newspapers, general publishers and related businesses. Also
manufactures matrices, which are the counterpart of the type produced by
INTERNATIONAL SALT CO.—ORGANIZATION.—Ineorp. In New the intertype machines.
Jersey in 1901. Owns (a) all of the $2,501,000 capital stock of Retsof
STOCK.—The second pref. stock may be exchanged for common stock
Mining Co., rock salt, Retsof, Livingston Co., N. Y., which company at the ratio of one share of second pref. stock for five shares of common
owns $300,000 stock (entire issue) of Avery Rock Salt Mining Co., with stock.
mine at Avery Island, La. (this stock is in treasury of Retsof Mining Co.);
DIVIDENDS.—On old common: In 1920, $1; 1921, none; 1922, $4 and
(5) entire $750,000 stock of International Salt Co. of N. Y. (with producing
plants in New York State known as Watkins, Ithaca and Cayuga), which 10% in common stock: Feb. 1923. $1. Op new common (exchanged five
company owns $1,159,200 of $1,500,000 Detroit Rock Salt Co. common shares of new for one of old) paid 25 cents quar. May 15 1923 to May 15
1926. Also paid 10% in stock on Nov. 15 1923 and Nov. 17 1924 and 25
stock; (c) $131,700 bonds of International Salt Co. of N. J.
cents extra in cash on Feb. 15 1924, Aug. 15 1924, Feb. 16 1925 and Aug. l6
LATE DIVS 1907-14. 1915. 1916.
191 f
'18. T9 to ‘23 24 ‘25 1925 and Feb. 15 1926.
Percent______
none lt4% 4<4 614 * tfrK.C. 10
6 yrly
7 6
DEBENTURES.—The 7% debenture notes are redeemable at 105 and
Paid in 1926: Jan. 2, 1}4%; April 1, 114%; July 1, 114%.
int. to April 1 1927, the premium decreasing 1% each year to maturity.
REPORT.—For 1925, showed:
BONDS.—Of the 5s of 1901 ($12,900,000 auth issue), one-slxMctt of
1922.
Earnings—Cal. Years—- 1925.
1924.
1923.
amount issued to be retired each year by sinking fund and canceled in
March 1910 $2,420,000 were retired as the result of the sale of the West­ Profits_______________ $1,185,165 $1,217,653 $1,317,383 $1,318,497
$209,192
$127,232
$204,503
$213,291
ern properties. Ofth, $9,095,901’ bonds Issued to Dec. 31 1925. $5,458,100 Depreciation__________
Taxes, including Federal
160,000
142,000
161,000
185,000
had been retired, leaving $3 637,800 outstanding V. 82, p. 1443; V 90
1st pref. dividends____
85,152
83,134
91,146
86,470
p. 852: V. 99, p. 273
2d
pref.
dividends
_____
326
1,370
34,756
318
•f REPORT.’—Fer 1925 shows:
Common dividends____
88,817
154,885
298,643
271,511
r’Calendar Years—
1925.
1924.
1923.
1922.
pref. stock retire­
Total income_________
$939,299
$759,928 $1,088,548 $1,381,420 1stment
appropriation..
30,000
30,000
30,000
30,000
Admin. & legal expenses,
61,875
taxes, &c___________
$47,835
$35,770
$37,535
$68,057 Disct. in 7% deb. notes.
Balance, surplus____
$694,783
$707,505
$452,826
$402,973
Bond interest, &c_____
320,355
353,339
393,634
373,258
Dividends____________
364,628
364,628
425,399
364,628
Quarter Ending Mar. 31 1926.
1923.
1925.
1924.
profits before depr. $430,764
$468,247
$432,277
$415,711
if Balance, surplus------- $206,481
$6,191
$231,970
$541,457 Gross
Less—Bead and branch
163,502
168,003
155,464
office selling exp__
179,797
F 3 Mos. End. Mar. 31— 1926.
1925.
1924.
1923.
33,092
Depreciation________
50,686
53,423
35,198
x Total earnings---------$111,746
$145,396
$52,291
$241,706
20,000
Fixed charges and sinkReserve for taxes___
30,000
34,000
42,500
t mg fund_______
75,988
95,022
96,396
97,814
Net
to
surplus
______
$185,769
$185,118
$207,058
$203,389
I p»-,,
.------------ — —-----------------------------------_----- _
OFFICERS.—Chairman, Richard H. Swartwout; Pres., H. R. Swartz;
Net earnings_______
$35,758 «•: $50,374 def$44,104 $143,892 Sec.,
II. G. Willnus; Treas., H. A. Grube. Executive offices, 1440 Broad­
x After all expenses but before Federal taxes.
way, N. Y. Factories, 300 Furman St. and 365 Park Ave., Brooklyn, N. Y.
OFFICERS.—Pres., M. B. Fuller; Sec., H. J. Osborn; Treas., W. H. — (V. 122, p. 2201.)
Barnard. Office, Scranton, Pa.; N. Y. office, 475 Fifth Ave.—(V. 122,
JEWEL TEA CO., INC.—ORGANIZATION.—Ineorp. in N. Y. on
p. 2510.)
Jan. 14 1916 to take over the Illinois co. of the same name. Sells coffee, tea,
baking
powder, soap, &c. Main offices and plants In Chicago and Hoboken.
INTERNATIONAL SHOE CO.—Incorporated under laws of Delaware
March 16 1921. The company is engaged in the business of manufacturing V. 108, p. 2026. Large shipping station leased in Hoboken. N. J.
STOCK.—The stockholders on Jan. 27 1925 voted to change the author­
and selling boots, shoes and kindred articles and of tanning leather, hides
ized common stock from $12,000,000, par $100, to 120,000 shares of no
skins, &c.
The Federal Trade Commission in Aug. 1925 ordered the company to par value, the outstanding stock to be exchanged on a share-for-share basis,
divest itself of all stock of the W. H. McElwain Co. Compare V. 121, p. andto reclassify the pref. stock so as to fix July 1 1926 instead of July 1 1917
as the date governing the acquisition of pref. stock of the company and its
715.
pursuant to the provisions of the certificate of incorporation
CAPITAL STOCK.—The 8% preferred stock was redeemed on Dec. 1 retirement
shares, 3 years’ requirement, already retired . Pref. redeemable at
1925 at 115 and divs. Stockholders were given two options: (1) To take all 4,600
of directors on 90 days’ notice at 125 and accrued divs. Property
cash at $115 a share for their holdings, or (2) to take $115 a share in cash for option
be mortgaged; pref. stock cannot be increased without consent of
one-half their holdings, and for the other half to take for each share $15 in cannot
% in interest in both classes of outstanding stock, taken separately.
cash and one share of new 6% preferred stock. V. 121, p. 82.
The
stockholders
April 1926 voted to reduce the authorized pref. stock
Divs.—On common at rate of $2 per ann. (50c. Q.-J.) to Jan. 1923: from $3,640,000 to in
$3,000,000 by the retirement of 6,400 shares held in
Apr. to Oct. 1923 paid 75c. quar.; Jan. 2 1924 to Oct. 1 1924 paid SI quar
Jan. 1 1925 to Oct. 1 1925 paid $1 25 quar.; Jan. 1 1926 to Oct. 1 1926 paid the treasury.
(or declared payable) $1 50 quar.
DIVIDENDS.—On pref. paid 1%% quar. from April 1 1916 to Oct. 1
Dividends ou preferred are payable
% monthly.
1919: then none until April 1 1925. when 1 54% quar and 2M% on account
of accumulations was paid; July 1 1925 paid 1 % %; Oct. 1 1925 to July 1 1926
REPORT.—Fer fiscal year ended Nov. 30 1925, in V. 122, p. 90:
paid 1%% quar. and 2J<% on account of accumulations, leaving accumu­
Years Ended Nov. 30—
1925.
1924.
1923.
lated dividends of 25 M %•
x Net sales of shoes & other manu$
$
$
REPORT.—For 1925, in V. 122, p. 1036, showed:
factured merchandise___________ 114,265,988 110,240,651 109,922,738
Calendar Years—
Jan. 2 ’26.
1924.
1923.
1922.
y Cost of shoes & merchandise sold.- 99,671,577 94,968,963 100,498,151
Net sales_____________ $14,178,478 $13,602,745 $12,554,875 $10,240,816
773,8081
713,906
(101,700
749,288
Operating profit------------------------- 14,594,410 15,271,688
9,424,587 Operating profit.
1121,374
210,589/
207,354
z Miscellaneous earnings---------------- ----------------------2,766,151 Other income___
$223,074
$956,642
$984,397
$713,906
Total income_______
Gross earnings__________________ 14,594,410 15,271,688 12,190,738
49,189
Interest charges on notes payable___
_______
148,424
486,750 Interest, inv. adj., &c_.
129,321
89,705
21,736
Provision for income taxes_________
1,872,966
2,062,468
1,405,347 Federal tax reserve____ "117,694
Preferred dividends (8%)---------------- 1,424,000
1,424,000
1,421,753
$152,149
$624,201
Balance..__________
$855,076
$838,948
Common dividends_________________ 4,600,000 3,680,000
2,523,539
Bad debts res. not requir.
208,959
463'275
ZZZZZZZZ
Surplus for year_________________ 6,697,444
7,956,795
6,353.351 Pref. dividends (14%) _.
x After deducting returns and allowances for prepayments, y After
Surplus.......................
$375,673
$855,076
$833,160
$152,149
charging operating expenses, deprec. and maintenance of physical properties;
998,414
654,555 def200,520defl,033,681
selling, admin, and warehouse expenses, and credit losses, z Discounts ot Profit & loss, surplus__
purchases, int. and dividends received, rentals charged to factories, and
OFFICERS.—Chairman, John M. Hancock; Pres., M. H. Karker;
other receipts.
V.-P., O. B. Westphal; V.-P., John C. Regan; Sec., A. Vernon Jannotta;
OFFICERS.—Chairman, Jackson Johnson; Pres., F. C. Rand; Treas., Treas., F. M. Kasch. Office, 5 North Wabash Ave., Chicago.—(V. 122,
F. A. Sudholt; Sec.. D. E. Woods; Auditor, B. A. Gray. Office, St. Louis p. 2956.)
Mo.—(V. 122, p. 619.)
JONES BROTHERS TEA CO., INC.—ORGANIZATION. Estab
INTERNATIONAL SILVER CO.—ORGANIZATION. &O.—Incor. in as a co-partmership in 1872. Ineorp. in New York State in 1910 as Jones
Nov. 1898 undei laws of N. J. and acquired silver-plating properties see Bros. Co.; present name adopted in 1916. V. 103, p. 2346. The Jones
V. 67, p. 116b; also V. 68, p 232, 334, 1024; V. 76, p. 106. Alee *•*• alarge Bros. Tea Co. of New York, a subsidiary, has been ineorp. in Delaware with
sterling silver output. Ser V 68, p 334 bp to rights of capital stock, ah authorized capital of $250,000, to take over the business carried on by
one of the departments of the parent company. Owns in Brooklyn, N. Y.,
plants &c., V. 67, p. 1160; V. 68. p. 1024; V. 71, p. 545; V. 82, p. 9.
Plan of Adjustment.—In accordance with the plan of adjustment ratified a plant covering a full block for preparing and packing tea, coffee, spices,
baking powder, soap, &c.; also does importing and jobbing business at
by the stockholders Dec. 9 1925:
(1) A dividend of 7% on the pref. stock, amounting to $422,002, was 107 Front St., N. Y. Controls (a) Globe Grocery Stores, Inc., operating
paid Dec. 31 1925, covering all unpaid cumulative dividends from Jan. 1 ‘03. stores in Ohio; (bj Grand Union Grocery Stores, Inc., operating stores in
(2) It was voted to pay on Dec. 31 1925 all outstanding pref. stock div. New York, Pennsylvania and New Jersey; (c) Grand Union Tea Co., Inc.,
scrip, amounting to $970,764, representing unpaid cumulative dividends operating stores in the principal cities of the country; (dj Anchor Pottery,
Trenton, N. J.; (e) Progressive Grocery Stores, Inc. In July 1923 acquired
from organization to Jan. 1 1903.
(3) Subscriptions for sale of 51,445 shares of common stock in treasury the chain of grocery stores operated by John T. Tomich, Inc. The latter
at $75 per share were received on or before Dec. 30 1925, stock to be deliv­ co. operated 47 stores and one warehouse in the northern section of New
York City and in Westchester County.
ered on or after Jan. 1 1926.
STOCK.—No bonds or mortgages without the consent of 75% of the
PREF. f T2. '13. '14. '15. '16. '17. T8. T9. '20' .21’ '22. '23. '24. '25. pref.
stock; the pref. is redeemable at 110 and is subject to a yearly sinking
DIVS. %\ 10
9 7^ 7 5^ 6^ 7
7
7 7^ 7 8% 8 15
fund of 2 %.
Paid in 1926: Jan. 1, 15<%; April 1, 1J£%.
The
stockholders on Dec. 23 1924 approved a change in the common
On common, paid initial div. of 114% on April 1 1926.
stock from shares of $100 par to shares of no par vajue.
REPORT.—For 1925, in V. 122, p. 1463, showed:
DIVIDENDS.—Paid on pref. stock in full to July 1924; none since.
1925.
1924.
1922.
1923.
Divs. of H of 1 % each were paid on common stock Oct. 15 1917 to Oct. 15
$969,318 $1,008,620 $1,572,416 $1,139,132 1920; then none until Oct. 16 1922, when 1% was paid; Jan. 15 1923 to
x Net, after int., &c----Adjust, of plants & inv. Cr.10,511 Dr.75,609
Dr.4,937 Oct. 15 1923 paid 1% quar.; none since.
Tr.-mks. & pats. writ, off
1,500,000
REPORT.—For 1925 showed:
'422',002
'482',288
Divs. on pref. stock___
482,288
482,288
1922.
1923.
Calendar Years—
1925.
1924.
$635,652
$165,905
profits after taxes._ $149,812 *$284,880
Balance____________
$557,825
$450,723 $1,090,128 def$848,093 Net
(7)271,600
(7)266,350
Preferred
dividends.
___
________
(3
J4)
134,225
Total surplus Dec. 31 —- $3,427,606 $5,593,884 $5,143,161 $4,104,090
Common dividends------- ----------------------- (3)300,000 (2)200,000
x Earnings, less depreciation, taxes and bond interest.
$400,445
$164,052
Balance, surplus____
$149,812def$1419,105
OFFICERS.—Pres., Geo. H. Wilcox, Meriden, Conn.; Treas., G. H.
*Net loss.
Yeamans, Meriden, Conn.—(V. 122, p. 2510.)




May, 1926.]

193

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
For abbreviations. Ac., see notes on page 8]

Date
Bonds

Jones & Laughlin Steel Corp—Com stk $60,000,000 auth
Pref (a & d) stock 7% cum red (text) $60,000,000 auth.__
1st M $30,000,000 g s f red 105................................ FC.xc*
Shannonin Coal Co serial notes due $600 000 annually ..
Jordan Motor Car Co. 1 nc—Com stock 200,000 shs auth__
Preferred (a Sc d) stock 7% cum red 110_________________
(Julius) Kayser & Co—Common 'tock 150,000 shares auth.
Pref (a & d) stock $8 cum red 120 70.000 shares auth_____
First mtge s f gold red (text) $6,000,000 auth . . Gxxxc*
Kelly-Springfield Tire Co—Common stock $10,000.000—

1909
1921
....
___

Second Pref 8% cum $7,000,000 call 125 sinking fund 3%
10-year sinking fund gold notes red 110
Ce.kxxxc*
Kelsey Wheel Co—Common stock $10.000,000auth______
Pref stock 7% cum redeemable at 125 and diva . _____
Kennecott Copper Corp—Stock 5.000.000 shares auth.__

1921
__ rw

1922

Par
Value

$ior $57,332,000
100 56.850.800
1 000 14,700,000
1 .000 2.400.000
None
126,000 shs
100
$943.700
None 115 700 shs
None 66.115 shs
190 &c 3.508 000
2f 9.096 00?
10f 2 950 000
100 5.264,700
100 &<■ 6.500 000
100 10 000.000
100 2,210,300
Nont 4.474,424sb

Report for quarter ended April 3 1926 showed net profits, after charges
and Federal taxes, of $14,216.
OFFICERS.—Chairman, Harry L. Jones: Pres.. J. Spencer Weed; V.-P.,
Gustav E. Kruse: Treas., Albert R. Doerle: Sec., William T. Gibb. Office.
68 Jay St., Brooklyn, N. Y.—(V. 121, p. 2412.)
JONES & LAUOHLIN STEEL CORP.—ORGANIZATION.—Organ­
ized In Dec. 1922 as successor to the Jones & Laughlin Steel Co which was
lncorp. in Penn. June 1902, succeeding the limited partnership of Jones &
Laughlin. Ltd. Owns plants and property at Pittsburgh and Woodlawn,
20 miles from Pittsburgh: controls ore, coal and railroad properties. V.
115. p. 2692.
STOCK.—The pref. stock is red. as a whole only at 120 and divs. Has no
voting power except upon the question of voluntary dissolution or in case
any dlv. is in arrears for one year. Except with consent of holders of 75% of
pref. stock (a) no mtge. may be placed upon the properties (except purchase
money mtges. on hereafter acquired property and the remaining authorized
$5,000,000 Jones & Laughlin Steel Co. 1st Mtge. 5s): (ft) the authorized
pref. stock may not be increased: and (c) no additional stock may be issued
with rights as to dividends or assets equal or prior to this stock.
DIVIDENDS.—An initial div. of 1% on the common stock was paid
March 1 1926: same amount paid June 1 1926.
BONDS.—The first 5s of 1909 ($25,000,000 of which were issued) are
secured by the plants and properties of the corporation in Allegheny and
Beaver counties. Pa., and Chicago, Ill., and further by pledge *»f stocks of
subsidiaries owning coal mines, ore lands and railways. Net julck assets
are always to amount to $8,000,000, while 'an equal amount of bonds are
outstanding. Sinking fund equal to l-15th of bonds issued, less interest
on bonds outstanding. V. 93. p. 49: V. 92, p. 1503; V. 88. p. 1257.
REPORT.—For 1925. in V. 122, p. 1774, showed:
Jones & Laughlin Steel Corp, and Subsidiary Companies.

Amount
Outstanding

Rate

%

When
Payable

Last Dividend
and Maturitv

June 1 1926 1 %
Apr 1 1926 IK
May 1 1939
To Nov 15 1929
Mar 31 '26,75c.
Mar 31 ’26. 1 *4
May 1 1926 75c
Apr 1 1926 »2
F Sc A Feb 15 1942
See text
Apr 1 1924 1 M
See text
Feb 15 1924 2%
8 g M & N May 15 1931
6
Q—J Apr 1 1926 1H
Q—F May 1 1926 IK
7
See text 0—J July 1 1926 $1

See text

7
5g
6
$3
7
See text
$8
7g
See text

Q—J
\f A S
MAN
Q-M 31
Q-M 31
See text

^taces Where Interest and
Dividends are Payable

New York and Chlcage
Pittsburgh

Guaranty Tr Oo. N Y
New
New
New
New

York
York.
York.
York

New York
New York

OFFICERS.'—Pres., Edwin S. Bayer; V.-P. & Treas., C. W. Sinn; V.-P.,
H. L. Van Praag; Sec., C. J. Hardy; Compt., A. Flume. Office, 353 Fourth
Ave., New York.—(V. 121, p. 1784.)
KELLY-SPRINGFIELD TIRE CO.—ORGANIZATION.—lncorp. in
N.J., April 15 1899 as Consolidated Rubber Tire Co.; name changed Jan. 2
1914.Manufactures a full and complete line of pneumatic tires and tubes.
Is one of the largest producers in the country of solid truck tlres.Produc ts
are distributed through 30 branches established in important business cen­
tres of the country and approximately 40.000 active accounts with dealers
Plant is located at Cumberland, Md. V. 108, p. 1835, 2634. Compare
also V. Ill, p. 1374: V. 112, p. 854, 945, 1872; VT 121, p. 1685.
STOCK.—On Nov. 30 1915 the par value of the common shares was
changed from $100 to $25 by increasing the number of shares fourfold.
First pref. has a 2% sinking fund which to Dec. 31 1925 had retired and
canceled $808 200 of the $3,758,200 first pref theretofore issued.
In July 1919 shareholders had the right to subscribe at par for $5,860,200
of an issue of $7,000,000 8% cum. (2d) pref. stock, underwritten. Thls8%
pref. is redeemable at $125 & divs., and has a sinking fund equal each year
to 3% of maximum amount issued, payable before any dividend is paid on
common stock. The 6% pref. has voting power; the 8% pref. has no such
power unless two of its quarterly dividends remain unpaid. To Dec. 31
1925 $595,500 had been purchased for redemption. V. 108, p. 2634;
V. 109, p. 683.
NOTES.—The 10-year 8% notes of 1921 have a sinking fund providing
for the retirement of the entire issue at 110 and int. by drawing by lot
$1,000,000 p. a. ($500,000 on each int. date) beginning May 15 1923, ard
continuing until May 15 1931, when the remaining $2,000,000 will be
paid at 110 and int, V. 112, p 2088
CASH DIVS. I *99. *00.
1914.
1915.
1916. 1917 to Feb *25
Oom. stock..!..............................
7)4
15
16 (4% Q-F)
From May 1 1919 to Feb. 1 1921 paid a stock dividend of 3% along with
the regular auarterly cash dividend of $1. Tn May. Aug. and Nov. 1921
paid 3% tn stock the cash dividend being omitted; none since.
TheJuly 1924 div. on 1st pref. stock was deferred. V. 118,p.3085. The
May 1924 div. on 2d pref. stock was deferred.
REPORT.—For 1925, in V. 122, p. 1042, showed:
1002
1099
1925.
1924.
Gross profits................
$9,895,844 $7,255,746 $9,559^804 $12,531,379
Total operating income. 3,686,641
717,658
1,107,536 5,577,846
Int. on 10-year 8% notes
610,000
690,000
770,000
800,000
Disc. & misc. deduc’ns..
395,325
301,033
354.062
464,465
Depreciation.................... 1,228,738
1,252,374
1.149,759
1,168,823

Calendar Years—
1925.
1924.
1923.
Total earnings...................................... x$15.671.582x$13,864,353 $16,727,176
Interest charges___________________
925,037
$999,675 $1,066,430
Depreciation and depletion_________ 4,792,050 4,238,449 4,746,868
Preferred dividends paid (7%)............... 3,993,381 3,921,937 3,879,872
Surplus for year........... ...................... $35,080,722 * $4,704,292 $7,034,006
Previous surplus..................................... 41,041,835 30.808,275 24,384,619
Total surplus..................................... .$41,041,835 $35,512,567 $31,418,625
Less—Adjustments, See_____________
________
431,845
610,350
Appropriation for pension fund____
100,000
_______
_______
Net Income.................. $1.452.577def$1525,749def$1166,284 $3,144,549
Profit and loss, surplus..................... $40,941,835 $35,080,722 $30,808,275
x After deducting all expenses incident to operations, Incl. repairs and Divs. on pref. (6%)---------------44,250
177,900
181,113
maint. of plants and est. provision for all local. State and Federal taxes.
Divs. on pref. (8%).............................
105,294
424,376
437.186
OFFICERS.
—
Samuel
Woolner
Jr.,
Pres.;
F.
A.
Seaman,
1st
V.-P.,
OFFICERS.—B. F. Jones Jr., Chairman of Board; William Larimer
Jones, Pres.: Willis L. King, G. M. Laughlin Jr., W. G. Moreland, Charles Maurice Switzer, T. C. Marshall and C. A. Brown, V.-Pres.; H. B. DelaA. Fisher and S. E. Hackett, V.-Pres.; B. F. Jones 3d, Sec.: J. C Watson. pierre. Sec. Sc Treas.; M. C. Lachenbruch, Aud. New York office, 250 W.
Treas.: W. J. Crieghton, Controller. Office, Pittsburgh, Pa.—(V. 122, p. 57th St.—(V. 122. p. 2201.)
2510.)
KELSEY WHEEL CO., INC.—ORGANIZATION.—lncorp. in N. Y
JORDAN MOTOR CAR CO., INC.—lncorp. under laws of Delaware on Aug. 23 1916. and took over as of Dec. 31 1915 the entire assets and
on June 11 1919 as successor to the Jordan Motor Oar Co., which was business of Kelsey Wheel Co. of Mich, and Herbert Mfg. Co. of Mich., as
going concerns, and the capital stock of Kelsey Wheel Co., Lt ., of Canada
organized on March 13 1916. Plant is located at Cleveland, Ohio.
of the Kelsey Wheel Co. of Tenn. Owns one of the largest automobile
STOOK.—On Dec. 24 1923 the authorized common stock was increased and
in the world. V. 103, p. 411, 848; V. 105, p. 75.
to 200.000 shares without par value. A 600% stock dividend was paid wheel plants
of portion of Interests at Memphis to Fisher Body Corp., V. 117,
on Dec. 29 1923, increasing the amount outstanding to 84.000 shares. A p. Sale
2000.
further 42,000 shares were sold in Jan. and Feb. 1924, stockholders receiving
STOOK.—Auth. and Issued, $10,000,000 oom. and $3,000,000 (par $100)
the right to subscribe for this stock at $30 per share.
7% cum. pref.; pref. redeemed to Dec. 31 1925, $789,700- Pref. is redeem­
DIVIDENDS.—On increased common stock (see above) paid 75 cents able,
all or part, at any time on 90 days’ notice, at $125 and divs. No
per share auarterly March 31 1924 to March 31 1926.
mortgage or funded debt. See stock offering, V. 103, p. 411. Dlv. od
REPORT.—'For 1925, gross sales were $13,511,488 and earnings before pref. Nov. 1 1916 to May 1 1926, 7% per annum (1 K% quar.). On com­
taxes and adjustments were $433,239.—V. 122, p. 2339.
mon. Initial dividend of 1K % paid Jan. 2 1922; same amount paid quar. to
April 1 1926.
Income Account for Quarter Ended March 31 1926.
REPORT.—For 1925, in V. 122, p. 2339, showed:
Sales, $4,629,109; costs & expenses, $4,440,467; oper. profit.__ $188,642
Earns. Cal. Years—
1925.
1924.
1923.
1922.
Other income__ ________________________ _ _________________ - 56,192
Sales, less returns. See..$15,083,090 $14,856,825 $20,078,435 $16,938,924
Total Income__________________________________________
$244,834Total
income
_________
1,596.060
1,412,453
2,007,157
2,046,345
Depreciation and other charges---------------------------------------------- ._98,453 Provision for Fed’l taxes
238,776
294,084
249,133
244,833
Net profit before taxes_____________________________________ $146,381 Preferred dividends.__
158,063
168,665
173,089
178,211
600,000
600,000
600,000
600,000
OFFICERS.—Pres., Edward S. Jordan; V.-P., Charles L. Bradley; Common dividends____
Sec. Sc Treas., Paul Zens; Asst. Sec. & Asst. Treas., Harrison B. McGraw.
Balance, surplus.........
$599,221
$349,704
$984,934 $1,023,301
Office. 1070 East 152d St.. Cleveland, Ohio.—(V. 122, p. 2339.)
Pres., John Kelsey. Office, Detroit, Mich.—(V. 122, p. 2806.)
(JULIUS) KAYSER & CO.—ORGANIZATION.—A re-incorporation
KENNECOTT COPPER CORPORATION.—ORGANIZATION.—
(In N. Y.) June 1911. The company is said to be the largest manufacturer
of silk gloves in the world; also manufactures lisle ana silk gloves, silk lncorp. on April 29 1915 in N. Y. and took over the Kennecott and Beatsen
hosiery, silk and cotton-ribbed underwear, dress nets and veiling. Plants properties in Alaska. V. 100, p. 1922.
On Dec. 31 1925 owned all of the stock of the Braden Copper Oo. and
at Brooklyn, Sidney, Walton, Hornell and Sherbrooke, Que. V. 95, p. 1405;
in excess of 95% of the stocks of the Utah Copper Oo. and Alaska SS. Co.
V. 92, p. 1568; V. 107, p. 185.
STOOK.—The stockholders on April 9 1923 increased the authorized
STOCK.—Under the terms of a recapitalization plan ratified by the stock
holders March 8 1922 the authorized stock was changed to 70,000 shares o stock from 3,000.000 to 5,000,000 shares and approved an offer to exchange
shares of stock of the Kennecott Copper Corp, for shares of capital stock
nopar value preferred and 150.000 shares of no par value common.
The new (no par value) pref. and common stock was exchanged for the of the Utah Copper Co. on the basis of IK shares of stock of Kennecott
old stock at the rate of 4 shares of new no par value preferred and one share for 1 share of stock of Utah.
of new no par value common for each 4 shares of old common stock out­
DIVIDENDS.—An initial dividend of $1 per share was paid Mar. 311926,
standing. The old first and second preferred stock was called for redemp­ June 1916 to Sept. 1917, $1 50 quar. ($6 yearly); Dec. 1917 to Dec. 1918.
tion on July 5 1922 at 120 and int.
$1 quar. Mar. 1919 to Dec. 1 1920 paid 50c. quar.; then none until Jan. 15
DIVIDENDS.—On old common ($100 par) April 1912 to Jan. 1913. 1% 1923, when 75c. was paid; April 1923 to Oct. 1 1925 paid 75c. quar.; Jan. 2
quar.; April 1913 to Oct. 1916,1H% quar.; Jan. 1917,1)4% and 1% extra; 1926 to July 1 1926 paid $1 quar. In July 1917 paid a Red Cross div. of 20c.
April, July and Oct. 1917, IK%; Jan. 1918, 2% and 1% extra; April 1918
BONDS.—The 10-year secured 7s, due Feb. 1 1930. were redeemed on
to April 1922, 2% quar. On new no par value common paid initial dividend Nov. 1 1924 at 106 and int.
of 75 cents per share on Nov. 2 1925; same amount paid Feb. 1 1926 and
REPORT.—For 1925, in V. 122, p. 2662, showed:
May 1 1926. On new pref. (no par value) paid $2 quar., July 1922 to
Consolidated Income Statement Calendar Year 1926.
April 1926.
(Incl.
Braden Copper Co., Utah Copper Co. and Alaska Steamship Co.]
BONDS.—The first mortgage s. f. gold bonds due 1942 are redeemable
revenue: Copper, $58,988,799; gold and silver, $2,all or part up to and incl. Feb. 15 1927, at 110 and int.; thereafter up to Operating
327,862: railroad, steamship and wharf, $6,546,454: total__ $67,863,114
and incl. Feb. 15 1932 at 107)4 and int.; thereafter up to and incl. Feb. 15 Cost
of metal production, incl. mining treatment & delivery.. 33,087,535
1937 at 105 and int., and thereafter at 102)4 and int.
Sinking fund payable annually, commencing Feb. 15 1923, will pro­ Railroad, steamship and wharf operating costs______________ 4,803,993
vide for the retirement, through redemption or purchase, annually of 2)4 %
Net operating revenue__________________________________ $29,971,586
of the largest amount of 1st Mtge. bonds issued. V. 114, p. 743.
Other receipts: Divs., int. and miscellaneous________________ 2,315,024
REPORT.—Year ending Aug. 31 1925, in V. 121, p. 1784., showed:
Years End. Aug. 31— 1924-25.
1923-24.
1922-23.
1921-22.
Total income_________________________ _________ _______ .$32,286,610
x Profits.........................$1,174,642
$206,954 $1,714,630 $1,685,058 Deduct: Interest on short-term notes, $495,556; taxes, $3,369,Inventory adjustment..
--------633,475
---------------159; depreciation, $3,991,607; total...___________________ 7,856,322
Res. raw silk fluctuations 150,000
--------250,000
--------New pref. stock divs...($8)528,920 ($8)528,920 ($8)528,920
y220,383
Net income for year____________________________________ $24,430,288
Divs. on old pref. stocks
_____
_____
_____
99,008 Less—minority interest in income of subsidiaries____________
540,243
Divs. on old com. stocks
-----------------------396,690
Net
income
applicable
to
Kennecott
stock
(after
depreciation)
$23,890,044
Balance, surplus.........
$495,722 def$955,441
$935,710
$968,977
x After depreciation, interest and taxes, y Being amount of dividend
OFFICERS.—Pres., Stephen Birch; V.-P., E. T. Stannard; Sec. &
aid on the Preferred stock amounting to $132,230 ($2 per share) on Treas., Carl T. Ulrich. New York office, 120 Broadway.—(V. 122.
uly 1 1922 and the dividend accrued on the Preferred stock to Aug. 31. P- 2662.)
•
__
.

S




194

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
IFor abbreviations, &c., see notes on page 81

Date
Bonds

Keystone Tire & Rubber Co—Stock auth 500.000 shs-----(G. R.) Kinney Co., Inc.—Common stock 60,000 shs auth—

—

Secured gold coupon notes convert & red (text)------- Eq.c* 1921
{$ S)
—Common stk $100,000,000 auth_________
Pref <» to d> stock 7% cum aijth $5,000,000
________
Kresge Dept Stores, Inc—Common stock 700,000 shs auth
Pref (a & d) stock 8% cum red 110 $25,000,000 auth-------(S H) Kress & Co—Common stock $12,000,000-------------Pref stock 77, cum #5.000 000 auth.; s fd 19l8call at 125_
Krupp (Fried.), Ltd, Essen, Germany—See text.

None
None
100
100 &c
$10
100

455,851 shs
59,995 shs
$5,426,300
1.972,700
36,786,197
2,000,000
214,000 shs
100 3,500.000
100 12,000,000
100 2,944,600

KEYSTONE TIRE AND RUBBER CO—ORGANIZATION—Incorp.
In New York Sept. 26 1911. The chief business of this company is the man­
ufacture and sale of Keystone cord and fabric tires which are manufactured
at the plant located at Kingsbridge, New York City.

STOCK.—On Oct. 11 1922 the stockholders voted to change the capital­
ization from 500,000 shares, par $10, to 500,000 no par value. Each holder
of the outstanding shares, par $10, received one new share, no par value, for
each outstanding share held. Holders of com. stock of record Oct. 24 1922
were offered the right to subscribe at $6 50 per share for com. stock (no par
value) to the extent of 1 share of new stock for each 2 shares of stock held.
Initial div. of 2% % paid on com. stock in Oct. 1916; in 1917, 12%; in 1918,
.12%, and 15% in stock; in 1919, Jan., 3%; April, 3%; May, 15% in stock;
July, 3%; Se.pt., 15% in stock: Oct., 3%; 1920. Jan., 3%; April, 3%:
July, 3%; Oct., 3%. None since.
REPORT.—For 1925, in V. 122, p. 2340, showed:
1925.
1924.
1923.
1922.
Calendar Years$ 12,155 loss$ 141,586 loss$59,664 loss$ 110,131
Qross profit oh sales___
84,859
103,459
260,509
364,785
Operating, &c., expenses
$474,916
$320,173
.■> Operating loss______
$245,045
$72,705
32,322
18,572
12,572
Miscellaneous income__

.

$301,601
106,146
2,538,578

Amount
Outstanding

Par
Value

$442,594
456,712
1,468,128

Loss_______________
$72,705
Interest, taxes, &c____
14,326
Previous deficit_______
3,356,599
Refund of Fed. tax., &c_ _______
Adjust. Gryphon Rubber
' & Tire Corp_________
19,159
Reserve for doubtful ac­
counts, &c__________ ________

$232,473
45,380
3,036,067
Cr.8,489
51,168

89,742

171,144

Profit & loss deficit... $3,462,789

$3,356,599

$3,036,067

$2,538,578

OFFICERS.—Pres., G. A. Dorfman; V.-P. & Treas., Joel JacoDs; S. i.
Isidore Brenner. Office, Bailey Ave. & 192d St., Kingsbridge, N. Y. —
(V. 122, p. 2340 )
(G. R.) KINNEY CO., INC.—Incorp. under laws of New York on Jan.
23 1917. Business is principally that of operating a large chain of retail
shoe stores throughout the country, manufacturing, selling and dealing in
shoes and footwear, &c. On Dec. 31 1925 owned and operated 250 stores
in 36 States, mostly east of the Mississippi River. Also owns and operates
fjve factories, f ur of which are located in the vicinity of Harrisburg, Pa.,
and one at Huntington, W. Va.

DIVS.—On pref., in full to date, a special payment of 3% having been
rhade on Feb. 15 1924, clearing up all accumulations.
On common paid $1 a share July I 1925, this being the first payment to
be made on this issue since 1921, when $2 a share was paid; Oct. 1 1925 to
July 1 1926 paid $1 quar.
BONDS.—The secured gold coupon notes due Dec. 1 1936 are converti­
ble at any time before maturity into a like par or face amount of preferred
stock. Redeemable after Dec. 1 1931 at 105 and interest.

When
Pagable

Bate
%
See text
See text
8
7)4 g
See text
7

See text
Q—M
J & D
Q—J
Q—J

8
4
7

Q—J
Q_F
Q—J

[Vol. 122.

Last Dividend Places Where Interest and
and Maturitg Dividends are Pagcble

Oct 1 1920
July 1 1926
June 1 1926
Dec 1 1936
Mar 31 ’26
Mar 31 ’26

3% New York
$1
2%
Equitable Trust Co, N Y
3% Checks mailea
do
1M

Apr 1 1926 2%
May 1 1926 1 %
Apr 1 1926 1 LawyersTitle & TrCo NY

OFFICERS.—Chairman, S. S. Kresge; Pres., C. B. Van Dusen; V.Pres.*
R. R. Williams, P. T. Evans and H. H. Servis; Treas., C. B. Tuttle;_Sec.’
R. A. Bell; Comp., A. J. McIntyre. Office, Detroit, Mich.—(V. 122»
p. 2806.)
KRESGE DEPARTMENT STORES, INC.—Incorporated under laws
of Delaware on Aug. 16 1923. Owns the entire outstanding stocks of the
following companies: L. S. Plaut & Co., Newark, N. J., and The Palais
Royal, Inc., Washington, D. C. The latter owns the entire stock of the
Royal Stores Corp., Washington, D. C.
In Oct. 1925 the corporation offered to issue to the holders of the common
stock of The Fair in exchange for their common stock holdings common
stock without par value, or common stock and 8% cumul. pref. stock of
this corporation in accordance with either one of the two following alter­
native options: (1) An exchange at the rate of 1 share of common stock of
the corporation for each share of common stock of The Fair presented for
exchange. (2) An exchange at the rate of 3-10 of a share of pref. stock and
1-10 of a share of common stock of the corporation for each share of common
stock of The Fair presented for exchange. V. 121, p. 1916.
STOCK.—Preferred stock is redeemable as a whole or In part at 110.
An annual sinking fund of 3 % of the maximum amount of preferred stock
issued commences Dec. 31 1927.
The stockholders on Aug. 26 1925 increased the authorized common
stock (no par value) from 200,000 to 700,000 shares.
DIVIDENDS.—Initial dividend of 2% quar. on the preferred stock
was paid July 1 1924; same amount paid quar. to Apr 1 1926.
REPORT.—For year ended Jan. 31 1925, in V. 120, p. 2019, showed:
Consolidated Income Account for the Fiscal Year Ended Jan. 31 1925.
[Incl. 12 mos. for Kresge Dept. Stores, Inc., and L. S. Plaut & Co., and
11 mos. for the Palais Royal, Inc., and Royal Stores Corp.]
Net sales, $9,489,039; cost of sales, $6,341,598; gross profit___ $3,147,441
Operating expenses____________________ -_____________ 2,680,473

Profit from operation___________________________________
Other income and credits__________________________________

$466,968
139,911

Total income____ _____________________ ,__ ______________
Interest, taxes, &c_______________________ ________________
Depreciation________ _____________________________________
Provision for Federal income tax___ _____ ;__________________

$606,879
147,203
75,573
55,168

Net profit______________________________________________
$328,934
Report for 6 mos. ended July 31 1925, in V. 121, p. 1916, showed:
Consolidated Statement of Earnings, Six Months Ended July 31 1925.
Sales (net)_____ ._______ — . —'___ ______ __________________ $4,212,866
Cost of sales: Inventory at Jan. 31 1925, $1,535,074; purchases,
less discounts, $2,746,289: alterations, costs, &c., $45,128;
total, $4,326,491; less inventory at July 31 1925, $1,486,877;
balance, cost of goods sold____ _______ ...._________________ 2,839,614
Gross profit on sales_____________________________________ $1,373,252
Other income and-credits...... __ _...........j..'..____ :
'59,238

Gross profit and other income.. —:__ ________ :____________ $1,432,490
Operating expenses___________________ . —__ ______ —_______ 1,391,765
SALES—3 Mos. End. Mar. 31—
19261925.
1924.
Interest (net)_____ ...___ ...__________ ___________ •_________ . 35,787
Sales.__________________ _________ $3,461,219
$3,337,632- $2,921,199
Profit for six months ended July 31 1925.. —________ ...____
$4,938
REPORT.—For 1925, in V. 122, p. 2050. showed:
Dividends paid bn preferred stock—____ _________ $140,000
'-••••
1925.
1924.
1923.
Net sales..._______________
$18,031,460$17,068,905$15,321,009OFFICERS.—Pres., Sebastian S. Kresge; V.-P., Charles B. Van Dusen:
Cbst of sales—___ ’.______________
11,612,53511,212,846 10,541,564 Treas., E. W. Glover; Sec., J. II. Overman. Office, 455 Seventh Ave.,
(.ky
•• ’
--- :------------ ------- --------- ———• -—
New York.—(V. 121, p. 1916.)
■ Gross profit______________________$6,418,925 $5,856,059 $4,779,445
Selling, admin, and general expenses. 4,850,944 4,370,399
3,524,512
(S. H.) KRESS & CO—ORGANIZATION.—Incorp. in N. Y. in June
1916 to take over the 5-10-25-cent chain store business of S. H; Kress & Cp.
Net operating profit______________ $1,567,980 $1,485,660 $1,254,933 of N. Y. and 8. H. Kress & Co. of Tex. In Jan. 1926was operating 166stor.es
Interest___ — —________ _______ I
322,766
1197,609
186,420
Bad debts,.less recoveries&misc. chgs]
'
{ 58,331
4,038
STOCK.—Pref. 7% cum., auth., $5,000,000; $4,000,000 issued;.retired
Deduct Fed! & State inc. tax, est—__
110,000
152,172
140,000 to Dec. 31 1925, $1,055,400, leaving $2,914,600 outstanding. Common,
$12,000,000 auth. and outstanding. The pref. will have no Voting power
Preferred dividends_____ 1___ ______
433,128
591,639
__
unless and until two quarterly dividends are in default.' May be redeemed,
Dommon dividend 1___ _________
179,985
—--------.....__
all or part, at any time upon 90 days’ notice at 125 and divs. Annual
sinking fund to retire pref, beginning in 1918, 3% of largest amount issued.
Balance, surplus..._____________
$522,102
$415,908
$924,475
No mortgage possible without consent of 75% of each class of stock. V.
‘ 'OFFICERS.—Pres. & Treas., Edwin H. Krom; 1st V.-P., Wm, H. 102, p. 2080; V. 104, p. 2143.
Goodyear; 2d V.-P.. K. S. Woodford; Sec., Edward Holloway; Asst. Treas.,
Dividends.—On pref., 1)4% auar. Oct. 1916 to Apr. 1926. On Common
Wm. Herbert; Asst. Sec., Be Roy R. Kinney. Office, 225 West 34th St., stock,
Aug. 1 1919 to May 1 1926, 1% quarterly.
New York.r—(V, 122, p. 2662.)
1926—April—1925. ’ 1926—4 Mos.—1925.
SALES------- - ------------- $3,764,219 $3,412,057 $13,934,258 $12,352,047
(S. S.) KRESGE CO.—ORGANIZATION.—In March 1916 Incor
porated in Michigan to succeed, per plan V. 107, p. 1555. 1717. the S. 8.
. . . ■
REPORT.—For 1925, in V. 122, p. 758, showed:
Kresge Cp. incorporated in Delaware April‘1912. In May 1926 operated Cal.
No.
Sales.
Profits.
Pf. Divs.:Com.Divs. Bal., Sur.
322 retail stores ip Chicago, Detroit, St. Louis, Greater New York, Phila­ Years.
Stores.
$
delphia,, Pittsburgh, Boston, and other cities north of Washington, D. C., 1925 —- -166 45,963,182
4,158,521 208.105 480,000 3,470,416
ana east of St. Joseph,,Mo. V. 94, p. 1319; V. 104, p. 366.
1924 ............... 161 40,259,232
3,143,934 209,349 480,000 2,454,585
1923
.152
34.005,464
♦3,472,902
220.105 480,000 2.772,797
STOCK.—The stockholders on Jan- 19 1926 increased the authorized 1922
.145 30,646.938 ♦3,088,641 232,024 480.000 2.376,617
common stock from $50,000,000, par $100, to $100,000,000, par $10. For
After providing for Federal taxes.
each share of common stbck held the stockholders received in exchange
ten new $10 par common shares.
OFFICERS.—Chairman, S. H. Kress; Pres., Claude W. Kress. Office,
Pur. money mtges. and land contract payable Dec. 31 1925, $7,686,670. 114 Fifth Ave., New York.—(V. 122, p. 2806.)
DIVIDENDS.—On pref.,
quar. (Q.-J.). On common, No. 1,
KRUPP (FRIED.), LTD. (FRIED. KRUPP AKTIENGESELLr
l'5c. (115%), July 1 1916 to Jan. 1918, 4% yearly; July 1918, 2^%; 1919, SCHAFT), ESSEN, GERMAN Y,—HISTORY AND BUSINESS.—
Jan. and July, 2)4%; Dec. 31 1919, 2)4% regular and 1%'extra; July 1 Fried. Krupp Aktiengesellschaft (Fried. Krupp, Ltd.) was organized in
1920, 3%; July 1 1921, 3%; Dec. 31 1921, 3% in cash and 54%, payable 1903 to continue the industrial enterprises theretofore conducted for nearly
in common stock (V. 113, p. 1580); July 1 1922 , 3)4%; Dec. 30 1922, paid 100 years under the firm name of Fried. Krupp.
3)4%; Mar. 1 1923, 33 1-3% in common stock; April 2 1923 to Dec. 31
Company is one of the largest coal-producers in Germany and its produc­
1925, paid 2% quar,; on Mar. 31 1926 paid 3% quar. On April 1 1925 also tion of coal is more than sufficient for its own requirements. The mines
paid 50% in common stock.
controlled and worked are equipped with coking plants for the recuperation
of by-products. Under the allotment of the “Ruhrkohle” (Federation of
REPORT.—For 1925, in V. 122, p. 1036, showed:
Ruhr Coal Mine Owners), the company’s coal production is placed at
1925.
1924.
1923.
1922.
9,500,000 tons a year. In addition to its control of fuel, the company also
Stores................................
304
256
233
213
controls
and works important deposits of high-grade iron ore.
Sales____ ____________ 105,965,610 $90,096,248 $81,843,233 $65,191,467
blast furnace plants, comprising 10 furnaces at Rheinhausen on
Net income x__________ 11,609,260 10,114,163 9,493,988 6,616,417 theThe
lower Rhine and 7 on the middle Rhine, have a total daily output
Preferred dividends____
140,000
140,000
141,350
141,445 capacity
of between five and six thousand tons. The steel plants are
Common divs., cash____ 2,941,406
1,961,450
1,958,257 1,168,557 equipped mainly
with open-hearth furnaces with capacities of up to 80 tons,
addition to converters and electric and crucible shops. Their total
Balance, surplus______ $8,527,854 $8,012,713 $7,394,381 $5,306,415 in
yearly steel output capacity is 2,200,000 tons.
The main plants for casting, forging, rolling and finishing are located at
Quar. End. Mar. 31— 1926.
1925.
1924.
1923.
and Rheinhausen.
Profit__________________ $2,991,521 $2,479,890 $2,303,036 $2,248,719 Essen
The company’s activities cover virtually every important steel and iron
Federal taxes__________
403,855
309,986
287,879
281,090
in its various phases of manufacture. Among the products the
Preferred dividends____
35,000
35,000
35,000
35,000 product
following may be specified: Structural steel (construction of bridges and
steel
structures
of any dimensions), rails, locomotives of all sizes and kinds,
Surplus________
$27552,666 $2,134,904 $1,980,157 $1,932,629 rolling stock, ship
building material, forging and steel castings of largest
x After providing for Federal taxes and contingencies.
sizes, Diesel engines, motors and motor trucks, excavators, machinery for




May, 1926.]

195

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, Ac., see notes on page 8]

Date
Bonds

Kuppenheimer (B) & Co. Inc—Com stk 110,000 shs auth__
Preferred (a & d) stock 7% cum red 115 $3,500,000 auth__

....

First and collateral trust mortgage gold --------------------- 1904
Income mortgage $2,500,000 gold (extended). ------------- 1904
Bonds, <fej., of Controlled Companies Held by Public
Alg Steel 1st & Ref M S30.000.000 g gu sf red 105 - Usm.o* 1912
Cannelton Coal & Coke 1st M int gu sk fd 5c per ton___ 1911
Algoma C A H Bay RylSee these cos. under *‘RRs.”
Algoma East Ry._ __ 1
Lanston Monotype Machine Co—Stock $10,000,000 auth ___
Lee Rubber & Tire Corp—Stock auth 300.000 shares (text)

Par
Value

Amount
Outstandini

Rate
%
$2
7

When
Payable

$500,000
J & J
$5
Q—M
100 1,700.000
10( 40.000.000
l.OOf
5.278.000
6 g J & I)
500 Ac a2,315,850 Op to5%
Oct 1
$A£

15,459,373
229,000

5g
6

106 6,000,000
6
Nont 300.000shrs See text

A
J

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable
July 1 1926, Si
Junel 1926, Hi
June 1 1944
Oct 1 1929

dank of Mont, N Y. Ao
See text

& O Apr 1 1962
A J July 1 1950

See text
Fidelity Trust Oo. Phila

Q—M

May 31 ’26 IX Checks mailed
dept 1 ’23 50< New York

a $184,150 additional in treasury.

the textile and paper industries, agricultural machinery and implements,
cash registers and many other kinds of machinery and apparatus. The
works own facilities for transport as well by river and canal as by rail, there
being besides for the circulation within the works a well-developed network
of lines with corresponding rolling stock. The company also owns about
140 miles of railroad, 91 locomotives and 3,780 cars. For inland water
and oversea transport, the company has its own shipping department.
NOTES.—In Dec. 1924 Goldman, Sachs & Co., Kleinwort Sons & Co.
(London), Lehman Brothers, White, Weld & Co., Hallgarten & Co.,
Halsey, Stuart & Co., Inc., and J. & W. Seligman & Co. sold at 99X and
int. $10,000,000 7% 5-year merchandise secured gold dollar notes.
Description of Notes.—Dated Dec. 15 1924, due Dec. 15 1929. Notes
will be the direct obligations of Fried. Krupp, Ltd. The notes will be in
bearer form in denom. of $1,000 and $500 and will bear int. payable J. & D.
at the rate of 7% per annum, such interest to be represented by coupons.
Principal and int., and premium, if any, will be payable at the New York
office of Goldman, Sachs & Co., fiscal agents for the loan, in U. S. gold
coin of the present standard of weight and fineness. Company covenants
that net interest receivable from it by the holders of these notes shall not
fall below 7% per annum, and that net payments by way of principal and
sinking fund shall not fall below the amounts specified, by reason of any
German taxes, present or future, which the company may be required or
permitted to deduct or withhold. The notes will be issued pursuant to the
terms of an agreement with the National Bank of Commerce in New York,
defining the obligations of the company, and an agreement with the Dresdner
Bank, Germany, as trustee of pledged assets.
The company will covenant to retire $750,000 of notes on or before
Dec. 15 in each of the years 1925 to 1928, incl. To the extent that the
company shall not purchase such notes at not to exceed 102 and int.,
notes will be called for redemption at 102 and int., all as provided in the
trust agreements. Except as redeemed for this purpose, the notes may be
redeemed only as a whole on any interest date at 102 and int. and on three
months’ prior notice. Notes not retired nor redeemed as above are payable
at par on Dec. 15 1929.
Security.—The notes will be secured by a direct and exclusive first
charge upon merchandise and raw material in salable form of a value at
cost or market, whichever is lower, of at least 150% of the amount of the
outstanding notes, all as defined in the trust agreements pursuant to which
the notes are issued. Company will covenant to maintain at all times
this ratio between the pledged security and the amount of outstanding
notes. The pledge of assets to secure the notes will be made in favor of
the Dresdner Bank, as trustee of pledged assets.
Relation to “Dawes Plan."—The obligations of the company with respect
to the payment of reparation (“Dawes Plan”) will take the form of a
requirement that the company pay annually an amount not exceeding 6%
upon a capita! sum which has not yet been definitely determined but
which in all probability will not exceed 30,000,000 gold marks, or about
$7,200,000. No payment whatever is required for the first year ending
Aug. 31 1925. For the second year the rate is 2>£ %; for the third year, 5%.
For the fourth year, it attains 6 % whereof 1 % is as amortization of principal.
As there is no provision for accelerating the maturity of the capital sum,
the average annual payment required of the company for account of
reparation during the life of these notes would thus not exceed $306,000.
The burden of the company’s liability for reparation will, furthermore,
be considerably reduced, as, under a special German law, part of the
annual payments in respect of industrial reparation bonds will be refunded
to the obligors of such bonds by branches of German industry, banking
and commerce which under the “Dawes Plan” do not themselves assume
a direct responsibility for reparation payments. The liability of the
company for reparation will be secured by a charge in the nature of a
first mortgage upon the fixed assets of the company, but such charge
does not extend to assets of the character to be pledged as security for
these notes.
Neither German law nor any international engagements assumed by the
German Government involve any restrictions upon the acquisition by the
company of the foreign exchange requisite to permit the company to meet
thejexternal obligations evidenced by these notes.—(V. 121, p. 3012.)
KUPPENHEIMER (B.) & CO., INC.—Incorp. Sept. 28 1922 under
laws of Illinois. . Manufactures and sells men’s clothing at wholesale. The
company sells only the goods which it manufactures, and all its goods are
put out under the trade name and brand of “The House of Kuppenheimer.”
Plants are located in Chicago, Ill.
STOCK.—Preferred and common stock have equal voting power. Sink­
ing fund retires annually 3% of the largest amount of preferred stock issued,
to be acquired at not exceeding 115 and divs. No mortgage dan be created
without the consent of at least two-thirds in interest of the preferred stock.
DIVIDENDS.—On preferred, in full to date. On common, paid initial
div. of $1 per share on Jan. 2 1925; same amount paid semi-annually to
July 1 1926.
REPORT.—For fiscal year ended Oct. 31 1925, in V. 121, p. 2999, showed
Years Ended—
Oct. 31 ’25. Nov. 1 ’24. Nov.. 3 ’23. Oct. 28 ’22.
Gross profit__ ________ $2,203,255
Admin. & gen. exp., less
misc. income_______
1,669,828
Not
Not
Not
Fed. taxes, $51,000; int.
stated
stated
stated
paid, $20,540; total..
71,540
Net profit for year__
Excess of par val. over
cost of pref. stock pur­
chased and cancelled.
Less -r— Portion accrued
rior to Sept. 28 1922,
id. in initial surplus.
Org’n exp. written off__
Pref. dividends (7%)__
Common divs. ($2)____

S

Balance, surplus____
Previous surplus______

$461,888

$535,358

Cr.42,020

Cr. 15,622

154,586
200,000

222,880

20,088
237,221

$149,322
2,582,506

$328,099
2,254,406

$620,414
1,633,992

$877,723

x$366,211

318,671

$47,540
1,586,453

Profit and loss surplus $2,731,828 $2,582,505 $2,254,406 $1,633,993
x Including premiums on sale of preferred stock in lieu of accrued divs.
OFFICERS.—Pres., Louis B. Kuppenheimer; V.-P., Ludwig Stein,
Alfred W. Stern and Bertram J. Cahn; Sec., H. C. Furneaux; Asst. Sec.,
M. L. Doty; Treas., Bertram J. Cahn. Office, Congress and Franklin
Sts., Chicago, Ill— (V.«121, p. 2999.)
LACKAWANNA STEEL CO.—See Bethlehem Steel Corp.
LAGO OIL & TRANSPORT CORP.—(V. 122, p. 2956.)
LAKE SUPERIOR CORPORATION (THE).—ORGANIZATION.—
Incorporated in N. J. on May 19 1904 as successor, per plan, V. 77, p. 1296,
and V. 78, p. 1784, 909, of Consol. Lake Superior Co. Controls Algoma
Steel Corp., Sault Ste. Marie, Canada, and affiliated companies. V. 107,
p. 902. Compare V. 103, p. 2075; V. 77, p. 771.
The plants include: Open-hearm steel works and rail mill; 4 blast furnacet
of about 1,300 tons dally capac.; 8 50-ton open-hearth furnaces and 3 75-ton




furnaces with a 300-ton mixer and a duplex plant consisting of one 150-ton
mixer, all representing a capacity of 50,000 tons ingots per month;
about 450 miles of railroad; freight steamships: machine shops, forge;
iron and brass foundry and car building shops. See also V. 79, p. 1026,
V. 81, p. 977; V. 83, p. 1096; V 88, p 1004; V. 90. p. 1105; V 93, p. 1195;
V. 99. p. 1134. Also owns 6,000 acres of W. Va. coal lands acquired in
1910. V. 91, p. 868. Has 160 coke ovens.
In Jan. Iyu9 the r'lemmg syndicate acquired control and undertook exsenslve Improvements. (See V. 87, p. 938; V. 88, p. 234, 1065; V. 89. p. 916)
Lake Superior Coal Co. and Cannelton Coal A Coke Oo. own extensive
3oal properties in West Va. V. 96, p. 1493; V. 101, p. 921; V. 109, p. 1075;
F. Ill, p. 1079.
BONDS.—As to 1st mortgage and coll, trust 5s of 1904 (reduced to
$5,278,000). see Consolidated Lake Superior Co., V. 77, p. 771, 1290;
V. 78, p 1784, 1900; V. 88, p. 1065; V. 90, p. 1105; V. 92, p. 529, and
below First dividend on incomes, 5%, Oct. 1 1906: 1907 to 1909, none:
1910 2^%- 1911, 2^%- 1912 and 1913. 5%; 1914, 1915 and 1916, none;
1917 to 1920 incl., 5% yearly in Oct.; 1921 to 1925, none.
The corporation requested the holders of the income bonds which matured
Oct. 1 1924 to agree to an extension of time for the payment of the principal
for a period of five years from Oct. 1 1924. The plan submitted protects the
position of the bondholders by providing that if events shall occur which
may prejudice the rights of the bondholders, the extension agreement shall
terminate and the bondholders shall be free to proceed as if the extension
agreement had never been made. Under the terms of the plan the corpora­
tion surrendered for cancellation $500,000 par value of bonds, thus reducing
the outstanding issue to $2,500,000 par value. V. 119, p. 1177, 2186.
Algoma Steel Corporation's $15,000,000 common and $10,000,000 7%
cumulative pref. stock is all owned by the Lake Superior Corp., which guar­
antees as to prin. and int. the 1st & ref. M. 5s of 1912, $30,000,000 auth.
V. 103, p. 2076. The Steel Corporation issued its purchase money bonds
for $5,800,000 to secure L. S. Corp. 1st 5s. These purchase money bonds
rank prior to 1st & ref. bonds as to certain of the properties; $5,800,000 are
reserved to retire the L. S. Corp. 1st 5s; callable at 105. Cum. skg. fund
of 1 % yearly on bonds out. V. 94, p. 1253, 1387, 1569, 1697; V. 95, p. 421,
1747; V. 97, p. 1118; V. 101, p. 920; V. 104, p. 665.
For Algoma Central & Hudson Bay Ky. and Algoma Eastern Ry., see
UR. Dept. Status as to guarantee in Dec.1920, see report of Algoma Cen­
tral & Hudson Bay Ry. in V. 112, p.- 157. Cannelton Coal & Coke. V.
93 p. 804
,
•
.
REPORT.—For year ending June 30 1925, in V. 121, i>.; 1096:
Earnings
Int. A Divs. Other
General 1st Itge.
Balance,
L. S. Corp.—
Sub. Cos. Income. Exp..Ac. Bond Int. ■ Sur. or Def.
1924-25..........
$294,500
“ $70,627 $85,060 $263,900
----------- ' sur. $16,167
-----1923-24........................ 295,000
32.711
67,532
263,900 def. 3,721
1922-23........................ 293,500
46,806
69,328
263,900 sur. 7,078
1921-22................
293,500 100,391 103.595
263,900 sur. 26,390 ’
Operations of Subsidiary Companies for Years Ended June 30.
]Excluding the earnings of the Algoma Central & Hudson Bay Ry.l
Years End. June 30— 1924-25.
1923-24.
1922-23.
1921-22. ,
Net earnings from oper.
of all subsid. cos____
$28,685 $1,156,740
$866,582
$330,001
Int. on bonds of sub. cos.
and on bank and other
advances, divs., Ac.. 1,354,621
1,393,989
1,410,717
1,498,181
Deficit for year_____ $1,325,936
$237,249
$544436 $!,168,180
Deficit forward_______
1,545,199
1,307,949
763,814 sur404,813
Other adjustments____
_____
-.........
‘ D. .445

Deficit carried forward $2,871,135 $1,545,199 $1,307,949
$763,814
OFFICERS.—Pres., Wilfred H. Cunningham; V.-Pres.. W.-C.- Franz
V.-P. & Treas., J. W. Gemmell; Sec., Alex. Taylor. Office, Sault Ste.
Marie, Ont. Secretary’s office. Bank of Hamilton Bldg.,. Toronto.—.
(V. 121, p. 1096.)
’
LANSTON MONOTVPE MACHINE CO —ORGANIZATION.—Inoorjorated In Virginia in 1892. Manufactures for sale or rental automatic mashlnes tor composing and casting type. Controls Lanston Monotype
Corporation of London. V. 78, p. 2440; V, 84, p. 994. In Jan, 1922 pur­
chased the business, machinery, Ac.. of the Barrett Adding Machine Co.
V. 114, p. 312.
,
,
J '09.’10-’13.’14.'’15. ’16. 1917 to May 1926.
LATE DIVID’S (%)( IX 6 y’ly
3
0 434
6 yrly (1)4 Q-F)
The div. of 134% May 31 1918 was paid in 6% div. etfs. due May 31
(919. which were paid at maturity. See V. 106, p. 2125; V. 109. 121, p.
REPORT.—For year ending Feb. 28, 1.926, showed:
Years Ending Feb.—
1926.
1925..
1924.
1923;
Net earnings__________ $895,115
$707 J)59 - ■ $715,531
$614,091
Previous surplus______
4,735,185
4,877,868
4.677,791 .4^5^0,3^96

Total......................
$5,630,300
Taxes________________
66,544
Dividends (6%)______
360,000
Obsolete mach. writ. off.
43,369
Depreciation__________
368.889
Pats., Ac., written off_
90,740

$5,584,927
80,760
360,000
42,445
366,537

$5,393,322 $5 i 164,487
85,913
. 76,856
. 360,000
360,000
69,541.
49.840

Profit & loss, surplus. $4,700,756 $4,735,185 $4,877,868 $4,677,791
OFFICERS.—Pres., Harvey D. Best; Sec., John A. Ferguson; Treas.,
Joel G. Clemmer. Office and factory, 24th and Locust Sts., Philadelphia.
—(V. 122, p. 2807 )
LEE RUBBER & TIRE CORP.—ORGANIZATION.—Incorporated
in N. Y. on Dec. 14 1915 to take over the assets of the Lee Tire & Rubber
Co. of Conshohocken, Pa. In May 1923 acquired the Republic Rubber Co.
V. 116, p. 2395. Product consists of cord, pneumatic, puncture proof and
fabric tires. The stockholders on June 6 1923 authorized ah increase in the
capital stock from 150,000 shares to 300,000 shares. Of the additional stock,.
65,000 shares were issued to acquire the assets of the Republic Rubber Co.
V. 116, p. 2644. Stockholders of record Jan. 18 1926 were offered 85,163
shares of treasury stock at $12 50 a share on the basis of two new shares
for each five shares held. In 1916 paid three dividends of 50c. and 25c.
extra; none thereafter until June 1 1920, when 50c. was paid; Sept. 1920 to
Sept. 1 1923, paid 50c. quar.; none since.
REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
1923.
1922.
Net sales_____________ $12,742,585 $12,586,371 $9,390,397 $6,468,208
Operating profit_______
419,372 loss99,610
182,586
442,734
Interest, &c___________
119,163
134,863
254,399
72,241
Dividends----------------------------------256,904
300,000
Balance, sur. or def__ sur$300,209 def$234,473 def$328,717 sur$70,493
OFFICERS.—Chairman & Pres., John J. Watson Jr.; V.-Pres. & Treas.,
Albert A. Garthwaite; Sec., Henry Hopkins Jr. General office, Consho­
hocken, Pa. N. Y. office, 61 Broadway.—(V. 122, p. 2052.)

196

INDUSTRIAL STOCKS AND BONDS
.

MISCELLANEOUS COMPANIES

(For abbreviations, Ac.. see notes on page 8]

Lehigh Coal & Navigation—Stock authorized $29,243 400
Fund & Impt mtge gold Ser A $2,691,000 (closed).PIP.xc*
Consol M $40,000.000. g. o f red text____
.PeP kc*r*
Lehigh Valley Coal Sales Co—Stock autb $10,000,000.
Liggett & Myers Tobacco Co—Com stock $21.496.400 autb
Common stock Class B non voting, $44,363,800 autb.__
Preferred stock (a ft d) 7% cumulative $34 139.800_____
Gold bonds (not mortgage) $16,607,800 auth...G.xo*ftr*
do
do
do
do
16.059.600 auth. -G.xo*&r*
Lima Locomotive Works. Inc—Com stock 300,000 sh. autb
Loew s Inc—Stock authorized 4,000.000 shares__________
15-year s t gold debs (with warrants) red (text).__ kxxxc*

Date
Bondf

Par
Value

, $«
1.001
1898
1914 1.000 ftc
....
r><
25
25
....
10T
1911
50 ftc
50 ftc
1911
None

$29,243 400
3.787.000
14,330.006
9.801 .43'

21 496.4(M
37.917.955
22 514.10P
13 732.600
15.059.600
211.057 sh

Non, 1 060 78(1 »'h-.

1926 500&1000 15,000,000

LEHIGH COAL AND NAVIGATION CO. (THE).—Owns canal from
Coalport to Easton, Pa., 46 m.. and leases Delaware Division Canal, 60 m.
Also owns Lehigh ft Susquehanna RR., Phillips burg.N. J., to Union Junc­
tion, Pa., 105 m„ with branches, 68 m., ana leases for 999 years Nesque­
honing Valley RR., 17 m.; Treskow RR., 7 m.; other lines, 17 m.; total, 206
miles, of which 116 miles double track; but all these roads are leased from
1871 to Central of N. 3. RR. for and during the term of the charters of the
parties (excepting that the lease of the Nesquehoning Valley RR. lsfor 999
years from 1868), rental being 33 1-3% or gross receipts, with a mini­
mum rental of $1,414,400, and maximum of $2,043,000 plus 7% on lmirovements made since Dec. 31 1882. Delaware Division Canal leased
or 99 years from 1866. In 1904 majority of capital stock of Lehigh ft
New England RR. was acquired. V. 78. p. 1786; V. 79. p 2646: V 97 p
668, 1687; V. 100, p. 731. Allentown Terminal RR. 1st M. were extended
from July 1 1919 to July 1 1929 at 6% and company’s guarantee cancelled
as of July 1 1919. V. 108. p. 2634.
Ae to decision In Oct. 1915 In anti-trust suit by U. 8. Dlst. Court (sub
tort to appeal), see V. 101, p. 1473). U. S. Supreme Court decision V
110, p. 1816. Rebate suit March 1916 appealed In April 1916 before the
U. 8. Circuit Court. V. 102. p. 1063, 1350, 1440.
In 1917 the company sold Its stock Interest In the Lehigh Nav. Electric
Co., owning a large power plant 10 miles west of Mauch Chunk. Pa., and
obtaining Its coal supply from the co.’s mines, to the Lehigh Power Securities
Con, for $1,600,000 cash and 61,000 shares of the last-named company's
805,000 shares of capital stock (V. 105, p. 498). 60-year contracts being
made to furnish coal for the plant and to receive the electricity needed to
operate the mines. V. 96. p. 1367: V. 100. p. 645, 731 ■
STOCK.,—Shareholders of record Oct. 31 1917 were allowed to subscribe
at par for $2,666,760 of new stock. V. 106, p. 1713. Stock for em­
ployees. V. 112, p, 938; V. 115, p. 2275.
At the annual meeting Feb. 23 1926 a resolution was adopted, calling
for the appointment of a committee of 3 stockholders and 3 managers to
review the capital structure of the company and report to the board of
managers their recommendations. V. 122, p. 1179.

J

DIVS.—1900. 1901. 1902. 1903. 1904. 1005-08. 1909. 1910-May*26.
Per cent.. 5H
6
5
6
7
(yearly 9 8 yearly(2Q-F28)
Also 16% In scrip March 1 1910. V. 90. p. 55: V. 92. p. 266

BONDS.—No additional funding and improvement mtge. bonds can
Sinking fund, 6 cents a ton of coal mined and carried away
from the mortgaged premises west of the Little Schuylkill River and from
the lands of the Alliance Coal Mining Co. V. 67, p. 125; V. 70, p. 428;
V. 81. p. 720; V. 84. p. 106.
The Consol, mtge. 4Ha ($40,000,000 auth. issue) are secured by about
12.734 acres of anthracite lands In Carbon and Schuylkill counties. Pa., and
canal and railroad properties, and all except 100 shares of Lehigh ft New
England RR. stock and stocks and bonds or other affiliated companies Of
the $18,000,000 Series A. $14,000,000 were sold to retire $10,054,333 prloi
lien bonds and secured gold notes outstanding, and for general purposes
and $4,000,000 held In treasury or pledged as collateral forbonds. $3 390.000 Senes B issued In 1917 and taken Into treasury as reimbursement for
Improvements made in years 1914, 1915 and 1916. Of the bonds un­
issued, sufficient are reserved to retire prior bonds maturing after July 1
1914 and the balance under restrictions for future purposes. Redeem­
able on any July 1 at 102)4 and Interest by slnkin* fund of 5 cents per
ton of pea and larger coal mined and shipped. Callable at 105 and Int.
To Dec. 1925, $1,345,000 had been retired by sinking and other funds,
.
. treasury pledged or
Series "B.
V.
177.
REPORT.—For 1925. In V. 122. p. 1019, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Goal production (tons).. 2,643.393 3,523,671
4,206,961
2,276,964
Gross earnings_________$20,040,001 $24,462,782 $27,098,022 $18,786,432
Net earnings»______
____ ' 3.178,231
3,969,617
5,285,533
3,179,037
__________
3,
381,105
General taxes__________
362.789
339.377
604,535
201,887
General. ftc., expenses_
220,019
215,687
202,851
992,497
Interest on funded debt798,588
863,364
986,035
16,524
Miscellaneous__________
12,037
3,121
18,604
2,339,472
Dividends ©%i............... 2.339,472
2.339.472 2,339,472
be issued.

Surplus for year_„_._def$544.676
3206.596 31.134.036 def$752,448
Note.—The mines were Idle from April 1 to Sept. 10 1922 and from Aug.
31 1925 to Feb. 18 1926. due to a general strike of the anthracite mine
workers.

OFFICERS .—Pres.. S. D. Warrlner; V.-P., H. F. Baker; V.-P. ft Sec.,
H. H. Pease: Treas., O. E. Neff; Compt., Edward Hughes. Office, 437
Chestnut St.. Philadelphia.—(V. 122, p. 2663.)
LEHI OH VALLEY COAL CO.—See Lehigh Valley Coal Sales Oe
below; also Lehigh Valley RR. under “Railroads'* above; compare also
V. 118, p. 673, for details of 315.000.000 1st ft ref. mtge. bond Issue
description of property, ftc. An Initial dividend'of $1 25 per share was paid
Jan. 31 1926; same amount paid Aug. 11925; none since. Report for 1925,
la V. 122. p. 1775.—(V. 1227p. 177S.)
LEHIGH VALLEY COAL SALES CO.—Incorporated in New Jersey
Jan. 22 1912. Purchases from the Lehigh Valley Coal Co. ooal mined, pur­
chased or otherwise acquired by the Leh. Val. Goal Co. and affiliated com­
panies. and ships and markets the same. The lower Federal Court on Dec.
211914 dismissed the Govt, suit against the company and the Lehigh Valley
RR.. ftc.. for alleged violation or the anti-trust law and the commodltiei
danse of the Inter-State Commerce law. V. 99. p. 1914; V. 98. p. 916.
This decision was reversed on Dec. 6 1920 by the U. 8. Supreme Court,
which ordered a separation of the Lehigh Valley RR. from Its coal proper­
ties. Compare V. 111. p 2292; V. 117, p. 2117. See also Lehigh Valley
RR. Stockautb., 310,000,000 (par 350). of which 39,801.435 has been
issued. A 312.50 stock allotment was Issued Jan. 17 1914 and a $15 stock
allotment on July 14 1917, being paid for out of special divs. declared for
same amounts. V. 104, p. 2238; V. 94, p. 123, 282; V. 97, p. 1429.
DIVS.—
*15. *16. *17. *18. *19. '20. '21. *22. '23. '24. '25.
Regular......... $5 $5 36.60 $8$8$8$8$8$8$8$8
Bx.(see above)_
— 15.00_
— —
—
—
—
—
Lib. L'nbds.............................. $5 32.50 ..............................
—
—
From July 1917 to Apr. 1926 paid $2 quarterly.
OFFICERS.—Pres., Geo. N. Wilson; V.-P. ft Gen. Sales Agt.. W. B,
Evans; Sec. ft Treas.. W. J. Burton.—(V. 117, p. 2117.)
LEHN & FINCK PROQUCTS CO.—(V. 122. p. 1463.)
LIBBY. McNEILL & LIBBY*— (V. 122. p. 2202.)
LIGGETT & MYERS TOBACCO CO.—ORGANIZATION.—Incorp,
in New Jersey Nov. 24 1911 and under order of U. S. Circuit Court dated
Nov. 16 1911 took over under plan of disintegration of American Tobacco Co.
(V. 93, p. 1122-24) certain of its plug, smoking, cigarette and little cigar
factories. V. 93, p. 1537; V. 94, p. 282; V. 100. p. 896; V. 107. p. 2012.
STOCK.—The stockholders on Jan. 8 1923 Increased the authorized
capital stock from $65,752,700 ($21,496,400 common stock; $21,496,400
common stock. Class “B,” and $22,759,800 pref. stock) to $100,000,000,




Amount
outstandim

Rate
%

TFAen

Payable

Q—F 2^
8
4 g J ft J
4X g J ft J
Q——J
See text <J—M
See text Q—M
7
Q—J
7g A ft G
5g F ft A
Q—M
$4
$2
Q—M31
6 g A ft O

[Vol. 122.

Last Dividend
and Maturitv

Places Where Interest and
Dividends are Pagalle

May 29 26 2V
July 1 1948
Jan 1 1954
Apr 1 1926 $2
June 1 1926 S"/,
lunel 1926 3%
Apr 1 1926 I %
Oot 1 1944
Aug 1 1951
June 1 1926 $1
Mar 31 ‘26 50c
Apr 11941

Office, Philadelphia
do
do
New York ft Phlla
Checks mailed
Checks from Oen Un Tr
do
do
do
do

Guaranty Trust Co, N Y
do
do

Checks mailed

par $100, to consist of $21,496,400 common, $44,363,800 Common “B”
stock and $34,139,800 preferred.
The stockholders voted on Nov. 12 1923 to increase the number of
shares of common stock from 214,964 shares, par $100, to 859,856, and
the number of shares of common stock “B" from 443.638 shares, par $100,
to 1 ,774.552 and to ehansre the par value of the share0 of common stock and
common stock “B” to $25 each, instead of $100. Four shares of the new
$25 par value stock were exchanged for each share of $100.
The directors in .tan. 1924 decided to issue $8,598,550 additional common
stock “B” (par $25 a share). This new stock was offered to all holders of
common stock and common stock “B” of record Feb. 11 1924 for subscrip­
tion at par In the proportion of one share ($25 par) of such common stock
“B” for each $100 par value of common stock and (or) common stock “B,”
held by them, to be paid for In cash on March 10 1924.
The holders of common stock and common stock “B” of record Feb. 16
1925 were offered $10,810,700 additional common stock "B” at par In the
proportion of one share of such common stock “B" for each four $25 par
value shares of common stock and (or) common stock “B” held by them,
to be paid for in cash on March l6 1925.
DIVIDENDS (%).—
1913 lu 1919.
1920 to 1924.
1925
On common-------------- ---------- 12% (3% Q.-M.) 12% (3% Q.-M.)
12
extra dividend
4
Common extra_______________4% extra ann.
in April
omitted.
Paid In 1926: March 1, 3% quar. and 4% extra in cash and 10% In
common “B” stock; June 1, 3%.
Initial dividend of 3% on Class “B" common stock was paid June 1 1920;
same amount paid quar. to June 1 1926. also paid 4% extra on Mar. 2 1926.
and March 1 1926; also paid 10% in common “B’’ stock on March 1 1926.
BONDS.—The rights of the 7s*are prior to those of the 5s. No mortgage
without making these bonds a prior claim. See V 94, p. 282.
REPORT.—For 1925. in V. 122, p. 476, showed;
Net
Profits.

Bond
Int Ac.

Pref. Divs.
(7%1.

Common
Dividends,

Balance.
Surnlus.

1925.......... $17,028,475 $1,738,823 $1,575,987 (16%)$7.886,395 $5,827,270
1924.......... 13.714,197 1,744,368 1.575.987 (12%)4.898.455 5,495,388
1923.......... 11.375.627 1.753,231 1.575.987 (12%)4.038.993 —
4.007.417
1922.......... 11.483.679 1.759,385 1.575.982 (12%)3,965,775 4.182.536
OFFICERS.—Pres., O. O. Dula; V.-Pres. ft Treas., T. T. Anderson
V.-P's, W. W. Flowers, E. B. McDonald. C. W. Toms and H. A. Walker
Sec.. E. H. Thurston: Asst. Sec., W. S. Tlsdel and E. O. Brenn. Office
4241 Folsom Ave.. St. Louis; branch. 212 Fifth Ave., New York.—(V. 122
P. 2510.)
LIMA LOCOMOTIVE WORKS. INC.—Incorp. In Virginia. April 25
1916. Plant located at Lima. Ohio.
STOCK.—Al) of the outstanding pref. stock was retired on June 1 1923
at 107)4 and dividends.
The stockholders voted on July 14 1922 to create an authorized Issue
of 300,000 no par value shares of common stock. The new stock was issued
for the purpose of exchanging two shares for each share of pref. stock out­
standing and two shares of new common stock for one share of the out­
standing common stock.
The common stockholders of record July 20 1922 were given the right to
subscribe at $50 per share to 1 1-3 shares of new common stock for each
share of the existing common stock.
DIVIDENDS.—On common paid 19i% quar. from Dec. 11920 to Sept. 1
1922; Dec. 1 1922 to June 1 1926, paid $1 per share quar. on new no par
value stock.
BONDS.—All of the outstanding 1st mtge. 6% sinking fund gold bonds
dated July 1 1912 were redeemed on Nov. 11922 at 110 and interest
REPORT.—For 1925, In V. 122, p. 892, showed: ‘
Calendar Years—
1925.
1924.
1923.
Gross income...................... $4,490,028 $14,577,135 $20,286,867
Net income........................ def844.392
1,725,043 -----------Reserve for Fed. taxes..
_____
225.000
130,985
Pref. dividends (7%)__
_____
_____
189,211
Common dividends (7%)
844.228
844.228
defl44,750
Balance, surplus_____ defl.688.620
655,815
Profit and loss surplus.. 2,983,072
4,671,692
2,453.167
OFFICERS.—Chairman of Board, Joel S. Coffin; Chairman, Exec. Com.,
Samuel O. Allen: Pres., Joel S. Coffin; Treas., L. A. Larsen; Sec., B. N.
Pierce. Offices, Lima, Ohio, and 17 East 42nd St.. N. Y.—(V. 122, p. 892./
LOEW’S INCORPORATED.—ORGANIZATION.—lncorp. In Dela­

ware Oct. 18 1919 to take over the business of Loew's Theatrical Enterprises
(lncorp. under New York laws on April 17 1911).
Through subsidiary companies owns, leases or directs a chain of 105
theatres in the United States and foreign countries.
CAPITAL STOCK.—Auth., 4,000,000 shares; outstanding. 1.060,780
shares of no par value. Initial dividend of 50c. per share paid Feb. 1 1920:
then to May 1921 paid 50e. quar.; then none until Dec. 31 1923. when
50c. was paid; March 31 1924 to March 31 1926 paid 50c. quar.
There is also outstanding $4,430,667 pref. stock of Metro-Goldwyn Corp.
BONDS.—Obligations of subsidiary corporations outstanding Mar. 14
1926, $12,195,975.
The 15-year 6% sinking fund gold debentures due April 1 1941 are red.
all or part by lot on any Int. date on 30 days’ notice at 105 and Int., on
or before April 1 1931, with successive reductions in the redemption price
of of 1 % on each semi-annual int. dayment date thereafter until maturity.
National City Bank, New York, trustee.
Stock Purchase Warrants.—Each debenture will have attached thereto,
upon original issue, a stock purchase warrant detachable on and after Oct. 1
1926 evidencing the right of the holder thereof to purchase (common) shares
of the co., in the ratio of 5 shares for each $1,000 principal amount of deben­
tures, at the price of $55 per share, at any time on or before April 1 1931.
Sinking Fund.—A minimum sinking fund of $500,000 per annum, payable
semi-annually, will be provided, first payment on or before Oct. 1 1926, to
purchase debentures at not exceeding 101 and int., or If not so obtainable to
redeem debentures by lot at 101 and int. The sinking fund will be In­
creased, up to a maximum sinking fund of $1,000,000 paid in any fiscal
year, by an amount equal to one-half the total cash dividends paid during
the preceding fiscal year on the company’s (common) shares fn excess of
$3,407,340 or such part thereof as will be equivalent to $3 per share on the
(common) shares now outstanding, plus shares issued on exercise of the
above warrants. V. 122, p. 2202.
REPORT.—For fiscal year ended Aug. 31 1925, in V. 121, p. 2514,
showed:
Gross Income—
1924-25.
1923-24.
1922-23.
1921-22.
aiid^al^oTfilms, &c.$53,797,925 $40,628,928 $16,860,161 $16,801,424
Rentals of stores ft offices 1,585,279 1,448,049
1,363,238 1,250,106
Booking fees ft commis’s
437,731
623,623
606,437
630,181
Divs. rec. from affil.corp.
515,657
696,081
473?8U
Miscellaneous Income__
230410
271.678
254,254

$56,’294.745 $42,937,269 $19,634,355 $19,608,302

May, 1926.]

INDUSTRIAL STOCKS AND BONDS
Date
Bonds

MISCELLANEOUS COMPANIES
For abbreviations, Ac., see notes on page 8]

Loft inc—Stock 660.000 shares____________ _________
Long-Bell Lumber Corp (The)—Class B stk 550,000 shs au
Class A (a & d) $4 cum participating (text)______________
Long-Bell Lum Co 1st M Ser A g s f (text) red.CeC.xxxkc* 1922
do
do 1st .4 Ser B g s f red (text)__ CeC.xxxkc* 1923
Loose-Wiles Biscuit Co—1st pre! (p &d) 7% cum red 120.
Second pref‘ (a & d)
<1 7% cum $2,000,000 oonv into oommo
~
Common stock...__________
Purchase money obligations...........................
Lorillard (P> Co—Common stock $50,000,000 auth______
Prel stock (a A d) 7% cum $11,307.600......... ......................
Gold bonds (not mortgage) $10,933,500 auth__ Q.xc'&r*
do
do
do
do
10,617.450 auth...a.xo*Ar»
Louisiana Oil Ref Corp—Stock 1,360,000 shares auth___
Pref (a & d) stock 61-6 % cum red 105 conv $4,000,000 auth

Expenses—
1924-25.
1923-24.
Operation of theatres and
office buildings-......... $29,039,528 $24,182,952
Operation of film distri­
bution offices,......... ..
6,820,583
4,327,420
Amortiz’n of films pro­
duced and released__ 5,612,596 2.766,547
Cost of film advertising
accessories sold_____
492,559
436,177
Producers’ share of film
rentals.......... ...............
5,521,986
5,862,032
Depr. of bldgs. & equip.
1,811,082
825,031
Federal income taxes__
674,316
450,674
Minority interests, shares
affiliated corporations.
1,034,352
946,351
Loew’s Inc., share undis­
tributed affil’d corp’ns
268,925
112,858
Divs. on subsidiary stock
(Met-Goldwyn pref.).
310,186
78,174

1922-23.

Par
Value

Rate
Last Dividend
When
Payable and Maturity
%
None 650,000 shs See text
Dec 30 22 25c
None 542.569 shs
None 593,921 shs See text Q—M 31 Mar 31 *26, $1
$100 &c $9,327,100
fig J & J July 1 1942
100 &c 7,500.000
Apr 1 1943
7g A & O Apr
100 4.165,500
1 1926
$
2.000.000 See text
ayl 1926 1»A
8.000.000
153,250
6 g F & A To Feb 15 1931
...........25 32,166.075
12
Apr 1 1926 3%
ioo 11 307,600
7
Apr 1 1926 1M
50 &r 9,741 500
A
A
O
Oct 1 1944
I*
60 dsr 10.617 450
5 g F A A Aug 11951
None l,140,063sh
100 See text
6J4 Q—F 15 May 15 r26,-i«

1921-22.

$8,320,486 $9,874,405
2,958,355

2,010,870

2,118,832

3,521,339

366,657

226,673

2,793.634
409.712
251,192

1,512,894
194,250

Total expenses............. $51,586,114 $39,988,217 $17,218,866 $17,340,431
Operating profits_______ $4,708,631 $2,949,053 $2,415,488 $2,267,871
Previous surplus_______ 3,788,978 2,961,486
545,998
100,413
Total surplus............... $8,497,610 $5,910,538 $2,961,486 $2,368,284
Dividends......................... 2,121,560 2,121,450
...........
...........
Extraordinary charges..
_____ .
_____
_____
1,822,287
Profit and loss surplus $6,376,050 $3,788,978 $2,961,486
$545,997
Note.—Figures for 1924-25 and 1923-24 Include subsidiaries 100% owned.
Report for period from Sept. 1 1925 to March 14 1926 showed: Gross
Income, $33,624,443; op’rating profit, $6,297,820; deprec., $1,084,720;
Federal taxes (est.), $678,494; minority interests’ share, affiliated corpora­
tions, $686,890; Loew’s Inc., share undistributed, affiliated corporations,
$40,885; divs. on subsiiiary stock (Metro-Goldwyn pref.), $155,077; net
profit transferred to surplus, $3,651,754. V. 122, p. 2510, 2663.
DIRECTORS.—David Bernstein (Treas.), David Warfield, W. C.
Durant, David L. Loew (V.-P.), Marcus Loew (Pres.), Daniel E. Pomeroy,
N. M. Schenck (V.-P.), Lee Shubert, Charles M. Schwab, Arthur M.
Loew (V.-P.), William Hamlin Childs. Secretary is Leopold Friedman.
Office, Broadway and 45th St.. New York.—(V. 122, p. 2807.)
LOFT, INC.—ORGANIZATION.—Incorp, in Delaware Sept. 24 1919
and succeeded to a company of the same name incorporated in Virginia in
1916, which succeeded a proprietorship started about fifty years ago. V.
103, p. 1795. Business, manufacture and distribution of candy and confec­
tionery at wholesale and retail; manufacture and selling at retail soda water,
syrups, &c. Owns three factories and operates 37 retail stores in Greater
New York, New Jersey, Hartford and New Haven, Conn., Baltimore,
Philadelphia and Boston.
DIVIDENDS.—Initial dividend of 25 cents per share was paid March 31
1921: the same amount paid quarterly to Dec. 30 1922; none since.
REPORT.—For 1925, in V. 122, p. 1320, showed:
Calendar Years—
1925.
1921.
1923.
1922.
Net sales......... ................ $8,169,673 $7,720,589 $7,406,292 $6,738,262
Raw materials, labor, &c.
expenses____________1 8,036,447/ 7,045,474 6,713,215
5,768,779
Depreciation.................... /
t
379,062
377,957
360,634
Operating income___
Miscellaneous income__

$133,226
161,334

$296,052
123,617

$315,120
90,079

Profit for year.............
Federal taxes..................
Dividends paid-______

$294,560
39,600
_____

$419,669
52,303
_____

$405,199
$664,033
50,477
82,208
_____ ($1)645,000

Balance, surplus.........
Previous surplus______

$254,960
2,065,331

$367,366
1,697,965

$ 354,722
1,343,242

$608,849
55,184

def$63,174
1,406,416

Profit & loss surplus.. $2,320,291 $2,065,331 $1,697,965 $1,343,242
OFFICERS.—Geo. W. Loft, Pres.; N. J. Miller, Chairman; G. L. Loft,
James J. Newman and Paul Hungelmann, V.-Ps.; S. T. Austin, Treas.;
T. F. Flynn, Sec. & Asst. Treas. Office, 400 Broome St., New York.
—(V. 122, p. 2052.)
LONG-BELL LUMBER CORP. (THE).—Inc. in Maryland in 1924 as
a holding company for a business started in 1875 under the name R. A.
Long & Co., subsequently incorporated in Missouri in 1884 as
the Long-Bell Lumber Co. Corporation owns about 99% of capital
stock of Long-Bell Lumber Co., which In turn owns entire capital stocks
of Long-Bell Co.. Weed Lumber Co., Long-Bell Farm Land Corporation.
Longview Co., Longview Suburban Co., Longview Dredging & Construction
Co. and Longview Portland & Northern Ry. Co.; also over 90% of stock
of Louisiana & Pacific Ry. Co.; over 94% of stock of the Sibley Lake
Bisteneau & Southern Ry. Co., an! over 60% of stock of the Woodworth
& Louisiana Central Ry. Co. Company’s property is distributed over
12 States of the West, Middle West and South, and comprises, among
other things, 12 modern lumber manufacturing plants, with a capacity
of 800,000,000 ft. per annum; 8 sash and door, box, veneer and other
wood products plants; 122 retail lunibtr yards; 371.5 miles of railroad, to­
gether with eqtdpment: 10.264,504,666 ft., log scale, of standing timber;
1,092,000 acres of land, a large part of which is suitable for farming
Company manufactures long and short leaf Southern yellow pine. Southern
hard wood,oak floorings, California white pine lumber, California white pine
sash and doors, veneers, Washington Douglas fir, standardized woodwork,
creosoted posts, poles, ties, piling and wood blocks. Company owns stand­
ing timber sufficient for its operations for many years.
STOCK.—Class A common has preference as to dividends at the rate of
$4 per share per annum, cumulative from Jan. 1 1925. After these divs. are
paid, dividends not exceeding $4 per share may be declared on Class B
shares in any year if the payment will not reduce surplus earned after
Jan. 1 1925 below $6,000,000. All further dividends from earnings de­
clared in any year shall be made ratably on both classes, share and share
alike. Any distribution which would amount to a partial liquidating divi­
dend must first be used to acquire Class A shares which may be tendered
after advertisement, at $60 per share and unpaid accumulated dividends less
partial liquidating dividends paid thereon; and any balance is distributable
to both classes, share and share alike. On liquidation. Class A shares first
receive $50 per share and unpaid accumulated dividends, less partial liqui­
dating dividends paid thereon; then Class B shares receive $50 per share less
partial liquidating dividends paid thereon; and the balance is divided be­
tween the Class A and Class B shares share and share alike. If and when
$60 per share in partial liquidating dividends and all unpaid accumulated
dividends have been paid on Class A shares, then all distinction between
Class A and Class B shares shall cease.
DIVIDENDS.—Long-Bell Lumber Co. paid cash dividends of $21,104,045 extending continuously over a period of 27 years prior to 1925; in addi­
tion stock dividends totaled $21,593,000. Recent cash dividends were:
1919, 8%; 1920-21, 9%: 1922-24, 4%; Mar. 30 1925, 1.85%.




Amount
Outstanding

197
Places Where Interest and
Dividends Are Payable

New York or Chicago
New York or Chicago
Checks mailed
do
NewY5Stt5*o3;'N'f
do
do
Guaranty Trust Co, N Y
do
do

Long Bell Lumber Corp, initial dividend Class “A” stock, $1 per share
paid Mar. 31 1925: same amount paid quar. to Mar. 31 1926. None .on
Class “B” reported to date.
BONDS.—Long-Bell Lumber Co. Series "A” bonds, auth., $30,000,000:
bonds of other series issuable maturing not earlier than July 1 1942, provided
value of timber properties subject to mortgage equals over 200% of bondB
outstanding; sinking fund to retire from stumpage payments $200,000 annu­
ally July 1 1925, and July 1 1926, $300,000 annually thereafter including
July 1 1930, $500,000 annually thereafter including July 1 1933, $700,000 in
1934 and 1935, $800,000 annually thereafter: redeemable at 105 and int. on
60 days' notice as a whole only or at 101 and interest on 30 days’ notice for
sinking fund.
Series "B” bonds—Sinking fund same as Series "A,” commencing, how­
ever. Oct. 1 1926, and ending April 1 1943.
Guarantees, principal and interest, $1,483,000 Longview, Wash., local
improvement district 6% gold bonds.
On Dec. 31 1925. in addition, there were outstanding obligations of the
company’s subsidiaries to an amount of $14,582,589 timber land and
sundry purchase money obligations and $2,641,456 other notes payable, of
the total amount of which $2,227,851 were to mature within one year and
$178,004 were to mature in same period, but were subject to renewal.
REPORT —For 1925, in V. 122, p. 2340, showed:
Calendar Years—
1925.
1924,
Profit for year_______________________________ $11,503/737 $10,736,9'
Depletion____________________________________ 3,167,860
Depreciation_________________________________
1,559,243
Operating interest charges_____________________ 1,287,570
Income taxes_________________________________
676,885
Dividends paid_______________________________ 2,395,940
Balance, surplus____________________________
Quarters Ended Match 31—
Operating income_____________________________
Depletion____________________________________
Depreciation_________________________________
Interest______________________________________
Federal income taxes__________________________
Net income.................. ........................ .................... $1,159,259 $1,469,770
OFFICERS.—Chairman, R. A. Long; Pres., M. B. Nelson; Sec., R. W.
Stith: Treas., R. P. Combs. Office. R. A. Long Bldg., Kansas City, Mo.—
(V. 122, p. 2510.)
LOOSE-WILES BISCUIT CO.—ORGANIZATION.—Inoorp. In N. Y,
May 4 1912. Operates large factories in Boston, Chicago, St. Louis, Kan­
sas City, Minneapolis, Omaha, Dallas and Long Island City.
STOCK.—Oom. stock ($8,000,000) was in a voting trust extending to
Mav 8 1917. but extended as to a majority until May 8 1922 and again
to May 8 1927, with right to terminate vested in 75%. V. 104, p. 1903:
V. 94. p. 1768.
DIVIDENDS.—On first pref., 1%% quar. July 1912 to Apr. 1 1926
On 2d pref.. Aug 1912 to Feb. 1915, 1J4% quar.; none thereafter until
May 1920 when 5K% was paid on accumulated dividends; Nov. 1 1920
to Nov. 1 1922 paid 1 % each quar.; Feb. 1 192$ to May 1 1924 paid
7% each quar.; Aug. 1 1924 paid 344%, clearing up all accumulations.
Nov. 1 1924 to May 1 1926, paid l%% quar.
REPORT.—For 1925, In V. 122, p. 1163, showed:
Calendar Years—
1925.
1924.
1923.
Net profits *.................... $1,413,095 $1,177,205
$914,325
First pref. div. (7%).._
291,585
293,204
304,60.0
Second preferred div___
140,000
420,000
420,000
150,000
Sink. fd. of 1st pfd. stock
150,000
150,000
10,217
Prem. on 1st pfd. redeem
3,281

129.608
Balance, surplus____
$831,510
$310,720
______ _J117,33g
___
Profitand loss, surplus.. $5,015,809 $4,184,298 $3,873,578 $3,843
♦ Net profits from operations after deducting all expenses, interest
charges, depreciation and Federal taxes.
OFFICERS.—Pres., B. L. Hupp; V.-P. & Treas., John H. Wiles; Sec*J
R. W. Castle. Office, Kansas City, Mo.—(V. 122, p. 1463.)
(P.) LORILLARD CO.—ORGANIZATION.—Incorporated in New Jer«
gey Nov. 24 1911 and, under order of U. S. Circuit Court dated Nov. 16
1911, took over, under plan of disintegration of American Tobacco Co.
(V. 93. p. 1122-24). certain of its plug, smoking, cigarette and little cigar
factories. V. 106. p. 1348; V. 93. p. 1537; V. 94, p. 70. 126. 283.
STOCK.—The stockholders on Dec. 18 1923 increased the authorized
common stock from $30,311,200 to $50,000,000 and changed the par value of
the com. stock from $100 to $25 per share. Four new shares of com. stock,
par $25. were issued in exchange for each share of com. stock, par $100.
COMMON DIV.—
(1914. 1915. 1916. 1917. 1918. 1919-25.
Regular.............. . ................ 10
10
12
12
12
12 yrly.
Extra___________________ I 5
3
5
6 20 stk.
—----Paid regularly In cash 3% quar., April 1916 to April 1926, inclusive.
BONDS.—The rights of the 7s are prior to those of the 5s. No mortgage
without providing for these bonds as prior claims. See V. 94. p. 283.
REPORT.—For 1925, in V. 122, p. 758 and 893, showed:
1925.
1924.
1923.
Net income after Fed.tax $6,868,461 $6,439,196 $6,277,634
Premium on 7% bonds__
13,765
15,150
14,345
Loss on Lib. bonds sold.
_____
_____
_____
Bond interest_________
1,213,265
1,219,209 1,225,248
Preferred divs. (7%)—
791,532
791,532
791,532
Common divs. (12%)__ 3,704,039 ' 3,803,834 4,088,938

Surplus after dividends $1,145,860 $609,471
$157,572 $2,079,910
Adjustments__________
_____ Dr .3,000,000
----- Previous surplus.............. 12,440,37314,830,902
14,673,330 12,593,420
Profit & loss surplus__$13,586,233 $12,440,373 $14,830,902 $14,673,330
OFFICERS.—Pres., B. L. Belt; Sec., G. T. Minnigerode; Treas., H. A.
Stout. Office. 119 West 40th St., New York.—(V. 122, p. 1775.)
LOUISIANA OIL REFINING CORP.—Incorp, under laws of Virginia
on April 30 1917. Conducts a general oil producing, refining and market­
ing business. Corporation has approximately 85,000 acres of land, of which
15,000 acres are fee and 70,000 acres lease land. It has production in the
Louann (Smackover), Eldorado. Haynesville, Homer, Bellevue, Caddo,
Urania and Cotton Valley fields in Arkansas and Louisiana and in thB
Humble field in Texas. The total daily production is approximately 9,700
barrels settled production. The corporation has two refineries in Shreve­
port, La., with a total daily refining capacity of 17,000 barrels. Corpora­
tion also has over 1.600,000 barrels of steel field storage in addition to
7.50,000 barrels of earthen storage pits, exclusive of storage for refined
products at refineries, service stations, &c.
In Jan. 1926 acquired a large block of stock of the Beacon Oil Co. V. 122,
p. 351.

198

INDUSTRIAL STOCKS AND BONDS
Date
Bonds

MISCELLANEOUS COMPANIES
IFor abbreviations, &c„ see notes on page 8]
Ludlum Steel Co—Stock 500,000 shares authorized_____

First mtge s f g ($6,000,000 auth) Ser “A” red (text)___ c*

McCrory Stores Corp.—Common stock 500,000 shares auth.

Common stock Class B (non-voting) 150,000 shares auth..
Preferred (a. & d.) stock, 7% cum red 110 $3,000,000 auth.
Mclnt.vre=Porcupine Mines, Ltd-—Stock $4,000,000 auth.
Mack Trucks Inc—Coin stock auth. 1,000,000 shares_____
1st pref (a & d) 7% cum $10,921,900 auth call 110_______
2d pref (a & d) 7% cum $5,347,800 auth call 105...............
(R H) Macy & Co. Inc.—Common stock 350,000 sh auth__
Preferred (a & d) stock 7% cum $10,000,000 auth_______

Par
Value

None
$500 &c
None
None
100
5
None
100
100

135,000 shs.
$1,160,000
372,979 shs.
77,675 sns.
2,917,500
3,990,000
611,514sh.
10.921,891
5.331.700
350 000 shs
100 9.099,000

STOCK.—The stockholders on Jan. 18 1926 increased the authorized
capital stock from 1,200,000 shares, no par value (all of one class) to 1,360,000 shares of common stock, no par value, and 40,000 shares of 6 % cumul.
pref. stock, par $100. The pref. stock is convertible until Feb. 15 1929 into
common stock at the rate of four shares of common for each share of pref.
stock converted.
The common stockholders were given the right to subscribe for the 6)^ %
cumul. pref. stock at par ($100) on the basis of 3)4 shares of pref. for every
100 shares of common stock held.
REPORT.—For calendar years:
Earnings Years Ended Dec. 31 (Including Subsidiaries).
[After eliminating from 1924 and 1925 interest and discount on 5)4%
serial debenture goid bonds so as to give effect to retirement of that issue
with part of proceeds from sale of $4,000,000 6)4 % cumul. conv. pref. stock,
and after deducting Federal taxes computed for all years on the basis of
current rate of 12)4%.]
Net Profit
Depletion
Net after
Net
after Misc.
and
Fed. Taxes
Sales.
Charges.
Depreciation.
at 12)4%.
1922 _____
$7,550,783
$3,237,983
$1,008,569
$1,950,737
1,529,621
756,281
676,672
1923 ----------------- 5,929,546
1924 ___________ 8,663,371
1,264,193
851,457
361,144
1925 ------------------ 11,395,856
2,232,743
1,051,366
1,033,705
The above statement of earnings does not take into consideration the
properties of the Arkansas-Invincible Oil Corp., Inc., and the Gladstone
Oil & Refining Co. to Aug. 31 1924, although the operations of these proper­
ties, which are now an integral part of the Louisiana Oil Refining Corp., are
included subsequent to that date.
Quarter Ended March 31—■
1925.
1926.
$240,844
Earnings______________________________ _____ $563,710
45,517
Deductions____________________________
42,191
Interest_______________________________
66,148
70,315
Not
Depreciation, depletion, amortization, &c_
398,1191
Realized appreciation_________________________ Cr.209,399/ reported.
Net income________________________________
$262,484
$129,180
OFFICERS.—Chairman, Clifford M. Leonard; Pres., Richard B
Kahle; Sec., C. R. Harrison; Treas., A. F. Whiting. Offices, Richmond,
Va., First Nat. Bank Bldg., Shreveport, La., and 51 Maiden Lane, New
York.—(V. 122, p. 2510.)
'■ H.___
5''*/.,.,-.____
LUDLUM STEEL CO.—lncorp. under laws of New Jersey on March 11
1898 as The Ludlum Steel & Spring Co.; name changed to present title
on June 8 1915. Owns the entire capital stock of Ludlum ElectricFurnace
Corp, and Metal Alloys, Inc.
STOCK.—See table at head of page. In Nov. 1920 the capital stock
was changed from par value of $100 per share to no par value stock. The
stockholders on March 15 1926 increased the authorized capital stock from
200,000 shares to 500,000 shares.
DIVS.—On stock of no par value paid 50c. per share quarterly, Jan. 2
1924 to Apr. 1 1926. On old stock of $100 par value paid as follows:
1916, 10%; 1917, 25%; 1918, 5%; 1919, 20%; 1920, 20%.
BONDS.—The Series “A” bonds are callable as a whole, or in part for
the sinking fund, at 107)4 to Feb. 1 1933, and at 105 thereafter. The
mortgage indenture provides for an annual sinking fund payment, beginning
in 1924, equal to 10% of the net earnings of the last preceding calendar
year with a minimum amount of 2.8% of the face value of the bonds out­
standing at the end of the calendar year last ended.
REPORT.—For 1925 showed:
Consolidated Statement of Earnings—Year Ended Dec. 31.
1924.
1922.
1923.
1925.
Net sales............. ............ $3,745,477
$2,886,345 $3,418,258 $2,511,213
2,688,660
2,062,721
Material, labor & op.exp. 3,120,114 2,445.582
99,587
Depreciation__________
106.360
100,989
105,105

Net income_________
Other income_________

$519,002
39,562

$339,774
36.285

$624,491
31,360

$348,905
23,477

Total income_______
Deduct—
Interest on bonds_____
Amortiza’n bond disc’t. _
Other interest_________
Adjustment prior years.
Res. for Fed., &c., taxes
Dividends paid________

$558,564

$376,059

$655,851

$372,381

$81,398
11,076

$83,907
11,135
1,133

$50,829
10,100
55,189

65.536
262,500

55,460
240,000

$82,573
11.115
15,894
58,546

Balance, surplus____
$138,054
Profit and loss surplus.. $1,989,313
Three Months Ended March 31—■

def$15.576
$1,845,010
1926.
$1,044,051
897,197
17,059

$438,940
$2,210,486
1925.
$912,550
750,079
28,941

$256,264
$1,777,049
1924.
• $944,500
786.596
27,768

Net operating income.
Other income_________

$129,795
14,774

$133,529
12,610

$130,136
8,490

Interest, amortiz’n & reserve for taxes

$144,569
44,098

$146,139
47,021

$138,626
48.495

Net sales__________________________

Operating expenses_______________
Depreciation_____________________

48,783

$100,471
$99,119
$90,131
• OFFICERS.—Pres. Edwin Corning; V.-P. & Treas., Parker Corning;
V.-P., H. G. Batcheller; Sec., E. Palmer Gavit. Office, Watervliet, N. Y.—
(V. 122, p. 2663.)
McCRORY STORES CORPORATION.—ORGANIZATION.—lncorp.
In May 1915 in Del., successor of J. G. McCrory Co. Owns and operates a
chain of 172 5 and 10-cent stores in the Eastern and Southern States
STOCK.—The stockholders on May 21 1923: (1) Authorized the issu­
ance of $3,000,000 new 7% cumul. pref. stock. The old ($924,700) pref.
stock was called for redemption on July 1 1923; (2) authorized the issuance of
500,000 shares of no par value common stock. This stock was exchanged
for the old common stock (par $100) on the basis of 4 shares of new stock
for 1 share of the old stock. (3) Authorized the issuance of 150,000 shares
of no par value class B common stock. This stock will have no voting
power, but in other respects will be on the same basis as the new common
stock. This stock may be issued as determined by the directors.
Stock Purchase Warrants.—Each pref. stock certificate, at the time of
Issue, will be accompanied by a stock purchase warrant entitling the holder
of such warrant to purchase on or before Dec. 31 1930 new non-voting
class B common stock at $40 per share on the basis of 2)4 shares of class
B common stock for each share of pref. stock represented by each such
pref stock certificate. Compare V. 117, p. 95.
Initial div. of 1 % on com. stock paid Dec. 15 1920. On Mar. 15 1921 the
regular 1 % div. was paid in stock, plus a special stock div. of 20%. V. 112,
p. 938. June 15 1921 to Dec. 1 1923 paid each quarter 1% in com. stock,
with the exception of Mar. 1 1923 when 1% in cash was paid. On Dec.
15 1922 paid 10% in com. stock; also paid 10% in com. stock on Mar. 1
1923 and 5% extra in com. stock on Dec. 1 1923. On Mar. 1 1924 paid
40 cents a share in cash and 5% in com. stock and on June 2 1924 paid 40




Amount
Outstanding

Rate
%

When
Payable

[Vol. 122.

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

$2
Q—J Apr 1 1926 50c.
Chemical NatBank, N Y
7 g F&A Feb 1 1943
See text Q—M
See text
See text Q—M
See text
Q—F Nov 1 1926 IX
7
See text Q—M Tune 1 ’26 5% Checks mailed
rtee text Q—J Mar 31’26 $1)4 Guaranty Tr Co, N Y
do
do
7
Q—J Mar 31 ’26 IX
do
do
7
Q—i Mar 31 ’26 IX

7

Q—F

May 1 ’26 IX

cents in cash and 1% in com. stock on class “A” and class “B” com. stocks.
On Sept. 1 and Dec. 1 1924 paid 1 % in stock, on Mar. 2 1925 naid 40 cents
in cash and on June 1, Sept. 1 and Dec. 1 1925 paid 1 % in stock on Class “A”
and “B” common stocks. On March 1 1926 paid 40 cents in cash on
Class “A” and Class “B” common stocks. On June 1 1926 paid 1% in
stock. On pref., paid (or declared payable) in full to Nov. 1 1926.
Mortgages and purchase money obligations secured by real estate and
leaseholds, $4,560,017 (as of Dec. 31 1925.)
SALES.—
1926—April—1925.
1926—4 Mos.—1925.
$2,446,354 $2,264,723 $9,324,656 $7,773,527
REPORT.—For 1925, in V. 122, p. 1197, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Sales_________________ $30,078,186 $25,223,344 $21,367,824 $17,123,253
Costofsales___________ 20,708,998 17,635,526 14,888,936 11,797,154
General exp., taxes, &c_ 6.679,350
5,598,830
4,807,849
4,141,029
Preferred dividends____
206,498
208,516
99,214
66,504
Common divs. (cash)__
164,545
177,916
104,599
36,731
Common divs. (stock)-510,240
1,193,680
1,700,699
852,300
Retirement of pref. stock
3,681
_____
93,832
54,970
Balance, surplus____ $1,804,875
$408,876 def$327,305
$174,564
OFFICERS.—Pres., J. G. McCrory; V.-Pres., J. M. McCullough, P. A.
Prior, Van C. McCrory; Treas., F. D. Jolly; Sec., B. H. Stenzel. N. Y.
office, 1107 Broadway.—(V. 122, p. 2663.)
McINTYRE PORCUPINE MINES, LTD.—lncorp. March 16 1911 in
Ontario. Properties are located in the Porcupine District near Schu­
macher, Ont.
STOCK.—The par value of shares was changed from $1 to $5 on Feb. 23
1922, the capital stock being rearranged so that every five old shares of $1
par value constituted one share of $5 par value.
DIVIDENDS.—
1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925.
Per cent.. ................. 15
10
15
15
15
15
20
20
Paid in 1926: March 1, 5%; June 1, 5%.
REPORT.—For year ended June 30 1925, in V. 121. p. 1354, showed:
Years ended June 30— 1925.
1924.
1923.
1922.
Income____ ___________ $3,642,470 $3,368,715 $2,306,360 $2,103,897
Costs_________________ 1,927.500
1,788,332
1,334.517 1,242,537
Reserves & appropriates
461,204
587,543
232,335
308,614
Dividends—..............................798,000
559,639
546,042
546,042

$455,766
$633,201
$193,466
$6,705
—Quar. Ended Mar. 31— ------9 Mos. Mar. 31-----Period—
1926.
1925.
1926.
1925.
Gross recovery_______
$972,400
$876,155 $2,805,207 $2,665,515
Net earns, after exp. &
taxes but bef. deprec.
443,837
404,336
1,234,043
1,254,345
OFFICERS.—Pres., J. P. Bickell; V.-P., W. J. Sheppard; Sec., M. P.
Van der Voort; Treas., Balmer Neilly. Office, Standard Bank Bldg..
Toronto, Ont.—(V. 122, D. 2202.)
MACK TRUCKS, INC.—lncorp. Nov. 8 1916 In N. Y. as the Interna­
tional Motor Truck Corp., as a result of the refinancing of the International
Motor Co. of Delaware. Name was changed to present title in March 1922
Acquired approximately $8,000,000 of the assets of Wright-Martin Aircraft
Corp, in Dec. 1919. Plants are located at Allentown, Pa., Plainfield,
V I., nnd New Brunswick. N. J
The Mack Acceptance Corp, and Mack Trucks Real Estate, Inc., were
formed in 1925, all of the capital stock being ownedby Mack Trucks, Inc.
The real estate corporation sold $3,000,000 15-year 6% serial notes. Com­
pare V. 121, p. 208.
STOCK.—The stockholders on Dec. 4 1925 increased the authorized
common stock from 500,000 shares to 1,000,000 shares.
The common stockholders of record Jan. 22 1926 were given the right to
subscribe for 101,919 additional common shares at $100 per share, on the
basis of one new share for each 6 shares owned. Subscriptions will be
payable in four installments of $25 each-—on Feb. 11, April 12, June 14
and Aug. 12. The new stock will not participate in dividends payable prior
to Aug. 12 1926 and will not be entitled to vote until after that date.
Omdends,—initial divs, of $3 50 per share on both First Pref, and Second
Pref, stocks were paid in March 1920, Dividends of $2 33 per share were
paid July 1 1920. These dividends covered the four months ending June 30.
1920. Oct. 1920 to Mar. 31 1926 paid 1 % % quar. on both classes. Initial
div. on com. stock of $1 per share was paid Dec. 28 1922; same amount
paid Apr. 2 and July 2 1925; Oct. 1 1923 to Mar. 31 1926 paid $1 50 quar.
Also paid 100% in common stock in May 1920 and 50% in common stock
on Dec. 31 1925.
REPORT.—For 1925, in V. 122, p. 1646, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Sales________________________ $68,912,183 $46,622,622 $43,8 6,958 $31,070,289
Net profit_____________ $12,129,540 $8,146,186 $8,897,620 $5,122,275
Federal tax reserve____
1,550,000
935,000
1,050,000
565,000
Depreciation__________ 1,226,053
990,913
843,955
604,966
First pref. divs. (7%)-764,533
764,533
764,533
764,533
Second pref. divs. (7%).
373,219
373,219
373,219
372,084
Common dividends...($6)2,056,629($6) 1698,653($5) 1415,540 ($1)283,109
Com. stock div. (50%)-- 1,122,065
---------------——
Balance, surplus____ $5,037,041
$3,383,868 $4,450,373 $2,532,554
EARNINGS.—For 3 months ended March 31:
1926.
1925.
1924.
1923.
Net profits after deprec.,
maintenance, repairs &
estimated Fed’l taxes_x$2,315,529 $1,754,869 $1,430,308 $1,514,933
OFFICERS.—A. J. Brosseau, Pres.; R. E. Fulton, E. C. Fink, A. F.
Masury, W. R. Edson, V.-Pres.; J. E. Savacool, V.-Pres. & Compt.;
C. W. Haseltine, Sec. & Treas. Office, 25 Broadway, N. Y.—(V. 122,
p. 2663.)
(R. H.) MACY & CO., INC.—lncorp. in New York on May 28 1919.
Conducts a department store located on Broadway and 34th & 35th Sts.,
New York City. In Dec. 1923 acquired an interest in the L<» Salle A Koch
Co. of Toledo. V. 118, p. 91. Also owns an interest in the DavisonPaxon-Stokes Co., Atlanta, Ga.
DIVIDENDS.—On preferred stock in full to date. On common, paid
a stock div. in com. stock of 150,000 shares to stockholders of record Aug
31 1922.
REPORT.—For year ended Jan. 31 1926, in V. 122, p. 1925, showed:
Jan. 30 ’26. Jan. 31 ’25. Feb. 2 ’24. Feb. 3 '23.
Net sales......................_x$66,505,459 $56,369,795 $51,232,360 $49,615,229
Cost of goods sold, selling,
oper. & adm. exp., less
miscell. earnings____ 61,691,644 53,014,097 47,494.473 46,068,287
Prov. for Fed. inc. tax,.
650,000
350,000
400,000
410,000
Preferred divs. (7%) — .
646,224
659,330
683,914
577,928
Balance, surplus____ $3,517,591
$2,346,368 $2,653,973 $2,559,014
Profit and loss surplus.. 12,664,132 9,190,041 7,379,500 5,788,237
x This figure does not include sales of affiliated stores.
OFFICERS.—Pres., Jesse Isidor Straus; V.-P., Percy S. Straus; Sec. &
Treas., Herbert N. Straus. Office, 34th St. & Broadway, New York.—
(V. 122, p. 1925.)
Balance, surplus____

May, 1926.]

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 8]

Date
Bonds

Magma Copper Co—Stock 410,000 shares auth-------(H R) Mallinson & Co—Common stock 200,000 shares auth.
Pref (a & d) stock 7% cum red 115 $10,000,000 auth_____
Manati Sugar Co—Common stock $15,000,000 auth______
Preferred (a & d) 7% cum call 120 $5,000,000 auth____
First (closed) mtge s f gold bonds call (text) —Cek.xxxc* 1922
Manhattan Elec Supply Co—Stock 250,000 shares auth..
(The) Manhattan Shirt Co—Com stk $7,500,000 auth..
Preferred stock (a & d) 7% cum red 120 $3,000,000 auth—
Maracaibo Oil Explor Corp—Stock 400,000 shares auth..
Marland Oil Co—Stock 2,000,000 shares authorized-----------

Par
Value

Amount
Outstanding

None
None
$100
100
100
100 &c
None
25
100
Nonp
None

408,155 sh.
200,000 shs
$2,396,900
10,000,000
3,500,000
7,251,500
81,000 sh
7,090,173
1,385,000
330,000 shs
1896,245shs

MAGMA COPPER CO.—Ineorp. May 7 1910 in Maine. Owns a group
of mining claims of 2,470 acres, of which 539 acres have been patented,
and also owns an adjoining group of mill sites containing 398 acres, of
which 31 acres have been patented and 359 acres of patented farm lands.
STOCK.—The stockholders on Jan. 26 1925 increased the authorized
■capital stock from 350,000 to 410,000 shares without par value.
The stockholders of record Jan. 31 1925 were given the right to subscribe
at $36 50 per share for the 60,000 additional shares.
DIVIDENDS.—Dividends of 50 cents a share were paid quarterly from
Sept. 30 1915 to Jan. 6 1919; then none until July 15 1925. when 75 cents
a share was paid; same amount paid quar. to April 15 1926. Also paid a
special Red Cross dividend of 10c. a share on July 27 1917.
BONDS.—All of the outstanding 10-Year 7% Conv. gold bonds, dated
June 1 1922, were redeemed on June 1 1925 at 105 and interest.
REPORT.—For calendar years:
(.Including Magma Arizona RR.).
1923.
1924.
Calendar Years—
1925.
$2,555,774
$419,669
Sales of copper____________________ $4,005,719
-Cost of sales, &c__________________ 2,520,691
1,504,513
520,719
105,843
102,796
Gen., selling, adm. exp., taxes, &c__
111,056
Cr21,026
Cr58,049
Interest and other income_________
Cr40,098
6,256
Railway operating loss (net)_______
37,998
44,779
Interest on bonds, discounts, &c___
419,422
362,427
377,366
D ividends____________ __________ .
918,349
Surplus for. year________________
__________
$38,299
$544,299 def$514,480
Earnings for Quarters Ended March 31.
1926.
1925.
Net earnings after expenses but before deprec___
$442,826
$518,536
OFFICERS.—Pres., Chas. F. Ayer; V.-P., A. J. McNab and Walter H.
Filor; Sec. & Treas., H. E. Dodge. Office, 14 Wall St., New York. Mine
■office, Superior, Ariz.—(V. 122, p. 2202.)
(H. R.) MALLINSON & CO.. INC.—Ineorp. Oct. 27 1919 under laws
of Delaware. Manufactures high grade silks of distinctive designs and
weaves, known collectively as “Mallinson Silks de Luxe,” each yard bearing
the name “Mallinson.” Plants are located at Astoria, L. I., West Hoboken.
N. J.: Paterson, N. J.; Trenton, N. J.: Allentown, Pa., and Erie, Pa.
REPORT.—For 14 months ended Dec. 31 1925, showed:
14 Mos. End. ------------ Years End. Oct. 311922.
1923.
Dec. 31 '25.
1924.
$838,401
-Operating income_____
$805,718 loss$2,246 $1,556,595
•Other income_________
93,767
36,233
89,851
148,124
$986,525
Total income_______
$899,485
$33,987 $1,646,446
245,200
Deductions,incl. depr.,&c
249,528
195,442
183,897
90,000
Est. Federal taxes_____
64,000
185.000
192,000
Pref. dividends (7%)__
209,116
181,090
179,594
Balance, surplus____
$376,841 def$341,049 $1,096,459
$459,325
OFFICERS.—Pres., Hiram R. Mallinson; V.-P. & Treas., E. I. Hanson
Sec., A. H. Watson. Office, 299 Fifth Ave., New York.—(V. 122, p. HS20L

MANATI SUGAR CO.—ORGANIZATION.—Organized under laws of
New York. April 30 1912. Engaged in the business of owning and operating
a sugar estate and factory In the island of Cuba, in the growing of sugar
cane, in the manufacturing of raw sugar therefrom and in the sale of such
sugar. Owns, leases and controls 291,166 acres of land, of which 76,080
acres are planted in cane.
STOCK.—Pref. stock is redeemable at 120 and accrued divs., and has
equal voting power with common stock.
DIVIDENDS.—Beginning April 1 1916, Che company has paid regularly
quarterly dividends on the pref. stock at the rate of 7% per annum. On
common paid 2)4% quar. Dec. 1 1916 to June 1 1921; then none until
Dec. 1 1923 when 114% was paid; same amount paid quar. (or declared
payable) to Sept. 1 1925; none since. Paid extra divs. as follows: Nov. 8
1916, 2C% in com. stock; July 23 1917, 1% in cash (Red Cross); Sept. 8
1919, 2)4% in cash and 5% in common stock.
BONDS.—The first mtge. 20-year 7)4% sinking fund gold bonds are
callable as a whole or for sinking fund at 110 through 1936 and decreasing
1 % annually thereafter. As a sinking fund companv will pav to the trustee
semi-annual payments a sum sufficient to retire $335,000 of bonds annually
through purchases in the market up to the prevailing call price. Secured
by a direct closed first mortgage on all the fixed property owned and on
interest in lands held under contract, less $V;8,708 purchase money debt,
payable in installments between 1926 and 1933 and by a first lien on the
Tunas RR. through the pledge of all its stock. V. 114, p. 1414.
REPORT.—For year ended Oct. 31 1925, in V. 122, p. 343, showed:
Y'ears Ended Oct. 31— 1924-25.
1923-24.
1922-23.
1921-22.
Production (bags)_____
617,830
540,526
534,628
450,391
Operating profit______
$955,915 $2,624,295 $2,692,707
$629,546
Interest (net)
269,506
346,937
279,468
498,253
Tax reserve__________
100,000
15,000
135,000
10,807
Adjustments, &c______
84,094
21,828
142,623
525,025
Reserves______________
660,000
54,236
751,687
931,176
Divs. on preferred (7%).
245,000
245,000
245,000
245,000
Divs. on common_____
500,000
500,000
Balance, sur. or def___ def$909,372 sur$323,559 sur$915,087 def$660,577
OFFICERS.—Regino Truffin, Pres.; Manuel Rionda, Albert Strauss,
Frederick Strauss, Manuel E. Rionda, E. D. de Ulzurrun, V.-Ps.; B.
Braga Rionda, Treas.; Wm. F. Corliss, Sec. N. Y. office, 106 Wall St.
—(V. 122, p. 343.)
MANHATTAN ELECTRICAL SUPPLY CO., INC.—Ineorp. in Mass.;
Nov. 8 1916. On July 1 1916 took over the business and assets of the Man­
hattan Electrical Supply Co. of N. J. Manufacturers and jobbers in elec­
trical supplies and apparatus. Plants are located in Jersey City, N. J.,
Ravenna. O. Stores located in New Vork City. Chicago and St. Txinis.
and a sales branch at San Francisco. The battery business of the company
was sold to the National Carbon Co. in April 1926. V. 122, p. 2202.
July 1 1925 paid $1 quarterly. Oct. 1 1925 to April 1 1926 paid $1.12)4
quarterly.
DIVIDENDS —Initial dlv. of $1 50 per share on the 30,000 shares of
oo par value stock was paid Oct. 15 1920. A stock div. of 10% was also
paid on that date. On Tan. 1 1921 paid $1 50 and from April 1 1021 to
July 1 1925 paid $1 quarterly; Oct. 1 1925 to April 1 1926 paid $1 12 )4 quar.
REPORT.—For 1925, in V. 122, p. 1620, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Sales (net)___________ $8,140,853 $9,036,624 $8,283,463 $7,016,370
Cost of sales,................... 6,231,291
7,129,743
6.366.107
5,130,923
Gross profit________ $1,909,562 $1,906,881 $1,917,367
$1,885,447
Miscellaneous profits __ 133.546
172,509
143,643
104,872
$2,043,108 $2,079,390 $2,061,000 $1,990,319
Adver., taxes, deprec.,
gen. exp., eng.&devel, $1,483,360 $1,628,505 $1,966,824 $1,538,891
Special depreciation.'__
_____
110,495
Federal income tax____
72,422
39,897
Dividends___________
333.250
280,000
280.000
280.000
Balance____ _______ sur$154,076 sur$20,493 def$185,823 sur$171,428




199

INDUSTRIAL STOCKS AND BONDS
Rate
%

When

Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

See text See text Apr 15 '26 75c
Q—J
7
See text
7
Q—J
7X g A & O
See text Q—J
See text
7

Apr 1 1926 1%
See text
Apr 1 1926 1)4
Apr 1 1942
Apr
. 1 '26, $134
Junel 1926 1)4 Checks mailed
Apr 1 1926 1J»
do

See text Q—M31 Mar 311926, $1 Guaranty Tr Co, N Y

OFFICERS.—Pres., Chas. T. Baisley; 1st V.-P. & Sec., W. W. Templin;
2d V.-P., J. F. Baisley; 3d V.-P., W. F. Hendry; Asst. Treas., V. C. Ste­
phens. N. Y. office, 17 Park Place.—(V. 122, p. 2202.)
MANHATTAN SHIRT CO. (THE)—ORGANIZATION.—Ineorp. In
New York June 15 1912 as successor of New Jersey company of same name.
Manufactures men’s shirts, collars, underwear, pajamas, &c.
STOCK.—Total pref. stock Issued $3,000,000: amount redeemed to
Nov. 30 1925, $1,400,000; held in treasury, $215,000. Pref. is redeemable
(also in liquidation) as a whole or in part at 120 and accrued div. Cumula­
tive yearly sinking fund, $90,000, to purchase or call pref. stock. For
further rights, see V. 100, p. 405.
DIVIDENDS (%)—
(1915. 1916. 1917 1918. 1919. 1920-21. 22-’26
On common____________ ] J4 2)4
4
4
634
7 yrly. Text
do in Liberty bonds__ (
_
_
2
-______ - On pref. stock 7% p. a. (1 *4 Q.-J) Oct. 1 1912 to Apr. 1 1926. In Dec. 1918
an extra 2% was paid on com. In 4)4 % Liberty bonds. V. 107, p. 1924.
In March 1919 paid 1 % on com.; June 1919 to Dec. 1921, 1 ?4 % quar.; on
March 1 1922 paid 2% quar. in cash, 2)4% quar. In com. stock, and a
■special div. of 10% payable in com. stock (V. Ill, p. 635): on lune 1 and
Sept. 1 1922 paid 2% quar. in cash and 2)4% in com. stock; on Dec. 1 1922
paid 3% auar. in cash, 2)4% quar. stock div. and a special stock div. of
17)4%. Mar. 1 1923 to Dec. 1 1924 paid 3% quar. in cash; Mar. 2 1925
to June 1 1926 paid 1 )4 % quar.
The stockholders on June 10 1919 voted to reduce the par value of the
common shares from $100 to $25. V. 108, p. 2438.
REPORT.—Report for year ending Nov. 30 1925 in V. 122, p. 344:
1Q99
Years End. Nov. 30.—
1923.
1925.
1924.
Total net_____________ $1,260,652
$464,190 $2,070,427 $1,949,696
Interest ______________
65,538
69,975
14,919
52,996
Federal taxes_________
49,750
250,000
265,000
155,616
Preferred dividends___
106,533
106,565
107,026
103,278
Common dividends____
847,801
846,695
502,567
424,726

Balance, surplus.........
$562,113 def$605,432
$797,192 $1,022,107
OFFICERS.—Pres., Abram L. Leeds; Treas., Silas Thomas; Sec., L. C.
Leeds. Office, 385 Madison Ave., New York.—(V. 122, p. 621.)
MARACAIBO OIL EXPLORATION CORP.—Tncorp. Sept. 8 1919 in
Delaware The company began business by acquiring all the authorized
capital stock of the following corporations: Mara Exploration Co , Miranda
Exploration Co., Paez Exploration Co. and Perija Exploration Co., each of
which is a corporation organized under the laws of Delaware. Each of these
companies owned contracts or rights for the exploration and exploitation
of petroleum and similar substances in the Republic of Venezuela. These
companies are now engaged in the development of the concassions and rights
which they hold in Venezuela.
Since its organization the corporation has also acquired all the outstand­
ing stock of Sucre Exploration Co. and Urdaneta Exploration Co. The
Sucre Exploration Co. and the Urdaneta Exploration Co. have, since their
acquisition by the corporation, been similarly engaged in the development
of the rights and concessions held by them in Venezuela.
The corporation has entered into an agreement with the Standard Oil
Co. (N. J.) whereby the Standard Oil Co undertakes the development of
some concessions belonging to the Maracaibo Oil Explor. Corp, and will
share with the Standard Oil Co. the results of these operations. V. 112, p.
1746; V. 113, p. 189. The corporation has also entered into an agreement
with the South American Gulf Oil Co. whereby the Gulf acquired for $800,000 and a royalty 100,000 acres of exploitation lands.
STOCK.—See table at head of page.
DIVS.—No dividends have been paid by the corporation or any of its
subsidiaries.
REPORT.—The company for 1925 reported an addition of $328,580 to
surplus account. V. 122, p. 2663.
OFFICERS.—Pres., John L. Weeks; V.-P. & Treas., T. J. Megear;
V.-P. & Consulting Geologist. L. G. Donnelly; Sec., S. Rossiter. Offices,
Wilmington, Del., and 14 Wall St., New York.—(V. 122, p. 2663.)
MARLAND OIL CO.—ORGANIZATION.—Tncorp. Oct. 9 1920 under
laws of Delaware. The company acquired by consolidation the Marland
Refining Co. and the Kay County Gas Co. by exchanging its shares for
shares of the old companies on the following basis: One no par value share
in the new company for each ten shares of Marland Refining Co., par $5
each, and one share in the new company for each 20 shares of Kay County
Gas stock, par $1 each.
Marland Refining Co.—Owns a complete modern refinery and lubricating
plant at Ponca City, Okla., processing an average of 12,000 bbls. per day. •
STOCK.—Stockholders of record June 20 1923 were given the right to
subscribe for additional shares at $40 per share up to 25% of holdings.
V. 116.p 2890.
J. P. Morgan & Co. in 1925 acquired 335,000 shares of the company’s
stock at $40 per share. V. 121, p. 593.
DIVIDENDS.—An initial dividend of $1 per share was paid Sept. 30
1922; same amount paid quar. to July 2 1923; then none until June 30
1925 when 75 cents per share was paid; on Sept. 30 1925 paid 75 cents per
share; on Dec. 31 1925 and Mar. 31 1926 paid $1 per share.
NOTES.—The two-year 5% gold notes due Nov. 1 1926 were redeemed
on Nov. 1 1925 at 101 and int.
On Dec. 31 1925 there was also outstanding $120,306 stock of subsidiaries
—minority interests.

REPORT.—For 1925, showed:
1924.
1925.
1923.
Gross earnings____________________ $64,718,281 $33,205,451 $32,937,410
Oper. and‘ admin,
‘ expense_______
48,607,235 27,952.940 30,432,962
Net earnings____________________ $16,111,047
Dividends Comar Oil Co___________ 7,900,000
Div. Romarti Gasoline Co__________
_____
Miscellaneous income______________
612,684

255,507

$2,504,447
5.000,000
12,033
127,609

Gross income___________________ $24,623,730 $9,258,017
Interest and amort, of bond disc____
974,283
1,148,574
Reserves for depreciation___________ 2,802,488
2,183.869
Reserves for depletion on cost_______ 3,071,594
1,573,795
Leases charged off_________________ 1,540,374
1,752,407

$7,644,090
1,418,583
1,702,111
648,398
801.796

Net operating income___________ $16,234,992
Red. of crude oil invest, to market __
Disc, and premiums on bonds retired.
390,136
Investments charged off170,786
Provision for Federal taxes.
875,000
Dividend paid____________________ 4,579,874

$2,599,373
1,077.166
876,750
291,151

$3,073,203
1.350,203

Surplus____________ ___________ $10,219,195

$354,306

$1,723,000

$5,252,511
3,750,000

300

INDUSTRIAL STOCKS AND BONDS

[For abbreviations, Ac., see notes on page 8]

MISCELLANEOUS COMPANIES

Date
Bonds

Par
Value

Outstanding

Marlin-Rockwell Corp—Common stock 400,000 shs auth..
Pref. (a&d) stock cum 7% convert, red 110 auth $2,722,800
Martin-Parry Coro—Stock auth 200.000 shares_________
Mathieson Alkali—Common stock 200,000 shares auth.__
Preferred (a & d) stock cum 7% $3.500.000_____________
May Department Stores Co (The)—Common stock_____
Pref Ui
7% cum redeem 126 (text)________ _______
May Bldg 1st M leasehold serial M gold red text_______
do
2d M.
do
do
----------Bergen thaler Linotype—Stook authorized 300,000 shares ..

____
____
____
___
___
____
____
1013
1913
___ ;

None
$100
None
None
1(M»
50
100
600 Ac
600 &c
None

256,225 shs
$2,722,800
125,000 sh
147,207 sh
2,500,000
26,000,000
4,988,300
1,020.000
500.000
256,000 sh.

Report for 3 mos. ended Mar. 31 1926, in V. 122, p. 2340. showed:
3 Mos. End. Mar. 31— 1926.
1925.
1924.
1923.
Gross earnings_________$16,096,643 $16,039,305 $9,568,259 $5,787,698
Oper. & admin, exps. &c. 12,837.168 12,799,970
5,710,534 2,581,352

Amount

Last Dividend
Rate
When
Payable and Maturitv
%
See text Q—J Apr 1 '26, 50c.
7
Q—J Apr 1 '26,1»A %
See text Q—M June 1 '26. 50c.
See text Q—J Apr 1 1926 $1
See text Q—J Apr 1 1926 1 %
10
Septi 1926 2)4
Oct 1 1926 1 »A
MAS To Mar 1 1933
M & S To Mar 1 193?
See text Q—M June 30 ’26 3%

V?

[Vol. 122.
Places Where Interest and
Dividends Are Payable

Checks mailed
do
Cleveland and Chicago
Cleveland
29 Ryerson St.. Bklyn

OFFICERS.—Chairman, John J. Watson Jr.; Pres., Frederick M.
Small: V.-P. & Gen. Mgr., John A. Callahan; V.-P., R. P. Henderson
and Joseph N. Coppinger; Sec. & Treas., Henry Hopkins Jr.; Compt., H. F.
Quinn. Office, York, Pa.—(V. 122, p. 1775.)

(THE) MATHIESON ALKALI WORKS (INC.).—ORGANIZATION—lncorp. in Va. In 1892 and manufactures soda ash, caustic soda, bicarbon­
ate of soda, liquid chlorine, ammonia and bleaching powder.
Gross income------------- $5,193,663 $5,055,843 $3,904,119 $3,229,731
STOCK.—The stockholders on Jan. 21 1925 approved an increase in the
Int. & amortiz. disc___
7,682
352,778
274,045
264,947 authorized common shares to 200,000 from 130,000 shares and changed the
Deprec., depl., &c____
1,555,915
1,080,995
737,237
...........
par value from $50 to no par value. Common stockholders of record Jan.
Dividends....................... 1,887.705
...........
. _____
_____
26 1925 were given the right to subscribe at $45 per share to 23,543 shares
in the ratio of one share for every five shares held.
Net income..................$1,742,361 $3,622,070 $2,892,837 $2,964,784
REPORT.—For 1925, in V. 122, p. 1321, showed:
lt is estimated that Federal taxes for the first 3 months of 1926 will
Calendar Years—
1925.
1924.
1923.
1922. _
amount to $235,000.
xTotal earnings..................$2,285,553 $1,521,477 $1,833,734 $1,644,186
OFFICERS.—Pres., E. W. Marland: Treas., S. R. Sheldon; Sec., Chas. Deprec’n and depletion.
657,320
553,336
549,238
624,903
E. Stephenson. Office, Ponca City, Okla.—(V. 122, p. 2340.)
Income charges (net)__
15,724
21,295
37,551
44,882
Federal income tax____
147,476
73.780
150,000
96.000
MARLIN-ROCKWELL CORP.—lncorp. in N. Y. in 1915 under name Preferred dividends___
175,567
344,634
250,549
155,036
of Marlin Arms Corp., its name being changed to present title in March Common dividends____
147,207
_____
_____
_____
1917. Co. is engaged in manufacture of bad bearings. On April 1 1924
purchased the assets of the Gurney Ball Bearing Co. with plant at James­
$823,365
Balance, surplus____ $1,142,260
$528,430
$846,394
town, N. Y. Gurney Co. was subsequently dissolved. In Aug. 1925
x After deducting manufacturing, selling & general admin. expenses.
acquired the Strom Ball Bearing Corp, of Chicago.
1924.
3 Months Ended March 31—
1925.
1926.
STOCK.—In liquidation or dissolution or winding up of the company,
$236,635
$586,788
$628,956
pref. stock is entitled to receive $110 per share and accrued and accumulated Total earnings from operations-------138.213
164,290
181,427
alvs. Each share of stock of whatever class has one vote; in addition for Provision for deprec. and depletion..
98,421
422,498
447,529
election of directors, each stockholder has as many votes as he has shares Net earnings from operations----------5,163
1,987
Income
charges
(net)
______________
8.376
multiplied by maximum number of directors to be elected, distributable
11,141
44,859
Provision for Federal income tax____
54,872
as he may see fit.
The stockholders on Nov. 12 1925 voted to amend the certificate of
$82,118
Net income transferred to surplus.. $384,282
$375,652
ncorporation so as to permit the conversion of the Preferred stock into
Common on the basis of 4 shares of Common for each share of Preferred.
—Od the pref. at rate of 7% yearly, from organization
The stockholders also increased the Common stock by 100,000 shares to to DIVIDENDS.
April 1921: then none until July 1 1922, when IX % was paid; Oct. 2
400,000 shares of no par value, and authorized the directors to set aside 1922
to Oct. 1 1923 paid 1 X % quar.; Jan. 2, April 1, July 1 and Oct. 1 1924
108,912 shares for conversion of the Preferred stock.
paid
X % quar. and 1X % on account of accumulations, clearing up all
The Common stockholders of record Aug. 28 1925 were given the right to back 1
dividends; Jan. 2 1925 to Apr. 1 1926 paid 1 H % quar.
subscribe for additional Common stock at $15 per share on the basis of 15%
On common paid $1 per share on Jan. 2 1926, this being the first payment
of their holdings.
on the new shares of no par value; same amount paid April 1 1926.
DIVIDENDS.—On 7% pref., created in May 1924, initial quarterly
divds.. '09. TO. 'll. T2. T3. 14'. T5. T6. T7. T8. T9. ’20-25div. of IX % was paid July 1 1924; regularly quarterly since, incl. Apr 1 Common
7)4 5)4 4
4
6)4 6
6 1)4
0
1926. Common, 1918, $2; 1919, $6; 1920-24, none; 1925, $1; 1926, Jan. 4, Per cent............... 4)4 6)4 6
33 cents (for 2 mos. period); April i, 50 cents.
OFFICERS.—Pres., E. M. Allen: Sec. & Treas.. H. F. Hyland. Office.
250 Park Ave., New York.—(V. 122, p. 2340.)
REPORT.—For 1925, in V. 122, p. 1620. showed:
Calendar Years—
1925.
1924.
1923.
1922.
MAXWELL MOTOR CORPORATION.-See Chrysler Corp, above.
Netsales........... ................ I ' Not
$3,839,8771
Not
($4,124,610
MAY DEPARTMENT STORES CO. (THE).—ORGANIZATION.—
Cost of sales---------------- 1 stated.
3,425,872/ stated.
/ 2,687,520
lncorp. in N Y. on June 4 1910 and took over the Shoenberg Mercantile Co.
Gross profits_________$2,099,899
$414,005
$487,838 $1,437,090 of St. Louis jperating the “ Famous,” May Shoe & Clothing Co. of Denver,
Other income...................
29,385
49,862
17,601
58,635 Colo.; the May Co. of Cleveland, Ohio, and the May Real Estate & invest­
ment Co. the last named holding title to the real estate occupied by the
Total income------------- $2,129,284
$463,867
$505,439 $1,495,725 St. Lou a and Denver stores. V. 90. p. 1617. On Feb. 25 1911 acX General expenses, &c_. x725,808
142,661 2,165,377 2,485,625 qaired entire stock itl OOO.OOO each of common ana pref.) oi Wm. Barr
ury Goods Co. of St. Louis. V. 92. p. 876; V. 100. p. 2075. In July 1912
Preferred dividends___
185,687
142,947
_____
_____
purchased department store business of M. O’Neil & Co of Akron, O.—
Common dividends____
260,013
55,701
_____
_____
see below. V. 94, p. 1569; V. 95, p. 484. It was announced in Feb. 1923
Res.for prem.on pref.stk.
_____
5,000
_____
_____
that the company had closed a contract for the purchase of Hamberger &
Surplus for year...........
$957,776
$117,558def$1659.938 def$989,900 Sons, the largest department store in Los Angeles. V. 116, p. 945.
Owns entire stock of May Building Co. (Cleveland) ana leases property
Profit and loss, surplus.. $3,896,870 $2,468,713 def$336,388 $1,323,962
rental providing for int. and prin. of $1,220,000 6% serial
x Includes in 1925 and 1924 extraordinary charges not applicable to for 30 years,
maturing $100,000 in 1925 to 1927, $120,000 in 1928 and 1929.
operations, and in 1923 and 1922 incl. interest paid, depreciation, inventory, bonds,
in 1930 and 1931. and $200,000 in 1932 and 1933. Bonds red. at
adjustment, idle plant expense, moving expenses, loss on sale of securities, $140,000
103 on any int. date beginning March 1 1918; also $500,000 2d 6% serial
misc. adjust., &c.
bonds maturing yearly to 1933, red. beginning Sept. 1 1913. V. 97.
Quarters Ended March 31—
1926.
1925.
p. 54; V. 98, p. 993.
Gross earnings_______________________________
$653,373
$478,785
STOCK.—As to stock provisions, see V. 94, p. 1569, 1768; V. 95, p. 484.
Total income_________________________________
456,092
250,015
Federal taxes_________________________________
62,046
Pref. stock retired by sink, fund to Jan. 31 1926, $3,261,700. Tne stock­
Preferred dividends___________________________
14,635
47,649 holders voted on Dec. 6 1922: (1) to Increase the com. stock by $6,000,000,
Common dividends___________________________
165,843
55,701 to enable the declaration of a stock div. of 30%; (2) to double the number of
shares of common stock by reducing the par value from $100 to $50. V.
Balance, surplus____________________________
$213,568
$146,665 115. p. 2165. 2589.
OFFICERS.—F. W. Gurney, Chairman; H. K. Smith, Pres.; A. O.
on / T5. T6. T7. T8. T9. ’20. ’21. ’22.’23. ’24. ’25.
Davis, V.-P. & Gen. Mgr.; J. H. Walters, Treas.; R. A. Gamble, Sec. DIVIDENDS
Common stock-% i 2X 2X 6 5 6 *7)4 8 t8 10
10 10
Office, Jamestown, N. Y.—(V. 122, p. 2663.)
♦ Shareholders of record June 25 1920 received a stock divid’d of 33 1-3%.
MARTIN-PARRY CORP.—ORGANIZATION.—lncorp. In Delaware
t Also 30% in stock paid Dec. 20 1922.
May 26 1919 and has acquired Martin Truck & Body Corp., York, Pa.,
Paid in 1926: Mar. 1, 2)4%; June 1, 2)4%; Sept. 1, 2)4%.
and Parry Manufacturing Co., of Indianapolis. Manufacturers of com­
REPORT.—For year ending Jan. 31 1926, in V. 122, p. 1775 and 2202$
mercial automobile bodies. Plants at York, Pa.; Indianapolis, Ind., and
Jackson, Miss. Branch assembly plants in 36 principal cities. In showed:
__ „„
May 1920 the truck business was taken over by the Atlas Truck Corp., a
Jan. 31 Years—
1925-26.
1924-25.
1923-24.
1922-23. „
new corporation, stockholders being given the privilege of subscribing to Net sales________ -.^$97,117,891 $89,932,915 $90,997,655 $61,685,253
25,000 shares of the latter company’s stock at $5 a share. V. 110, p. 1647. Net income__________
7,840,312
6,759.608
7,588,625 6,279,233
In Jan. 1924 acquired the plant and property of The Oakes Co., Indianap­ Federal taxes_________
1,040,000
840,000
1,175,000
775,000
olis, Ind. V. 118, p. 318.
Preferred dividends___
354,375
376,250
389,375
406,875
2,599,711
2,599,625 1,599.748
STOCK.—The stockholders on Jan. 26 1925 increased the authorized Common dividends____ 2,599,804
capital stock from 100,000 shares of no par value (all outstanding) to 200,000
Balance, surplus____ $3,846,133
$2,933,647 $3,424,625 $3,497,610
shares of no par value. Stockholders of record Feb. 17 1925 were given the
right to subscribe to 25,000 shares of additional capital stock (no par value)
Pres., Morton J. May. Office, St. Louis, Mo.—(V. 122, p. 2664.)
at.$30 per share at the rate of X of a share of stock for each share held.
MERQENTHALER LINOTYPE CO.—lncorp. under laws of New York
DIVIDENDS.—Initial quar. dlv. of 50c. per share was paid Mar. 1 1920;
same amount paid quar. to Mar. 1 1923: June 1 1923 to Mar. 1 1924 paid Dec. 16 1895. Owns plant at Brooklyn, N. Y., and controls British Lino­
75c. quar.; June 1 1924 to June 1 1925 paid $1 quar.; Sept. 1 1925 to June 1 type & Machinery, Ltd., and Mergenthaler Setzmaschlnen Fabrik. V. 88,
p. 509, 667. 948, 689. Decisions, V. 100, p. 58, 234; V. 104, p. 1149.
1926 paid 50 cents quar.
STOCK.—The stockholders on March 16 1926 changed the authorized
REPORT.—For 8 mos. ended Aug. 31 1925, in V. 121, p. 2648, showed:
8 Mos. End. --------------- Calendar Years--------------- capital stock from 150.000 shares (par $100) to 300,000 shares of no par
value. Two new no-par shares were issued in exchange for each share of
Aug. 31 ’25.
1924.
1923.
1922.
Net sales............................ $3,654,023
$4,577,043 $5,951,166 $4,327,685 $100 par value.
Cost of goods sold & sell­
DIVS.
I 01. ’02-T3. T4. T6. T8. 1917. T8. ’19-’24. 1925.
ing, adm. & gen. exp..
3,484,386 4,187,672 5,183,842 3,881,911
12)4
Disc, on pur. & oth. inc. Cr.107,229 Cr.111,159 Cr.72,642 Cr.53,356 Percent........... 113)4 16 y’ly 14)4 10 12)4 12)4 12)4 10 yrly
Miscellaneous charges..
59,330
75,364
94,830
39,417
Paid in 1926: March 31, 2)4%; June 30, 2)4% quar. and )4% extra.
Federal taxes....................
15,396
43,988
92,070
57,464
REPORT.—For year ended Sept. 30 1925, in V. 121, p. 2530. showed:
Dividends........................
294.494
375,000
275,000
200,000
Sept. 30 Years—
1924-25.
1923-24.
1922-23.
1921-22.
Balance, surplus____ def$92,354
$6,178
$378,065
$202,248 Net, after deprec’n......... $2,699,028
$2,336,755 $2,669,276 $2,304,771
Profit and loss surplus..
$614,681
$707,034
$718,723
$350,217 Dividends (about)____
1,600,000
1,280,000
1,280,000 1,280,000
Note.—The fiscal year has been changed to end Aug. 31.
Rate per cent________
(12)4%)
(10%)
(10%)
(10%)
———Quarter Ended--------6 Mos. End.
Pres., Philip T. Dodge; V. P., Frederic D. McKenney; 2d V.-P. & Gen.
Period—
Feb. 27 ’26. Nov. 30 ’25. Feb. 27 ’26. Mgr.,
Norman
Dodge;
Sec.
&
Treas.,
Jos.
T.
Mackey.
Office,
29
Ryerson
Netsales__________________________ $1,043,898 $1,308,366 $2,352,264 St., Brooklyn, N. Y.—(V. 122, p. 2958.)
Cost of goods sold_________________ 1,021,138
1,230,549 2,251,687
Other income____________
54,609
72,905
127,514
TETRO-GOLDWYN (PICTURES) Corp.—(V. 122, p. 2052.)
Federal tax & miscell, deductions___
26,953
31,725
58,678
MEXICAN PETROLEUM CO.. LTD., OF DEL.—See Pan American
Net profit--------------------$50,416
$118,997
$169,413 Petroleum & Transport Co. below.

Net earnings................. $3,259,475 $3,239,335
Miscellaneous income...
1,934,188 1,816,508




$3,857,835 $3,206,346
46,284
23,358

May, 1926.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 8]

Date
Bonds

Mexican Seaboard Oil Co.—Stock 1,000,000 shares auth..
10-year debentures red 105 815,000,000 auth_______ ____
Miami topper Co—Capltalstock 84.6nn.nnn auth .. ...
Mid-Continent Petrol Corp—Com stk 3.000,000 shs auth
Pref stock 7% cumulative convertible red 120______
.
1st mtge s f gold bonds red (text)__ _______ xxxc*&r*
Middle State* Gil Corp—Stock 830,000.000_____ _______
Serial notes due quar beg May 1 1924 - _______________

1919

....
1925
1924

Par
Value

Gross profits........... .. 83,872,682
Other income--------------165,593

85,640,552
324,482

Total income----------- 84.038,275
Interest, deprec., &c.__ 3,928,674
Dividends paid................................

85,965,034
8881,842 810,327,734
3,283,891
1,589.884 1,928,320
1,423,654 947,211 2,820,556

89,704,679
623,055

xBalance, surplus___
8109,601 81,257,489dfSl ,655,253 85,578,858
x Before providing depletion reserve.
Report for first quarter of 1926 In V. 122, p. 2958.
OFFICERS.—Pres., Harris Hammond; V.-P., F. N. Watriss, R. D.
Hanna and J. A. Murphy; Sec., J. A. Murphy; Treas., R. D. Hanna; Asst
Treas., T. J. Broidrick; Asst. Sec., W. L. Pratt. Office, 120 Broadway
New York.—(V. 122, p. 2958.)
MIAMI COPPER CO.—ORGANIZATION. —Incorp. Nov. 29 1907 in
Delaware. Property totals 2,273 acres near Globe, Ariz.
REPORT.—For 1925, in V. 122, p. 2664, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Gross....................
87,535,030 87,958.397 89,669,022 88,767,260
Expenses, taxes, &c----- 6,513,445
6,790,388
7,065,149 6,561,559
Depreciation, &c______
424,617
427,403
506,287
404,601
Depletion--------------------------See x
See x
See x
Balance.....................
Other income____ _____

8596,968
524,551

8740,606
370,400

82,097,586 81,801,100
203,800
172,344

Total income----------- 81,121,519 81.111,006 82,301,386 81,973.444
Dividends---------------(25%)933,892 (40) 1494,228 (40)1494,228(40)1494,228

Surplus.......................... 8187,627 def$383,222
8807,158
8479,216
x Depletion charges of 82,091,491 for 1924, 82,124,166 for 1923 and
82,138,904 for 1922 were made against surplus account. No depletion
cleared off in 1925.
Dividends—
’14. ’15. ’16. ’17. ’18. ’19. ’20. '21. ’22. ’23. ’24. ’25.
Per cent.................... 30 45 115 175 90 50 40 40 40 40 40 25Paid in 1926: Feb. 15, 5%; May 15. 5%.
OFFICERS.—Pres., Adolph Lewisohn; V.-P. & Cons. Engr., J. Parke
Channing; V.-P. & Treas., Sam A. Lewisohn; V,-P., E. H. Westlake; Sec.,
Herman Cook. Office, 61 Broadway, New York.—(V. 122, p. 2664.)
MID-CONTINENT PETROLEUM CORP—ORGANIZATION.—In­
corporated In Delaware July 9 1917 as Cosden & Co.; name changed to pres­
ent title in Feb. 1925. Properties (a).Operates over 1,400 producing wells
in Okla., Kansas and Texas and controls over 200,000 acres in Kansas,
Oklahoma, Texas, Ac.. including 10,000 acres in Cushing District; (b) pipe
line System, about 1,200 miles in length connecting the producing area with
the refineries; (c) over 2,000 tank cars; (d) modern refinery at Tulsa, Okla.,
said to have a consuming capacity of 50,000 bbls. daily if producing all by­
products. V. 109, P. 680; V. 105, p. 822; V. 107. p. 2292.
The directors in Nov. 1921 approved a plan for the consolidation of Atlan­
tic Petroleum Corp, with the company and approved the exchange of three
■bares of Atlantic Petroleum stock, par 825. for two shares of Cosden A Oo
stock, no par value. V. 113. p. 2189. 2316.
CAPITAL STOCK.—The stockholders on May 4 1922 approved (a) the
plan to change the par value of the outstanding preferred stock from 85 to
3100 a share and (o) the exchange of 20 shares of the old stock for each
share of the new. The preferred stock Is convertible into common stock
at the rate of 875 of pref. for each no par value common share. Sinking
fund sufficient to retire pref. stock the rate of 8140.000 annually by purchase
up to, or call at. 120 and div. V. 114, p 2018.
The shareholders voted Feb. 14 1920 to authorize an issue of stock without
any nominal or par value In lieu of certain of the then outstanding and
authorized common stock, and to exchange five shares of the then out
standing common stock of the par value or 85 each for one share of stock
of no par value.
Pref and common stockholders of record Oct. 3 1922 were entitled to sub­
scribe at 841 per share for 187,406 additional shares of common stock.
V. 115. p. 1433.
The stockholders voted on June 6 1923 to Increase the authorized common
stock from 1,400,000 shares to 3,000,000 shares, no par value. V. 116, p
2642.
DIVIDENDS.—In Sept. 1917 an extra dividend of 4% was declared
on the common stock In addition to the Initial quarterly 2%. payable Nov. 1
On Feb. 1 1918. In view of extraordinary conditions due to cold weather and
railroad congestion the common dividend of 5% was paid in common stock
in lieu of cash and this was repeated In May; Aug. 1918. 2)4 % was paid io
common stock. Nov. 1918 to Aug. 1919, 2)4% each, paid quar.; Nov. 1
1919 and Feb. 1 1920 paid 2)4% cash and 2)4% in common stock. See
“Capital Stock” above. On new (no par value) common stock paid 62)4
cents a share quarterly from May 1920 to Aug. 1922; Nov. 1922 to Aug
1923 paid 81 quarterly; none since.
On preferred. In full to date.
BONDS.—The 1st Mtge. 6)4 % Sinking Fund Gold bonds are redeemable
as a whole (or in part for sinking fund) at 105 and int. upon not less than 42
days' notice on any int. date on or before Mar. 1 1935, and thereafter on like
notice on any Int. date at their principal amount and accrued interest with
a premium equal to )4 % for each 6 months between the redemption date
and the date of maturity.
The corporation will covenant in the first mortgage to pay as a sinking
fund an amount of at least 8875,000 per annum, being sufficient to retire
the entire issue at or before maturity. The payments on account of this
sinking fund are to be made in monthly installments of (a) 828.000 and (b)
an additional amount of 10 cents per barrel of the net production of crude oil
of the corporation and its subsidiaries during the preceding calendar months.
Such monthly payments are to be made on or before the 18th day of each
month, beginning Mar. 18 1925. V. 120, p. 460.




Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

None 945,939 sh.
Nov 15 ’24 50c.
7
M & S Sept 1 1929
$3,500,000
Q—F May 15 ’26 5°<
8r 3,735 570 See text
None 1357,415sh. See text
Aug 1 ’23
$1
100 86,574,740
7
Q—M Tune 1 1926 IX
1,000 11,762,000
6)4 g MAS Mar i 1940
10 29 796 .031' 3ee text
See text
Q—F To Feb 1 1929
5,143,033
7

MEXICAN SEABOARD OIL CO.—Incorp, under laws of Delaware,
Sept. 12 1919. Owns 85,979,320 of the 85,999,320 capital stock of the
International Petroleum Co.
STOCK.—See table at head of page.
DIVS.—Paid as follows: June 15 and Sept. 15 1920, 81 12)4 each:
Nov. 1 and Dec. 15 1921. 81 25 each: Jan. 16 and Mar. 16 1922. 81 each:
April 15, May 15. June 15, July 10. Aug. 20 and Nov. 20 1922, 50c. each:
Feb. 20 and May 22 1923, 50c. each; May 15, Aug. 15 and Nov. 15 1924,,
50c. each; none since.
DEBENTURES.—Of the authorized 815.000.000 7% debentures', 810,700,000 have been Issued, of which 87,200,000 have been redeemed and are
held in the company’s treasury, leaving 83,500,000 outstanding in the
hands of the public.
REPORT.—For 1925 showed:
rincluding International Petroleum Co.]
Calendar Years—
1925.
1924.
1923.
1922.
Gross earnings------------- 88,262,549 810,717,494 84,893,361 823,781,633
Costs and expenses------- 4,389,867
5,076,941
4,821,977 14,076,954
871,384
810,458

Amount
Outstanding

301

Bankers Trust Co, N Y

Baltimore, Md
do
New York
Checks mailed
Aug. *24 instal. unpaid

REPORT.—For 1925 showed:
1924.
1923.
1922.
1925.
Total income_________ Not shown Not shown 834,602,549 844,436,391
Net income___________ 815,929,232 89,687,246 86,502,983 814,182,801
Provision for deprec______________ 3,953,572
3,722,1661 6,827,403 x6,928,872
Depletion reserve________________ 2,540,969
3,009,307]
Leaseholds abandoned &
surrendered, Ac_____
1,030,374
857,876
499,803
459,205
Interest______________
953,391
672,934
Int. on bonds (Cosden &
948,643
Co., Delaware)_____
330,453
Federal income tax____
450,000
Inventory adjustments.
489,111
479,262
2,441,925
393',337
Dividends on pref. stock
464',477
3,467,159
Common dividends____
Balance, surplus____ 86,536,449
8945,702df86,714,761 81,614,532
x Includes leasehold development cost and carrying charges.
Quarter Ended March 31—
1926.
1925.
Operating profit______________________________ 83,264,282 84,063,874
Dry holes & abandoned wells___________________
178,340
202,247
Interest, Ac__________________________________
231,682
171,737
Net income before deprec. depl. & Fed. taxes__ 82,854,259 83,694,890
OFFICERS.—Pres., Jacob France; Vice-Presidents, A. W. Gieske, L. A.
Keidel; Sec., E. M. Rouzer; Treas., Charles Klein Offices, Tulsa, Okla.,
and 1125 Calvert Bldg., Baltimore. Md.—(V. 122. p. 2958.)
MIDDLE STATES OIL CORP.—ORGANIZATION .—Incorp. in Del*
Feb. 24 1917. A holding company. Owns entire issued stocks of the
following companies: Number One Oil Co., 8200.000: Number Seventy-seven
Oil Co , 8200.000: Peters Oil Co 82,000 000 Corona Oil Co . $4,000,000:
Number Nine Oil Co. and over 95.4% of Ranger Texas Oil Co., 95.8% of
Dominion Oil Co. and 98.6% of Texas Chief Oil Co. Subsidiary com­
panies reported to have a daily settled producing capacity of over 24.000
bhls. In July 1921 acquired 82,000,000 capital stock of the United Oil
Producers Corp., the Imperial Oil Corp., owning the remaining 84.000,000.
V. 113, p. 635. It was announced in March 1922 that Chairman C. N.
Haskel] had purchased, in the interest of nis companies, the Louisiana A
Northwest RR. V. 114, p. 1187. In Aug. 1922 the Oil Lease Develop­
ment Co. was organized for the purpose of developing 12.000 acres of the
company’s unproved oil and gas leases; in Oct. 1923 controlled leases on
about 200,000 acres. V. 115, p. 677. 1106. In Dec. 1922 organized the
Wyoming North & South RR. and the Montana Ry. as a step toward
entering tne Montana and Wyoming oil fields: in Oct. 1923, 48 miles of the
330-mile line were in operation. V. 116, p. 623, 1284; V. 117, p. 96. In
Sept. 1923 acquired a controlling interest In the Maar Oil Co. V. 117, p.
1135. In Feb. 1924 acquired 372.821 shares of stock (a controlling Interest)
of Southern States Oii Corp. See V. 118, p. 915. 1277.
„
The Gulf States Oil & Refining Corp, was organized in Sept. 1923. V.
117, p. 1562.
In Nov. 1923 the corporation and the Turman Oil Co., through articles
of agreement, acquired control of the Foreign States Oil Corp., which owns
targe oil and gas leases in Cuba. The property acquired consists of 30,000
acres located in Havana Province.
Receivers Appointed.—Federal Judge John C. Knox on Aug. 15 1924
appointed former Judge Julius M. Mayer (since deceased and succeeded by
Joseph Glass) and Joseph P. Tumulty, former Secretary to President Wilson,
receivers. V. 119, p. 819. Judge Franklin E. Kennamer, at Tulsa, Okla.,
on Sept. 3 1924 announced the appointment of Julius M. Mayer of New
York as a co-ancillary receiver with N. T. Gilbert of Tulsa, for the Oklarhoma properties of the corporation.
Government tax claim, V. 121, p. 2049.
Progress under receivership, V. 122, p. 1926.
STOCK.—The stockholders Jan. 7 1922 approved a proposal to increase
the authorized capital stock from 816.000,000 to 830,000.000. and the con­
solidation plans of the various subsidiary companies as outlined in V. 113,
p. 2623.
___ _
_
Stockholders of record Jan. 29 1923 were given the right to subscribe at
811 per share for 579,533 shares of capital stock (par 810) to the extent of
23)4% of their holdings. V. 116, p. 304.
Stockholders’ Protective Committee.—The following stockholders’ protective
committee was formed in Aug. 1924: Henry S. Fleming (Chairman), Robert
S. Johnstone, Robert Carey, Horace A. Davis, W, S. Fanning, R. W. Jackson, H. C. Hequembourg. with Henry F. Whitney. Sec’y. 120 Broadway,
N. Y., and Olcott, Olcott & Glass, 170 Broadway, counsel. Compare
V. 119. p. 702, 1850; V. 120. p. 3199; V. 121. p. 337, 2049.
Noteholders' Protective Committee.—Announcement was made Aug. 12 1924
of the formation of a protective committee to look after the interests of
holders of the 7% secured serial gold notes as a result of default in the pay­
ment of interest due on Aug. 1 1924. The committee consists of Chauncey
H. Murphey, Chairman, Joesph M. Byrne Jr., Frank B. Cahn, William J.
Ehrich and Henry Feuchtwanger, with Cook, Nathan & Lehman, and
Merrill, Rodgers, Gifford & Woody, counsel. The committee asked all
holders of notes to deposit the same with the Metropolitan Trust Co., 120
Broadway, N. Y. City. W. W. SniffIn, Sec., 120 Broadway. V. 119, p.
819.
DIVIDENDS.—Cash dividends were paid since Nov. 1 1917 as follows
From November 1 1917 to March 1 1918, both inclusive, one-half of 1%
monthly from April 1 1918 to April 1 1920, 1% monthly; on July 1 and Oct.
I 1920 paid 4% quar. On Jan 1 Apr 1 and July 1 1921 paid 3% quar and
1% extra; Oct. 1 1921 to Apr. 1 1923 paid 3% quar. On Jan. 1 1923 also
paid an additional div. of three shares of Oil Lease Development no par
stock on each 100 shares of Middle States Oil stock. V. 115, p. 2485.
In addition, eight stock divs., aggregating 124%, have been paid, viz.:
Aug. 1 1918. 4%; Nov. 1, 8%: Feb. 1 1919. 8%: May 1. Sept. 1 Dec. 1
1919, 10% each; Mar. 1 1920, 20%: July 10 1920. 50%; July 1 1923. 4%.
Oct. 1923 div. was omitted. V. 117, p. 1243.
CONSOLIDATED INCOME ACCOUNT.—For 1922. In V. 116. P
1059 and 1186, showed:
Calendar Years—
1922.
1921.
Total gross income_____________________________ 810,477,824 88,617,709
Deduct—Field oper., new constr., lease rentals, ad­
ministrative and general expenses_____________ 3,638,441 2,323,817
Dividends paid________________________________ 2,720,899 3,774,580
Divs. paid minority interests in Dominion Oil Co.,
Texas Chief Oil Co. and Ranger Texas Oil Co-----------208,576
Reserves, including Federal taxes______________
150,000
160,000

Balance, surplus____________________________ x83,968,484 82,150,735
x Subject to depletion.
For 6 mos. ended June 30 1923, in V. 117. p. 1671, showed: Gross in­
come. 84.897,282;expenses. Fed. taxes. Ac.. 82.011.732; net profit.8619.821.
OFFICERS.—Pres., P. D. Saklatvala; Sec. & Treas., O. A. Eastman.
Office. 383 Madison Ave.. New York.—V. 122, p. 1926.)
MIDLAND STEEL PRODUCTS CO.—(V. 122, p. 2510.)
MIDVALE CO.—(V. 122, p. 2807.)

202

[Vol. 122.

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 8]

Date
Bonds

Par
Value

Amount
Outstanding

Bate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Montgomery Ward & Co—Com. stk.,1,285.000 sh. auth.
$10 1,141.251 shs.
Pref. stock 7% cum. $4,249,800 auth. red. text________
100 $4,249,800
7
Q—J Julyll926 1»4
Class “A” stock $7 cum. (see text)____________________
None 265,0 o sh See text Q—J July 1 '26 $1X
Montgomery Ward Warehouse Co 1st M ser g bds due
$150,000 ann red (text)______________________ kxxxc* 1924 500&1000 1.500.000
5)4 g A & O Oct 1 ’26 to ’35 Lee ,Higginson&Co .Bost.
Moon Motor Car Co—Common stock 180,000 shares auth..
None 180.000 shs. See text. Q—F May 1 1926 75c
(Philip) Morris & Co.. Ltd., Inc—Stock $3,000.000auth__
Id $2,760,000 See text
Oct 3 1923. 5<7,
Mother Lode Coalition Mines Co—Stock 2,500.000 shs auth
None 2,500.000sh S>*p text j"& D 30 Dec 31'25 3714c
Moto Meter Co Inc—Class A stock $3 60 cum & partic___
None 200,000 shs. $3.60
Q—J Apr 1 1926 90c
Class B stock $1 non-cum and partic___________________
None 200,000 shs. See text See text Oct 1 1925 25c
Motor Wheel Corp—Common stock______________ Ba.xxx
None 550.000 shs. See text Q—M 20 Mar 20 '26 50c
Preferred stock 8% cumulative________________________
Q—F 15 Nov 15 '25 2%
100
$996,200
8

MIDVALE STEEL & ORDNANCE CO.—Properties taken over by
Bethlehem Steel Corp, on Mar. 30 1923. See that company above.
MONTGOMERY WARD & CO., INC.—ORGANIZATION.—Incorpo­
rated in Illinois In Dec. 1919 as successor to a company of the same name
incorporated under laws of New York In Jan. 1913. Mai) order business
established In 1872. Owns plants at Chicago, Kansas City, Mo., St. Paul.
Minn., Fort Worth, Tex., Portland, Ore., and Baltimore, Md. V. 96,
p. 557; V. 98, p. 240; V. 103, p. 1985; V. 107, p. 2293; V. 109, p. 1992.
Montgomery Ward Warehouse Co. (organized in 1924) has purchased
and will hold title in fee to 11)4 acres of land located in Baltimore, Md.,'
adjacent to Baltimore & Ohio RR. Company has erected a modern fire­
proof steel and concrete eight-story building with about 700,000 sq. ft. (over
16 acres) floor space and about 9,700,000 cu. ft. capacity, which will also
house a retail store for direct sale of merchandise.
Merchandise Is bought directly from manufacturers and sold by mall
directly to consumers, largely eliminating Intermediate profits. The
company is engaged In the manufacture of many of its merchandise Items,
such as food products, harness and saddles, lubricating oil, paints, gas
engines, agricultural Implement*; and many other items

1924.
1925.
1926.
3 Mos. End. Mar. 31—
Net sales_________________________ $2,337,717 $2,156,090 $2,607,889
197,408
186,480
189,956
Operating profit____________________
36,544
22,294
27,210
Miscellaneous earnings_____________
28,184
31,583
'31,489
Federal taxes_____________________
202,369
180,590
Net income_______________________
185,677
OFFICERS.—Pres., Stewart McDonald; V.-P., W. D. Hemenway, C. W.
Burst and A. F. Moberly; Sec., Stanley Moon; Treas., H. W. Klemme.
Office, Main and Douglas Sts., St. Louis.—(V. 122, p. 2958.)
(PHILIP) MORRIS & CO., LTD., INC.—Incorp. under laws of
Virginia on Feb. 21 1919. Sells throughout the United States the brands
of cigarettes known as ‘ ‘ Philip Morris, ” “ Rameses, ” “ Stephano, ” “ English
Ovals,” “Marlboro,” and “Players.” The corporation does not own or
operate any factories, its entire output being manufactured for it by
Stephano Brothers. Philip Morris & Co., Ltd., Inc., also own the entire
issued capital stock of $300,000 of the Philip-Morris-International Corp.
DIVIDENDS.—Divs. have been paid as follows: Aug. 1 1920, 1%>
Nov. 1 1920. 1%; Feb. 1 1921.1%: Oct. 1 1921.2%: Oct. 1 1923, 5%.
REPORT.—For year ending March 31 1926, showed:
Year Ended Year Ended 15 Mos.End Year Ended
Mar. 31 '26. Mar. 31 '25. Mar. 31 '24. Dec.30 1’22.
Net income___________
$193,518
$140,650
$84,860
$139,041
Dividends (50c.)______
_____
_____
138,000
—---$139,041
$140,650 def$53,140
Surplus____________
$193,518
7,578
147,516
94,377
Previous surplus______
235,027

Leases until Mar. 31 1932 building at Portland, Ore., from Montgomery
Ward Warehouse Corp. The latter company has outstanding $540,000
bonds (6% serial first mortgage' which are guaranteed principal and interest
by Montgomery Ward & Co., who pay in rental a sum sufficient to redeem.
$90,000 annually.
Leases until Feb. 8 1937 building at Kansas City, Mo., from Montgom­
ery Ward Section “C” Associates (of which entire capital stock is owned),
the rental being sufficient to pay maturing principal and interest on the
$1,500,000 of mortgage notes of the associates. Company assumes cost
of all maintenance necessary renewals, taxes and other operating expenses
Profit & loss, surplus. $428,545
$235,027
$94,377
$146,619
of the property.
OFFICERS.—Pres., Ruben M. Ellis; V.-P., Frank Swick and Herbert
STOCK.—Sinking fund 2)4% of amount outstanding to redeem pref- W. Coe; Sec. & Treas., Otway H. Chalkley. Offices, 909 East Main St.,
stock at not over $112 50. The entire issue can be called at $115 per Richmond, and 44 West 18th St., New York.—(V. 119, p. 1515.)
share. No mortgage may be placed on the company’s property without
MOTHER LODE COALITION MINES CO.—Incorp. April 17 1919
the consent of three-quarters of all pref. stock outstanding. The stock
holders on Feb. 20 1922 voted to reduce the authorized pref. stock from under laws of Delaware. Owns twelve patented lode mining claims near
100.000 to 42,498 shares, par $100, by retiring 20,000 shares of unissued Kennecott, Alaska, having an area of 186)4 acres.
stock and by cancelling and retiring 37,502 shares of pref. stock in the treasDIVIDENDS.—Paid 50 cents per share semi-annually from June 30
urv (Comnare V. 114 p 635 '
1922 to Dec. 31 1923; June 30 1924 to Dec. 31 1925 paid 37)4 cents per share
The stockholders voted Feb. 20 1922 to change the par value of the semi-annually.
common stock to $10 per share (formerly no par value).
showed:
Class “A" Stock.—205.000 shares having no par value. Preferred as tn
1922.
1923.
1924.
1925.
Calendar Years—
cumulative dividends of $7 per share and preferred up to $100 per share of
$4,249,891 $4,447,034 $4,203,193 $3,465,959
assets in event of liquidation.
1,701,532
1 939,802
2,195,672
2,107,431
All shares of stock have the same voting rights
Cr.33,170
Cr.6,095
Cr.1,960
Other income.
Cr .4,711
35,704
52,278
51,637
46,574
Taxes______
DIVIDENDS (on stock of old company).—On pref., 1.18% Apr. 1 1913
Cr.3,797 Deb. 1,082
covering 2 mos. and 1 day. July 1913 to Dec 1919.1)4% quar. Dividend Interest, &c._
No. 1. $3 per share, was paid on common stock out of earnings of year
$2,104,394 $2,200,603 $2,217,208 $1,761,892
1914 and dividend No. 2 $3.50 In Feb. 1916 out of earnings of 1916. No
750,082
1,022,332
1,098,846
1,549,429
3. $5 In Feb. 1917; No. 4. $5 in 1918; No. 5. $5 in Feb. 1919; No 6. $5 In
Jan. 1920. (On stock of new company), pref. 1 M % quar. paid April 1920
$1,011,810
$1,194,876
Total
surplus.
$554,964
$1,101,756
to Oct. 1921; then none until Dec. 11 1922, when 7% was paid, representing
2,293,722
2,034,143
2,651,186
2,318,209
divs. accrued during the year; Jan. 1 1923 to July 1 1926, 1’4 % quar.
On class A stock paid $1 75 quar. from April 1920 to Oct. 1920; then none
$1,763,244 $1,549,430 $1,098,846 $1,022,332
until Feb. 9 1924. when $1 75 was paid; same amount paid quar. April 1
1924 to July 1 1926. On Nov. 5 1924 paid $3 50. on Jan. 26 and May 1
OFFICERS.—Pres., Charles Earl; V.-P., F. R. Foraker; Treas., James
1925 paid $5 25. and on Dec. 7 1925 paid $7 on account of accumulations, Dean; Sec., C. T. Ulrich. Office, 120 Broadway, New York.—(V. 122,
clearing up all back dividends.
p. 2808.)
BONDS.—The 1st mtge. 5)4% serial gold bonds of Montgomery Ward
MOTO METER CO., INC. (THE).—Incorp. under laws of N. Y. on
Warehouse Oo. are redeemable as a whole at 103 and int. on or before Oct. 1 Oct.
as the Motometer Co., Inc.; name changed to present title on
1926, the premium decreasing thereafter )4 of 1% each two years to 100)4 July 11 1912
1925. Manufactures motor heat indicators for automobiles, aero­
on April 1 1935
and motor boats, both dashboard and radiator type, sold under the
The bonds are a first closed mortgage on land and building costing more planes
than $2,000,000. which has been leased for 12 years (one year longer than trade names of “Beyce Motometer” and “Motometer.” Also manufactures
J i \
last maturity of bonds) to Montgomery Ward & Co., Inc., by lease pledged industrial thermometers of the mechanical type. I ! 1
STOCK.—After payment of cumulative divs. of $3 60 per share per
under the mortgage for rental sufficient to pay maturing p-tncipal and
interest on bonds and incidental expenses of Warehouse company, Mont­ annum on Class A stock, the Class B stock is entitled to non-cumulative
gomery Ward & Co., Inc., assuming payment of all maintenance, necessary divs. of $1 per share per annum provided that the amount does not exceed
renewals, taxes and other operating expenses of the property. V. 119. $300,000; additional payments are to be divided as follows: One-third
to the Class A stock and two-thirds to the Class B stock.
p. 1515.
The Class A stock is redeemable, in whole or in part, at $75 per share.
SALES.—
1926.
1925.
DIVIDENDS.—On Class A stock, paid initial quar. div. of 90c. per
Month of April....... ....................................................... $15,842,712 $14,528,116
share
on Oct. 1 1925; same amount paid quar. to April 1 1926. On Class B
First four months of year______________________ 64,220,299 55,935,281
stock,
paid initial div. of 25c. per share on Oct. 1 1925.
_ _________
REPORT.—For 1925, in V. 122, p. 605, showed:
REPORT.—For 1925, in V. 122, p. 1926, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Calendar Years—
1925.
1924.
Sales_______________ $170,592,642$150,045,065$123,702,043 $84,738,826
Net, after depreciation.. 12,908,498 10,433,501 7,702,625 a4,562,607 Operating income_____________________________ $2,118,362 $1,541,995
Depreciation_____________________ .___________
70,809
72,971
Reserve for income tax..
1,550,000 1,200.000
500.000
_____
Preferred dividends____

Class A dividends_____

243,033

4,997,363

244,223

2,499,207

254,354

_____

344,619

_____

Surplus for year____ $6,118,102
$6,490,071 $6,948,271 $4,217,988
After providing for taxes, had and doubtful accounts and depreciation
on capita] assets and inventories.
OFFICERS.—Chairman, Silas H. Strawn; Pres., Theodore F. Merseles
V.-P., Sec. & Treas., Albert S. Scott. Directors.—Charles H. Schweppe,
D. R. McLennon, Francis D. Bartow, S. H. Strawn, John A. Spoor, B. A.
Eckhart, Theodore F. Merseles, Robt. P. Lamont, Chas. H. Thorne and R.
J. Thorne. Office, 618 W. Chicago Ave., Chicago.—(V. 122, p. 2664.
MOON MOTOR CAR CO.—Incorp. under laws of Delaware July 5 1917.
Plant located in St. Louis, Mo
The Diana Motors Co. was organized in May 1925 to market the new
Diana light straight 8-cylinder car. V. 120, p. 2823.
DIVIDENDS.—Initial dividend on common stock of 25 cents a share
was paid Aug. 1 1922; Nov. 1 1922 paid 25 cents; Feb. 1 1923 paid 37)4
cents quar. and 12)4 cents extra; May 1 1923 paid 50 cents quar.; Aug. 1
and Nov. 1 1923 paid 75 cents quar. and 25 cents extra; Feb. 1 1924 to
May 1 1926 paid 75 cents quar.
REPORT.—For 1925, in V. 122, p. 2340, showed:
Calendar Years—
1925.
1924.
1923.'
1922.
Net sales, &c_________ $12,678,465 $9,287,671 $9,741,857 $6,877,159
Cost------------------------- 11,534,993 8,767,950
8,923.844 6,159,655
Operating profit____ $1,143,472
$519,721
$818,012
$717,504
Otherincome_________
130,244
127,294
148,726
196,661
Gross income------------$1,273,716
$647,016
$966,739
$914,164
Income taxes--------------170,888_____ 87,430
124,730
119,025
Net income________ $1,102,828
$559,585
$842,009
$795,140
Proceeds, sale of stock..
_____ _____ _____
386,805_____ _____
Total income_______ $1,102,828
$559,585 $1,228,814
$795,140
Preferred dividends___
_____
_____
5,449
21,798
Common dividends----540.000
405,000
585,000
154,213
Surplus for year--------- $562,828 $154,585
$620,651
$619,129
Previous surplus, adj---- 2,354,223 2,233,287
1,612,019
992,890
Total surplus----------- $2,917,051
$2,387,872 $2,232,670 $1,612,019
a




Federal taxes_______________________________________

252,961

184,339

Net income________________________________ $1,794,592 $1,284,685
1,125,000
682,500
Dividends old common stock___________________
Divs. new A common stock_______ ;___________
360,000
Divs. new B common stock-----------------------------100,000

$652,092
881,736

$159,685
716,975

- $1,533,828
1926.
$631,238
17,250
91,773

$876,660
1925.
$491,571
19,655
58,455

Surplus__________________
Previous surplus____________

.

Total surplus___________
Quarters Ended March 31—
Operating profit____________
Depreciation_______________
Provision for Federal taxes__ .'

.

Net income________________________________
$413,461
$522,215
OFFICERS.—Pres., George H. Townsend; V.-P. & Gen. Mgr., Earle V.
Hennecke; Sec. & Treas., Louis C. Kunz. Office, Long Island City, N. Y.
—(V. 122, p. 2808.)
MOTOR WHEEL CORP.—Incorp. under laws of Michigan in 1920.
Company manufactures not only wood wheels of the artillery’type, which
is the major part of its output, but also steel disk wheels marketed under
the nationally known trade names of “Tuarc” and “Disteel.”
Company origially acquired the assets of the Prudden Wheel Co., Auto
Wheel Co., Gier Pressed Steel Co., all of Lansing, Mich., and the Weis
& Lesh Manufacturing Co. of Memphis, Tenn. In subsequent years com­
pany acquired the business of Forsyth Brothers Co. at Harvey, Ill., and the
business, machinery, equipment, &c., of the Detroit Pressed Steel Co. of
Detroit, Mich., used in the manufacture of the Disteel wheel.
The three principal plants, the “Prudden,” “Gier” and “Auto Wheel’
units, are located at Lansing, Mich. The timber and spokes required by
the company are produced in its own mills in the South.
STOCK.—See table at head of page.
,
DIVIDENDS.—An initial dividend of 25c. a share was paid on the
common stock in May 1920 and in June 1920 a stock dividend of 50% was
paid in common stock. Since then quarterly dividend payments have been
at the rate of 80c. per share per annum up to Dec. 20 1924, when a quarterly
dividend of 40c. a share was paid, making the payments for the year total

May, 1926.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
For abbreviations, Ac., see notes on page 8]
Mullins Body Corp—Oom auth 100,000 shares___________
Pref (a & d) stock 8% cum call for s f auth $1,000.000-__
Munsingwear, Inc—Stock 200,000 shares authorizedMurray Body Corp—Common stock auth 300,000 shares_
Pref (a & d) stk 8% cum s f red 110 auth $2,500,000_____
First mtge s f g red (text)___________________ DD.xxxkc*

Nash Motors Co—Com stock auth 2,730,000 shares______

Date
Bonds

Par
Value

....

None 100.000 sh.
Q—F
$100
8
$956,500
None 200,000 shs
Q—M
$3
None 243,956 shs See text Q—J
100 2,500,000
100 &c 4,000,000
6)4 g J & D

1924

Rate
%

When
Payable

None 2730,000shs See text F

$1 per share. On Mar. 20 1925 paid 35c. a share; on June 20 1925 paid 40c.
a share and on Sent. 20 1925 paid 50c. a share. On Dec. 20 1925 paid 50
cents quar. and 30 cents extra. On Mar. 20 1926 paid 50 cents a share,
fit REPORT.—For 1925, in V. 122, p. 1321, sho-v
1924.
1923.
Calendar Years—
1925.
Sale of wheels, stampings, &c________ $4,234,974 $3,408,445 $2,499,813
53,645
Int. earned and income from invest’ts
83,891
39,033

Total income___________________ $4,318,865
Selling, adv., gen., admin, exp., &c._ $839,376
Interest paid and accrued___________
156,190
Miscellaneous losses, incl. machinerysold and scrapped________ *._____
105,199
Depreciation_____________________
356,072
Provision for Federal taxes_________
360,000
Dividends on preferred stock______
121,204
Dividends on common stock_______
1,081,837

$3,447,478
$733,512
197,835

$2,553,458
$852,073
169,543

165.279
289,759
261,000
147,968
440,371

181,000
160,302
355,712

Balance, surplus________________ $1,298,986
Profit and loss surplus. _________ $5,778,918
Quarters Ended. March 31—
Income from'operations______________________
Administrative and selling, &c., expenses_______
Misc. expenses, incl. plant assets scrapped______
Provision for Federal income tax_______ .______

$1,211,755
$4,099,565
1926.
$813,828
171,411
26,981
91,917

$776,268
$2,887,810
1925.
$812,385
90,187

Net operating income______________________
Other income_______________________________ _

$553,518
47,711

$632,198
202,206

Total income_______________________________
Miscellaneous losses______________________
Premium paid to retire preferred stock____
Preferred dividends______________________
Common dividends______________________

$601,229
21,316
1,776
20,052
275,000

$834,404
67,038

58,559

90,000

33,400
161,812

Balance, surplus____________________________
$283,085
$572,154
OFFICERS.—Chairman, W. H. Newbrough; Pres. & Gen. Mgr., H. F.
Harper; 1st V.-P. & Treas., B. S. Gier; V.-P., D. L. Porter; V.-P., W. C.
Brock; Sec., C. C. Carlton. Office, Lansing, Mich.—(V. 122, p. 2808.)
MULLINS BODY CORP.—ORGANIZATION.—Incorp, in New York
July 19 1919. Successor to W. H. Mullins Co. of Ohio, incorp, in 1906.
Business originally established in 1871. Plant at Salem, 0. Business
consists in stamping and welding of steel automobile bodies, manufacture of
fenders, engine parts and radiator shells, also motor-boats, launches, &c.
STOCK.—Stockholders of record Nov. 28 1919 were given the right to
subscribe at $44 a share for 30,000 shares of new stock in proportion to
3 to 7 increasing the total outstanding to 100,000 shares of no par value.
V. 109, p. 1897.
Annual sinking fund for pref. stock, 5% of net earnings after pref. divs.
No mortgage without the consent of 75% of the outstanding pref. stock.
"""DIVIDENDS.—Initial dividends of 75c. per share on the common and
$2 per share on the pref. stock were paid Nov. 1 1919. Common dividend
increased to $1 in Feb. 1920; same amount paid quarterly to Feb. 1921; none
since. Pref. dividend paid regularly to May 1926.
REPORT.—For 1925, in V. 122, p. 760, showed:
1QOQ
1922.
Calendar Years—
1924.
1925.
2,144,470
Net sales_____________
$2,922,570 $3,486,805
116,304
106.202
Net income__________
365,582
302,797
Preferred dividends___
77,160
77,360
77,600
77,600

Balance____________ $288,422
$225,437
$28,602 sur$38,704
Report for 3 mos., ended March 31 1926, in V. 122, p. 2808, showed:
1923.
1924.
1926.
1925.
Gross profit___________ $166,527
$80,717
$176,020
$138,229
Net profit_____________
86,825
94,264
68,213
34,453
Miscellaneous income__
20,191
9,832
90,096
1,248
Total.............. ............ $107,016
$104,096
$69,460
$124,548
Amort, of obsol. equip..
12,512
12,148
12,585
Federal taxes__
10.277
7,763
4,013
612
Dividends paid.
19,400
19,400
19,280
19,320
OFFICERS.—Chairman, W. H. Mullins; Pres., C. C. Gibson; V.-P. &
Sec., F. P. Mullins; V.-P. & Treas., W. P. Carpenter. Main office, Salem,
Ohio.—(V. 122, p. 2808.)
MUNSINGWEAR, INC.—Incorp, in Delaware May 8 1923. Owns
through stock ownership, The Munsingwear Corp, of Minneapolis, the
Wayne Knitting • Mills of Fort Wayne, Ind. and the Thieme Brothers
Hosiery Co. of Fort Wayne, Ind. The former company is the manufacturer
of “Munsingwear” underwear and the latter of “Wayne Knit” hosiery.
STOCK.—Authorized and issued, 200,000 shares of no par value. There
is also outstanding $2,000,000. The Munsingwear Corp. 7% cumulative
preferred stock and $1,000,000 Wayne Knitting Mills 6% cumulative
preferred stock.
DIVS.—Initial div. of 75 cents a share was paid Sept. 1 1923; same
amount paid quar. to June 1 1926.
REPORT.—For 1925, in V. 122, p. 360, showed:
Year Ended Year Ended
Nov. 30 ’25. Nov. 30 ’24.
a Net sales___________________________________ $15,775,600 $13,384,923
b Cost of merchandise produced and sold_______ 14,563,696 12,595,431
C Miscellaneous earnings______________________

Net operating profit__ ______________________ $1,211,904
134,632

$789,491
73,796

Gross earnings______________________________ $1,346,536
Interest charges.
248,026
Provision for Federal taxes.
159,500

$863,287
285,913
90,000

Net income (consolidated)___________________
$939,010
$487,374
Capital and surplus (Munsingwear, Inc., as at
Nov. 30 1923)______________________________ $13,512,940 $13,706,217
Miscellaneous credits__________________________
22,216
6,549

Total capital and surplus____________________ $14,474,166 $14,200,142
Proportion of net income applicable to minor ty
stockholders of Wayne Knitting Mills_______
_____
_____
Dividends on preferred stock of subsidiaries_____
90,106
87,202
Dividends paid by Munsingwear, Inc
600,000
600,000
Capital and surplus Nov. 30_________________ $13,784,060 $13,512,940
a Of the Munsingwear Corp, and Wayne Knitting Mills, including both
underwear and hosiery, after deducting returns, discounts and allowances,
b Incl. maint. and deprec. of phys. properties, advertising and distribution
exps. and general and admin, exps. c Discounts on purchases, rentals, int.
earned and other income (net).




Amount
Outstanding

203

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Feb 12 1921 $1 Nat Bk of Comm, N Y
May 1 1926 2%
do
do f H
June 1 ’26 75c
See text
Oct 1 ’25, 2%
/Detroit Tr Co, Detroit
Dec 1 1934
(Guaranty Tr Co, N Y
& A Feb 1 1926 $10 Commonw Atl Nat Bk

OFFICERS.—Pres., F. M. Stowell; V.-P., G. E. Rutledge; V.-P., J. A.
Faye; Sec., J. R. Van Derlip; Treas,. O. L. Pillsbury; Asst. Sec. William
Ferrer; Asst. Treas., C. A. Kirscbstein. Office, Minneapolis, Minn.—
(V. 122, p. 2510.)
MURRAY BODY CORP.—Incorp, in Nov. 1924 in Michigan to acquire
the properties and assets of C. R. Wilson Body Co., Towson Body Co. and
J. C. Widman & Co., all of which were successful motor body manufac­
turers. Through the acquisition of the business of these various companies,
the corporation builds bodies for such well-known makes of cars as the
Lincoln, Packard, Jewett, Paige, Reo, Marmon, Moon, Willys-Knight and
Rollin. Main plants at Detroit, with additional plant at Bay City, Mich.
Working at normal capacity, on the basis of a 9-hour day, the plants are
capable of turning out about 20,000 closed bodies and 10,000 open bodies
monthly. The plants (incl. that of Wilson Building Co., all of whose capital
stock has been acquired along with the other plants and properties of O. R.
Wilson Body Co.) contain an aggregate floor space of more than 1,850,000
sq. ft. Stockholders on Mar. 16 1925 ratified the proposal to exchange
common stock of the corporation for outstanding common stock of J. W.
Murray Mfg. Co., on the basis of one share of Murray Body common stock
for each 2>£ shares of Murray Mfg. Co. common stock, the exchange to be
made on or after April 1 1925.
It was announced in May 1925 that the corporation and the Hupp Motor
Car Corp, had reached an agreement whereby the former took over the
Hupp Motor body plant at Racine, Wis., and becomes exclusive producer
of all Hupp bodies for five years.
Receiver Appointed.—Federal Judge Charles C. Simons on Dec. 3 1925
appointed the Guardian Trust Co. of Detroit as receiver. V. 121, p. 2761.
Bondholders' Protective Committee.—The following have agreed to act as a
committee to represent the first mtge. 6 >6 % 10-year sinking fund gold bonds
due Dec. 1 1934: Merrel P. Callaway, Chairman, V.-P. Guaranty Trust Co.,
New York: Henry L. Bogert Jr. (Eastman, Dillon & Co.), New York: W. O.
Rauds, Detroit, with Charles H. Platner, Sec., 140 Broadway, N. Y. City;
and Davis, Polk, Wardwell, Gardiner & Reed, N. Y. City, counsel. De­
positaries,'Guaranty Trust Co., New York, and Security Trust Co., Detroit.
Proposed Reorganization Plan.—At a meeting of creditors May 15 1926
reorganization plans were proposed which provide as follows: Each share of
present pref. stock to receive 54 share of new common and upon payment of
$35 to receive 1X shares additional common. Each share of old common
stock to have the option of paying $10 and receiving % share of new common
or in default of paying $10 to receive 1-15 share new common. Banks and
merchandise creditors to receive 25 cents on the dollar in cash and the bal­
ance in common stock on the basis of $45 a share for common. The capi­
talization under the plan would be $4,000,000 bonds and 275,000 shares of
common.
STOCK.—In event of voluntary dissolution, liquidation, merger, con­
solidation or sale of assets, pref. stock is entitled to $110 per share and
unpaid accrued divs.: in event of insolvency or involuntary dissolution,
liquidation or sale of assets, it is entitled to $100 per share and unpaid
accrued divs.
Beginning April 1 1926 and each year thereafter, the company shall set
aside out of surplus earnings an amount equal to 10% Of net profits of the
previous fiscal year but in no case less than $125,000, out of which the co.
shall retire at not over $110 per share and accrued divs., an amount of pref.
stock sufficient to exhaust such amount set aside. Pref. stock is not entitled
to vote except in event 3 consecutive quarterly divs. are in default, or,
either net quick assets are less than 100% or total net assets are less than
200% of outstanding pref. stock, in which case pref. has exclusive voting
power in the election of directors.
DIVIDENDS.—On common stock: Initial quarterly div. of 60c. cash
and 1)4 shares of stock per 100 shares paid April 1 1925; same amount paid
July 1 1925. On Oct. 1 1925 paid 4% in common stock.
Divs. on pref. stock paid 2% quar. to Oct. 1 1925; none since.
BONDS.—Red. at 105 to and incl. Dec. 1 1925, the premium thereafter
decreasing J4 of 1 % for each year or fract ion thereof elapsed subsequent to
Dec. 1 1925. Sinking fund, payable semi-annually, commencing Mar. 15
1926, to be sufficient to retire $250,000 principal amount of bonds annually.
Secured by a closed first mortgage on its entire fixed assets now or hereafter
owned and by pledge of the entire capital stock (except director’s shares)
of Wilson Building Co.
There were also outstanding on June 30 1925 $600,000 5-year 7s of J. W.
Murray Mfg. Co. and $331,000 7% 1st mtge. bonds of Wilson Building Co.
REPORT.—Combined net earns, after deprec. of the properties acquired:
Calendar Years—
1921.
1922.
1923.
1924.
Net earns, after deprec.. $258,868 $1,493,755 $3,246,056 $1,115,101
Income Account for 6 Months Ended June 30 1925.
Gross profit, $1,101,608; expenses, $344,989; operating income___ $756,619
Other income_______________________________________________ 189,773

Total income______________________________________________ $946,392
Depreciation, $243,982; interest, $202,684—--------------------------- 446.666

Net income before taxes__________________________
$499,726
OFFICERS.—Chairman, J. W. Murray; Pres., Allan Sheldon; V.-P..&
Gen. Mgr., Gordon D. Fairgrieve; Sec. & Treas., J. E. J. Keane. Office.
Detroit, Mich.—(V. 122, p. 2665.)
NASH MOTORS CO. (THE).—ORGANIZATION.—Tncorp. in Mary­
land July 28 1916. Took over property and business of the Thomas B.
Jeffrey Co. of Kenosha, Wis., manufacturers of motor cars and trucks.
See full statement in V. 103, p. 597. In 1910 purchased a half interest in
the Seaman Body Corp, of Milwaukee.
Purchased 41 acres of land in Milwaukee in 1919 for the purpose of
erecting a new plant for the production of four-cylinder cars. The first
units of this new plant had been placed in operation in Jan. 1921. Addi­
tional units were added during 1922 and 1923. Also has been making
additions to its main factory at Kenosha, Wis. V. 112, p. 367.
In Jan. 1924 purchased the plant of the Mitchell Motors Co. at Racine.
Wis. In June 1924 the Ajax Motors Co., a subsidiary, was incorporated
to operate this plant. V. 119. p. 81.
STOCK.—A11 of the outstanding shares of pref. stock were redeemed on
Feb. 1 1926 at 105 and divs. The stockholders on Jan. 27 1926 increased
the authorized common stock (no par value) from 100,090 shares (273,000
shares outstanding) to 2,730,000 shares, the additional stock being dis­
tributed to common stockholders as a 900% stock dividend.
DIVS.—initial div. of $6 on common stock paid Feb. 1918; May 31 1918,
$15; 1919 to 1922, paid $16 yearly ($10 in Feb. and $6 in Aug.). Pursuant
to a plan reclassifying the capital stock and capitalizing the surplus, each
common stockholder of record Dec. 26 1922 received on account of each
share of common stock then held 3 shares of pref. A stock and 4 shares of
common stock. V. Il5, p. 2802. On Feb. 1 1923 paid $2 50 a share on
new common stock; Aug. 1 1923 paid $3 50 a share; Feb. 1 1924 paid $3 50
and $1 50 extra; Aug. 1 1924 paid $3 50 and $1 50 extra.: Feb. 1 1925 paid
$3 50 and $2 56 extra; Aug. 1 1925 paid $3 50 and $6 50 extra; Feb. 1 1926
paid $10; on Feb. 19 1926 paid 900% in common stock.

204

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 8]

National Acme Co. (The)—Stock $5,000,000 _________
First mtge sinking fund gold bonds red (text), -CLCL.xxxc*
Rational Biscuit Co—Common stock J6D.000.000 auth.__
Preterred (as to dividends) 7% cum $25.000,000______
National Carbon Co, Inc—
Pref (a & d) stock 8% cum $5.600.000call 140-__ ______
National Cash Register Co—Common A stock $3 cum____
Common B stock $3 and participating (see text)
National Cloak & Suit Co—Common stock $17,000,000 aul
Pref (a & d) stock 7% cum red 125--------- -------------Nat 1 Dairy Prod Corp—Common stock_________________
Preferred (a & d) stock 7% cum red 105 Collateral trust notes red (text)_________ -Eq.kxxxc*

Date
Qondf

Par
Value

....

$10
100 A.
25
1(M
100
None

1925

100
100
None
100
500 &c

1921

....

REPORT.—Eor fiscal year ended Nov. 30 1925 In V. 122, p. 605, showed:
Years End. Nov. 30— al924-25.
1923-24.
1922-23.
1921-22.
Net income___________ $18,839,467 $10,532,399 $10,722,263 $8,845,509
Prov. for Federal taxes,. 2,583,251 1,251,858
1,442,231
1,232,263
Net income after expen­
ses, reserves and taxes$16,256,216 $9,280,541 $9,280,032 $7,613,246
Preferred dividends____ 1,051,309 1,103,262
1,207,850
262,500
Oommon dividends____ 4,368,000 2,730,000 1,638,000
873,6001
Balance, surplus_____ $10,836,907 $5,447,279 $6,434,182
Adjustments__________
_____
_____ Dr.295,668
Previous surplus_______ 14,240,965
8,793,686 20,127,172

$6,477,146
Cr.231,931
13,418,095

Total surplus________ $25,077,872 $14,240,965 $26,265,686 $20,127,172
Stock divs.—Oom. stock—
Paid in preferred A__
_____
______ $16,380,000
_____
Paid in common stock.
_____
_____
1,092,000
_____

Profit & loss surplus__$25,077,872 $14,240,965 $8,793,686 $20,127,172
a Includes profits of Ajax Motors Co.
Quarter Ended—
_ Feb. 28 '26. Feb. 28 '25. Feb. 29 ’24. Feb. 28 '23.
Ntionandap^eral taxes $4,137,508 $3,099,293 $1,618,475 $1,513,241
OFFICERS.—Pres., Charles W. Nash: Chairman, James J. Storrow;
V.-P. & Comp., Walter H. Alford; Treas., George H. Eddy; Sec., Horace J.
Mellum. Office, Kenosha, Wis.—(V. 122, p. 2808.)
NATIONAL ACME CO.

Amount
Dutstandini

(THE).—ORGANIZATION.—lncorp. in

(about Dec. 1 1916) to take over the assets. &c., of the National Acme
[fg. Co. of Cleveland (incorp, in Ohio Sept. 20 1901), manufacturers of
ghio
automatic screw machines and milled screw products. Owns and operates

Rate

When

Last Dividend

Payable and Maturity
%
$5 000.000 See text
Dec 1 1920 IX
3.500.000
7% p I&D Dec 1 1931
51 163.000 See text Q— J 15 July 15 ’26 4%
24.804,60f
Q—F May 29’26 IX
7
5.600.000
8
Q—F May 1 1926 207
l,100,000sh
Q-J 15 Apr 15 ’26, 75c
$3
400,000sh
12.000.000 See text
Jan 15 26 16?
6,944,700
Q—M June 1 '26 1 *4
7
752.216 sh
Q—J Apr 1 1926 75c.
$3
7
6,924,400
Q—J Apr 1 1926 IX
M&N Nov 1 1940
' 15,000,000
6

[Vol. 122.
Places Where Interest ant
Dividends are Payable

Check* mailed
New York & Cleveland
First National Bank, N Y
do
do

Company’s office, N Y
Checks mailed
Equitable Trust Co, N Y

REPORT.—
—Quar. Ended June 30--------6 Mos. End. June 30—
1925.
1924.
1925.
1924.
Net income-................... $524,935
$531,930 $1,085,353 $1,227,991
OFFTCERS.—Chairman, James Parmelee; Pres E. F. Price; Treas.,
C. T. Ayres: Sec.. A. O. Cornell.—(V. 122, p. 2808.)
NATIONAL CASH REGISTER CO. (THF).—lncorp. under laws of
Maryland Jan. 2 1926 to acquire the entire business and assets of National
Cash Register Co. (Ohio), established in 1882.
Company manufactures 502 types and sizes of cash registers and main­
tains a comprehensive engineering and research department for the purpose
of developing new types of machines and kindred devices. It also manu­
factures credit files and a number of specldty machines. Principal plant
at Dayton, Ohio, consists of 23 buildings with a total floor space in excess of
44 acres.
Company’s German subsidiary. National Registrier Kassen Gesellschaft,
G.m.b.H., owns and operates a modern plant in Berlin Company’s Cana­
dian subsidiary, National Cash Register Co. of Canada, Ltd., operates an
assembling plant at Toronto, Can.
STOCK.—Common A stock is entitled to preferential cumulative divi­
dends of $3 per share per annum, payable Q.-J. before any dividend on the
Common B stock. Subject to this prior right. Common B stock Is entitled
to non-cumulative dividends of $3 per share in any year. Both classes of
stock participate equally share for share in additional dividends in any year.
Common A and Common B stocks participate equally snare for share in
distribution of assets in liquidation. Common A and Common B stocks
have equal voting rights except that the Common B stock has tbe right to
elect a majority of the directors and the Common A stock the remainder,
unless at the time of election the company is in default with respect to two
quarterly dividends on the Common A stock, or with respect to earnings,
as provided in the charter, in each of which cases the Common A and
Common B stocks vote equally, share for share, in the election of directors,
DIVIDENDS.—An initial dividend of 75 cents a share on the Class A
stock was paid on April 15 1926.
REPORT.—(Of Ohio company):
Calendar Years—
1925.
1924.
Income from all sources (after deprec. & maint.),
incl. profit of foreign subs, and branches______ $9,071,630 $4,914,811
Miscellaneous income_________________________ ' 238,768
343.288

two plants located at Cleveland, Ohio, and Windsor, Vt.
STOCK.—The stockholders on Oct. 24 1924 voted to reduce the capital
stock from $25,000,000 to $5,000,000 by changing the par value of shares
from $50 to $10,
DIVIDENDS.—March 1917 to Dec. 1 1919, 13-5% quar.; March 1920 to
Dec. 1920, IX % quar.; none since.
BONDS.—The first mtge. 735% sink, fund gold bonds are redeemable
Totalincome________________________________ $9,310,398 $5,258,099
all or part, at 105 and int. up to Dec. 1 1926; thereafter at 104 and int. t< Interestpaid_________________________________
122,439
306,225
Dec. 1 1928; thereafter at 103 and int. to Dec. 1 1930, and thereafter at 10? Pro vision for Federal tax_______________________
773,090
614,478
and int. Sinking fund payable semi-annually commencing Sept. 1 1923
Reserve for contingencies______________________
250,000
will provide for tbe retirement of $360,000 annually. V. 113, p. 2510.
Employees’ profit-sharing participations________
2,094,048
Preferred dividends___________________________
676,182
674,909
REPORT.—For 1925 showed;
Common dividends____ ______________________
675,000
810,000
Calendar Years—
1925.
1924.
1923.
1922.
Net sales______________ $9,217,893 $7,300,403
$9,586,306$5,618,237
Balance, surplus____________________________ $4,719,639 $2,852,487
Cost of goods sold, &c„
7,467,198
6,489,586
7,888,0115,043,202
Quarters Ended March 31—
1926.
1925.
Admin., sales, &c.. exp.
793,222
914,746
903,332745,208
Net profits after all exps., deprec. and taxes (incl.
Other deductions............
404,116
563,418
636,205705,058
Federal)_____ ______ _______________ _____ — - $1,206,278 $1,469,166
OFFICERS.—Pres., F. B. Patterson; 1st V. P. & Gen. Mgr., J. H.
Balance-_____ ______
$553,357 loss$667,347
$158,758 loss$875,231
Barringer: Treas., S. C. Allyn; Sec., E. M. Kuhns; Asst. Sec., B. KnollenOther income....... ...........
20,045
40,698
81,95970,221
berg. Office, Dayton, Ohio.—(V. 122, p. 2665.)
Net profit......... ............
$573,402 loss$626,649
$240,717loss$805,011
NATIONAL CLOAK & SUIT CO.—lncorp. May 29 1914 in N. Y„
successor to company of same name incorporated in 1903. Business is the
Earnings for Quarter Ended March 31.
retailing by mail of all kinds of wearing apparel for men. women and chil­
1926.
1925.
1924.
1923.
and also certain household furnishings, such as curtains, blankets,
Net inc. after int, & depr $227,568
$64,284
$81,211
$339,126 dren.
linens, &c.
STOCK —See table at head of page.
OFFICERS.—A. W. Henn, Pres. & Treas.; N. W. Foster, V.-P. & Gen.
DI V1DEND8.—On pref., in full to date. On common, paid 1 X % quar.
Mgr.; O. F. Douglas, Sec.; D. H. Parker, Asst. Treas. at Windsor, Vt.
Trom Apr. 14 1917 to July 15 1920; then none until Apr. 15 1925, when 1%
Main office, Cleveland, Ohio.—-(V. 122, p. 2808.)
was paid; same amount paid quar. to Jan. 15 1926; Apr. 1926 div. was
NATIONAL BISCUIT CO.—lncorp. in New Jersey in 1898. Operates omitted.
plants in various cities throughout the country. V. 66, p. 288, 901; V. 71.
REPORT.—For 1925, in V. 122, p. 879, showed:
p. 545: V. 77, p. 92; V. 93, p. 669; V. 97. p. 599; V. 106, p. 292; V. 112. p.253.
Years Ended—
Dec. 31 '25. Dec. 31 ’24. Dec. 27 ’23. Dec. 28 ’22.
In May 1919 purchased the real estate covering the entire block od Net
sales_____________$46,685,376 $49,225,804 $52,399,783 $45,357,566
West 15th St., New York City, occupied by its New York plants.
Profit
before
deducting
The company in June 1925 organized the National Biscuit Co. (Canada),
bonus and taxes_____
1,054,122 2,332,090 2,764,666 2,047,473
Ltd., as a subsidiary to handle its Canadian business.
Federal taxes__________
133,000
260,000
224,000
______
STOOK.—The stockholders voted on Nov. 15 1922 to Increase th> Bonus................................
15,500
209,551
379,821
256,856
authorized common stock from $30,000,000 to $60,000,000 and to chang
Sundry adjustments-------------------60,022
59,089
the par value from $100 to $25 a share. Under the nlan holders of eaci
Preferred dividends___
491,379
508,266
480,419
292,600
Share of common stock of $100 par value were given 7 shares of new $25 Common dividends____
480,000
-----------------------stock, amounting to a stock dividend of 75%. V. 11$. p. 2276.
Discount on pref. stock1,045
9.787
_____
_____
DIVIDENDS— 11900-05.’06. ’07. ’08. 09. ’10. ’ll. 1912 to O t. 14 ’22
Balance, surplus____ def$66,802 $1,344,486 $1,620,404 $1,438,929
Oom. $100 par stk. 14 yearly 5 5U 6 5U 8
7%(1H%O-J)
On Dec. 30 1922 paid a stock dividend of 75%. On new $25 par valu® Profit and loss surplus.. $5,309,436 $5,376,239 $4,012,179 $3,007,522
stock paid 3% quar. from Jan. 15 1923 to April 15 1926; on July 15 1926
OFFICERS.—Chairman, S. G. Rosenbaum; Pres., H. C. Freeman!
paid 4% quar. Also paid 4% extra on Nov. 15 1924 and 4% extra on
1st V.-P., Z. D. Bernstein; V.-P. & Gen. Mgr., M. D. Passmore; V.-P.,
Nov. 14 1925.
E. L. Olrich; Treas., M. J. Biehn; Sec., William Rosenbaum. Office, 207
West 24th St.. New York.—(V. 122, p. 2808.)
REPORT.—For year ended Dec. 31 1925, in V. 122, p. 344, showed:
NATIONAL DAIRY PRODUCTS CORP.—lncorp. Dec. 8 1923.
Calendar Years—
1925.
1924.
1923.
1922.
Net profits..................... $13,681,696 $12,881,530 $12,092,828 $11,024,980 Corporation holds the common stocks of Rieck-McJunkln Dairy Co. and
Common dividends____ 8,186,080
8,186,080
6,139,560 3,069,780 Hydrox Corp. Rieck-McJunkin Dairy Co. is engaged in the gathering
Preferred dividends____ 1,736,315
1,736,315
1,736,315 1,736,315 and distribution of milk, the manufacture and distribution of ice cream and
other dairy products, principal among which are cream, condensed milk,
milk powder, casein, milk sugar, butter, cheese and eggs. Hydrox Corp,
Balance, surplus____ $3,659,301 $2,959,135 $4,216,953 $6,218,885
is engaged in the manufacture and distribution of ice cream and beverages,
3 Mos. End. Mar. 31— 1926.
1925.
1924.
1923.
Net after taxes, &c_... $3,051,917 $2,877,031 $2,957,311 $2,813,700 such as ginger ale, root beer and sarsaparilla.
In Aug. 1924 the corporation acquired the business of the J. T. Castles
OFFICERS.—R. E. Tomlinson, Pres.; W. W. Graves, J. G. Zeller, Ice Cream Co. of Newark, N. J., and of Castles ice Cream Co. of Perth
A. G. Bixler, H. H. Tomlinson and C. F. Bliss; Vice-Presidents; G. P. Wells, Amboy, N. J., through an exchange of capital stock of the National Dairy
Sec. & Treas. Office, 85 Ninth Ave., New York.—(V. 122, p. 2665.)
Products Corp, for the entire common stocks of these two companies.
Also, during 1924, acquired the entire common stock of the W. E.
NATIONAL CARBON CO., INC.—ORGANIZATION.—lncorp. Jan. Hoffman
Co., which operates plants in Altoona, Philipsburgh, Tyrone and
15 1917 under laws of New York State for the purpose of manufacturing, Barnesboro,
Pa., and the assets and business of the Durkin Ice Cream Oo.
buying and selling carbon in all its various forms, as well as dry batteries, of Waukegan,
Ill. Since Jan. 1 1925 the entire common stock of Moore
storage batteries, starters, lamps, machinery, devices and appliances of Brothers Co. of
City and Meadville, Pa., the assets and business of
every nature, &c. Succeeded through exchange of stock to the property William OhlhaverOilCo.
of Aurora, Ill., and the business of the Chapelle
and business of the National Carbon Co., a New Jersey corporation, which Thompson Ice Cream Co.
of Chicago, have been acquired. These acqui­
latter company has been dissolved. V. 104, p. 261, 858.
involved no further issue of National Dairy Products Corp, capital
Plants at Cleveland, Fremont, Fostoria, Ohio; East St. Louis, Ill.; San sitions
stock,
the
purchases
having
been financed out of earnings
Francisco, Calif.; Clarksburg, W. Va.; Jersey City, N. J.; Chicago, Ill.;
It was announced in Nov. 1925 that the corporation had entered into a
Pittsburgh, Pa.; Niagara Falls, Long Island City and New York, N. Y
to acquire all of the $6,924,400 preferred stock and all of the com­
The company owns the entire capital stock of the Canadian National contract
stock of no par value of Supplee-Wills-Jones Milk Co. of Philadelphia,
Carbon Go., Ltd., Toronto; authorized issue, 30,000 shares of no par value: mon
Pa., by issuing $6,924,400 of 7% pref. stock of National Dairy Products
issued. 6.000 shares. V. 106, p. 1581.
in exchange for such pref. stock and by issuing common stock of
In April 1926 acquired the Manhattan Electrical Supply Co.'s battery Corp,
Dairy Products Corp, in exchange for such common stock.
business, including battery plants located at Jersey City and Ravenna, National
Acquisition of Stock of Sheffield Farms Co., Inc.—It was announced in Nov
Ohio. V. 122, p. 2203.
1925 that the corporation had contracted to purchase approximately 84%
OAPITAL STOOK.—Preferred, see table above. All of the issued of the common stock of Sheffield Farms Co., Inc., as well as 89% of the
common stock (419,250 shares) is owned by the Union Carbide & Carbon common stock interest of Sheffield By-Products Co., Inc., in the hands of
Corp., which see below, and V. 105. p. 1425.
the public, and 84% of that of Sheffield Condesned Milk Co., Inc. Cor­
DIVIDENDS.—These have been paid quarterly from May 1 1917 to poration also offered an opportunity to the holders of the remaining
May 1 1926 Ind. at the rate of 2% per quarter on the preferred. Dividends common stock of these three companies to sell their holdings. Compare
V. 121, p. 2530.
on common no longer made public.




May,

19M]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
IFor abbreviations. tike., see notes on page 81

iJOlt
Bonds

FOlur

amount
'utstandin

Bate
%

None 550.000 shs.
National Dept Stores, Inc—Oom stock 725,000 shs auth.
First pref (a & d> stoc k7% cum red 115 $10,000,000 auth..
$100 $9,458 200
7
ion 5.400.000
Second pref (a & d) stock 7% cum red 115 $7,500,000 auth
7
Nat Distill Prod Corp—Oom stk (v t c) 200,000 shs auth.
None 168.000 shs
Pref (a & d) stock (v t c) $7 cum from May 1 '29 red 110.
None 110.000 shs
10-year guaranteed gold notes red (text)_____ Eq.kxxxc* 1925 500-1000 3.500,000
6)4 8
national buaiuciiuga aiaiouma— common stock $zu,ooo,lmm
I O’ 15.591,801 See text
1(M 10,000,00
Preferred stock (a A d) 7% cumulative, 910.000,000__
7
Refund 1st U real estate sink fund g red text___ Ce.xcAr* 1909 l.000 A
981.000
5g
National Fireproofing—Common stock >4,500,000.__ ___
5i
4,4'H
7.qnn 5-v See text
Preferred stock 7% uon-ou mutative $8,000.000_______
5<
1st M and OollTr g due $125,000 yrly red 102)4 1IPI.bc* 1912
1.0(V
763,000
3*
National Lead Co—Stock common $25,000,000 authorized.
Id 20.655.4o
Pref (also as to assets) 7 % cum $25,000,000 red since 1910.
id 24.367.60
7

iVnert
Payable

Last Dividena
and Maturity

Q—F
Q—M

May 1 1926 1%
June 1 1926 1 %

J A D
See tex>
Q—M
1 A l

Dec 15 1935
Nov 30 '23 1%
See text
lune 1 1929
Aug 25 '03 1)4
Q—J15 Apr 15 '26 154
4 A .• 1 o Sent 1 1932
Q—M June 30 *26 2%
Q—M June 15 '26 154

205
Places Waere interest and
Dividends are Payable

New York
Guaranty Trust Co, N Y
do
do
Central Union Tr Oo.NY
Checks mailed
do
111 Broadway .New York
do
do

In Dec. 1925 acquired the common stock of the Franklin Ice Cream Corp
equal voting power. Sinking fund on or before April 1 1931, and annually
V. 122, p. 101.
each April 1 thereafter, cumulative, of 20% of consolidated net earnings, for
In Jan. 1926 acquired the assets of the Breyer Ice Cream Co.
purchase or redemption of preferred stock at not over redeemable prices.
STOCK.—The stockholders on Nov. 6 1925 authorized the creation of Voting trust for preferred and common shares is dated May 1 1924 and ex­
an issue of $6,924,400 7% preferred stock, and on April 14 1926 authorized pires May 1 1930, unless sooner terminated by trustees; voting trustees are
A. W. Loasby, B. W. Jones and R. L. Clarkson, New York.
an additional $5,000,000. This issue is redeemable, all or part, upon 30
days* notice at 105.
NOTES.—The 10-year 6)4% guaranteed gold notes are redeemable*
In the event of any liquidation, dissolution or winding up of the affairs all or part, on 30 days* notice at any time at 105 and int., less X for each
of the corporation, whetner voluntary or involuntary, the holders of the full 12 months’ period elapsed after Dec. 15 1925. They are guaranteed
pref. stock shall be entitled to receive 100 and divs. thereon. The pref. unconditionally, prln., int. and sink, fund, jointly and severally, by Ken­
stock shall have no voting power except that in case the corporation shall tucky Distilleries & Warehouse Co. and Kentucky Alcohol Corp. V. 121,
for two successive quarterly periods fail to declare and pay the full regular p. 3014.
quarterly dividend on the preferred stock.
REPORT.—For 1925. in V. 122, p. 1464, showed:
The stockholders were to vote May 28 1926 on increasing the authorized
Calendar Years—
1925..
1924.
common stock from l.OJJ.O'D shares to 2,000,000 shares.
Net sales......................................
$9,230,611 $7,272,371
Preferred stock of subsidiary companies Dec. 31 1925, $9,337,165.
Cost
of
sales
................
6,264,428
4,678,273
Dividends.—Initial dividend o. 75 cents per share was paid April 1 1924:
same amount paid quarterly to April 1 1926.
Gross profit..................................
$2,966,183 $2,594,098
NOTES.—The 15-year 6% collateral trust notes due Nov. 1 1940 are Bottling
and storage revenue (net)______________
335,387
426,453
redeemable at any time, all or part, on 60 days’ notice at 103)4 and int. up Miscellaneous
income_________________ ________,.
255,386
163,067
to Nov. 1 1930, at 102)4 and int. on said date and thereafter up to Nov. 1
1935 at 101 )4 and int. on said date and thereafter up to Nov. 1 1939. and at
Total income________________________________ $3,556,967
,183,618
par and int. on said date and thereafter to maturity.
Selling, administrative and general expenses_____
1,822,507
,854,160
Sinking Fund.—As a sinking fund the company will agree to retire no
xOhi Time Molasses Co________________________ jDr.98.l3l
.162.879
less than $300,000 principal amount of notes, and (or) deposit sufficient Interest
147,259
on gold notes_________________________
184,016
cash for that purpose with the trustee on or before May 1 and Nov. 1 in Other interest
50,151
________________________________
89,995
each year, beginning on Nov. 1 1926, and will agree to retire at least 60% Depreciation_________________________________
290,426
284,043
of the issue by maturity.
14.521
on sale of capital assets____________________
_____
Security —Secured by the pledge of all of the stocks of the company's Loss
Provision for Federal taxes_____________________
150.000
25,000
subsidiaries now owned as well as the common stocks now under contract Brands,
trade-marks, Ac., written off____________
95,668
169,185
or hereafter acquired of Sheffield Farms Co., Inc., Sheffield By-Products
Co., Inc., and Sheffield Condensed Milk Co.. Inc. Company will covenant
Balance, surplus____________________________
$832,597
$795,797
that it will not permit any of its subsidiary companies, the stocks of which
and loss surplus_________________________ $l,43l,717
$599,121
are to be pledged to secure these notes, or any present subsidiary of any of Profit
x
Proportion
of
loss
or
gain
applicable
to
Investment
of
National
Distillers
such subsidiaries, to have mortgages on real property in excess of the Products Corp, in the Old Time Molasses Co.
aggregate amount of such mortgages now outstanding, except purchase
Quarters Ended March 31—
1926.
1925.
money mortgages and (or) then existing liens on property purchased, and
$186,846
$515,770
the renewal or refunding of such mortgages or liens, unless pledged under Earnings from operation_______ :_______________
63,672
Interest and discount
78,871
the Indenture securing these notes.
REPORT.—For 1925, in V. 122, p. 2053, showed:
Profit before depreciation. Fed. tax and amort.
Consolidated Income Account for Calendar Years.
of brands, trade-marks, Ac________________ _
$107,975
$452,098
1925.
1924.
OFFICERS.—Pres., Seton Porter; V.-P., F. A. Rogers; See. ft Treas.,
Net sales........................................ ...............................$105,377,151 $20,180,892
Cost of sales, expense and depreciation___________ 91,793,433 15,708458 T. A. Clark; Asst. Sec. & Asst. Treas., J. A. Petrie. Office, 30 Broad St.,
New York.—(V. 122. p. 2808.)
Gross profit................................................................. $13,583,718 $4,472,433
NATIONAL ENAMELINQ AND STAMPING CO.. INC.—ORGAN­
Other income________________________________
522,234
193,923 IZATION.—Incorp. In N. J. on Jan. 21 1899. See prospectus, Ac., V. 68,
p. 18.; V. 76. p. 1405; V. 77. p. 403; V. 82. p. 755: V. 104. p. 859, 768.
$14,105,952 $4,666,357 Decision Dec. 1906. V. 81. p. 215: V. 82, p. 755; V. 83. p. 1415
Administrative, selling A gen. exps., Int., Ac_____
6,161,391
2,015.368
The Sc. Louis Coke & Iron Co., in which the company owned a substantial
Federal income taxes__________________________ 1,046,198
297,774 interest, was placed in receivership in Sept. 1924 and reorganized as the St.
xOther deductions____________________________ 1,965,104
463.940 Louis Coke & Iron Corp.
STOCK.—See table at head of page.
Balance........... ........................... ............................. y$4,933,258 $1,889,273
x Includes interest on National Dairy Products Corp. 6% notes for full
DIVIDENDS— 1902-04. 1905. 1906-16. 1917. 1918-21. '22. ’23. ’24year, less adjustment of Federal income tax and dividend requirements on
On common (%).__ 4 yrly.
1)4 None.
4 6(l)4qu’) 1)4 6)4 0
preferred stocks of company and subsidiaries.
Onpreferred, in full to March 31 1926, 154% quar.
In Feb. 1921 a dividend of 6% was declared on the common stock, pay­
OFFICERS.—Chairman of Board, Loton Horton: Chairman Exec. Com.,
E. E. Rieck; Pres., Thomas H. Mclnnerney; Treas., Jos. L. Jones; Sec., able 1)4% quar. Mar. 19, May 31, Aug. 31 and Nov. 30 1921; then
Frederick J. Bridges. Office, 120 Broadway, New York.—(V. 122, p. 2808. none until Nov. 29 1922, when 1)4% was paid; Feb. 28 1923 to Aug. 30
NATIONAL DEPARTMENT STORES, INC.—Incorp, under laws of 1923, paid 1)4% quar.; Nov. 30 1923 paid 1%: none since.
BONDS.—Subject to annual drawings at 105 in amounts Increasing
Delaware on Dec. 22 1922. Owns (excepting directors' qualifying shares)
entire outstanding stock of The Bailey Co., The Rosenbaum Co., B. Nugent yearly from $108,000 to $263,000. Original issue, $3,500,000; $2,519,000
ABro.,Dry Goods Co.and Geo. E. Stlfel Co., operating stores, respectively, retired to Dec. 31 1925.
in Cleveland. Pit.tsHnmrh St I oi Ha and Wheeling. W. Va. in Nov. 1923
REPORT.—For 1925, in V. 122, p. 1464, showed:
completed negotiations for the purchase of the Frank & Seder department
Calendar Years—
1925.
1924.
1923.
1922. _
store group. V. 117, p. 2118, 2220. In 1924 acquired the Atkinson stores Profit on operation____ I
) $1,862,646 $2,538,554 $2,856,187
in Minneapolis and St. Paul, Goldberg’s in Trenton and Kauffman’s in Depreciation, Ac______ (
Not
>
936,698
1,026,227
698.341
Richmond. In May 1925 purchased the Lipman, Wolfe & Co. department Bond interest__ .______ (. reported J
51,966
59,032
75,251
store in Portland, Ore. Stores owned and operated, 15.
The National Department Stores Realty Corp., a subsidiary, was in­
$873,982 $1,453,295 $2,082,595
Net income________ $1,166,034
corporated in Delaware Nov. 7 1924 to acquire lands and develop the same. Reserve for Fed. taxes..
_____
$182,000
$100,000
_____
STOCK.—The second pref. stock is convertible until Jan. 1 1929 into Pref. divs. (7%).............
700,000
700,000
700,000
700.000
common stock, share for share.
......... .(5)4)857,549(1)4)233,877
Common dividends--------------The stockholders on Nov. 12 1923 authorized the issuance of $3,000,000
1st pref. stock, par $100, $2,000,000 2d pref. stock, par $100 and 200,000
Balance, surplus.........
$466,034
$173,982 def$286,254 $1,048,718
shares of com. stock, no par value, in connection with the acquisition of Profit and loss surplus._y$2,579,176 x$7,248,129 $9,310,705 $9,910,842
the Frank & Seder department store group.
x After deducting $2,236,558, cost of pref. and common stocks of St.
The stockholders of record Oct. 26 1925 were given the right to subscribe Louis Coke 9c Iron Co. written off account receivership of company, y After
to 50,000 shares of common at $40 per share in the ratio of one new share deducting additional Federal taxes for prior years and $5,000,000 additional
for each 10 shares held.
depreciation reserve.
REPORT.—For year ended Jan. 31 1926, In V. 122, p. 1926, showed:
OFFICERS.—Chairman, George W. Niedringhaus; Pres., Alfred J.
Years Ended Jan. 31—
1926.
1925.
1924.
V.-P., William H. Matthai and Charles N. Turner; Comp. 9c
Net sales............................................. x$79,455,118 $74,368,556 $72,331,456 Kieckhefer;
Sec., Conrad M. Fox; Treas., Robert Miller. Office, First Wisconsin
Cost of goods sold 9c, sell., adm. & oper.
National Bank Bldg., Milwaukee, Wis. —(V. 122, p. 1621.)
exp. (less misc. inc.), incl. deprec. &
amort, of leasehold improvem’ts). . 76,192,350 70,682,667 67,101,538
NATIONAL FIRE PROOFING CO.—Incorporated in 1889; name wa’
Int. charges (incl. amort, of bd. disc.)
623,881
264,997
318,259 changed in 1899 from Pittsburgh Terra Cotta Lumber Co. Controls 22
Provision for Federal income taxes__
305,569
388,574
601,878 plants adjacent to various cities between Boston and Chicago, about 5.000
First preferred dividends__________
667,324
547,337
385,000 acres of coal and clay lands, patent rights, Ac. Manufactures porous terra
Second preferred dividends________
379,167
371,000
254,332 cotta, fireproofing, hollow tile, building blocks, Ac. In Feb. 1923 proper­
ties of American Clay Products Co. were acquired by Atlantic Clay Products
Balance, surplus_________ ______ $1,286,828 $2,113,980 $3,670,448
Co.. whose stock is owned by National Fireproofing Co. Properties owned,
Profit and loss surplus, Jan. 31_____ $4,321,492 $3,652,186 $1,775,414
see
V. 72, p. 296. 1191; V. 76, p. 651; V. 94, p. 68, 766; 1060, V. 95, p. 53.
x After depreciation.
BONDS.—The stockholders July 25 1912 authorised $2,600,000 refund 'I
OFFICERS.—Chairman, L. A. Behr; Pres., Victor W. Sincere; Treas.,
Morton Stein; Sec., Walter Rosenbaum. New York office, 1328 Broad­ oonds maturing $125,000 yearly. V. 94, p. 1452: V. 95. p. 53, 424. 893.
DIVS.I 06. ’07. ’08. ’09. ’lO-’M. *15. ’16-T9.’20. ’21.-'22. '23. *24.’25.
way.—(V. 122, p. 1926.)
5 2
0 4yrly. 1
0
1
0
1
4M 7
NATIONAL DISTILLERS PRODUCTS CORPORATION.—ORGAN­ Pref..%{ 1
0
0
0
00
0
0
00
IZATION.—Incorp, in Virginia, succeeding in 1924 to the business for­ Com % i 0 0 0
On Dec. 31 1920 and Jan. 10 1924 paid a special “Christmas” dlv of 1%
merly conducted by U. S. Food Products Corp. It controls, through stock
ownership, subsidiary operating companies engaged, respectively, in the on pref. stock. In Oct. 1923 declared 3%, payable 1% on Nov. 15 1923,
following businesses: Kentucky Alcohol Corp., with two plants, manufac­ 1% on Feb. 15 1924 and 1% on May 15 1924. On July 15 1924 paid 1%;
tures industrial alcohol. Old Time Molasses Co. purchases molasses in Oct. 15 1924 paid 1)4%; Jan. 15 1925 paid 2%: April 15 1926 paid 1)4%;
Cuba from sugar centrals, and the greater part of its product is shipped July 15 1925 to April 15 1926, paid 154 % quar.
to this country for use in the manufacture of industrial alcohol and feeding
REPORT.—For 1925, in V. 122, p. 2808, showed:.
1923.
1922.
molasses. Henry H. Shufeldt & Co. prepares, packs and sells maraschino
1924.
1925.
Calendar Years—
$29,316
cherries, glace fruits and olives. Kentucky Distilleries & Warehouse Co. Net earnings_________
$971,338 $1,066,289
$813,091
and Hannis Distilling Co. owns bonded warehouses. V. S. Food Products Depreciation, Ac.
301,425
100,000
299,591
303,388
Car Line Corp, owns and operates tank cars. During 1925 purchased 50% Dividends.
316,020
414,776
474,030
of the preferred stock and 25% of the common stock of the Petroleum
Chemical Corp., which manufactures higher alcohols, lacquer solvents
Balance, sur. or def__ sur$94,927 sur$197,717 sur$448,844 def$70,684
and motor fuel. The plant and assets of the Liberty Yeast Co. were sold
OFFICERS.—Chairman, S. F. Heckert; Pres., H. M. Keasbey; V.-P.
to the Fleischmann Co. in Oct. 1925.
A
Gen. Mgr., W. H. Foster; Sec., C. G. Jones; Treas., J. P. Robbins.
It was announced in Nov. 1925 that the Eastern Alcohol Corp, had been Office,
Fulton Building, Pittsburgh, Pa.—(V. 122, p. 2808.)
formed to be jointly owned and operated by E. I. du Pont de Nemours &
NATIONAL LEAD CO.—ORGANIZATION.—Organized in New Jer­
Co. and the National Distillers Products Corp, for the manufacture of
sey
on
Dec. 7 1891. It controls extensive plants in different States for
industial alcohol. V. 121, p. 2279.
STOCK.—The preferred stock has no voting power, except that during manufacture of white lead, Ac. V. 89, p. 223; V. 106, p. 1572, 1581. Also
the existence of the voting trust, both preferred and common stocks have United Lead Co. (V. 84, p. 697, 160). Magnus Co. (V. 100. p. 402).




206

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS SECURITIES
[For abbreviations, &c., see notes on page 8]

Date
Bonds

New York Air tirake—Common stock 300,000shares auth

First M S3.000.000 gold convert test to July 1 1014 xCt

Amount
Outstanding

$10* $15,000 OOi

National Sugar Refining Co of N J—Stock SIS 000.000
National Supply Co of Dela—Com stk $17,000,000 auth,.
Pref (a & d) stock 7% cum $8,000,000 auth red 115_____
National Transit Co—Stock $6,362,500_________________
Nevada Consolidated Copper Co—5,100,000 shares.____
New York Canners, Inc—Com stock 200.000 shares auth..
Pref (a & d) stock $6 cum conv red $100_______________

Par
Value

1908

50
100
12.50
None
Non
100 *(
None
None

U. S. Cartridge Co. of Lowell (V. 90, p. 631; V. 104, p. 1383: V. 110, p
1524). and Matheson IjParl Co. (V 95 p 115): Bass-Hueier Paint Co
(V. 104, p. 1383), Carter White Lead Co., St. Louis Smelting & Refining

13.295.000
7.095.100
6.362.500
1999,457sh.
'110 Odd -I.

$3,000,000
129.761 sh
60,000 shs.

Rate
%
7
See text
7
See text
See text
See text
68
See text
$6

When
Payable
Q—J
Q-F 15
Q-M31
See text
Q-M31
Q—F
d * n
Q—M 15
Q—M

[Vol. 122.

Last Dividend Places Where Interest and
and Maturitv
Dividends Are Payable

July 2 1926 1 ’4
May 15 ’26 2%
Mar 31 '26 1 %
June 15 '26 2%
Mar31 '26, 5%
May 1 1926 50c
VTayl 1928
Mar 15 26 50
June 1 ’26 $1J4

Checks mailed

Checks mailed
Checks mailed
ifficp 165 R'way, N Y
Central Union Tir Oo.NY

and deliver in exchange therefor stock of this company, without par value
on the basis of one share, plus 25c. in cash to equalize dividends, for each
$15 face value of debentures. V. 122, p. 2510.
Go., National Pigments & Chemical Co. and Metallurgical & Chemical
STOCK.—The stockholders on March 26 1926 votel to change the
Corp. Has an interest in Williams Harvey Corp., and Williams Harvey authorized
stock to 5,100,000 shares of no par value and to exchange the
& Co., Ltd., tin smelters; Baker Castor Oil Co., Cinch Expansion Bolt & old stock of $5 par value for the new stock of no par value on a share for
Eng. Co., River Smelting & Refining Co., Titanium Pigment Co., Inc.
share basis.
STOCK.—Preferred is callable at par. V. 60, p. 349; V. 88, p. 1376.
REPORT.—For 1925, in V. 122, p. 2645, showed:
DIVS.— ’09. ’10. ’11-’15. ’16-T7. ’18. '19. ’20. '21. ’22. '23. '24. '25
Calendar Years—
1925.
1924.
1923.
1922.
Common (%) 5 414 3 yrly. 4 yrly. 5
5
6
6 6J4 8 8
8
Total revenues________ $11,149,809 $9,920,822 $9,445,306 $3,400,961
Also in July 1917 and 1918 1% extra to aid Red Cross distributions
Operating expenses_____ 8,234,670
8,128.932
7,231.813 4,205.836
In Nov. 1918 paid
extra to aid United War Work Campaign.
Depreciation__________
671,450
601.719
526.120
879.194
Miscellaneous income____ Cr.453,119 Cr.485,338 Cr.407,304 Cr .560,446
Paid in 1926: March 31, 2%; June 30, 2%.
Dividends paid (5%) — .
499,864
_____
_____
_____
REPORT.—For 1925, in V. 122, p. 1776, showed:
Balance, surplus____ $2,196,944 x$l,675.509 $2.094,677df$l,123,623
1922.
Calendar Years—
1925.
1924.
1923.
7,552,001
5,876,492
3,781,816
Net earnings_________ a$4,633,353 a$4,454,979 $5,296,413 $4,927,549 Profit and loss, surplus.. 9.748,945
$1,705,732 $1,705,732
Preferred dividends___$1,705,732 $1,705,732
x Before deduction for depletion.
1,652,432
Common dividends____
1,652,432
1,652,432
1,342,601
Note.—Operations were suspended on March 31 1921 and were not re­
sumed until April 1922,
» Surplus____ ________ $1,275,187
$1,096,815 $1,938,249 $1,879,216
Report for lrd quar. of 1926 in V. 122, p. 2839.
Previous surplus______ 25,795,154 24,698,340 22,760,091 20,880,875
DIVS.—
[ 'll. T3.'13.'14. '15. '16 T7. '18. '19-'20.’21-’24 '25.
Regular
...30 30 30 22X 27^ 35 40 65 30 15 None 5
Remaining surplus.-.$27,070,343 $25,795,155 $24,698,340 $22,760,091 Extra.........
__
10 10 — 2J4 40 40 — — — ____ —
a Net earnings are after deduction of all expenses, taxes,’reserves, &c.
Of the 10% extra dividend paid June 30 1917, one-half was capital dto
DIRECTORS.—E. J. Cornish (Pres.), G. O. Carpenter, N. B. Gregg tributlon.
A special div. of 16 cents was declared payable July 25 for
and E. F. Beale (Vice-Presidents), Evans McCarty, F. W. Rockwell,
Ornsp
Tp Mar 1Q1O paid ^7 U
' onar
Chas. E. Field, Fred. M. Carter, G. D. Dorsey, G. W. Thompson, W. N. RedMarch
1920 paid 25 cents (5%); then none until Dec. 31 1925, when 25
Taylor, J. R. Wettstein, W. C. Beschorman, A. H. Brodrick, H. G. Sidford. in
cents
(5%)
was
paid;
same
amount
paid
March
31
1926.
Sec’y is M. Douglas Cole; Treas., Charles Simon. N. Y. office, 111 Broad­
OFFICERS.—Pres., D. C. Jackling; V.-P . Charles Hayden and W. E.
way—(V. 122, p. 622.
Bennett; Sec. & Treas., C. V. Jenkins. Office, 25 Broad St., N. Y.—
NATIONAL LEATHER CO—See Swift* Co. below and V. 122. p 1464
(V. 122, p. 2809.)
NATIONAL SUGAR REFINING CO. OF NEW JERSEY (THE).—
NEW CORN FI. IA COPPER CO.—See Calumet & Arizona Copper Co
lncorp. in New Jersey on June 2 1900 and took over the NewYorkSugar and
V. 122 p. 2665
Refining Co.’s (Doscher) refinery, Long Island City, the Mollenhauer
NEW JERSEY ZINC CO—(V. 122. p. 2665.)
refinery, Brooklyn, N. Y. (dismantled as a refinery in 1918 and leased for
warehouse purposes, V. 109, p. 178), and the National refinery, Yonkers,
NEW YORK AIR BRAKE CO. (THE'—lncorp under laws of New Jer­
N. Y. V. 91, p. 1577; V. 92, p. 1377; V. 93, p. 535; V. 98, p. 307.
sey. Works at Watertown, N. Y. In 1912 the Westinghouse Air Brake
STOCK.—The stockholders voted Nov. 15 1922 to Increase the authorized Co. granted a general license under its U. S. patents. V. 95, p. 748; V. 96,
p. 531.
capital stock from $10,000,000 (all outstanding) to $15,000,000, par $100
A 50% stock dividend was distributed Dec. 1 1922 to holders of record
STOCK.—The stockholders on Sept. 15 1922 approved a plan of re­
Nov. 20. Divs. of 114% paid April 1913 to Oct. 1917; Jan. 1918 to April capitalization providing for the creation of 100,000 shares of class A pref.
1920, 1J4% quar.; July and Oct. 1920, 314%’> Jan., April and July 1921
of no par value and 300,000 no par value common shares. The ol d $10,000,2>4%; Oct. 1921 to July 2 1926, 1K% quar. Divs. on old pref., 114% 000 common stock (par $100) was exchanged for 200,000 shares of no par
(Q.-J.) /paid Oct. 1900 to Jan. 1913 incl.; divs. on old com., 10% in 1903 ad value common stock in the ratio of 2 no par value shares for each $100 par
15% in 1904. No bonds. Balance Sheet Dec. 31 1925, V. 122, p. 2053
value share.
Chairman, George R. Bunker; Pres., J. H. Post; V.-P.. J. Adolph Mollen­
All of the outstanding class A stock has been called for redemption
hauer; Sec. & Treas., H. F. Mollenhauer.—(V. 122, p. 2053.)
July 1 1926 at $60 per share and dividends.
Class A stock may be converted at $50 per share at any time (up to
NATIONAL SUPPLY CO. OF DELAWARE (THE).—lncorp. in
Delaware in 1922 to acquire the capital stock of the National Supply Co. and incl. redemption date) into common stock at $50 per share, with an
(of Ohio). Furnishes equipment, machinery and supplies to all branches adjustment of dividends.
of the oil industry. Also controls through stock ownership the Dayton
DIVIDENDS.—On new common stock of no par value paid $1 per share
Pipe Coupling Co., the Fort Worth Drilling Tool Co. and the Union Too) each quar. from Aug. 1 1923 to Aug. 1 1925; Nov. 2 1925 to May 1 1926
Co.
;
paid 50c. quar.
Initial div. of 84c. a share on new class “A” pref. stock was paid Jan. 1
STOCK.—See table at head of page.
1923; Apr. 2-1923 to July 1 1926, paid $1 quar.
DIVIDENDS. On preferred, in full to date. On common, paid 1J4 3?
BONDS.—V. 86, p. 725, 797, 921, 1104.
quar. Feb. 15 1923 to Feb. 15 1926; on May 15 1926 paid 2% quar. On
June 16 1924 paid 10% in common stock.
REPORT.—For 1925, in V. 122, p. 1604, showed:
Calendar Years—
1925.
1924.
1923.
1922.
REPORT.—For 1925, in V. 122, p. 2959, showed:
Gross profit__________ $2,079,463 $2,164,068 $3,592,359 $2,208,636
Calendar Years—
1925.
1924.
1923.
196,592
194,130
421,339
34,355
Gross income______________________ $3,560,630 $3,385,243 $5,961,756 Other income, _______
Interest, taxes, depreciation, &c____
1,182,223
1,260,896
1,253,394
Total income ______ $2,276,055 $2,358,198 $4,013,698 $2,242,991
Federal
___ ___ taxes.
363,650
277,077
672,497
467,307
466,319
458,397
353,278
Minority interest .
1,596 Admin., &c., expenses,_
203,828
254,953
376,511
56,504
Preferred dividends________________
496,652
494,669
494,423 Taxes, franchises, &c__
.
130,141
246,879
413,428
437,997
Common dividends-----------------------792,714
758,317
714,591 Royalties__
Interest paid______ . _ 1
198,783
197,179
229,394
191,991/
Bond int. & discount-,
200,787
Balance, surplus________________ $725,391
$594,284$2,825,255
Class “A” dividends___
400,000
335,700
500,000
84,000
OFFICERS.—Chairman, James H. Barr; Pres., John M. Wilson Common
“B” dividends
600,000
800,000
600,000
Sec., Chas. R. Clapp; Treas., C. A. Meyer. Office, Toledo, Ohio. Sundry charges,
&c___
3,606
46,883
6,288
—(V. 122, p. 2959.)
NATIONAL TRANSIT CO.—ORGANIZATION, *c.—lncorp In Penn
Balance, surplus
$290,159
$39,398 $1,426,488
$874,741
■ylvanla In 1881. Owns pipe line in Penna. Formerly controlled by Stand
OFFICERS.—Pres., B. B. Greer; V.-P., Richard B. Sheridan; Asst.
ard Oil Co. of N. J., segregated in 1911. V. 85. p. 216. 790; V. 93. p 1390
Treas. & Asst. Sec., E. A. Johnson; Comp., Charles B. Leeser. Office,
On Feb. 2 1916 shareholders voted to reduce the capital stock fron
165 Broadway, New York.—(V. 122, p. 2511.)
$12,727,575 to $6,362,500 by the retirement of 103 shares and the reductioi
NEW YORK CANNERS, INC.—lncorp. under laws of N. Y. on
of the par value of the remainder from $25 to $12 50 per share and th«
payment of $12 50 in cash to the stockholders. The National Transit Sept. 3 1919. Manufactures and sells canned vegetables, fruits, milk,
ketchup, chili sauce and other food products and condiments, and through
Pump & MachineCo. was Incorporated in Penn, on Nov. 26 1915; capita
Its subsidiaries operates farms for raising part of its vegetables.
stock, $2,545,000 (increased on April 1 1918 to $3.I*1 00 ) in $25 shares
to take over the company's plant at Oil City, Pa., for the manufacture o<
STOCK.—The stockholders on March 17 1925 increased the authorized
pumps, engines, compressors, tools, fittings, &c.: all of the capital stock is common stock from 120,000 shares to 200,000 shares no par value. The
owned by the National Transit Co. V. 101. p. 1890. 2149: V. 93. p. 669
$6 cum. conv. pref. stock (sold in Nov. 1926 by White, Weld & Cd., N. Y.)
DIVIDENDS.—1912 to 1914, 12% per ann.; 1915, 8%; then none to has equal voting power with common stock. It is red. all or part on any
Dec. 15 1916, when 4% was paid; 1917, 8%; 1918, 16% (8% s -a ); 1919, div. date upon 60 days’ notice at $100 per share and divs., and is conv.
share for share, into com. stock at any time on and after Dec. 1 1927, but
40%; 1920, 30%; March 1921, 4%; June 1921. 4% and 4% extra; Sept
only for 30 days after first publication of notice of redemption. Proceeds
1921, 8% extra; Dec. 1921, 4% and 4% extra; March 1922, 4% extra
of this issue were used in the redemption of the company’s outstanding
June 1922, 4%: Sent. 1922. 2% extra: Dec. 1922. 4%; Mar. 15 1923. 4% ext
June 15 1923, 4%; Sept. 15 1923, 4% extra; Dec. 15 1923, 4%; Mar. 15 $1,493,200 7% cum. 1st pref. stock and $850,000 8% cum. 2d pref. stock,
1924, 2% extra; June 14 1924, 4%; Sept. 15 1924. 2% extra: Dec. 15 and the red. of the T. A. Snider Preserve Co.’s outstanling $588,000 1st
sinking fund conv. gold bonds and $400,000 8% cum. pref.
1924, 4%; Mar. 16 1925, 2%; June 15 1925, 4%; Sept. 15 1925, 2% extra; mtge.
stock. V. 121, p. 2762.
Dec. 15 1925, 2%; March 15 1926, 2% extra; June 16 1926, 2%.
DIVIDENDS.—On common, paid $2 50 a share in 1920; then none until
REPORT.—For 1925, in V. 122, p. 1464, showed:
Dec. 15 1923, when 50 cents a share was paid; Mar. 15 1924 to Mar. 15
Calendar Years—
1925.
1924.
1923.
1922.
Net earnings._________ $706,257
$774,740 $1,024,572
$930,203 1926 paid 50 cents quarterly. Also paid 3 % in common stock on Feb. 21925.
Dividends .
636,250
763.500
1,018,000
890,750 and 5% in common stock ®n Dec. 31 1926.
REPORT.—For 1925 showed:
OFFICERS.—-Pres. & Gen. Mgr., F. D. Williams; Treas.. Lewis C.
Calendar Years—
1925.
1924.
1923.
Longaker; Sec., F. G. Zimmerman. Directors: C. C. Baker, T. L. Blair,
C. T. McClintock, C. E. Martin, Joseph H. Contino and L. C. Longaker. Sales____________________________ $10,194,017 $11,512,815 $11,183,832
Cost of sales______________________ 6,720,837
7,965,875
8,193,040
Office, Oil City, Pa.—(V. 122, p. 1464.)
NEVADA CONSOLIDATED COPPER CO.—ORGANIZATION.—
_____ $3,473,180
Gross income____
$3,546,940 $2,990,792
lncorp. Nov. 17 1904 in Maine as a consolidation. Of the outstanding
219,608
,
__ _ _____
79,590
110,696
stock, $5,002,500 on Dec. 31 1925 was owned by Utah Copper Co. (set Other income.
below). Flotation suit. V. 109. p. 1084: V. 114, p. 2124.)
Total income
____ _______$3,692,788 $3,626,530 $3,101,488
Proposed Purchase of Ray Consolidated $Copper Co.—The stockholders Expenses
____
2,191,371
1,905,437
1,676,690
were to vote May 26 1926 on (1) approving the purchase from Ray Consoli­ Interest- _
__ ,
200,152
196,599
180,758
dated Copper Co. of all its properties, assets, rights, privileges and fran­ Depreciation, &c
__
453,455
503,387
289,634
chises, as an entirety, to be paid for by (a) $46,157,685 15-year 5% deben­ Federal tax reserve _
___
88,830
127,004
110,500
tures, to bear date July 1 1926, with adjustment of interest from or to the
date of transfer of the properties; (b) assumption by Nevada of all liabilities
$758,980
Net income. .
____ ____ ___
$894,103
$843,906
and obligations of Ray.
Preferred dividends,_____
_____
156,0691
284,840
322,828
236,763/
Common dividends----— _____
(2) Approving the making of an offer to the holder of any of such deben
tures of this company (effective only after such debentures shall have
$366,148
$609,263
Surplus__________________ _____
$521,078
passed by distribution or otherwise out of the ownership or possession of
3,910,982
3,111,385
2,585,692
Ray Consolidated Copper Co.) to take up any such debentures and to issue Profit and loss surplus______ _____




Mat, 1926.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES.
[For abbreviations, &c., see notes on page 8.1

Date
Bonds

New York Dock Co—Common stock $7.000,000-------------Preferred stock 5% non-cum (text)________________ U«m
’Hrs* mortgage 813.000,000 gold call at 105
. Usm.xc*' 1901
Niles-Bement-Pond Co—Common stock 200,000 shares auth
Pref (a & d) stock 6% cum 83,000.000 call at 105_________
Pratt * Whitney new 6% cum pref stock guar Jan 1 1921
Niles Toot Works ft"?, cum preferred stock not guaranteed
Northern Pipe Line Co—Stock-------------------------------------Northern Securities—Stock $3,954,000------------ ,-------------Norwalk Tire & Rub. Co. (The)—Com .stk.$1,500,000 auth
Pref. (a&d) stock 7% cum. red. 115 $2,000,000 auth-------Nova Scotia Steel & Coal—Ordinary shares $15,000,000—
Preferred (a & d) stock cum not callable_________________
First mtge (closed) gold sf
call 105------------------------ 1909
Mtge debenture stock callable 105 after July 1 1919-------- 1909
Eastern Car Co 1st M (closed) guar sf 1% call 105-C*&r 1912
do
do
Preferred stock 6% cum_____________
Nunnally Co (The)—Stock 160,000 shares auth-----------

Par
Value

$7,000,000
10.000.000
12.550.000
170.000 shs
$1,662,200
1,123,100
987.600
4 000,000
3.954.001
995,000
1.146,600
15,000.000
1.000.000
5,580.232
il &( 4.500.000
ioo ate
927,900
ioo
750 00C
None 160.000 shs

$100
100
500 *c
None
100
100
100
100
100
10
100
100
100
100 &C

OFFICERS.—Pres., John M. Prophet; V.-P., James Moore; Treas.•
George G. Bailey. Office, Temple Bldg., Rochester, N. Y.—(V. 122, p
2511.)
NEW YORK DOCK CO.—ORGANIZATION.—Incorporated in N. Y.
State on July 18 1901 assuccessor of the Brooklyn Wharf & Warehouse Co.,
foreclosed and reorganized per plan V. 72. p. 937. V. 73, p. 239, 1355.
Owns water frontage in Brooklyn, about 214 miles in length: 159 bonded \ nt
free warehouses, with floor space of approximately 5.000,000 sq. ft.: 34 piers
of various sizes, with wharves, and 20 manufacturing buildings. V. 90. p
1365; V. 103, p. 1794.
„ . _ .
The railroad department was acquired Oct. 1 1912 by New York Dock
Ry V 95 p ,217 1 177: V 96 p 1026.
STOCKS AND BONDS.—Com. stock. $7,000,000; pref., 5% non-cumu­
lative $10,000,000, all in shares of $100 each. After 5% on both stocks
they share equally. There is no preference as to classes of stock in the
event of dissolution or distibution of capital assets. Bonds, $450,000 in
treasury Dec. 31 1925 with further $12,550,000 outstanding.
DIVIDENDS f 10. 11 12-16 17. 18 19 '20 ’21. ’22. '23. ’24. ‘25.
On preferred.
4 2)4 None
2 5)4
6 5 5 6
5
5 5
On common. %(__ ..
___
2t4 2t«2)4 2t4
— -Div. No. 1 was paid on common stock Feb. 15 1919, 2)4%; Feb. 16 1920
paid 2)4 %: Feb. 15 1921 paid 2 )4 % and Feb. 16 1922 paid 2 )4 %; none since.
REPORT.—For 1925, in V. 122, p. 2511, showed:
Balance,
Total
Preferred
Calendar
Gross
Surplus.
Years—
Earnings. Net Income. Dividends.
$500,000
$110,735
1925.................................... $3,381,716
$610,735
'554B31
500,000
54,031
1924........................
3,370.909
622,869
500,000
122,869
1923.......................
3,297,713
1922_________
3,827.322
649,267
500,000
149,267
Earnings for Quarters Ended March 31.
1925.
1924.
1923.
1926.
Revenues_____________
$744,621
$815,580
$791,698
$838,451
378.953
339.468
389.212
Expenses_____________
372,637
300,883
320,518
324,476
Taxes, interest, &c____
265,871
Net income.......... ........ $106,113
$135,744
$131,712
$124,763
OFFICERS.—Chairman, F. S. Landstreet; Pres., ______________ ;
V.-P., C. D. Hoaglanl, D. L. Tilly and -............... ...... ; Sec., Edwin Thorne;
Treas., V. A. Wheeler. Office, 44 Whitehall St. (Manhattan), N. Y.—
(V. 122, p. 2511.)
NEW YORK SHIPBUILDING CORP.—Name changed to American
Brown Boveri Electric Corp.—see that company above.
NILES-BEMENT-POND CO.—ORGANIZATION.—Incorporated in
New Jersey Aug 11 1899; makers of heavy machines. V. 69. p. 388;
V 105. p. ’370.
CONTROLLED COMPANIES—GUARANTIES.—Owns entire com
mon stock ($2,000,000) of Pratt & Whitney Co., guar. 6% on latter’s pref
stock, provided that the guarantor earns same on its own stock. The div.
due to be paid in Nov. 1924 was deferred. V. 71, p. 139; V. 70, p. 1253;
V. 72. p. 143: V. 78. p. 1113: V. 80, p. 1734: V. 89, p. 998; V. 90, p. 563.
Also owns entire common stock of The Niles Tool Works Co. In 1905
and 1906 the entire stock of John Bertram & Sons, Ltd., and Pratt & Whit­
ney Co of Canada Ltd., was acquired. V. 81. p. 977; V. 83. p. 1350
The Niles-Crane Corp, of Philadelphia, a subsidiary, was incorporated in
New Jersey in Jan. 1926 to take over an I operate the Crane works. Other
subsidiaries are the Riigwav Machine Co., Niles Gear Co., Niles-BementPond Co. of Mass., and Niles Machine Tool Corp.
STOCK.—The stockholders on Sept. 1 1925 approved a plan to change
and reclassify the Common stock from 85,000 shares, par $100 to 200,000
shares of no par value. The Preferred stock remained unchanged.
Of the 200,000 shares of new no par value Common stock, 170.000
shares were issued in exchange for the $100 par value stock on the basis
of two new shares for one old share. The additional 30,000 shares are
contractel to be issued, one-third each Dec. 31 1926, 1927 and 1928, at
$15 per share.
DIVS.— I 04. *05-’12. 13. ’14. '16. '16. '17. '18. '19. '20. '21. ’22-’25.
Oom. (%).( 7 6 yrly 1)4 0
1)4 8
12 12 8)4 8 4)4
0
Also 40% in common stock ($2,000,000) paid on com. stock Jan. 2 1907
On pref.. in full to Aug. 30 1924; none since.
REPORT.—For 1925, in V. 122, p. 2053, showed;
Including Associated Companies.
------ 6 Months Ended------ Year Ended
Dec. 31 ’25. June 30’25. Dec. 31 ’25.
$868,231
Operating income----- ---------- ____
$580,416
$287,815
1,498,955
Selling and general expenses . ...........
778,346
720,610
Operating loss---------------- _____
Other income_____________ _ ...........

$197,929
127,836

$432,795
13,409

$630,724
141,245

Loss .. . .
------------Depreciation. ...
_____
Interest and miscellaneous__ _____

$70,093
122,107
30,978

$41-9,386
137,187
19,768

$489,479
259,294
50,746

Net loss............. ................................... $223,178
$576,341
$799,519
OFFICERS.—Pres., James K. Cullen; V.-P. & Sec., Charles K. Seymour;
E. L. Leeds; Treas., E. J. Edwards; Asst. Treas., Arlo Wilson. Office,
111 Broadway, N. Y.—(V. 122, p. 2053.)
NIPISSING MINES CO-, LTD.—(V. 122, p. 2959).
NORTHERN PIPE LINE CO.—ORGANIZATION. &c.—lncorp. Is
Pennsylvania in 1889- Owns pipe lines in State of Pennsylvania. For
merly controlled by Standard Oil Co. of N. J., but segregated in 1911. Set
Standard Oil Oo . V. 85. p. 216. 790; V. 93. p. 1390- Stock. $4,000,000
par, $100. Div., 5% paid semi-ann. July 1912 to Jan. 1924; July 1924
to Julv 1926 paid 3% semi-annually. Also paid extra divs. of 4% in Jan.
1918, 15% in Jan. 1923 and 1% in July 1926.
REPORT.—For 1925, in V. 122, p. 1181, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Net income__________
$310,748
$214,205
$308,155
$482,167
Dividends____________ (6)240,000 (6)240,000 (10)400,000(25)1000,000

Balance.............. ........ sur$70,748 def$25,795 def$91,845 def$517,833
OFFICERS.—D. S. Bushnell, Pres.; J. A. Bartlett, V.-P. & Gen. Mgr.;
J. R. Fast, Sec.; W. F. Livingston. Treas. Main office, Oil City, Pa.
N. Y. office, 26 Broadway.—(V. 122, p. 1181.)
NORTHERN SECURITIES CO.—In 1904 the capital stock was reduced
from $395,400,000 to $3,954,000. the par value of shares to remain at $100
pending completion of dissolution. V. 78, p. 1168, 1223,1275, 1392; V. 76,
p. 811, 919. 1249.
DIVIDENDS.—On stock as reduced 5% yearly 1906 to 1908; 1909, 4%;
1910.2)4%: ’ll. 4%; 1912. 3%; 1913 to 1916, Incl.. yearly Jan. 11. 2%;
, 917.Jan..3)4 %: 1918. Jan. 3)4 %; June, 3%; Jan. 1919.4%; July 1919,3%;
Jan. 1920, 4%; July 1920. 3%: Jan. 1921.4%: July 1921, 4%; Jan. 1922.
4% and 6% extra; July 1922, 4%; Jan. 1923, 4% and 2% extra; July 1923,
4%; Jan. 1924. 4% and 2% extra: July 1924, 4%: Jan. 1925, 4%; July 1925,
4%; Jan. 1926, 4% and 2% extra.




Amount
Outstanding

207

Rate
When
last Dividend Places Where Intesest and
Payable and Maturitv
Dividends are Payable
%
See text
Feb 16 ’22 2^ U S Mtge & Tr Oo N Y
5
J&J 16 Tan 15 '26 2^
do
do
4 g F & A Aug 11951
do
do
See text
Dec 20 1921 1% Checks mailed
ee i ext
Aug 30 '24 1)4
do
ee ext
Aug 30 '24 1)4
do
do
See ten 1 & J Tuly 1 ’26 4% New York
See text See text 'an 11 '26 69? Checks mailed
Text Apr 1 1026 4%
See text
3! & J Apr 1 1926 1%
7
See text
See text
Jan 15 1924 2%
I & J luly 1 1959
Tor. Mtl. Bos, London
5g
I & J Callable only N Y. London, Montreal
6
I & J July 1 1952
6
N Y, London, Mont.,&c
n«c 31 1916
See text J & D31 Dec 31 ’25 75c Checks mailed

REPORT.—For 1925, in V. 122, p. 360. showed:
Calendar Years—
1925.
1924.
1923.
1922.
Total receipts............... x$403,748
$363,806
$405,345
$405,905
Taxes-------------16,553
21,725
22,060
16,477
Administration expenses
13,668
13,680
13,838
13,727
Interest on loans, &c__
_____
3,311
3,993
1,687
Dividends------------------- (8)356,308 (10)395,380 (10)395,380 (14)553,532
Prem. on cost of U. S.
ctfs. of indebte dness..
_____ _____ _____
_____ _________194
Balance, sur. or def.. sur$57,219 def$70,289 def$29,926 def$179,711
x Total receipts in 1925 include dividends from C. B. & Q. RR., $230,630;
dividends from Crow’s Nest Pass Coal Co., Ltd., $165,312: and interest,
$7,275; premium on sale of U. S. 4%% Treasury notes, $531.
OFFICERS.—Pres., E. T. Nichols; Sec. & Treas,, Nicholas Terhune.
Office. 26 Liberty St., N. Y.—(V. 122, p. 360.)
NORWALK TIRE AND RUBBER CO. (The).—lncorp. under laws
of Connecticut on March 23 1914, and is engaged in the manufacture,
purchase and sale of rubber and rubber goods, pneumatic automobile cord
tires and inner tubes for omnibuses, trucks, taxicabs and pleasure cars,
practically all of which are sold under the company’s brand names of Nor­
walk Tires and Tubes. Plant is located at Norwalk, Conn.
STOCK.—The Preferred stock has an annual sinking fund of 5% of the
total amount of Preferred stock that shall have been issued, to be applied
toward the purchase of Pref. stock at not exceeding 115 and accrued diVs.
DIVS.—In Preferred stock, in full to date. On Common stock paid as
follows: 1917. 3%; 1918. 4%: 1919. 8%: 1920. 6%; then none until Oct. 1
1925, when 4% was paid; same amount paid quar. to April 1 1926.
REPORT.—For 6 mos. ending June 30 1925, in V. 121. p. 1109, showed:
Income Account 6 Months Ending June 30 1925.
Gross profit-------------------------------------- -----------------. .---------$567,582
Selling,general and administrative expenses________________
330.198
Gross income
$237,384
Other income__________________ ■_________________________
19.524
Net profit..
-------- ------------------------------------------$256,908
Depreciation .
---------22,815
Interest ____
......................
24.212
Net income__________________________________________
.............................................-.....................
$209,881
Balance at Jan. 1 1925______________________
,___________
......... -.......... —....................
..........
717.977
Divs. paid on Pref. stk., $41,450: contracts adjustment, $7,250;
increase in allowance for doubtful accts., $17,032; other de­
ductions (net), $2.863_________________________________
63.596
Balance June 30 1925________ ■_________________________
$859,263
Period Ended Sept. 30 1925—
3 Months. 9 Months.
Gross profit__________________________________
$294,282
$861,863
Total income______________________________
190.831
447,739
Other deductions____________________________
62,206
101,732
Reserve for taxes____________________________
20,500
28,000
Reserve for redemption of Pref. stock_________ ________________ 75,000
Net income........................................... .............. .
$108,125
$243,007
OFFICERS.—Pres., W. B. Miller; V.-P., F. L. Lamson; V.-P., David
Spence; Sec,, W, L. Young; Treas., R. R. Snyder. Office, Norwalk.
Conn.—(V. 122, p. 1465.)
NOVA SCOTIA STEEL & COAL CO.—ORGANIZATION.—lncorp.
In N. S. in 1898. Owns steel plant, blast furnaces, collieries, and Iron mines
In Cape Breton County, N. S. Also owns $800,000 of the $1.550,000 stock
»f Eastern Oar Co., Ltd. See full statement to N. Y. Stock Exchange
tn 1916 on listing of ordinary shares In V. 103, p. 1896; V. 106. p. 1801.1790.
Proposed adjustment of coal arrears, V. 108. p. 2246. In Dec. 1919
purchased for $2,000,000 a controlling Interest in the Acadia Coal Co.,
formerly operated by a Belgian syndicate, with head offices in Brussels
and mines In Pictou County, Nova Scotia. V. 109, p. 2362. The stock­
holders in April 1921 voted to merge into the British Empire Steel Corp.,
which see.
STOOK.—To provide ample working capital, all shareholders of record
«s of June 30 1917 were allowed to subscribe at par pro rata for $5,000,000
aew com. stock. The Hayden-Stone interests as underwriters took up the
remainder. Increasing their holdings to a decided majority of the stock.
V. 105, p. 721. The stock bonus of 20%, or $2,500,000, distributed to
Mmmon shareholders Nov. 20 1917, raised the issued common stock to the
'nil authorized $15,000,000. V. 104. p. 2557; V. 105. p. 76.
LATE CASH DIV.— T5. T6. '17. T8. T9. ’20. ’21. '22. ’23. ’24. ’25.
Preferred stock_____ % 12 888888882
0
Common___________ % 0 0
2)4 6)4 5
5 text 0
0
0
0
The April 1924 dividend on preferred stock was deferred; none since.
Dividends on the common stock were resumed in 1917 with a declaration
•jf 2)4%, payable July 14: on Jan. 15 1918 paid 2)4%: April 1918 to Apr.
1921 paid 1)4% quar. On Aug. 10 1921 paid 21 cents; none since.
In 1909 a 20% dividend in stock was paid. V. 102, p. 1064. In Nov.
1917 stock dividend of 20% in common stock. See above and V.105.p.2099.
BONDS. &c.—First mtge. auth.. $6,000,000; redeemed. $688,056. V.
<8. p. 1563.
Debenture stock is limited to amount of paid-up capital. Eastern Oar
Oo. 1st 6s. V. 94, p. 1698.
Pres.. R. M. Wolvin; Sec., O. S. Cameron. Office, New Glasgow. N. S.
—(V. 122 p. 1776.)
NUNNALLY CO (THE).—Organ, in Del. on Nov. 20 1919. Engaged
In the manufacture and sale, both at wholesale and at retail, of candies and
lonfectioneries of all kinds, ice cream and flavoring syrups, and in leasing
ind operating shops for the sale of candy, soda water and ice cream. Fac­
tory, located at Atlanta, Ga., has a capacity of about 20.000 pounds of
■tandv and 500 gallons of ice cream per dav. Operates 9 stores in Atlanta
and Savannah, Ga.; Jacksonville, Fla.; Birmingham, Ala.; Norfolk and
Richmond, Va.; and Washington, D. O.
STOOK.—See table at head of page.
DIVS.—Initial div. of 50 cents a share was paid June 1 1920: on Dec. 31
1920 paid $1 a share; June 30 and Dec. 31 1921, paid 50c. each: Dec. 30
1922 to June 30 1925, paid 50c. semi-annually; Dec. 31 1925 paid 75 cents.
REPORT.—For 1925, in V. 122. p. 761, showed:
1993
1925.
1924.
1922.$
Net sales____________
Not
Not
$1,553,589 $1,444,933
Expenses, deprec., &c._ stated
stated
$243,992
$177,345
$170,523
$132,374
Other income (net).
46,573
39,421
Dr. 2,645
1,246
$290,565
$216,766
$167,878
$133,620
Reserve for Fed. taxes..
34,444
26,275
20,470
16,175
Profit-sharing distrib__
20,000
$236,121
$190,491
$147,408
$117,445
(.25)200,000 ($1)160,000 ($1)160,000 (50c.)80,000
Surplus____________
$36,121
$30,491 def$12,592
$37,445
Profit and loss, surplus..
94,530
58,408
27,917
40,508

208

Datt

MISCELLANEOUS COMPANIES
[For abbreviations, Ac., see notes on page 8)
Ohio Oil Co—Stock..................................... •-

Bond.'

......................................

Oil Well Supply Co—Common stock S15.000.000 auth----Conv.Pref.(a&d) stk.7% cum.red. 110,conv. (text)-.kxxx
Serial 1st mtge. bonds due S150.000 ann________________ 1919
“Onyx” Hosiery, Inc.—Common stock 160,000 shares auth.
Pref (a & d) stock 7% cum red 115 $3,500,000 auth_____
Oppenheim, Collins & Co, Inc—Stock 220,000 shs auth—

Orpheum Circuit, Inc—Common

.-.lock

i 000.000 shares.

Pref (a & d) stock 8% cumulative convertible $10,000 000
Conv s f gold notes red 103 $2 000.000 auth-.CeCxxxc*

Otis Elevator—Stock common J25.000.000............. ............
Stock (a 4 d) preferred 6% non-eum $6.500.000_______
Otis Steel Co—Stock common 1 000,000 shares...________

Bate
When
Last Dividend
Pavable
and Maturitv
%
See text Q—M 31 Mar 31 ’26 3%
8
Q—J July 1 1926 2%
Q—F May 1 ’26 1 %
7
J & D To June 1 1939
6

1921

1925.
Quarters Ended March 31—
1926.
Net profits after expenses, but before Federal taxes.
$45,299 $25,506
OFFICERS.—Chairman, James H. Nunnally; Pres., Winship Nunnally;
V.-P., E. R. Rogers; Sec. & Treas., H. G. Fairman. Office, Atlanta, Qa.
—{V. 122, p. 2511.)
OHIO OIL CO.—ORGANIZATION, Ac.—Incorporated In Ohio in
1887. Owns extensive tracts of oil lands in Ohio, Indiana, Illinois and New
Mexico. Produces crude oil. See Standard Oil Co. of New Jersey. V. 85,
p. 216, 790; V. 86. p. 984, 1227; V. 93, p. 1390. The pipe lines in
Pennsylvania. Ohio, Indiana and Illinois about 1 100 miles in length, wer<
In Dec. 1914 transferred to the Illinois Pine Line Co., the latter’s $20,090.000 stock being distributed pro rata. In the proportion of 133 1-3%
among the Ohio Oil Co. stockholders. V. 99, p. 1678, 1915. The stock
holders voted Nov. 24 1922 to Increase the capital stock from $15,000,000
to $60,000,000 (par $25). A stock div. of 300% was paid in Dec. 1922
V. 115. p. 2486.
Has entered the North Central Texas, Kansas and Oklahoma fields
through its subsidiary, the Mid-Kansas Oil & Gas Co. V. 107, p. 1007.

DIVIDENDS.— 1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925.
20
20
20
20
20
9
6
8
Extra..................... % 76
68
60
23
*20
....................
2
•Also 300% in stock.
Paid in 1926: March 31, 2% quar. and 1% extra.
Balance sheet Dec. 31 1925, in V. 122, p. 2054.
Regular.................. %

DIRECTORS.—Pres., James C. Donnell; V.-P., James K. Kerr, Mar­
shall, Ill.; O. D. Donnell, V.-P.; F. E. Hurley, V.-P., and R. J. Berry, all
of Findlay, Ohio. Sec’y Is C. L. Fleming.—(V. 122, p. 2054.)
OIL WELL SUPPLY CO.—Incorp, under laws of Pennsylvania in 1891.
Manufactures machinery and supplies for drilling and operating oil and gas
wells. In addition to its own output, the company and its subsidiaries
distribute pipe and sundry other articles which are manufactured by others.
The principal products handled include drilling mach’y, tools, tubular goods,
engines, &c. The principal manufacturing plants are located at Pitts­
burgh, Pa., Oil City, Pa., Bradford, Pa., Los Angeles, Calif., Oswego,
N. Y., Poplar Bluff, Mo., and Parkersburg, W. Va. The company owns
and operates 95 branches located at all important points throughout the
oil and gas territory in the United States and Mexico, and also has a branch
in London and Bucharest for the European and Oriental trade.
STOCK.—The preferred stock is convertible at any time into common
stock of the company on the basis of $100 per share for the preferred stock
and the following prices for the common stock: $40 per share in the case of
the first $2,000,000 par value preferred stock converted; $45 per share for
the next $2,000,000 par value preferred stock converted; and $50 per share
for the remaining preferred stock converted.
A regular cumulative sinking fund for the purchase or redemption of the
preferred stock at not exceeding $110 per share and accrued dividends is
to be provided by setting aside from the surplus or net profits on April 1
and Oct. 1 of each year commencing April 1 1926 a sum equal to 1 % of the
greatest amount of preferred stock theretofore Issued . that is. at the rate of
2% per annum. The company is to be credited on its regular sinking fund
obligation with preferred stock retired through conversions.
An additional sinking fund for the same purpose is also to be set apart
on June 1 of each year by setting aside from net earnings an amount equal
to 25% of the consolidated net earnings (as defined) of the preceding fiscal
year remaining after deducting from such net earnings (a) the dividends
paid and accrued on the preferred stock for such fiscal year; (6) the regular
sinking fund on the preferred stock paid or accrued; (c) a sum equal to $4
per share on the common stock to be outstanding, that is. $1,300,000.
DIVS.—An initial dividend on the common stock of 50 cents a share was
paid on Jan. 2 1926; same amount paid April 1 and July 1 1926.

REPORT.—For 1925, in V. 122, p. 2809, showed:
1925.
1924.
Gross profits from operations.. ____ $5,600,937 $4,384,538
Selling, admin. & gen. expenses____
3,674,255
3,154,580

1923.
$6,796,182
3,154,529

Net profit from operations.. _____ $1,926,682
Other income_____________________
232,959

$3,641,653
234,516

Calendar Years—

$1,229,958
252,746

Total income.. . ______ ______ $2,159,641 $1,482,704 $3,876,169
Depreciation_______
_______
336,119
471,577
455,969
Amortization and miscellaneous____
167,312
329,480
325,419
Provision for Federal income tax___
213,500
75,000
361,660
Net income for year_____________ $1,442,710
$606,647 $2,733,121
Preferred dividends___
__
40,833
Common dividends___ ...
672,500
600.000
390,000
Balance, surplus. _______________
$729,377
$6,647 $2,343,121
OFFICERS.—Pres., Louis Brown; Treas., H. O. Burns; Sec., W. W.
Anderson. Office, Pittsburgh, Pa.—(V. 122, p. 2809.)
OLD DOMINION CO. (OF MAINE).—(V. 122, p. 2960.)
“ONYX” HOSIERY, INC.—Incorp, under laws of New York on Feb.
24 1923. Manufactures silks and textiles, especially hosiery. Plants are
located at Dover. Passaic and Wharton, N. J.

REPORT.—For calendar year 1925, income from operations, after
making provision for deprec. and taxes, $1,058,451; profit from sale of
Onyx Bldg., $216,620; pref. divs., $229,010; transferred to special surplus
account, $210,000: bal., sur., $836,061.
Quarter Ended March 31—
1926.
1925.
Netprofit after deprec., &c., but before Fed. taxes. $211,334
$178,339
OFFICERS.—Pres., Paul Guenther; V.-P., Ralph A. Day and George
J. Healey; Treas., J. T. Hammond Jr.Office, 1107 Broadway, N. Y.—
(V. 122, p. 2341.)
OPPENHEIM, COLLINS & CO., INC.—Incorp, in Delaware Sept. 10
1924 and acquired the capital stock of the following companies: Oppenheim,
Collins & Co., New York, Inc., a New York corporation (New York City
store); Oppenheim, Collins & Co., Philadelphia, a.Pennsylvania corpora­
tion (Philadelphia and Pittsburgh stores); Oppenheim, Collins & Co.,
Newark, a New Jersey corporation (Newark store); the Oppenheim, Col­
lins Co., an Ohio corporation (Cleveland store); Oppenheim, Collins & Co.
Buffalo, a New York corporation (Buffalo store); and Oppenheim, Collins
& Co., Brooklyn, a New York corporation (Brooklyn store).
STOCK.—See table at head of page.
DIVIDENDS.—An initial quar. div. of 75 cents per share was paid
Aug. 15 1925; same amount paid quar. to May 15 1926.

places Where Inte<est and
Dividends are Pavabit
Pittsburgh, Pa.
Pittsburgh, Pa.
Pittsburgh, Pa.

Q—M
Q-F 15
■tee text
8
Q—J
7M a VI & 8
See text Q—J 15
0—J 15
6

unel 1926 1 »4
May 15 ’26 75c
Tu’y 1 ’26 16’ac hecks mailed
Julyl 1926 2*5. ’her’ioj mailed
O TofTll. O hie: Chase. NY
1 1926
Apr 15 1926 3% lffice 26th St & 11th A»do
do
Jan 15 1927 1 )4

See text
6g M & S
8g F & A
7H g F & A

Inly
Mar
Aug
Aug

See

Pref (a & d) stock 7% cum call 110 $15.000.000________
First mtge 15-year s f gold bonds ser “A” red (text) .kxxxc* 1926
First migeMukfd gold bond.- rter A’red (text) __kxxxc*&r 1921
do
do
Ser “B” red (text)_________________xxxc
1922




[Vol. 122.

INDUSTRIAL STOCKS AND BONDS

7
$3

texi

1 1921
1 1941
1 1941
11947

IX

Blair & Co, N Y; & Cleve

\ew York and Clevelauu

Blair & Oo, N Y St

Cleve

REPORT.—For year ended July 31 1925, in V. 121, p. 1355, showed:
Years Ended July 31— 1924-25.
1923-24.
1922-23.
1921-22.
Sales....................... .......... $20,691,985 $21,000,626 $20,936,272 $20,717,128
Net profit after charges. $1,435.452 $1,497,043 $1,638,602 $1,849,746
Depreciation__________
203.381
233.468
212.211
224,530
Federal taxes__________
193,734
156,316
179,415
258,019
Dividends (new co.).__
X149.970
Net Income................. $888,367 $1,107,257 $1,246,976 $1,367,198
Report for 6 mos. ended Jan. 31 1926 showed: Sales, $11,394,554; net,
after charges, $1,082,736; Federal taxes, $150,000; net profit, $932,736.
OFFICERS.—Pres., Isaac D. Levy: Treas., Solomon Starr; Sec’y,
James K. Cuddy. Office, 35 West 34th St., New York.—(V. 122, p. 2960.)
ORPHEUM CIRCUIT. INC.—Organized Dec. 22 1919 In Del. and ac­
quired the capital stock of a number of theatrical companies in the U. S.
and Canada.
STOCK.—Pref stock is convertible Into common stock at any time
on the basis of two shares ofcom. for one share of pref. Sinking fund, 5% of
net earnings after pref. divs. and Federal Income taxes for preceding year to
be applied to purchase of stock at not over 11Q and div. V. 117, p. 1092.
ill VS.—Initial div of 50 cents per share on the common stock was paid
April 1 1920: same amount paid quar. to Oct. 1 1921; then none until Feb. 1
1924. when 12H cents per share was paid: same amount, paid monthly
to April 1 1925. Feb. 1 1925 to Jan. 1 1926 paid 15 cents monthly. Feb. 1
1926 to July 1 1926 paid 16 2-3 cents monthly.
NOTES.—The 7H% convert, s. f. gold notes of 1921 are convertible at
any time prior to maturity into 8% cumulative pref. stock on basis of one
share of $100 par pref. for each $100 par of notes. V. 113, p. 1258.
BONDS.—Principal bonded Indebtedness of subsidiary companies on
Dec. 31 1925 was as follows: Orpheum Theatre & Realty Oo. 6s, due Sept. 1
1946, $2,063,000. State-Lake Theatre & Realty Oo. 6s, due Dec. 29
1927, $450,000; Junior Orpheum, San Francisco, 7s, due Jan. 1 1936,
$850,000; Junior Orpheum, Los Angeles, 7s, due Nov. 15 1935, $1,200,000;
Kansas City Junior Orpheum Co. 7>$s, due Aug. 1 1931, $325,000.
REPORT.—For 1925 showed:
1925
1924.
1923.
1922.
Gross income..................$18,205,789 $19,136,223 $16,759,001 $14,405,058
Expenses ..................... 14,900,283 14,683,049 13,836.965 12,797,334
Amortiz. of leaseholds. _
220,066
232,840
212,357
207,426
922,433
740,447
Depr. of bldgs. & equip.
907,645
701,035
4,350
Canadian taxes (est.).-.l
217,293/
421,652
225,630
80,000
Federal taxes_________ /
510,832
531,960
542,308
Preferred dividends___
543,008
Common dividends____
822,358
984,199
Balance, surplus____
$679,790 $1,542,996
________ $1,026,386
, . ___ „
$11,428
Total surplus____ _____ $3,787,714 $3,105,185
$3,1-------- $1,536,683
$1.5-------$607,588
$607,5"'
OFFICERS.—Pres., Marcus Heiman; V.-Ps., J. M. Finn and M. H.
Singer; Sec. & Treas., B. B. Kahane. Office, State-Lake Bldg., Chicago.
N. Y. Office, 1564 Broadway.—(V. 122, p. 2666.)
OTIS ELEVATOR CO.—Incorp. Nov. 28 1898 under laws of N. J. and
took over about 13 plants. See V. 67, p. 1161; V. 74, p. 274; V. 75, p. 552:
V 83 p 441; V. 91. p. 399: V. 94, p. 825: V. 100. p. 1076. Owns all of
the $2 090.000 Otis-Fensom Elevator Oo. of Toronto stock, which has
also outstanding $1,000,000 7% cum. pref. stock. V. 96. p. 1093.
STOCK.—The stockholders on April 28 1924 (a) changed the par value
of the common stock from $100 to $50 per share, and (6) increased the
authorized capital stock from $15,000,060 to $25,000,000. New shares of
common stock, par $50. were issued in exchange for the old common stock
on a basis of two new shares for each $100 share held. A div. of 10% in
common stock was paid June 21 1924.
DIVIDENDS.—
’12. ’13. ’14. ’15-’19. ’20. ’21. ’22. '23. '24. ’25
On common (cash)_____
4
4 4)4
5
7)i 10
8
8 11 11
On common (stock)_____ __
.. _
__
__ 50 .. _ 10____
Paid in 1926: Jan. 15, 3%; April 15, 3%.
REPORT.—For 1925, in V. 122, p. 2511, showed:
1925.
1924.
1923.
1922.
x Net earnings________ $6,382,908
$6,286,510 $4,008,705 $3,025,244
Preferred dividends____
390,000
390,000
390,000
390,000
Common dividends____
2,026,566
1,702,440
1,138,158
1,138,142
Reserved for Fed’l taxes
See x
575,000
360.000
Res’ve for pension fund _
307,906 } 2,125,OOoj
100,000
100,000
Contingency reserve___
1,325,000 J _________ I
350,000
Surplus.............................. $2,333,437 $2,069,070 $1,455,547 $1,037,102
Previous surplus______ y5,348,710
1,702,440
1,246,892
1,209,790
Total surplus_________$7,682,147
Res’ve for working capital
_____

$3,771,510 $2,702,439 $2,246,892
1,772,800
1,000,000
1,000,000

Profit & loss, surplus.-$7,682,147 $1,998,710 $1,702,439 $1,246,892
x After deducting allowances for depreciation, all charges for patent
expense, renewals and repairs for maintenance of plant and equipment and
in 1925 including reserve for Federal taxes, y Including $3,350,000 reserved
for working capital.
OFFICERS.—Chairman, W. D. Baldwin; Pres., J. H. Van Alstyne;
Sec., T. M. Logan; Treas., R. H. Pepper; Aud., C. K. Kirkbride. Office,
11th Ave. between 26th and 27th Streets, New York.—(V. 122, p. 2511.)
OTIS STEEL CO. (THE).—ORGANIZATION.—Incorporated In
Ohio Jan. 3 1912 and acquired the Otis Steel Co., Ltd., an English company,
registered in 1895. In July 1919 reorganized and acquired the Cleveland
Furnace Oo. Properties comprise: (a) the Riverside Works occupying some
850 acres, on which are 2 blast furnaces, 100 Semet-Solvay by-product
coke ovens, mUls, ore docks, &c.; (6) The Lakeside works, on about 22
acres, on which are 5 open-hearth steel furnaces, mills and foundry. Com­
bined annual capacity 360,000 tons pig iron, 228,000 tons plates, 84,000
tons light plates, 30,000 tons of steel casting, 54,000 tons sheets, 120,000
tons strips, 336.000 tons coke and 250,000 tons ingots.
STOCK.—Pref. stock is callable at 110. Sink, fund, 3% of total Pref.
stock Issued out of profits after pref. divs. beginning 1925. No mortgage
without consent of 2-3 of outstanding pref. stock.
Common stockholders of record Sept. 20 1922 were given the right to
subscribe at $11 per share to 329,334 shares of common stock without
par value, at the rate of 4-5 share of such new stock for each share of com­
mon stock held. V. 115, p. 1437.
DIVIDENDS.—Since Incorporation had paid the regular s-a divs. on
its old pref. stock, called for payment on Oct. 1 1919. Divs. of 1)4%
quarterly were paid on the new pref. (Q.-J.) to July 1921; none since. On
the common stock (par $100) prior to Oct. 1 1919 paid divs. as follows:
Year______________ 1913
1914
1915-16
1917
1918
1919
%.................................. 1
1
None
12X 10( + 10ext) 5
BONDS.—The first mortgage 8% sinking fund gold bonds, Series “A,”
are redeemable all or part at 107>£ and int. up to and including Aug. 1 1926

May, 1926.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES.
{For abbreviations, <%c., see notes on page 8.1

Date
Bonds

Par
Value

Amount
Outstanding

Owens Bottle Co. (The)—Com stock $30.000,000______
$25 $16 528,225
Pref stk (a & d, 7% cum callable at 115 & divs $16,913,100
100 8.156,300
....
Pacific Coast Co—Stock common $7,000,000 (see text) ...
IO
7,000.000
__ _
First pref (a * d) stock $1,525,000 5% non-cumulative.
1(X
1.525,000
Seoond pref (a&d) stk $4.00o,00O 4% non-cum (see text1 ___
10(
4.000.000
l.on<
First mnrteajre $5,000,000 gold ............................. Ba-xxc' 1897
<s non nn<
Pacific Mills—Stock_______________ ___________________
100 40,000,000
Five-year gold notes redeemable (text)_________OB.xxxc* 1926 500,1030 17,500,000
Packard ,nului car vu—Common Block $50 000,000 auth..
It 26,147,220

Rate

%

When
Payable

209

Last Dividend places Where Interest and
and Maturity
Dividends are Payable

See text
July 1 1926 3% By check
7
do
July 1 1926 IX
See texi
Nov 1 1920 1% Bankers Trust Oo. N Y
-ee text See text May 1 1926 1 X
do
do
See text See text May 1 1926 1%
do
do
5B
rune 1 1946
do
do
Dec 1 ’25, 75c.
Lee.Higg’n & Oo.Bos. &c
5)4 g F & A Feb 1 1931
See text Q—J 3 j Apr 30 1926 5%
Detroit

thereafter at 107)4 and int. less )4% for each 12 months or part thereof Wash., Newcastle mines with 2,520 acres at Newcastle, Wash., Issaquah
elapsed after Aug. 1 1926. The Series “B” bonds are redeemable, all or mine with 1,600 acres at Issaquah, Wash., and South Prairie mine, with
part, at 10214 and int.
1,140 acres at Burnett Wash, and coal-handling plants at Seattle. Tacoma
An amount sufficient io retire and cancel 2)4 % of the maximum amount and Portland, Ore. During 1924 acquired the Carbonado mine, located Ip
of Series "A" bonds semi-annually by purchase up to, or by call by lot at, the the vicinity of the company’s South Prairie mine.
redemption price: first. Installment, due on May 1 1923. V. 113, p. 633.
DIVS.—
I ’13. '14. '16. 16, 17. 18, 19, ■20. '21 ’22.-’23. ’24. ’25
The 8eries "B" bonds are to have a sinking fund as follows: (1) A regular
..%(
4
0
4
2 0
4
0
0
0
■inking fund sufficient to retire $200,000 of Series “B” bonds annually. Common
First pref ..%
5
5
5
5 5
3«
0
214 5.
An additional sinking fund calculated as follows: If 15% of net earnings Second
pref.
%
[
4
4
4
4
4
2
0
0
1
i doflned) of any fiscal year commencing with 1923, after Interest and the
regular sinking funds, exceeds the amount required to retire $200,000 After 4% on 2d pref. and com., these share equally. V. 92, p. 122-.
Series “B" bonds, then such excess shall constitute an additional sinking The common div. was resumed Feb. 1 1917 at 1% quar., which rate was’
fund. The regular sinking fund sufficient to retire $200,000 Series *'B
paid to and including Nov. 1 1919; thereafter none until Aug. 2 1920, when
bonds annually is to be used to purchase bonds in the open market If ol >- 1% was paid; Nov. 1920, 1%; none since.
tainable at not exceeding redemption price, or to call bonds by lot at the
No payments were made on 1st pref. from Aug. 1921 (when 1X % quar.
redemption price. V. |is. p 552
piid) until Oct. 1 1924. when 2)4% was paid: on Feb. 1 and Aug. 1’
The first mtge. 15-year 6% sinking fund gold bonds. Series "A,” dated 1925 paid 2)4 %: on Feb. 1 and May 11926 paid 1X % quar. Dividends on
March 1 1926, are redeemable in whole at any time, or in part on any int. second preferred were resumed on Nov. 2 1925, when 1% was paid, this
date on six weeks’ notice at 105 and int. up to and including March 1 1931; being the first payment since May 1921; same amount paid quar. to May 1
thereafter at 105 and int. less )4% for each 12 months or part thereof 1926.
elapsed after March 1 1931. Issued (a) to refund on or before Aug. 1 1926
REPORT.—For 1925, in V. 122, p. 2809, showed:
the present outstanding 7 J4 % and 8% first mtge. bonds, of which there were
------ Calendar Years------ 6 Mos. End. Year Ended
$8,750,000 outstanding on Dec. 31 1925: (o) to pay off all bank debt,
Period
—
1925
1924.
Dec. 31 ’23. June 30 ’23.
amounting on Dec. 31 1925 to $1,000,000: and (c) to provide over $1,000,000 Gross earnings
................... $5,793,632 $5,670,372 $2,679,770 $6,021,516
additional working capital. There will be deposited with the trustee under Operating expenses,
&c.
5,092,591
4,979,385
2,393,975 5,580,461
the existing mortgage a sufficient amount out of the proceeds of sale of these Taxes.................................
170,205
163,258
108,506
188,172
bonds to provide for the retirement of all outstanding bonds on or before
Aug. 1 1926. Upon retirement of existing bonds, these new bonds will be
Net
earnings
.........
......
$530,835
$527,729
$177,289
$252,883
secured by a first mortgage on all the real estate, plants,fixtures and equip­ Other income_______
24,635
25,483
9,255
16,908
ment now owned, and will also be secured on any additional similar proper­
•
__________
ties hereafter acquired or constructed with the proceeds of the first mtge.
Total
net
income
____
$555,470
$553,212
$186,544
$269,791
bonds. Bonds will be further secured by pledge with the trustee of the
Deduct—
entire $150,000 capital stock (except directors’ shares) of the Cuyahoga
$250,000
$250,000
$250,000
$125,000
Valley By. As a sinking fund for the 8erles A bonds, the company will Interest on bonds_____
1,650
4,950
9,900.
3,300
covenant to pay to the trustee an amount in cash sufficient to retire at the Interest on notes______
18,481
then current redemption price the following percentages of the maximum Accrued discount______
_____
13,322
20,579
50,214
amount of the Series A bonds issued and outstanding prior to March 1 General interest (net)__
1929. 2% payable on March 1 1929; 3% per annum payable semi-annually Div. on first preferred._(5%)76,250 (2)4)38,125
from 8ept. 1 1929 to March 1 1933, inclusive: 4% per annum payable semi­ Div. on second preferred (1 %)40,000
annually from Sept. 1 1933 to March 1 1937, inclusive; 5% per annum
Balance, surplus____
$169,089
$37,664 def$40,323
$246,815
payable semi-annually from Sept. 1 1937 to March 1 1941, inclusive. V.
122, p. 1037.
OFFICERS.—Chairman, Wm. M. Barnum, N. Y.; Pres., Walter
Barnum, N. Y.: V.-P. & Gen. Mgr., E. O. Ward, Seattle; Sec. A Treas.,
REPORT.—For 1925 showed:
John H. Kelly, N. Y. Offices, 250 Park Ave., New York, and 508 Second
1924.
1923.
1922.
Calendar Years—
1925
$151,473 $2,110,756
$82,057 Ave., Seattle, Wash.—(V. 122, p. 2809.)
Operating profits______ $2,884,119
Depreciation__________
720,000
763,355
350,000
...........
PACIFIC MILLS.—ORGANIZATION.—Incorp. under laws of Massa ”
chusetts in 1850. Products consist of cotton, wool, silk and rayon goods,
$82,057 including finished fabrics for most women’s and children’s clothing from
Operating profit.
. $2,164>,119 loss$611,882 $1,760,756
100,399 lingerie to dresses and suits; for men’s underwear, shirts and light-weight
Other income____
114,753
175,158
159,137
suits; for draperies, sheets and other domestic uses; and for shoe linings and
$182,456 automobile upholstery. A large proportion of the company’s sheetings are
Gross profit_____
. $2,323,256 loss$436,724 $1,875,509
514,616
610,115 made up in its Lyman plant into finished sheets and pillow cases. Plants
Other deductions..
918,868
1,042,417
at Lawrence, Mass., Dover, N. H., and Columbia and Lyman, S. O. The
Net income.................. $1,404,388df$l,479,141 $1,360,893 def$427,659
mills contain 663,680 cotton and worsted spindles and 16,212 looms. The
Profit and loss surplus.. $2,679,474 $1,340,341 $2,876,757 $1,173,440 finishing plants are capable of finishing over 400,000,600 yards of cotton
cloth annually, about one-third of which is produced In the company’s own
Quarter Ended March 31—
1926.
1925.
1924.
Netprof. after int., &c., but before deprec’n.$888,644 $323,263 $174,071 mills and two-thirds purchased.
STOCK.—See table at head of page.
OFFICERS.—Chairman, William G. Mather; Pres., E. J. Kulas: Sec.
NOTES.—The 5-year 5)4 % gold notes are callable on 60 days’ notice as
H. B. Miller; Treas., L. Kemper. Office, 3341 Jennings Road, Cleveland,
a
whole
at any time or in part on any interest date at 102 during first two
—(V. 122, p. 2511.)
years, at 101 during next two years, and at 100)4 the last year, plus interest
OWENS BOTTLE CO. (THE).—ORGANIZATION.—Incorp. in Ohio in each case. V. 122, p. 1038.
•n Dec. 16 1907, succeeding a New Jersey corporation of the same name
—The directors on Feb. 1 1926 voted to omit the quarter­
incorp. Sept. 3 1903. The word “Machine” was dropped from name in ly DIVIDENDS.
usually due on March 1. From June 1925 to Dec. 1925, Inclus­
May 1919. V. 108, p. 2027. Owns the U. S. rights to use and license other ive,dividend
quarterly
dividends
75 cents per share were paid on the outstanding
manufacturers to use the Owens bottle-making machine, the patents cover­ $40,000,000 capital stock,ofpar
This is the first time since 1883 that
ing which are held by the Toledo Glass Co., an Ohio corporation. Plants the company failed to declare a$100.
dividend on the stock.
are located at Toledo, Cincinnati and Newark, Ohio; Huntington, Fair­
REPORT.
—
For
1925,
in
V.
122,
p. 761, showed:
mont, Clarksburg and Charleston, W. Va.; Evansville and Loogootee, Ind.;
Calendar Years—
1925.
1924.
1923.
xl922.
Streator, Ill.; Glassboro, N. J., and Okmulgee, Okla. Output includes
Net
sales
..........................
$52,740,931
$39,683,113
$44,810,158 $27,695,284
bottles for catsup, chili sauce, salad dressings, syrups, perfume, proprietary
medicines, druggists' bottles, &c. In July 1917 purchased property ot Cost of goods sold.......... 49,831,337 39,541,103 38,856,254 24,579,686
Kanawha Mfrs. Gas Co. and July 1 1918 the Whitney Glass Works. On
Net operating profit.. $2,909,594 $142,010 $5,953,904 $3,115,598
Jan. 1 1926 the Chas. Boldt Glass Co. was consolidated. V. 121, p. 3015.
Plant depreciation_____ $1,384,562
$1,243,137 $1,242,483 $1,268,358
Other purchases, V. 109, p. 773; V. 118, p. 1279.
Interest...............
1,079,784
767,364
902,999
477,533
STOCK.—The preferred stock is entitled to cumulative pref. dividends of Inventory mark down..
966,068
398,379
117,509
15,112
7 % per annum; to priority as to assets to its par value plus accrued dividends; yDivs. paid during yr.(3 54) 1,500,000 (6)2,400,000 (6)2,400,000(12)2400,000
and is subject to redemption, all or part, at 115 and divs. on 90 days’ notice.
Balance, deficit.........$2,020,820 $4,666,870sr$l,290,912 $1,145,406
DIVIDENDS.—On Oct. 1 1916 paid on common shares regular 3%
Sales—
and an extra 8%. V. 103, p. 1122. From Jan. 1 1917 to Jan. 1918, Cotton (yds.)................. 297,612,858 212,960,568 213,896,810 148,796,421
incl., paid 20% p. a., incl. for each quar. regular 3% and 2% extra. In Worsteds (yds.).......... .. 17,356,122 16,215,845 21,116,403 13,185 323
April, July and Oct. 1918 paid regular quarterly 3% in cash and extra Yarns (lbs.)............... ..
37,185
1,634
110,804
206,728.
divs. of 2% on the common stock in Second Liberty Loan 4s at par. Jan.
x A strike of seven months duration occurred In the northern plants in
1919 to Apr. 1921 paid 3% quar.; July 1921 to Jan. 1923 paid 2% quar.; 1922. y Dividends of 1922 on $20,000,000—100% stock dividend paid in
Apr. 1923 paid 2% quar. and 1% extra; July 1923 to July 1926, paid 3% Dec. 1922. Subsequent dividends on $40,000,000 of stock.
quar.; also paid 4% extra in Jan. 1926. A stock div. of 5% was paid July 1
OFFICERS.—Pres., Robert F. Herrick; V.-P., Malcolm Donald; Treas,
1920, a stock div. of 50% was paid June 1 1921, and a stock div. of 5% was Edwin
Farnham Greene; Clerk, William G. Smith. Office, 24 Federal St,
paid Jan. 1 1926.
Boston, Mass.—(V. 122, p. 1038.)
REPORT.—For 1925 showed:
PACIFIC
OIL CO.—See Standard Oil Co. of California below.
1922.
Calendar Years—
1925.
1924.
1923.
PACKARD MOTOR CAR CO.—ORGANIZATION.—Incorp. in Mich.
Mfg. profit and royalties $7,489,282 $5,643,463 $5,064,738 $4,644,031
1,576,609 8«pt 1 1909 as successor of West Virginia co. of same name. Plant at
Otherincome_________
734,575 1,025,508
1,037,236
Detroit. V. 103, p. 576; V. 109, p. 77.
$6,668,971 $6,101,974 $6,220,640
Total income_______ $8,223,856
STOCK.—All of the outstanding preferred stock was redeemed on
Expenses, Ac., charges.. $2,314,173 $2,558,927 $2,161,411 $1,989,978 Aug. 31 1925 at 110 and divs.
380,000
675,800
399,500
Federal tax___________
858,633
The stockholders on Nov. 12 1925 increased the authorized common stock
from $30,000,000 to $50,000,000, par $10. A 10% stock dividend was
Net profit....................... $5,051,051 $3,710,544 $3,560,563 $3,554,862 paid on this issue on Dec. 1 1925.
637,760
622,167
608,031
Preferred dividends____
575,360
DIVIDENDS.—On pref. In full to date. On common as follows:
1,323,158
1,981,944
1,981,909
Common dividends____ 2,643,554
Fiscal years ended Aug. 31—
’10. ’11-’13. ’14. ’15. ’16. ’17. ’18. ’19. ’20. ’21. ’22. ’23. ’24. ’25.
$956,452 $1,593,945
$1,120,604
Balance, surplus____ $1,832,137
0
0 0 5X 7X 6 13 12)4 2)4 0 13 12 20
Profit and loss, surplus. . $8,204,892 $6,471,718 $5,970,391 $4,923,282 Cash .. 6
Stock..
...............
40 — 60 ..................... ......
-- — 100 .. —
1923.
1924.
1925.
Quar. Ended Mar .31—
1926.
Paid in fiscal year ending Aug. 31 1926: Oct. 31 1925, 5%; Dec. 1 1925,
Net profit after expenses
10%
in
stock;
Jan.
30
1926,
5%;
April
30
1926,
5%.
$802,454
$907,361
$941,690
and Federal taxes___ $1,214,412
REPORT.—For year ending Aug. 31 1925, in V. 121, p. 2267. showed:
OFFICERS.—Chairman, Wm. S. Walbridge; Pres. & Gen. Mgr., W. H.
Years End. Aug. 31— 1924-25.
1923-24.
1922-23.
1921-22.
Boshart; V.-P., William Ford; V.-P., Charles Boldt; Sec., F. L. Geddes; Sales—Carriages, trucks,
Treas., H. W. Carter; Asst. Sec. 1 Asst. Treas., J. H. McNerney. Office,
bo , illdi LLlt3 Ob d< V
Toledo, Ohio—(V. 122, p. 2341.)
tion engines............... $60,475,989 $46,003,679 $55,670,465 $37,988,499
PACIFIC COAST COMPANY (THE).—This company owns all the Cost of sales......... ............ 48,667,341 39,881,552 44,321,931 33,627,887
securities of Pacific Coast RR. (old Col. & Puget Sound RR.), Seattle to
Gross profit............... .$11,808,648 $6,122,127 $11,348,534 $4,360,612
Franklin, Wash., See., with branches, 57 miles; Pacific Coast Ry. (narrow
1,003,936
857.360
599.262
gauge) Port San Luis. Oal., to Los Alivos, &c., with branches, 103 milea; Otherincome........... ........ 1,070,433
Pacific Coast Coal Co., owning Franklin mines, with 3,850 acres at Frank­
Gross income.................$12,879,081 $7,126,062 $12,205,894 $4,959,874
lin Wash., Black Diamond mines, with 4,670 acres at Black Diamond.

S




310

INDUSTRIAL STOCKS AND BONDS
MISCELLANEOUS COMPANIES.

IFor abbreviations, Ac., see notes on page 8.1

Date

Bonds

Paige-Detroit Motor Car Co—Com stk 1,000,000 sh auth
Pref (a & d) stock 7% cum red (see text) $3,000,000 auth
Serial deben g due $500,000 s-a red (text)_____ DD.zzc* 1924

Pan Araer Petrol & Transport—Com stk $55,000,000-— ___
Class B non-voting com stock $150,000,000------------------- ----First Hen 10-yr marine equip conv bonds red 105 Colkxxxxc* 1920
10-yr conv s f gold bonds red (text)_______________kxxxc 1924

p

Par
Value

Amount

Outstanding

Bate

%

When
Payable

[Vol. 122.

Last Dividend Places Where Interest and

and Maturity

Dividends are Payable

None 676,474 shs See text Q—J Apr 1 1926 45c
$100 $2,195,800
7
Q—J Apr 11926 IX
1,000 1,000,000
J & D Dec ’26-June ’27 /First Nat Bk, Detroit,
(or Equit Tr Co, N Y
50,077,950 See text Q-J 20 Apr 20’26 3^ Mew York
87,738,100 See text Q-J 20 Apr 20 ’26 39! New York
500 &<
F & A Aug 1 1930
New York
4,237,500
7g
Blair & Co. N Y
100 &c 11,062,000
6g
M & N Nov 1 1934

Marketing Facilities.—The fuel oil distributing stations are located at
Baltimore, Md., Portland, Me., Chelsea, Mass., Providence and East
Providence, R. I., Carteret (New York Harbor), Passaic, N. J., Norfolk,
753,162 Va., Jacksonville and Tampa, Fla., New O leans, La., and Galveston,Tex.
In addition, there is leased and owned gasoline and kerosene bulk and service
889,022
111,499 stations, operated in Maine, New Hampshire, Massachusetts, Rhode Island,
Connecticut, New York, New Jersey, Virginia, Georgia, Florida.Tennesee
912,804
2,000,000
and Louisiana. There is also owned some 1,700 tank cars.
$9,648,289 $3,404,064 $5,684,934 $2,472,955
South American Properties.
Profit from oper. of
branches & subs____ 2,542,791
1,401,110
1,396,945 def357,127
Marketing Facilities.—Through the Caloric Co., marketing stations are
operated at Rio de Janeiro, Santos, Para. Pernambuco and Bahia. Brazil.
Net profit___________ $12,191,081 $4,805,174 $7,081,879 $2,115,828 The Mexican Petroleum Co. operates stations at Buenos Aires, Argentine,
Previous surplus______
9,488,443 8,676,024 17,004,438 15,923,896 Montevideo, Uruguay, and Cristobal, C. Z.
Subsidiary Companies.
Total surplus............. $21,679,524 $13,481,198 $24,086,317 $18,039,724
Pan American Petroleum Corp.—Incorporated Nov. 5 1923 in Delaware.
Preferred dividends____
686,993 1,140,332
1,029,322 1,035,286
Authorized
capital,
$100,000.
Operates bulk and service stations in
Com. divs. (cash)-. (20%)4,746,046(12)2852,424(10X)2495871
_____
Georgia and Tennessee.
Stock (100%)..____
_____
_____
11,885,100
_____
I’rem. on pref. stock red- 1,076,147
_____
_____
_____
Caloric Co.—Incorporated Oct. 4 1911 in New York. Authorized capital,
$2,000,000. Operates marketing stations in Brazil.
Profit & loss, surplus.$15,170,338 $9,488,442 $8,676,024 $17,004,438
Mexican Petroleum Co., Ltd.—Incorporated Feb. 16 1907 in Delaware.
---- Qr. End. Feb. 28—- ----- 6 Mos Feb.. 28------ Authorized capital, $60,000,000.. A holding company.
IQOfi
1QOS
Mexican Petroleum Co. of California.—Incorporated Dec. 20 1900 in Calif.
1926.
1925.
Net prof. aft. tax. & chgs $3,122,849 $1,081,991 $8,002,358 $2,954,745 Authorized capital, $10,000,000. Produces, refines and markets oil.
Huasteca Petroleum Co.—Incorporated Feb. 12 1907 in Maine. Authorized
OFF1CERS.- -Pres. & Gen. Mgr., Alvan Macauley; V.-P., R. A. Alger;
$15,000,000. Produces, refines and markets oil.
Sec., M. A. Cudlip; Treas., Richard P. Joy. Office, Detroit.—(V. 122, capital,
Tamiahua Petroleum Co.—Incorporated Oct. 3 1906 in Maine. Autho­
p. 2666.)
rized capital, $1,000,000. Owns Mexican oil lands.
PAIGE-DETROIT MOTOR CAR CO.—Incorp, under laws of Mich.
Tuxpam Petroleum Co.—Incorporated June 26 1906 in Maine. Au­
Sept. 28 1909. Manufactures the “Paige” and “Jewett” automobiles. thorized capital, $1,000,000. Owns Mexican oil lands.
Plants are located in Detroit, Mich., and Walkerville, Ont.
Change In Control.
STOCK.—Pref. stock is redeemable as a whole or in part at 105 up to
Control of the company passed April 1 1925 to the Standard Oil Co. of
Oct. 1 1939, on which date the issue is to be redeemed at par. Annual Indiana,
Blair
&
Co.,
Inc.,
the Chase Securities Corp, and their asso­
unking fund 10% of net earnings after taxes and pref. divs.
ciates when Edward L. Doheny signed a contract for the sale of 501,000
DIVIDENDS.—Paid in 1925: Jan., 30c.: April. 30c. and 2)4% in stock; shares of the voting stock of the company.
July, 30c. and 10% in stock; Oct., 35c. Paid in 1926: Jan., 45c.; April, 45c.
Control passed to the Standard Oil of Indiana interests through the
BONDS.—The serial debenture gold 6Xs are redeemable in whole or Pan American Eastern Petroleum Corp., organized In Delaware, March 26
In part at 102 and int. to June 1 1926; thereafter at 101 and int. to Dec. 1 '26. 1925. It is this company that acquired the Pan American stock from
Mr. Doheny. Compare Standard Oil Co. of Indiana below and V. 120,
REPORT.—For 1925, in V. 122, p. 2809, showed:
P • 1757*
Calendar Years—
1924.
1925.
1923.
The Pan American Western Petroleum Co. was incorporated in Delaware
Sales, less returns—cars, parts, &c.
May 7 1925 with an authorized capital of 1,000,000 shares of no par value,
including inter-company sales____ $62,763,787 $57,679,259 $63,401,420 divided into 200,000 shares of Class “A” stock and 800,000 shares of Class
Cost of sales, incl. inter-co. costs___ 55,208,061 50,473,773 55,123,106 "B” stock.
The new company was organized to take over the California and other
Gross profit_____ ______________ $7,555,726 $7,205,486
$8,278,314
Selling, administrative & general exp_ 4,705,853
4,714,861
4,611,861 Western properties of the Pan American Petroleum & Transport Co.
Miscellaneous (net)________________ Dr.67,007
Cr. 1,305 Cr.108,588 (see below).
Interest___________________ _______
x
300,320
149,414
STOCK.—On Oct. 22 1919 $70,000,000 of the $125,000,000 auth. cornDepreciation______________________
x
357,058
304,978 stock was made Class B com. with no voting power but in all other respects
Reserve for Federal income tax_____
345,000
246,467
434,912 having the same rights, &c., as the other com. The initial block of this
Preferred dividends________________
153,014
162,856
185,024 Class B was offered till Dec. 22 1919 at $100 per $50 share to all stockholders
Common dividends________________
905,357
720,000
_______
480,000
of record Nov. 25 in amounts equal to 10% of holdings. The authorized
Class B com. stock was increased to $150,000,000 in Jan. 1923. V.116, p.420.
Balance, surplus_________________ $1,379,492
$705,229$2,220,713
Holders of stock of Pan American Petroleum & Transport Co., whether
x Not shown separately, included in expenses.
Class A or Class B, of record Aug. 19 1925 were offered the right to sub­
Income Account for 'Quarter Ended March 31 1926.
scribe at $23 50 a share for one share of Class B common stock of Pan Ameri­
Hales, $17,399,927; costs and expenses, $16,801,971; balance__
$597,956 can Western Petroleum Co. for each seven shares of stock of Pan American
Miscell, charges (net), $13,587; Federal taxes, $79,000; total-92,587 Petroleum & Transport Co. of either class registered in their names.
V. 121, p. 849.
Net income____________________________________________ $505,369
DIVIDENDS—On com. No. 1,1 X %, Oct. 10 1917’ Jan. 10 1918,1X %.
The net income of $505,369 for 1926 compares with $800,282 for the
April 1918 to July 1919 paid each quar, 2X %. half in Liberty bonds. Oct,
same period of 1925.
1919 to Oct. 1922 paid 3% quar.; Jan. 1923 to Jan. 1924 paid 4% quar.;
OFFICERS.—Pres., Harry M. Jewett; 1st V.-P., F. L. Jewett; Sec., Apr. 1924 to Jan. 1925 paid 2% quar.; Apr. 1925 to Apr. 1926 paid 3% quar.
Sherwin A. Hill; Treas., Gilbert W. Lee. Office, Detroit, Mich.—(V. 122, Also paid 10% in Class B stock in July 1920, 25% in Jan. 1923 and 20% in
p. 2960.)
Feb. 1923. On com. B initial div. of 3% paid Jan. 10 1920; 3% paid Apr. 10
PAN AMERICAN EASTERN PETROLEUM CORP.—See Pan Ameri­ 1920. In July 1920 paid 3% in cash and 10% in Class B stock. V. 110, p.
2493. Oct. 1920 to Oct. 1922 paid 3% quar. in cash; Dec. 11 1922 paid 25%
can Petroleum & Transport Co. below:
com. B stock; Jan. 1923 paid 4% in cash; in Feb. paid 20% in com. B
PAN AMERICAN PETROLEUM & TRANSPORT CO.—ORGANIZA­ in
stock;
April 1923 to Jan. 1924 paid 4% quar.; April 1924 to Jan. 1925
TION.—Incorporated under laws of Delaware, Feb. 2 1916. It is a holding
company and in addition owns and operates a fleet of oil carrying steamers. paid 2% quar. in cash; April 1925 to Apr. 1926 paid 3% quar. in cash.
Subsidiary Companies.—The following is a list of the subsidiary companies
BONDS.—The first lien 10-year marine equipment bonds are a first mtge.
whose accounts are consolidated with those of the parent company and the on a fleet of 10 steel tank steamships aggregating about 100,670 tons dead
percentages of stock of the respective subsidiary companies held by the weight capacity, providing marine transportation facilities for the Mexican
parent company;
Petroleum Co., Ltd., of Delaware. Convertible into Class B common stock
Pan Amer. Petroleum Corp___ 100%
Tuxpam Petroleum Co____ 100% at $145 per share—that is, at the rate of $2,900 of bonds for $1,000 of
Caloric Co__________________ 81%
Tamiahua Petroleum Co___ 100% Class B common stock (20 shares of $50 par value each), with provision for
Mexican Petroleum Co.. Ltd.. 98%
Mexican Petrol. Corp, of La.100% a reduction of the conversion price under certain conditions if additional
Subsid. of Mex. Petrol. Co.. Ltd.—
Mexican Petroleum Corp.gl00% common stock or Class B common stock shall be issued at prices lower than
Mex. Petrol. Co. (Calif.)--99X%
Subsid. of Mexican Petrol. Corp.— $145 per share. V. Ill, p. 394. The conversion price after giving effect
Huasteca Petroleum Co___ 100%
Boston Harbor Oil Co___ 100% to the two recent stock divs. mentioned above is $106.45, i. e., at the
In addition, the investment of the company in stocks of other companies rate of $106.45 value of bonds for 1 share of common Class “B” stock.
The 10-yr. conv. 6% s. f. gold bonds of 1924 are red. as a whole (or in
is as follows:
American Oil Co----------------------------------------------------------------- $1,750,000 part for the sinking fund) at any time on 6 weeks’ notice at 103 and int. on
or
before April 30 1929, and thereafter at 103 and int., less X % for each
Lago Oil & Transport Corp________________________
10,000,000
Miscellaneous-------------------------------------------------------------------162,562 6 months or part thereof elapsed after said date. Convertible into the com­
pany
’s Class “B” common stock at $70 per share, that is, at the rate of
Steamships.—The fleet of oil carrying steamers owned by the company
face amount of bonds for $1,000 par value of stock (20 shares of $50
consists of 31 vessels of a dead weight tonnage of 272,500 tons and carrying $1,400
par value each) with provision for reduction of the conversion rate if under
capacity of 1,800,000 barrels. These vessels are leased to the Huasteca certain
conditions additional common stock or Class “B” common stock
Petroleum Co. and together with six vessels leased from outsiders, are (other than
200,000 shares and any stock issued in exchange for Mexican
employed in transporting the companies’ oil from Tampico, Mexico, Destre­ Petroleum
Co. stock), shall be issued or sold at prices lower than $70 per
han, La., and Los Angeles, Calif., to the various stations of the companies, share. Company
will covenant to retire l-10th of these bonds in each year,
located principally along the Atlantic and Gulf coasts of the United States the first installment
to be payable on Nov. 1 1925; the sinking fund pay­
and in Panama and South America.
ments to be payable semi-ann. thereafter on May 1 and Nov. 1. Company
Mexico Properties.
Is to be credited on its sinking fund obligation with bonds retired by con­
Oil Lands.—Through the subsidiaries of the Mexican Petroleum Co., versions. Company may anticipate its sinking fund installments. V.
Ltd. (principally the Huasteca Petroleum Co., Mexican Petroleum Co. 119, p. 1744.
(Calif.), Tuxpam Petroleum Co. and Tamiahua Petroleum Co.), it owns or
REPORT.—For 1925 showed:
leases approximately 1,500,000 xacres located principally in the Tampico
Calendar Years—
1925.
1924.
1923.
1922.
district. These lands have produced upwards of 333,000,000 barrels of oil, Profit from operation_
$41,973,196
$29,721,151 $32,412,906 $48,049,737
the production for the year 1925 being approximately 37,400,000 barrels.
Deduct
—
Interest,
&c
___
79,221
1,586,610
809,962
1,108,622
Pipe Lines.—There is owned and operated approximately 600 miles of
Depreciation, &c_ 10,053,519
10,577.180
8,359,269 10,785,178
pipe lines with a capacity of 130,000 barrels per day, carrying oil from the
Federal taxes__
4,000,000
2,250,000
2,500,000 4,580,000
southern fields to Tampico and, in addition, 40 miles of pipe lines carrying
Appl.
to min. interests
504,462
122,289
391,288
_____
oil of 30,000 barrels per day from the Panuco fields to Tampico. The
capacity of the pipe lines from the Panuco fields is being increased to 90,000
Net
income
________
$27,335,995
$15,185,072
$20,352,387
$31,575,937
barrels per day.
Refineries.—There is owned and operated at the Terminal (Tampieo) a Common dividends------ 16,477,044 10,367,671 20,457,510 10,561,508
complete refinery with a capacity of 130,000 barrels of crude per day.
Balance, surplus------ $10,858,951 $4,817,401 def$105,123 21,014,429
Other Properties.—In addition to the foregoing properties, there are
8,276,917 30,830,122 25,457,423
owned in Mexico storage facilties of approximately 10,000,000 barrels; a Previous surplus--------- 11,832,605
railroad 40 miles long running from San Geronimo to Cerro Azul, together
Total
surplus
---------$22,691,556
$13,094,318
$30,724,999 $46,471,852
with necessary shops, warehouses, camps, dwellings, facilities for loading Invest., &c., adjust----- Dr7,333,075
_____ Drl,215,994 05,590,170
four 10,000-ton tankers at one time, compressor plants, tank cars, &c.
Stock dividend------------------------- 21,232,088 21,231,900
United States Properties.
Prop, aband., unamort.
Refineries.—There is owned and operated at Destrehan, La., through the
discount & premium. _____
1,261,714
_____
_____
Mexican Petroleum Corp, of Louisiana a refinery with a capacity of apj roximately 30,000 barrels per day.
Profit & loss surplus..$15,358,481 $11,832,604 $8,276,917 $30,830,122
Years End. Aug. 31— 1924-25.
Selling, gen. & adm. exp. 1,960,195
1,270,598
Int. on borrowed money
Proportion of bond disc.
& expense__________
Contingencies_________




1923-24.
2,218,495
590,699

1922-23.
2,558,375
648,715
424,848

1921-22.
1,622,258

May, 1926.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES.
[For abbreviations, Ac., see notes on page 8]

Pan Am Western Petroleum Co—Cl A stk 200,000 sn autti
Class B stock 800,000 shares authorized_____________
Sinking fund gold notes_____________________________
1925
Pan Amer Pet Co of Calif 1st mtge s f g bonds convert and
red (text)___________________________________ kxxxc* 1925
Panhandle Producing & Refining—Com stock 300,000 sh.
Pref (a & d) cumul convertible (s.f) $4,000,000 call 110
Park & Tilford Inc—Stock 200,000 shares auth________
Debenture s f gold bonds______________
__________ xc 1906
Peerless Motor Car Corp—Cap stk auth $20,000,000__
Penick & Ford Ltd Inc—Com stk 450,000 shares auth_.
Pref (a & d) stock 7% cum red 110 $4,000,000 auth_____
First mortgage s f g bonds $4,000,000 auth_________ xxx 1923

Par
Value

Rate
%

When
Payable

Last Dividend Places Where Interest sad
and Maturity
Dividends are Payable

None 100,010 shs See text Q—J30 Apr 30 ’26, 50c
None 400,000 shs See text Q—J30 Apr 30 ’26, 50c
$11,250,000
6 g J & J Jan 1 1940

$100 &c
None
$100
None
500 &c
5(1
None
100

OFFICERS.—Chairman & Pres., F. H. Wickett; V.-Ps., P. H. Harwood,
R. G. Stewart, J. J. Cotter, Harold Walker, Frederic Ewing, J. S. Wood,
Harold B. Reed; Treas., A. N. Penn; Sec., O. D. Bennett; Compt., J. J.
Satzky.
t
DIRECTORS.—F. H. Wickett, R. W. Stewart, John D. Clark, E. G.
Seubert, Elisha Walker, Hunter S. Marston, George Armsby, Edward F.
Hayes, E. R. Tinker, Harold Walker, Paul H. Harwood, J. J. Cotter and
Frederick Ewing, Frank Callahan, R. G. Stewart. N. Y. office, 120 Broad­
way.—(V. 122, p. 2666.)
PAN AMERICAN WESTERN PETROLEUM CO.—Incorp, under laws
of Delaware May 7 1925 and acquired from the Pan American Petroleum
& Transport Co. the stock of the Pan American Petroleum Co. (Calif.),
the purchase price being $23,293,125. Compare V. 121, p. 1578.
The business of the Pan American Petroleum Co. is the producing, refin­
ing and marketing of petroleum and its products. That -ompany’s prop­
erties include the following: Lands owned in fee and under lease, situated
In various California oil districts, aggregating approximately 26.750 acres
a modern refinery near Los Angeles occupying approximately 306 acres of
land owned in fee, with storage capacity of 8,750,000 barrels and a daily
distillation capacity of approximately 40,000 barrels; a modern wholesale
marine loading station at tidewater with a storage capacity of 440,000
barrels and a loading capacity of 20,000 barrels of fuel oil per hour, or 10,000
barrels of gasoline per hour; a pipe line system consisting of 147 miles of
main and gathering pipe lines, in addition to which the company has in
use other pipe lines extending from Los Angeles to the Elk Hills and Buena
Vista oil fields (California) under advantageous agreements; the company
owns wholesale distributing stations, tank cars, &c., and has under lease
and in operation 67 gasoline and lubricating oil service stations, the improve­
ments on which are owned by the company, which also owns other miscel
laneous properties used in the conduct of the above mentioned business.
In the foregoing paragraph any property which is involved in litigation
has been excluded.
STOCK.—Class A stock and Class B stock have the same rights and
privileges and are subject to the same limitations, except that Class B stock
has no voting power for any purpose whatever. All dividends which may
be declared for any fiscal year are to be payable ratably to holders of the
•Class A stock and of the Class B stock.
BONDS.—The 1st mtge. convertible 6% sinking fund gold bonds are
redeemable in whole (but not in part except for sinking fund) at any time on
not less than 60 days’ notice at 105 and int. up to and incl. Dec. 15 1926,
the premium decreasing thereafter J4 of 1 % during each successive 12-month
period.
Convertible at the option of the holder into the Class “B” stock of Pan
American Western Petroleum Co. (parent company) at the following prices:
$55 per share if converted on or before Dec. 15 1928: or $60 per share if
converted after Dec. 15 1928. and on or before Dec. 15 1931: or $65 per share
if converted after Dec. 15 1931, and on or before Dec. 15 1934; or $70 per
share if converted after Dec. 15 1934 and on or before Dec. 15 1937; or
$75 per share if converted thereafter.
Sinking Fund.—On Dec. 15 1927 the company, as a sinking fund, will
deliver or pay to the trustee bonds of this issue or cash sufficient to retire
l-14th of the $15,000,000 bonds; and semi-annually thereafter on June 15
and Dec. 15 of each year, the company will deliver or pay to the trustee,
bonds of this issue or cash sufficient to retire l-28th of the principal amount
•of the $15,000,000 bonds.
Security.—Secured by a closed first mortgage or first lien on substantially
all the real estate owned in fee at the date of the mortgage by the Pan
American Petroleum Co. (of Calif.), including about 4,242 acres of oil and
gas lands; a modern refinery near Los Angeles Harbor with a daily capacity
•of 70,000 barrels; storage facilities and terminals; and in addition interests
and leases in oil and gas lands covering approximately 21,320 acres. In
addition the mortgage will cover as a first lien the lubricating plant and all
the capital stock of the Los Angeles Midway Pipe Lihe Co., to be presently
acquired. V. 121, p. 3015.
NOTES.—The $11,250,000 sinking fund 6% gold notes were issued to
the Pan American Petroleum & Transport Co. as part payment for the
stock of the Pan American Petroleum Co. (of Calif.)
DIVIDENDS.—On Class A and Class B stock, paid initial dividends
of 50 cents per share on Oct. 30 1925; same amount paid Jan. 30 and April 30
1926.
REPORT.—For 1925 showed:
Income Account for Year Ended Dec. 31 1925.
Gross sales----------------------------------------------------------------------- $28,583,179
Operating and other costs-------------------------------------------------- 19,150,428

Profit from operations---------------------------------------------------- $9,432,751
Deprec. & deple., $2,940,675; aband. of props., $648,370; total. 3,589,045
Gen. and adm. exp., $700,047; int., $528,125; prov. for Fed. tax,
$382,924; total------------------------------------------------------------1,611,096
Net profit----------------------------------------------------------------------- $4,232,609
Income Account for Quarter Ended March 31 1926.
Gross earning------------------------------------------------------------------ $5,424,647
Operating expenses------------------------------------------------------------ 4,062,617
Other expenses, interest, &c_______________________________
551,994

Net profit before depreciation and depletion_______________ $810,036
OFFICERS.—Pres., Edw. L. Doheny; V.-P., E. L. Doheny Jr., Chas.
E. Harwood and Graham Youngs; Sec., R. M. Sands; Treas., Fred Ritter.
—(V. 122, p. 2809.)
PANHANDLE PRODUCING & REFINING CO.—ORGANIZA
TION.—Incorp, in Delaware Oct. 16 1919 to acquire entire capital stock
of Panhandle Refining Co. of Texas, which in turn acquired substantially
all the properties theretofore owned by Brown & Jones, Roy B. Jones,
Trustee, The 6666 Oil Co., The Trojan Oil Co. and Panhandle Boiler and
Machine Shop. Owns oil producing leases in whole or in part, covering
about 1,411 acres in Wichita County, 530 acres in Archer County, 304
acres in Young County, 541 acres in Eastland County and 3,500 acres in
Hutchinson County, Texas, also 81 acres in Cotton County, Okla., and
gas producing acreage of approximately 5,500 acres in Texas. The com­
pany also holds, in whole or in part, approximately 50,348 undeveloped
P'
1ceases located in various counties in Texas; also refinery with two units of
Dubbs Cracking Plant, 295 tank cars, pipe lines, &c. It also owns approxi­
mately one-sixth interest in the Wichita Pipe Line, extending from Wichita
Falls into Archer County; a one-third interest in the Panhandle Oil Co. ol
Arizona, operating bulk gasoline stations in El Paso, some bulk and filling
stations in New Mexico and Arizona. It also owns the Panhandle Oil Co.
of Mississippi, operating nine bulk stations in that State. As at Dec. 31
1925, the company owned 202 producing oil wells and 6 gas wells.
STOCK.—Pref. stock Is callable at 110. Convertible Into Common stock
In the ratio of one share of Preferred for two shares of Common stock
Sinking fund provides: 25% of net profits after Pref. divs., but not les»
than $400,000 a year, until the Pref. is reduced to $3,000,000; thereafter,
not less than $300,000 a year until the issue has been reduced to $2,000,000
and thereafter not less than $200,000 per annum until the pref. stock has




Amount
Outstanding

211

15,000,000
6g J & D
.198,770 shs.
2,807,700 9ee text
200,000 sh
$2,120,000
6g J & D
11,429,450 See text
433,773 shs.
4,000,000 See text
Q—J
3,796,000
644 g J & D

Dec 15 1940

Blair & Co, N Y; & Los A

July 2 1923 26! Irv 'Bk-Ooi "Tr"6o" ’n" Y

Junel 1936
Viech & Met Nat‘Bk?NY
June30 ’24 1°7,
Mar31 ’26 344
Dec 1 1943
lan Com T & S B, New
Orl; also N Y and Chic

been retired. No mtge. without consent of 75% of the prer. stock. First
dividend of 2% paid Jan. 1 1920 to July 2 1923, 2% quar.; none since.
See offerings in V. 109, p. 1614, 1993.
REPORT.—For 1925 showed:
1
Calendar Years—
1925.
1924.
1922.
Gross earnings________ $5,139,131
$4,665,167 $3,460,700 $4,522,451
Oper., gen. & adm. exp.
and taxes__________
4,848,889
4,124,029
2,929,008
3,689,391
Other income credits__
30,248
40.403
10,038
7,949
Interest, discount, &c_.
73,921
76,290
55,068
29,306
Inventory adjustments. Cr.139,698
97,012
186,844
73,435
Panhandle Oil Co. inc..
14,459
Depreciation_________ 1
589,248
(242,837
192,649
270,119
Deple’n & amortiza’n-. J
(542.243
400,814
355,895
Preferred dividends___
x215,316
x228,816
X234.816
243,500
Balance, deficit-------$403,838
$605,657
$528,460
$131,247
x No dividends were paid upon the Preferred stock during the year. This
sum was charged against income and credited to reserve for preferred divi­
dends. As dividends are cumulative, this is an obligation of the company.
Quars. end. Mar. 31—
1926.
1925.
1924.
1923.
Operating revenues____ $1,086,240 $1,312,224 $1,024,839
$858,052
Operating expenses____
963,506
1,049,634
772,847
635,857
Admn., selling & taxes..
60,971
57,715
48,318
59,005
Net earnings_______
$61,762
$204,875
$203,674
$163,190
Other income_________
a33,069
1,283
1,490
2,076
Gross income_______
$94,831
$206,158
$205,164
$165,266
Deductions__________
25,693
23,234
18,528
13.257
Deprec. & depletion___
102,009
Preferred dividends___
X47.204
58,704
58,704
Net income avail, for
def$32,871 y$135,720
$127,931
$93,305
a Includes gain of $20,389 in crude oil inventories and $10,529 net income
of Panhandle Oil Co.
x This amount has not been paid but has been carried to a reserve,
y This does not include a gain on crude oil inventories of $146,870 arising
from advances in posted prices. The amount was to be held in suspense
until the end of the year.
OFFICERS.—Roy B. Jones, Pres.; B. J. Shaw and Thomas Morrissey,
V.-P.; M. A. Chambers, Sec. & Treas. Office, Staley Bldg., Wichita
Falls, Texas.—(V. 122, p. 2666.)

PARK AND TILFORD, INC.—Incorp, under laws of Delaware on
Aug. 6 1923. Manufactures and sells at both wholesale and retail packaged
groceries, candy, perfumery, cigars, &c., and also holds the stock of the
Melita Realty Co. The products of the corporation are sold throughout
the United States and exported to many foreign countries. Operates
three large retail grocery stores in N. Y. City—one at 26th St. and 5th Ave.,
one at 59th St. and Madison Ave., and the other at 44th St. and Madison
Ave.
STOCK.—See table at head of page.
BONDS.—On June 1 1906 there was issued and sold $3,000,000 worth
of 6% debenture sinking fund gold bonds, maturing June 1 1936. These
bonds were to be retired at the rate of $40,000 par value annually for seven
years from June 1 1909; at the rate of $80,000 par value annually for ten
years from June 1 1916, and at the rate of $100,000 per value annually for
the ten years from June 1 1926. The bonds to be retired either by purchase
in the open market at not more than 110 and int. nr to be drawn bv lot
at 110 and int. Outstanding Dec. 31 1925, $2,120,000.
REPORT.—The company reported net profit for the fiscal year ended
July 31 1925 of $475,964.
The company reported for the five months ended Dec. 31 1925 a net in­
come of $296,775, after taxes and charges. For the quarter ended Mar. 31
1926, net profits after taxes and charges were $96,600.
OFFICERS.—Pres., David A. Schulte; V.-P., Louis Goldvogel and
Joseph M. Schulte; Treas., Joseph M. Schulte; Asst. Treas., Jerome Risner:
Sem. Udo M. Reinach. Office, 541 W. 43d St., New York.—(V. 122, p.
PEERLESS MOTOR CAR CORP.—ORGANIZATION.—Incorp, in
Nov. 1915 in Virginia as the Peerless Truck & Motor Corp, and acquired
20,789 shares of pref. and 20,855 shares of common (being entire stock
except 218 of pref.) of the Peerless Motor Car Co. of Cleveland, Ohio- name
changed to present title in Sept. 1925 and assets of Peerless Motor Car Co.
transferred to new company.
DIVIDENDS.—The directors on Oct. 2 1919 declared an initial dividend
of 1% and also an extra dividend of 44 of 1 %, both payable Jan. 2 1920.
In April 1920, paid 144% and 44% extra. July and Oct. 1920, 244%.
In Jan. 1921 paid 144%. In Feb. 1921 declared 4%, payable in quar.
installments of 1% each on March 31, June 30, Sent. 30 and Dec. 31 1921.
In Feb. 1922 declared 6%, payable in quar. installments of 144% each on
March 31, June 30, Sept. 30 and Dec. 31 1922. March 31 1923 to Dec. 31
1923 paid 2% quar.; March 31 and June 30 1924 paid 1 % quar.; none since.
REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
1923.
-$17,352,540 $15,491,596
Not
- 14,399,643 12,867,984
Stated
Depreciation.
195,024
200,775
255,752
Net profit-.
- $2,757,872 $2,422,837 $3,907,814
Other income.
223,915
126,561
211,292
$2,981,787 $2,549,398 $4,119,106
- 2,743,767
3,389,109
3,244,027
Int. & miscell, deductions.
111,216
94,699
88,611
Extraordinary charges___
759,768
Federal taxes___________
80,000
Dividends______________
-------- (2%)228,589 (8)935,511
Balance, surplus----------------------- sur$126,804df$l,922,767 def$229,042
Quarters Ended March 31—
1926.
1925.
Gross sales------------------------------------------------------$4,460,878 $3,349,816
Net profit after depreciation and taxes_________
205,802 loss280,514
OFFICERS.—Edward Ver Linden, Pres. & Gen. Mgr.; D. A. Burke.
V.-P.; G. H. Layng, V.-P.; L. R. German, V.-P.; F. A. Trester, Sec.;
John F. Porter, Treas. Office, Cleveland, Ohio.—(V. 122, p. 2341.)

PENICK AND FORD, LTD., INC.—Incorp, under laws of Delaware
on Feb. 7 1920. Is one of the principal packers of molasses and cane syrups
In the United States, and one of the important manufacturers of corn syrup
md other corn products. Plants are located at Harvey (New Orleans), La.;
Cedar Rapids, Iowa; Birmingham, Ala., and Montgomery, Ala.

312

Date
Bonds

MISCELLANEOUS COMPANIES.
[For abbreviations, Ac., see notes on page 8.1

Penn Seaboard Steel—Stock 3,500,000 shares auth (v t c)
J C Penney Co—Classified common authorized $10,000,000
Unclassified common 100,000 shares authorized_______
1st pref (a A d) stock 7% cum call 105 auth $10,000,000
Class A pref stock $15,000,000 authorized______________
Pennsylvania Coal & Coke Corp—Stock $12,000,000 auth
Eq tr ctf due $54,000 s-a to Nov 15 1927, then $53,000 s-a 1922
Watkins Coal Mining Co bonds______________________
1916
Pennsylvania steel Co—See Bethlehem Steel Oo.

Pettibone Mulliken Co—Common stock. $7,000,000-------1st prel taed) 7% cum red 115 see text_______________
2d pref 7% cum. $750,000 red (see text) _____________
Phelps. Dodge Corporation.— Stook $60.000.000----------Philadelphia & Reading Coal & Iron Co—Bonds—see texi
Philadelphia & Reading Coal & Iron Corp—Stock—see texi

Par
Value

Amount
Outstanding

Bate
%

When
Payable

None 2.800 OOOsh See text
$100 $8,192,000
None
29,217 shs.
IOO 2,065,100
Q—M
7
100 7,402,600
JAD
6
50 8.630.300 See text
1,000 1.218 000
6X M A N15
1.000
64 000
J A J
6
1(X
6.665 700
1(X
647 800
7
Q-J
Q—J
100
7
195.400
100 50,000,000
Q—J
4

STOCK.—Pref. stock sinking fund, 10% of net profits annually (after
all accrued divs. on pref. stock have been paid or set apart) to be applied
toward purchase of pref. stock at not exceeding 110 and divs.
Common shares of no par value and of $1 par value are interchangeable.
DIVIDENDS.—In 1926 paid on pref. stock as follows: Jan.2 and March
31, IX % quar. and 154% on account of accumulated dividends, reducing
the latter to 6%.
REPORT.—For fiscal year ended June 30 1925. in V. 121, p. 1222,
showed:
1924-25.
1923-24.
Net sales............................................................. $23,644,843
$21,577,108
Cost of goods sold_______________________ 19,437,822
16,602,675
Gross profits on sales___________________ $4,207,021
$4,974,433
Gross profit on operations—subsidiary companies._____ 76,182
76,974
Total gross profit__________________________ $4,283,203 $5,051,407
Selling, administrative and general expenses____
1,779,763
1,875,719
97,659
Bad debts charged off________________________
34,300
Miscellaneous deductions (net)________________
195,952
242,405
Depreciation________________________________
518.089
501.632
Interest charges on funded and floating debt___
320,308
255,106
Provision for Federal income tax______________
161,660
188,274

Net income................................................................. $1,215,762 $1,947,980
Mar .31’26. ------ Quarter Ended-------Dec. 31 ’25. Sept. 30 ’25.
Gross earnings------------------------------ $1,125,246
Expenses____________________
Depreciation_________________
Interest_____________________
Net income before Federal taxes__
$415,561
$166,607
$184,240
OFFICERS.—Pres., W. S. Penick; 1st V.-P., F. T. Bedford; V.-P.«
A. W. H. Lenders; Treas., L. E. Willson; Sec., C. A. Kepper. Office,
New Orleans. La—(V. 122. p. 2511.)
PENN SEABOARD STEEL CORP.—ORGANIZATION.—lncorp.
Dec. 6 1916 in New York, as Penn. Marine A Ordnance Castings Co.
Name changed to present title June 24 1916. Merged Penn. Steel Castings
& Machine Co., Baldt Steel Co. and Seaboard Steel Castings Co. V. 102,
b. 1631. Plante located at New Castle, Del., and Tacony, Philadelphia,
Pa. Manufactures rolled steel products.
In Feb. 1920 the stockholders authorized the purchase of the entire
capital stock of the Tacony Steel Oo. (V. 109, p. 484; V. 110, p. 567, 472.
The financing plan (V. 117, p. 1244) announced in Sept. 1923, under the
provisions of which the $1.439,100 7% serial gold notes due Feb. 1 1924 were
to be retired, has been put into effect. Under the plan each $1,000 note re­
ceived $200 in cash and $900 In 1st mtge. 7% bonds of a new subsidiary
company, the Penn Steel Castings Co. The latter conmany was organized
in Delaware Nov. 24 1923 with an authorized capital of $500,000 8% cumul.
ref. stock and 10.000 shares of common stock of no par value, and acquired
Itle to the steel casting plant at Chester. Pa.
STOOK.—Agreement expiring June 26 1926, the voting trustees being
M. 8. Hager, J. B. Warren, C. F. Jemison and J. G. Weiss.
The authorized capital stock was increased from 3.000.000 shares to
3,500,000 shares on May 20 1926.
On Dec. 31 1925 there was also outstanding $467,700 8% cumulative
preferred stock of Tacony Steel Co. of Delaware (dividends in arrears on
this stock 36%).
DIVIDENDS (Per Share).—May 1 1916, $1 25 Aug. 1 1916 to May 1
1918, incl., $1 quarterly; Aug. 1 and Nov. 1 1918 and Feb. 1 1919, $1 60
each: none since. V. 108, p. 2349.
REPORT.—For 1925 showed:
1923.
1922.
1924.
Calendar Years—
1925.
$2,309,549 $4,387,771
Net sales_____________$2,061,105
2,500,115
4,209,103
Costofsales........... .......... 2,119,327

8

Gross profit________ loss$58,222 loss$190,566
Other income_______ 8,003
16,992

$178,668 def$177,200
20,846

Totalincome............. loss$50,218loss$173,574
Interest_______________
32,194
156,229
Idle plant expense------------------------

$199,514 def$177,200
232,522
338,248
86,279
214,277

Deficit-.................. ......
$82,413
$329,803
Quarters Ended March 31—
Operating profit----------------------------------------------

$119,287
1926.
$74,021

$729,725
1925.
$24,290
Profit after charges but before depreciation_______
4,147
56,874
OFFICERS.—J. B. Warren, Pres.; O. F. Jemison, V.-P, & Treas.;
M. S. Hager, Sec. A Asst. Treas.; M. B. Perrem, Asst. Sec. Office.
Franklin Bank Building. Philadelphia. Pa.—(V. 122, p. 2960.)
__
J. C. PENNEY CO., INC.—ORGANIZATION.—lncorp. In Utah in
1913; reincorporated under laws of Delaware on Dec. 15 1924. Business
started in 1902. Operates 676 department stores in 44 States.
STOCK.—The class A pref. stock is entirely subordinate to the 1st pref.

DIVIDENDS.—Initial pref. div. of $0,816 per share for the portion of
the quarter from Aug. 19 to Sept. 30 1919 was paid Sept. 30; Sept. 30 1919
to March 31 192$, IX % quar.
SALES.—
1926.
1925.
Month of April-.................................... ...................... $8,762,184 $7,240,160
Four months-_____ __________________________ 27,183,684 21,477,388
REPORT.—For 1925, in V. 122, p. 1622, showed:
1922.
Calendar Years—
1925.
1924.
1923.
Sales_________________ $91,062,616 $74,261,343 $62,188,979 $49,036,729
Cost of mdse. sold, sell. A
gen. exp., depr., and
res. for Federal taxes. 84,267,856 70,083,693 58,277,160 46,116,236
Net income________ $6,794,760 $4,177,650 $3,911,819 $2,919,493
Other income_________
657,808
508,922
578,475
406,227
Total income_______ $7,452,568
$4,686,572 $4,490,294 $3,325,720
Preferred dividends-.
149,306
163,224
171,008
182,427
Class A pref. divs. _
444,156
Common dividends.
760,850
731,470
400,500
491,700
OFFICERS.—Chairman, J. C. Penney; Pres., E. O. Sams; V.-P. A
Comp., Geo. H. Bushnell; V.-P., J. M. McDonald and G. G. Hoag; Sec.,
L. A. Bahner; Treas., J. I. H. Herbert. Office, 330 West 34th St., New
York.—(V. 122, p. 2666.)
PENNSYLVANIA COAL AND COKE CORP.—lncorp. in Pennsyl­
vania Nov. 11 1911. Is engaged in the business of owning, leasing and
operating coal mines and the mining, shipping, buying and selling of bitum­
inous coal. Is not at present engaged in the manufacture or sale of coke.
Operates certain electric light and water companies which serve communities
in the vicinity of its operations; also, through a subsidiary, is Interested in a
wharf company doing business in New York Harbor.
STOCK.—See table at head of page.




[Vol. 122.

INDUSTRIAL STOCKS AND BONDS’

Lost Dividend Places Where Interest and
ana Maturity
Dividends are Payable

Mar 31’26 IX

Nov 10 ’24 2%
Nov '26-Nov ’37 Bk of N A A Tr Oo.Phila
Germantown Tr Oo,Phila
lan 1 1941
Apr 1 ’26 IX % Checks mailed
do
.
Apr 1 26 1 X *
Apr 2 1926 1% Offloe 99 John St. N T

DIVIDENDS.—1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924. ’25.
Cash (%).................. 4 10 X
8
8
8
8
8
8 None
Stock_______________
_
_
_
__
__ 40
REPORT.—For 1925 showed: *
Calendar Years—
1925.
1924.
1923.
1922.
Gross sales................. ... $5,652,013 $5,959,581 $8,428,034 $5,384,826
Operating expenses, Ac. 6,080,670
6,338,883
7,610,500
4,846.681

Net earnings......... — _loss$428,657 loss$379,302
Other inc. (incl. propor.
share of net earns, of
sub. cos. oper. under
collat. agreement with
Clearfield Bituminous
Coal Corporation) — .
259,080
246,469

$817,534

$538,145

289,988

"W
251,982

Totalincome-........... _def$177,832 def$132,833
Misc. deduc.A Fed. tax.
_____
_____
Depreciation A depletion
289,700
292,402

$1,107,522
82,600
283.218

$790,127
82,334
196,985

Balance..................
def$467,532 def$425,235
Dividends................. -...........................
690,424

$741,704
690,424

$510,808
493,560

Surplus for year........... def$467.532df$l,115,659

$51,280

$17,248

a. j
f ;

------ Month of March---------- 3 Mos. End. Mar. 31—

1926.
1925.
1926.
1925.
Gross earnings..............
$521,160
$475,197 $1,846,258 $1,552,432
Operating income-------- lossl8,688
1oss5,647
52.931 loss76,033
Miscellaneous income__
14,096
16,569
54.637
60,724
Deprec. A depit tian___
24,554
24,170
81,806
75,53$
Other charges................
17,325
17.662
45,967
57,837
Net inc. before Fed. tax. def46,471 def30,910 def20,205 defl58,685
OFFICERS.—Chairman, Fairfax S. Landstreet; Pres., J. W, Searles:
V.-P., C. Law Wa kins; Treas. A Asst. Sec., E. B. Houser; Sec. A Asst.
Treas., J. M. Townsend Jr.; Comnt., C. H. Memory. Office, 17 Battery
Place. New York.—(V. 122, p. 2810.)
PENNSYLVANIA STEEL CO.—See Bethlehem Steel Corp, above.
PETTIBONE MULLIKEN CO.—ORGANIZATION.—Incorporated*
in New York June 21 1912. Has plant on 32 acres of laud about 6 miler
from heart of Chicago. Manufactures frogs, crossings, switches, guard
rails. Ac., for steam railroads. V. 94, p. 1511. No bonds
STOCK.—As to pref. stock provisions, see V. 94, p. 1511. The second*
pref. has oo voting power and is subject to call at par after all the first pref.
fhall have been retired. V 94, p. 1511. First pref. originally $2,250,000;
canceled by sinking fund and in treasury Dec.31 1924.$1,602,200; 2d pref.
stock. $760,000, of which $554,600 was in treasury Dec. 31 1924
DIVIDENDS.—On 1st and 2d pref.. 1X % quar., Oct. 1912 to Apr. 1926REPORT.—For 1924, showed:
Year—
*Net Inc. 1st Pfd. Div. 2d Pfd. Div. Dep.AS.F. Surplus.
1924................... def$232,856
..................................
.................... .... ....
1923..............
$551,642 (7)$48,902 (7)$14.088 $175,000 $313,653
1922 ..................... 338,834
(7)52,605
(7)15,519
175,00095,7101921 ------18.644
(7)54,031
(7)20.160 141.280 defl96,827
• After Federal taxes.
OFFICERS.—A. H. Mulliken, Pres.; O. H. Bib, V.-Pres.; H. R Prest.
Sec.; J. H. Mulliken, Treas. Offices, 725 Marquette Bldg., Chicago, and’
120 Broadway. New York.—(V. 121, p. 987.)
PHELPS DODGE CORPORATION.—ORGANIZATION.—lncorp. in
New York Aug. 10 1885 as the Copper Queen Consolidated Mining Co.,
capital stock $2,000,000; name changed to Phelps Dodge Corp. March 1
1917 and capital stock increased to $50,000,000, of which the entire amount
is now Issued and outstanding. Owns the physical properties or capital'
stock of all the companies formerly controlled by Phelps Dodge A Co., Inc.,
which latter company was dissolved in 1917. In October 1921 acquired all
the capital stock of the Arizona Copper Co. At the present time the
branches are as follows: Oopper Queen Branch, Douglas, Ariz.; Morenci
Branch, Morenci, Ariz.; Burro Mountain Branch. Tyrone, N. M.; Stag
Canon Branch. Dawson, N. M.; and the subsidiaries are: Moctezuma
Copper Co., Nacozari, Sonora, Mexico; Bunker Hill Mines Co., Tombstone.
Ariz.; Phelps Dodge Mercantile Co., Bisbee. Ariz.
DIVIDENDS.—UntU Mar. 30 1917 of Phelps. Dodge A Oo. (holding co.).
’14. T5. T6. '17. ’18. ’19 ’20 '21. '22. ’23. ’24 ’25.
Regular. %............. 10 10 10 10 7Xy 10 10 5« 4
4
4 4
Extra %................ 4 10 22« 14 lOX 3X............................................
account depletion._
.. ..
8 4x 2x
.. _
.. _
_ __
x 2% payable in 4X % Liberty bonds, y Only three quarterly divldenda,
iX % each, due to change In dividend period from Q.-M. 31 to Q.-J. 2,
Paid in 1926: Jan. 2, 1%; April 2, 1%.
REPORT.—For 1925, in V. 122, p. 2810, showed:
Period—

(.Including Operations of Subsidiary Companies Owned.}

Calendar Years—
1925.
1924.
1923.
1922.
Gross income.................. $39,707,084 $35,838,489 $29,735,620 $25,148,268
Cost of fuel, metal A mdse 31,753,604 30,646,445 26,431,055 24,155,062
Depreciation of plants.. 2,467,046 2,335,653
1,946,055
2,181,347
Interest................... —.
428,429
765,116
832,932
735,154
Dividends (4%)______
2,000,000 2,000,000 2,000,000
2.000,000
Depletion of mines......... 6,211,687
6,029,274
4,409,094
3,902,336

Balance, deficit_____
3,153,681
Balance forward_______ 80,938,533

5,937,998
5,883,516
7,825,631
86,876,531 92,760,047 100,585,678

Profit A loss surplus—$77,784,852 $80,938,533 $86,876,531 $92,760,047
OFFICERS.—Chairman, Cleveland H. Dodge; Pres., Walter Douglas;
V.-Ps., Arthur Curtiss James, E. Hayward Ferry, Cleveland E. Dodge and
P. G. Beckett; Sec. A Treas., A. T. Thomson.
DIRECTORS.—Cleveland H. Dodge, Arthur Curtiss James, Matthew
C. Fleming, George B. Agnew, E. Hayward Ferry, Francis L. Iline, Walter
Douglas, Wm. Church Osborn, Norman Carmichael. New York office,
99 John St.—(V. 122, p. 2810)
PHILADELPHIA AND READING COAL AND IRON CORP.—This
company, incorp, in Delaware Dec. 20 1923, was formed in accordance
with the final decree in the Govt, suit against the Reading Oo. The latter
sold to the new company all its right, title and interest in the capital stock
of the Philadelphia A Reading Coal A Iron Co., subject to the lien of the
general mortgage of Reading Co. and the Philadelphia A Reading Coal A
iron Co. (as modified by the final decree) for the sum of $5,600,000.
Philadelphia A Reading Coal A Iron Corp., pursuant to the final decree
and the order modifying the final decree entered by the District Court
on Dec. 4 1923, will issue from time to time 1,400,000 shares of stock
without par value, being its entire authorized capital stock, to Wilmington
Trust Co. of Wilmington, Del. (the trustee) as trustee under a trust agree­
ment dated Dec. 28 1923 between Philadelphia A Reading Coal A Iron
Corp., Reading Co., Newton H. Fairbanks and Joseph B. McCall as
trustees, and Wilmington Trust Co. as trustee. The trustee will issue >
certificates of interest in said stock and each certificate of interest will

May, 1926.]

MISCELLANEOUS COMPANIES
[For abbreviations, Ac., see notes on page 81

Date
Bonds

'Phillips-Jones Corp.—Common 1QO.OOO snares_________
Preferred 7% cumulative $4.000.000__________________
Phillips Petroleum Co.—Stock 2,500.000 shares auth.___
Phoenix Hosiery Co.—Common stock $875,000 auth_____
Pref (a & d) stock 7% cum red 115 $4,500,000 auth_____
2d Pref (a & d) stock 7% cum convert__________________
Pierce-Arrow Motor Car Co—Com 328,750 shares auth..
Pref fa A di 8% cum $10,000,000 s f call 125 convertible..
First mortgage gold bonds (see text).
Debentures (see text) call 110____________________ kxxx 1923

Amount
Outstanding

None
$100
None
5
100
100
None
100

85,000 sh See text Q—M June 1 1926 $1
7
Q—F May 1 1926 1 «/<
$2,117,900
2407,082sh. See text Q—J Apr 1 1926 75c. Guaranty Trust Co, N Y
Cent Union Tr Co, N Y
$875,000
3,629,000
Q—M June 1 ’26 154
7
Q—M June 1 ’26 154
500,000
7
328.750 shs
Mayl ’19, $1.25
text_______ Aprl 1921 2%
10,000.000
M & 8 Mar 1 1943
3.950,000
8

$949,042
320,498

$5,870,153 $10,512,975
612,406
1,270,936

$2,261,415
937,479

Gross income_______ $1,269,540
Deduct—
Depletion of coal lands
and leasehold----------- $1,218,091
Fed’l, State & local taxes 2,498,504
Interest on funded debt. 1,668,513

$6,482,559 $11,783,911

3,198,893

$1,504,503 $1,623,974
2,346,771
4,784,651
1,610,692
1,306,592

$729,421
2,530,502
32,400

Net income---------- loss $4,115,568 $1,020,593 $4,068,694 loss$93,430
OFFICERS.—Pres., W. J. Richards; V.-P., R. J. Montgomery; V.-P. &
Sec., W. H. MacEwan; Treas., Chas. A. Hurff. Office, Philadelphia, Pa.
—(V. 120. p. 2541.)
PHILADELPHIA AND READING COAL AND IRON CO. (THE).—
The New York Stock Exchange in Jan. 1924 authorized the listing of $31,542,333 1-3 refunding mortgage 5% sinking fund gold bonds dated Jan. 2
1924. due Jan. 1 1973, in the denom. of $1,000, $500 and $100.
The bonds are issued pursuant to the provisions of the final decree of
the U. S. District Court fn exchange for general mortgage 4% bonds issued
under the general mortgage, dated Jan. 5 1897, made by Reading Co.
and the company.
The final decree among other things directed the Reading Co. and the
company to offer to the holders of general mortgage bonds the right to
surrender their bonds and receive in exchange therefor an equal aggregate
principal amount of new bonds as follows: 2-3 of said principal amount in
gen. & ref. mtge. 4H% gold bonds, series A (or scrip certificates) of the
Reading Co.; and 1-3 thereof in ref. mtge. 5% sinking fund gold bonds (or
scrip certificates'* of the company.
On Dec. 31 1925 $31,222,667 refunding mortgage bonds had been issued
in exchange for the joint general mortgage bonds; of this amount, $956,000
had been retired through the sinking fund, leaving $30,266,667 outstanding.
The Central Union Trust Co. of New York has been appointed trustee of
the refunding mtge. bonds. Compare also Reading Co. under "Railroads.”
OFFICERS.—Pres., W. J. Richards; V.-P. & Gen. Coal Agent, R. J.
Montgomery; V.-P. & Sec., W. H. MacEwan; Treas., Chas. A. Hurff.
Office, Philadelphia, Pa.—(V. 121, p. 2531.)
PHILLIPS-JONES CORP.—lncorp. in N. Y. Aug. 15 1919. The
company is engaged in the business of manufacturing, producing, adapting,
preparing, buying, selling and otherwise dealing in fabrics and textiles, and
manufacturing and selling at wholesale throughout the country to retail
stores, shirts. Van Heusen collars, underwear and pajamas.
STOCK.—7% cumulative pref., auth. $4,000,000; outstanding, $2,117,900; par, $100; common, auth., 100,000 shares; outstanding, 85,000 shares
of no par value.
DIVIDENDS.—An initial quarterly dividend of $1 per share on the
common stock was paid Sept. 11 925; sameamount paid quar. to Junel 1926.
REPORT.—For 1925, in V. 122, p. 742, showed:
1924.
1923.
1922.
Calendar Years—
1925.
Sales_________ _______ -x$9,862,787
$11,163,093 $11,135,417
Cost of sales, exp., &c._ z9,382,710
9,718,511

Gross profit__________
Other income___ i_____

$480,076
297,865

Total income_________
$777,942
Interest_____ ________
17,586
Federal taxes--------------- See x

Not

Not
stated

-----

Net profits_________
$760,356 a$139,015
154,122
Preferred dividends----------------------147,378
Common dividends____ ($2)170,000
Spec. exp. & sundry losses
_____
13,083

b$86,434
159,687

$1,416,906
63,347

$1,480,253
y413,096
135,000
$932,157
164,500

287,596

Balance, surplus____
$442,978 def$28,190 def$360,849
$767,657
a After adjustment of prior years’ Federal taxes. *• After inventory
adjustment of $820,501 chargeable in part to operations of prior years,
x Net sales, y Incl. discount and also the sum of $10,536 for corporation
taxes, z Incl. provision for Federal income tax.




Last Dividenc Places Where Interest and
and Maturity Dividends are Payable

Par
Value

entitle the registered owner thereof, or his assigns, upon surrender thereof
accompanied by an affidavit in substantially the form required by the
final decree (to the effect, in substance, that the applicant does not own
any shares of the capital stock of Reading Co. and is acting in his own behalf
In good faith) to receive a stock certificate for the number of shares of the
capital stock without nominal or par value of Philadelphia & Reading Coal
& Iron Corp represented by such certificate of interest, together with all
dividends (but without interest thereon) collected by the trustee in respect
of said shares of stock after the date of such certificate of interest and prior
to such e>change, and a dividend order or assignment for any dividends
declared but not then payable in respect of said shares.
All the certificates of interest will be dated Jan. 2 1924, except as other­
wise provided in the trust agreement in case of the declaration of dividends
by Philadelphia & Reading Coal & Iron Corp, prior to the issue of all of its
authorized 1.400,000 shares of capital stock.
Pending the exchange of certificates of interest for shares of stock, the
trustee will deliver proxies for voting all the shares of stock held by it to
Newton H. Fairbanks and Joseph B. McCall, individual trustees appointed
by the District Court for the purpose, and will hold all dividends payable
In respect of the shares of stock held by it until paid over to the owners of
the respective certificates of interest upon exchange thereof for shares of
stock as aforesaid. If at any time after July 1 1926 any of the certificates
of interest shall remain outstanding, the final decree provides that the Court
in its discretion, after a hearing upon such notice to holders of certificates
of interest as it may direct, may order the shares of stock of Philadelphia &
Reading Coal & Iron Corp, represented by said certificates of interest
to be sold and the proceeds distributed to the registered owners of such
certificates of interest.
Of the total of 1,400,000 no par shares authorized, there had been issued to
Wilmington Trust Co., trustee, as of Dec. 31 1925, 659,867 shares.
The Wilmington Trust Co. advises that as of Dec. 31 1925, of the above
659,867 shares, there had been issued 574,665 shares to holders of certifi­
cates of interest who had filed affidavits as required by the decree.
For details as to new refunding mortgage 5% sinking fund gold bonds, see
Philadelphia & Reading Coal & Iron Co. below and Reading Co. under
“Railroads."
There were also outstanding on Dec. 31 1925 obligations of the company
as follows: $720,000 Phila. & Reading collateral sinking fund 4% bonds, due
1932, and $50,000 first mortgage bonds of subsidiary coal companies.
REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
1923.
1922.
Coal sales____________ $70,623,107 $83,511,650 $89,195,635 $52,786,120
Oper. & other exp. (less
rentals, &c)________ 69,674,065 77,641,497 78,682,660 50,524,705

Operating revenue__
Other inc.—int. & divs

213

INDUSTRIAL STOCKS AND BONDS
Hate
%

When
Payable

OFFICERS.—Pres., Max Phillips; V.-P. & Treas., A. S. Phillips; Sec..
Arthur L. Phillips. Office, 1225 Broadway, New York.—(V. 122, p. 742.)
PHILLIPS PETROLEUM CO.—ORGANIZATION.—lncorp. in June
1917 in Delaware. As of Dec. 31 1925 the company had 287 producing
properties, containing 43,306 acres, on which there were 1,759 producing
wells. Land owned and leased amounted to 588.448 acres, located in
Kansas, Oklahoma, Te_as, Kentucky and Louisiana.
STo6k.—The stockholders on April 21 1925 increased the auth. capital
stock from 2,000,000 shares to 2,500,000 shares of no par value.
The stockholders of record Nov. 25 192.5 were given the right to subscribe
on or before Dec. 1 for 481,416 shares capital stock on the basis of one new
share for each four shares held at $40 per share. V. 121, p. 2415.
BONDS.—The entire outstanding 7J^% gold debenture bonds were
redeemed on or before April 1 1926 at 104 and int.
Each $1.00(1 of bonds carried a detachable warrant entitling the holder
(for 10 years) to purchase from the company at $22 22 per share (reduced
from $33 33 per share on account of the 50% stock dividend paid In June
1923), the following amounts of stock: For the first two years, lOshares, and
thereafter one share less during each succeeding year. V. 113, p. 1583.
DIVS.—Initial div. of 50 cents a share paid Dec. 31 1921; same amount
paid quar. to Mar. 31 1923. On June 30 1923 paid 50 cents quar. and $1
extra. Oct. 1 1923 to Oct. 1 1925 paid 50 cents quar.; Jan. 4 1926 to July 1
1926 paid 75 cents quar.
REPORT.—For 1925. in V. 122, p . 1490, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Income______________ $35,770,893 $24,832,973 $19,372,585 $12,594,726
Oper., gen. & adm. exps. 11,219,823
7,351,231
5,185,158
2,368,127
Interest and taxes (incl.
>
Federal tax)_________ 2,068,553
1,782,143
1,735,396
1,026,564
Expired and abandoned
leases and dry holes. . 1,239,456

Net income................. $21,243,061 $15,699,599 $12,452,030 $9,200,035
4,230,205
Depl., depr., &c., res... 8,913,438
8,538,819
7,809,535
1,357.810
Dividends paid_______
4,630,207
3,328.964
2,719,739
Balance, surplus____ $7,699,417 $3,831,816
Capital surplus Dec. 31. 91,177,860 63,260,340
Quarters Ended Mar. 31—
1926.
Gross earnings_______ ____________ $9,982,596
Exp. & taxes_____________________ 3,861,332

$1,922,755
38.673,943
1925.
$7,220,060
2.853,659

$3,612,020
38,324,167
1924.
$5,655,087
1,982,441

Net, before deprec. & depl______ $6,121,264 $4,366,401 $3,672,646
OFFICERS.—Pres., Frank Phillips; V.-P. & Gen. Supt., Clyde Alexan­
der; V.-P., John H. Kane; V.-P., W. N. Davis: Sec. & Treas., H. E. Koopman. Office, Bartlesville, Okla.—(V 122, p. 2666.)
PHOENIX HOSIERY CO.—lncorp. under laws of Wisconsin on July
13 1897. Manufactures complete lines of men’s, ladies’ and children s
silk, mercerized and woolen hosiery and women’s knitted underwear, all
being sold under the trade-mark "Phoenix.
REPORT.—For 1925, in V. 122, p. 1038, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Net income____________ $2,170,173
$480,722 $1,008,991 $1,925,400
Interest paid_________
102,640
167.694
_____
Federal and State taxes.
415,593
42,800
_____
_____
Div. on 7% pref. stock..
294,460
305,893
308,875
26,250
_____
_____ (2^)75,000
Common dividends____
_____
Balance, surplus____ $1,357,480
Previous surplus______
3,870,402

def$35,665
3.982,511

$700,116
3,314.911

$1,824,150
1,490,761

Total surplus_________ $5,227,882
Unused portion reserve
for conting. (Cr.)____
_____
Profit on redemp. of pref.
stock (Cr.)_________
10,291
Depreciation for year
93,197

$3,946,846

$4,015,027

$3,314,911

53.669
16.753
93.197

7.012
93,197

Profit and loss surplus $5,144,975 $3,870,402 $3,982,511 $3,314,911
OFFICERS.—Pres., Herman Gardner; V.-P. A GCn. Mgr., John E.
Fttzglbbon: Sec., Theodore FriedHnder; Treas., Edwin O. Mason. Office,
Milwaukee. WIs.—(V. 122, p. 1038.)
PIERCE-ARROW MOTOR CAR CO. (THE)—ORGANIZATION.—
lncorp. Dec. 2 1916 in N. Y. State as successor of the original company of
rimilar name. Plant at Buffalo, N. Y. covers 43 acres.
STOCK.—The entire 15.750 shares of prior preference stock were re­
deemed on Oct. 1 1925 at $100 per share.
BONDS.—The $6,000,060 first mtge. 7% gold bonds will be secured by
a first mortgage on the entire plant and fixed assets. None of these bonds
have been sold, but $5,000,000 are held in company’s treasury.
DEBENTURES.—A sinking fund to retire by purchase or redemption
$250,000 of debentures annually is provided: first payment into sinking fund
will be on April 1 1926. in respect of year 1925, and annually on April 1
thereafter for the year ending the preceding Dec. 31.
DIVIDENDS.—At rate of 8% per annum (2% Q.-J.) on pref. stock,
Jan. 2 1917 to April 1 1921, inclusive: none since. On common, Aug. 1917
to May 1919, both inclusive, $1 25 quar.; none since.
REPORT.—For 1925, In V. 122, 1332. showed:
Calendar Years—
1925.
1924.
1923.
1922.
xNet earns., after deprec $2,152,078 $1,155,584
$952,564
$571,991
Otherincome_________
91,494
37.194
____ __________
441,718
579,852
561,182
Interest______________
393,791
Federal taxes__________
220.000
126’,666
94,566
ZZZZZZ
Prior preferred divs___
83,758
Preferred dividends___
_____
$625,666
$278,212
$ro'.8O9
Balance, surplus____ $1,546,023
x After providing for depreciation of $865,727 In1925, $737,931 in 1924
and $779,827 in 1923.
1925.
1924.
1923.
Quar. End. Mar. 31— 1926.
$550,964
$378,110
$430,527
x Net earnings________
$687,846
192,984
175.569
190,204
Depreciation__________
204,590
Net earnings_______
Misc. inc. charges and
prov. for Int. on notes
and debentures_____

$483,256

$357,980

$202,541

$240,323

154,274

157,564

123,812

135,265

$78,729
$105,058
Net income for period- $328,982
$200,416
x After deducting all expenses of operation, including those for repairs
and maintenance, but before deductions for depreciation of property_and
equipment.
OFFICERS.—Charles Clifton, Chairman; M. E. Forbes, Pres. & Gen.
Mgr.; S. O. Fellows, Treas.; E. O. Pearson. Sec. Office. 1695 Elmwood
Ave., Buffalo, N. Y.—(V. 122, p. 2511.)
.
u——

214

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES.
[For abbreviations, Ac., see notes on page 8.]

Date
Bonds

Fierce Oil Corporation—Common stock ($33.000.000)___
Pref (a & d) stock 8% cumul $15,000,000 callable_______
Pierce Petroleum Corp—Stock 2,500,000 shares auth_____
Sink fund gold deb (Pierce Oil Corp) call 107)4___ kxxc*
Pittsburgh Coal Co. (of Penn)—Comstock 6% and partic.
Participating pref stock 6% cum (also as to assets, s f call 110
1st M $1,500,000 g guar red 102)4 s f__________UPi.xc*
Mon River Cons Coal & Coke 1st M g s f (see text)_UPi.zc*
Midland Coal purchase 1st M $1,200,000 gred 102X-UPixc
Debentures $6,350,000 g auth redeemable par________ j
Bonds of Subsidiary Companies.
Montour RR red 105 begin 1924_______________________
Pitts Coal Dock & Wh 1st M guar a&d red. 102)4_______
Pittsburgh Steel—Common stock $39,500,000 auth_____
Pref (a & d) 7% cum $10,500,000 red 120 (V. wb. p 65).
Pittsburgh Term Coal Corp—Common stk $13,200,000 au.
Pref (a & d) 6% cum red 105 $4,000,000 auth___________
Pittsburgh Terminal R ,R ,&Coal Co lst.M sink fundCPi.xc*

....
1921
1910
1899
1912
1911

1902
a Excluding $7.830.800 com stock in treasury Dec 31 19 25

Par
Value

When
Bate
Last Dividend
Payable and Maturitv
%
$25 $29,622,831 See text
See text
100 15 000.000 See text
Feb 1 1922 2%
None 2,500 OOOsh
600 &c 1,291,000
8g
J & D.,15 Dec 16 1931
100 a32.169.200 See text
Oct 25 1924 1 %
100 35.000.000 See text
Jan25’26 IX %
l,00<
544.000
5 g J & »i Jan 1 1935
1,000 3.963.000
6 g A & O Oot 1 1949
1.000
510.000
5 K M & N May 15 1932
600 &<
1,756,000
VI & 8 July 1 1931
5g
Amount
Outstanding

1.850.000
1.886.000
101 17,500,000
10* 10,500,000
100 12,000,000
100 3,729,000
1,000 3,183,000

5 g .F & A
A & O
54
Q—J
4
Q—M
7
Q—M
6
5 g J&J

[Vol. 122.
Places Where Interest ane
Dividends are Payable

New "York
By check
do
Union Trust Co.Pittsb
Union Trust Co.Pittsb
do
do

Union Trust Oo of Pitts
Feb 1 1963
Union Tr Co of Pitts
Apr 1 1938
Apr 1 1926 1% Checks mailed
June 1 1926 1X Checks mailed

June 1 ’26, IX
Colonial Trust Co, Pittsb
July 1 1942

PIERCE OIL CORPORATION.—lncorp. in Virginia June 21 1913
Oct. 25 1918 and Jan. 25 1919. Apr' 1019 to July 1922. 1X% quar.; Jan.
Under a plan of refinancing adopted May 7 1924, all of the corporation's 1923 to Oct. 1924. paid 1 % auar: none since.
property was conveyed to Pierce Petroleum Corp, (see below) for 1,103,419
BONDS.—Pittsbu-gn Coai Co. of Penna. 1st 5s of 1910 are guar, by
shares of the latter’s stock, and all of the old company’s liabilities were Pittsburgh Coal Co. of N. J. Sinking fund. 10c. per ton, not less than
assumed by the new company. All pref. and common stock of the old $60,000 yearly. V. 90, p. 1494.
company remains outstanding (see terms of plan under Pierce Petroleum
First M. on Pitts. Coal Dock & Wharf Oo. property at Duluth, Minn.
Corp, below) and all dividends received on the 1.103 419 shares of stock $3,500,000. V. 94, p. 1052; V. 96. p. 861; V. 89, p. 1284.
of Pierce Petroleum Corp, held will be available for the general corporate
Pittsburgh Coal Co. of Penn. (Midland Coal Co. purchase) 6s have ®
purposes of the old company, including the payment of dividends on the minimum sink, fund of $50,000 yrly. V. 95. p. 893. 1043; V. 96. p. 861.
old preferred and common stock. Suit for damages, V. 121, p. 2531.
The Monongahela River Consol. O. & C. bonds have a sinking fund of
5c. per ton of IX-inch, coal mined, and shipped, which retires bonds an­
STOCK.—The pref. stock is redeemable at option of company, all or nually about Dec. 1 If purchasable at a reasonable price .
part, to July 1 1949 at 115 and dividends; sinking fund beginning July 1
REPORT—For 1925 showpd:
1922, not less each year than 3% of the issue (or $450,000) to cancel same.
Calendar Years—
1925.
1924.
1923.
1922.
This stock has no voting power unless a year’s dividends remain unpaid Gross receipts................ .$33,832,177 $44,025,345 $63,069,472 $34,268,650
thereon. The consent of a 66 2-3 interest is necessary to the making of a Profits, after all expenses $1,564,604 $3,885,401 $11,358,556 $6,381,676
mortgage, &c.
Depletion coal lands, &c.
434,617
974,527
1,509.847
516,597
1,669,353 1,831,241
1,792,569 1,358.349
DIVIDENDS.—On preferred stock 2% quar., Oct. 1919 to July 1921: Deprec’n plant & equip.
Interest paid & accrued637,204
746,055
746,978
791,778
then none until Feb. 1922, when 2% was paid; none since.
90,365
_____
_____
______
The directors in May 1920 declared a stock dividend on the common stock Min. int. in subs______
payable in common stock as follows: 2)4 % on July 1 and 2)4 % on Oct. 1
Net profits............. _loss$l,266,940
$333,577 $7,309,162 $3,714,953
1920.—(V. 122, p. 2960.)
taxes............. ..
19,651
787,6 0
394,608
340,208
PIERCE PETROLEUM CORPORATION.—ORGANIZATION.—In­ Federal
dividends (6%)...
2,100.000 2,100.000 2,100,000 2,100,000
corp. April 25 1924 under laws of Delaware and acquired all of the property Pref.
of the Pierce Oil Corp. The latter company owned directly, or through Common dividends.............................. (3%)965,076 (4)1,286,768(3X)H25,922
the entire capital stock of subsidiary companies: (o) Five modern refineries
Undivided profits..def.$3,38 ',591df$3,519,159 a$3,527.786
$148,823
at Fort Worth and Texas City, Tex., Sand Springs, Okla., Tampico and Earned
surplus________ 14,918,573 19,701,975 23,281,492 29,320,714
Vera Cruz, Mexico. Total average daily capacity 48,000 bbls. of crude oil.
a
Subject
to
Federal
taxes.
. „
(6) 25,360 acres of oil lands, principally held under lease, partly owned in
OFFIVERa.—Cnairman, William G. Warden; Pres., W. K. Field; V.-P.
fee, in Oklahoma, Texas, Arkansas and Tampico, Mexieo. including hold­
Treas., F. J. LeMoyne; Sec., Aaron Westlake. Office, Henry W. Oliver
ings in the Cushing and Morris fields in Oklahoma, (c) Three tank steam­ &
ers, floating equipment and 1,600 tank cars, (d) 1,150 centrally located Bldg., Pittsburgh.—(V. 122, p. 2811.)
PITTSBURGH PLATE GLASS CO —(V. 122, p. 1622.)
main distributing stations, (e) a 6-inch pipe line owned in fee from Cushing
field to Sand Springs refinery, 35 miles. (/) through Pierce Pipe Line Co.
PITTSBURGH STEEL CO.—ORGANIZATION.—lncorp. in Penna
(entire stock owned), an 8-inch pipe line 100 miles in length from Healdton July 1 1901. Owns works at Monessen, Allenport and Glassport, Pa.,
field, Okla., to Fort Worth refinery. V. 101, p. 2077: V. 105, p. 2461; coal properties at Monessen, Alicia and Grays Landing, Pa., and coke plant
V. 106, p. 196; V. 107, p. 611.
and marine ways at Alicia, Pa. Manufactures pig iron, open hearth basic
In May 191$. having obtained authority to operate in Texas, took title steel blooms, billets, bars, wire rods, wire, wire nails, wire fencing, steel
to the properties of the Pierce-Fordyce Co. V. 106, p. 196. 1905, 2*114.
hoops, bands, cotton ties, &c.
Subsidiaries, Pittsburgh Steel Ore Co., Monessen Coal & Coke Co.,
STOCK.—The stockholders of Pierce Oil Corp, on May 9 1924 approved
the proposal submitted by the management calling for the transfer of the Pittsburgh Steel Products Co., Standard Land & Improvement Co., Mo­
co.’s assets to the newly organized Pierce Petroleum Corp. The new co. nessen Southwestern Ry. Co., Pittsburgh Profect Fence Co., Ltd., of Can­
has an authorized capital of 2,500.000 shares, of which 1,103,419 shares were ada, Daly Gas Co. and National Steel Fabric Co., and a substantial interest
issued to the Pierce Oil Corp, in exchange for its holdings. The remaining in the Bennett Mining Co., Mesabi Cliffs Iron Mining Co. and Plymouth
1,396,581 shares were offered to Pierce Oil stockholders at $7 a share, the Mining Co.
STOCK.—The stockholders on Aug. 20 1925 increased the authorized
issue having been underwritten by a banking syndicate Including Lehman
Bros., Goldman, Sachs & Co., and Hornblower & Weeks. Proceeds from common stock from $19,500,000 to $39,500,000.
No mtge. or additional pref. stock without consent of X of outstanding
the sale of the stock were used to liquidate current obligations, including
the settlement of the judgment held by the International & Great Northern preferred. V. 91, p. 1388, 1451.
RR. (See V. 119, p. 588.)
DIVS. T4. T5. T6. 1917.
1918. T9. ’20. ’21. ’22. ’23. '24. ’25
8 *8 5
4 5 *4 4
DEBENTURES.—The sinking fund gold debentures of 1921 have a Com., % 0 0
6
8&40ex. 8&5ex.
7 7 7
7 7 7
7
sinking fund of $200,000 annually, operating semi-ann. V. 113, p. 2511
Pref., %
3X 7 10X
....
..7
7
* On common also 100% in common stock in 1920 and 25% in common
REPORT.—For 1925, in V. 122, p. 2960, showed:
stock
in
1923.
X1924.
Calendar Years—
1925.
Paid on common in 1926: Jan. 2, 1%; April 1, 1%.
Gross profit____________________________________$8,193,137 $6,903,461
REPORT.—tor yvaj: ended June 30 1925, in V. 121, p. 1902, showed:
6,299,068
Marketing, gen. & admin, expenses_____________ 7,149,375
June 30 Years—
1924-25.
1923-24.
1922-23.
1921-22,
Interest______________________________________
194,571
273,249
99,000 Net sales____________ $22,936,965 $23,641,998 $28,833,133 $15,656,960
Provision for uncollectible acc’ts receivable_____
42,950
861,883
2,022.473
prof. aft. depr.,&c. 1,052.755
1,558.680
Depreciation^________________________________
706,l4l
609,613 ♦Net
735.000
Pref. dividends___
735.000
735.000
735.000
75% share of earns, of Consol. Pipe Line Co______ aCr.107,188
560.000
Common dividends.
804.994
560.000
700,000
Net profit_________________________________
$207,288vloss$377471
Surplus for year_____ def$382.245
$18,686
$727,473 def$433.117
a Since acquisition of stock in 1924 including a cash div. of $48,000.
♦ After deducting reserve for income and profits taxes, inventory adjust­
x During first 4 months Pierce Oil Corp., and remaining 8 months Pierce
ment
depreciation.
&c.
Petroleum Corp. y This amount comprises a loss of $511,187 for the period
OFFICERS.—Pres., Homer D. Williams; V.-P., Emil Winter; V.-P.,
May 1 1924 to Dec. 31 1924. subsequent to the reorganization of the com­
E. H. Bindley; Sec.. Henry J. Miller; Treas., W. C. Reitz; Asst. Sec.,
pany, less a profit of $133,716 for the period Jan. 1 1924 to Apr. 30 1924.
Ray Maxwell; Asst. Treas., William L. Rowe. Office, Union Trust Bldg.,
Income Account for Quarters Ended March 31.
Pittsburgh, Pa.—(V. 121, p. 2169.)
1926.
1925.
PITTSBURGH TERMINAL COAL CORP.—lncorp. in 1924 as a con­
Gross profit_________________
$1,781,949 $1,958,400 solidation
of Pittsburgh Terminal Coal Co. (formerlv owned bv the Pitts­
General administrative expenses', &c____________ 1,632,627
1,620,212
Int. & exps. on funded and floatingdebt________
55,610
36,903 burgh & West Virginia Ry.) and Meadow Lands Coal Co. Owns seven
Provision for uncollectible accounts_____________
18,000
34,300 mines, five of which are located in Allegheny County and two in Washington
Depreciation_________________________________
230,301
157,94$ County, Pa. The total reserves of the company’s coal in the Pittsburgh
vein are 21,200 acres, with an estimated recoverable content of 133,500,000
Net profit_________ ________ _______________
$154,588
$109,037 tons.
STOCK.—See table at head of page.
OFFICERS.—Chairman, W. H. Coverdale; Pres., Edward D. Levy:
DIVIDENDS.—On pref., initial div. of 1X% was paid Mar. 1 1925;
V.-P. & Treas., H. B. Thorne; V.-Ps., R. W. Fowler and J. J. Allinson; same amount paid quar. to June 1 1926- No payments on common stock
Sec., J. L. Spear; Asst. Sec., P. T. Vize; Compt., S. W. Everett. Offices, to date
66 Broadway, New York, and St. Louis, Mo.—(V. 122, p. 2960.)
REPORT.—For calendar year 1925 showed: Gross income, $8,819,002;
gross profit, $1,631,756; depletion, $648,527; amortization and depreciation,
PITTSBURGH COAL CO. (OF PENNA.)—ORGANIZATION.interest, $187,237; miscel. de luctions, $4,978; provision for
This company's stock was issued to the public in July 1917 in exchange foi $457,124;
net income, $314,790.
the stock of the Pittsburgh Coal Co. of N. J. (holding company), per plan Federal taxes, $19,100;
Earnings for Quarter Ended March 31.
in V. 102, p. 804. 1166. V. 105. p. 1527. Compare full statement, V. 105
1926.
1925.
p. 1101. Montour RR.. see “Railroad Cos."
earnings after all charges but before Fed. taxes $114,665 def$91,813
The total reserves of the company’s coal in the Pittsburgh vein in Pennsyl­ Net
OFFICERS.
—
Pres.,
C.
E.
Tuttle:
V.-P.,
L.
H.
Kelly
and
G.
F.
Osler;
vania are 151,082 acres with an estimated mineable content of 1,128,229,305 Sec., A. J. Appel; Treas,. E. O. McKibbin. Office, Wabash Building,
tons. The company’s reserves in Ohio are 20,201 acres and in Eastern Pittsburgh, Pa.— (V. 122, p. 2960.)
Kentucky are 2,563 acres. Contract with United States Steel Corp ,
PORTO RICAN-AMERICAN TOBACCO CO.—ORGANIZATION
V. 105, p. 1003; V. 106, p. 1338. In Jan. 1924 organized the New Pitts­
lncorp. Sept. 22 1899 in N. J. and manufactures cigars and cigarettes.
burgh Coal Co. V. 118, p. 441.
Owns entire capital stock of the Porto Rican-American Tobacco Oo. of
STOCK.—The pref. stock is entitled: (a) To cumulative dividends at
Porto Rico, which operates 14 factories in Porto Rico, and owns and controls
rate of 6% payable quarterly with interest at 5% on any accumulations
(b) To participate equally with the common shares In any year in which 2.000 acres of farming lands in Porto Rico: also a majority of the capital
each stock has received 6%: (c) To share in a sinking fund effective from stock of the New York-Tampa Cigar Co., which operates factories at Perth
.Amboy, N. J., and at Tampa, Fla., and one-half of the capital stock of the
Jan. 1 l9l6. based on the sale of mine-run coal, said fund to be applied
’
as the directors may direct, as follows (but subject to the resolution of Porto Rican Leaf Tobacco Co. V 113 p. 1896.
STOCK.—The shareholders on Nov 23 1923 approved a recapitalization
July 9 1917, V. 106. p. 1338. by which sufficient amounts of the issue shall
be retired from time to time to preserve the relation of value of unmined plan changing the 100.000 shares of capital stock (par $100) auth. to
coal to the amount of outstanding pref. stock taken at its call price of 110), cumul. 7% class A stock, and auth. the issuance of 100,000 shares of stock
viz.: (a) fer payment of debt, (6) additions, (c) retirement of preferred to be known as class B common stock without par value and without voting
shares by purchase (or call) at not exceeding 110 and dividends; (d) to pre­ power, which the directors may issue in their discretion in whole or in part as
a stock dividend to the holders of the present capital stock (par $100).
ferred payment of principal at 110 and dividends in case of liquidation
(e) To the i'estiictlon that no indebtedness secured ’r mortgage or pledge
DIVIDENDS.— I T2. 13. 14. 15. T6. 17. 18. ’19. ’20. ’21.’22-’25.
In cash (%).......... ( 16
.. ..
4 16 8............................
of the greater part of the property shall be created without the consent a
a meeting of at least 2-3 of the outstanding pref. shares. Auth. pref
in 6% scrip or stock I 20
20 20 15 10
8 13
6 12 3
In Feb. 1918 a stock div. of 4% was declared payable March 7 In lieu of
stock was reduced from $40,000,000 to $35,000,000 through the retirement
of $5,000,000 treasury stock in March 1921. Auth. com. stock. $40 OOO.­ Che regular quarterly cash div. From June 1918 to June 1919 the quarterly
3% dividend was paid in 3-year 6% scrip, callable but without convertible
OOO.
DIVIDENDS.—On pref. stock of old Pitts. Coal Co. of N. J., 1900 to feature. V. 107, p. 611, 1843. In Sept, and Dec. 1919. owing to strike
Apr. 1905, 7% yrly.; ’06 to '09, none; TO, 5%; 'll to Apr. 25 1919, 6% (then ended) none. V. 109. p. 780 Mar 1920 to Mar 1921. 3% quar.
a. (1X% quar.). On Pittsburgh Coal Co. of Penn., pref. stock, April tn scrip: none since. The $1,342,754 scrip (Series 1 to 9) issued between
16 to July 1917, in all. 5X % (to Pitts. Coal Co. of N. J.); to public in June 1 1918 and Dec. 31 1920 was redeemed in stock at par on and after
July 1917 in settlement of accumulations. 3.48% cash with S3 1-3% M March 31 1921. V. 112, p. 1511. The scriD No. 10 was redeemed on or
prer. stock; Oct. 25 1917 to Jan. 25 1926 quarterly, IX % cash; April 1926 before Feb. 26 1924 in cash or stock at par, at the option of the holder.
BONDS.—The 10-year 8% gold bonds, due 1931. are redeemable as a
div. was deferred.
In March 1918 an initial dividend of $5 per share was declared on the whole only at 105. For security, sinking fund, &c., compare V. 112,
common stock, payable in four quarterly installments on Apr., July and p. 2090.

b




May, 1926.].

315

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES.
[For abbreviations, Ac., see notes on page 8]

Porto Rican-American Tobacco—Class A stock 7% cum..
Class B stock (non-voting)-_____ _________________ 10-year gold bonds redeemable (text).. _____________kc*
Postum Cereal Co, Inc—Common stock 1,470,001)sh auth
Prairie Oil & Gas Co—Stock $70,000,000 auth_________
Prairie Pipe Line Co—Stock __
____ _________
Pressed Steel Car Co—Stock common $50,000,000 auth. G
Preferred stock (a & d) 7% non-cum $12,500,000 auth__ G
Convertible gold bonds red (text)_____
____ Nkxxxc*
Pquipment notes due «11O Onn <s-an red 102M-_._N.XXXC*
For capitalization under merger plan, see text.
Procter & Gamble Co—Common stock $25,000,000 auth..
Pref stock
cum) (See terms in editorial. May ’93 Supp)
Pref (a & d) stock (6% cum) $45,750,000 auth call 110—

Date
Bonds

Par
Value

Amount
Outstanding

Bate
%

When
Payable

$100 $6,315,550 See text

500 &c
None
25
100
KM
100
1922 500&1000
1.000
1920
1921

....

1,573,500
8g M & N
1470,000sh. See text Q—F
60,000,000
81,000,000
Q—J
8
12 mu 000 See text
12,500 000 See text Q—M
6,000.000
5g J & J
7
A & O
990.000

Last Dividend Places Where Interest and
Dividends are Payed le
and Maturity

Mar 3 ’21, 3 sc Guaranty Tr Co, N Y
May 15 1931
May 1 ’26 $1.10
May 31 '26 2%
Apr 30 '26 2%
June 17 ’24 1%
See text
Tan 1 1933
Oct ’26-Oct '30

National City Bank, N Y
□base Nat Bk. N Y
V Y Trust Oo. N Y
do
do
Chicago or New York
New York Trust Co.

20 25,000,000 See text 0—F V May 15 ’26 6)4 Jo’s Office, Cincinnati,O
100 2,250,000
8
O—J 15 Apr 15 1926 2%
do
do
Q—M 16 June 15 '26 1
100 9,931.100
6

in the Pittsburgh district, have an annual production capacity of 49,400
freight cars, 300 steam and street railway passenger cars and a large tonnage
of steel underframes and miscellaneous parts for cars. The constituent,
owned or controlled companies are the Koppel Industrial Car & Equipment
Co., American Steel Co. of Cuba, and the Lincoln Gas Coal Co.
Merger Agreement (V. 122, p. 623.)
The stockholders on Feb. 18 1926 approved the merger with the company
of the Western Steel Car & Foundry Co. The merger agreement provides
that upon the merger becoming effective the corporate existence and name
of the Pressed Steel Car Co. shall continue, with a total authorizei capital
consisting of $16,200,000 Preferred stock and $46,300,000 common stock.
Such new Preferred stock is to be entitled to cumulative dividends at the
POSTUM CEREAL CO., INC.—Incorp, under laws of Delaware iD rate of 7% per annum; is to be convertible share for share into new Com­
Feb. 1922. Manufactures Postum Cereal, Instant Postum,, Grape-Nuts
mon stock prior to Jan. 2 1933 is to be subject to redemption on any quar.
Post Toasties, Post’s Bran Flakes, Malted Grape-Nuts, Post Bran, Choco­ dividend payment date on 60 days, notice at 110 and divs., is to be preferred
late. Plants are located at Battle Creek, Mich., and Windsor, Ont.
over the common stock on any liquidation or dissolution of the company
to 110 and divs., and is to have equal voting rights with the new common
STOCK.—The stockholders on Dec. 28 1925 approved a contract be­ up
tween the company and the Jell-O Co., Inc., which provided for the issuance stock.
Under the terms of the merger agreement holders of the existing preferred
of 570,000 shares of stock of the Postum company in exchange for all of the and
common stock of the Pressed Steel Car Co. are entitled to receive new
outstanding capital stock of the Jell-O Co., Inc.
preferred and common stock as follows:
Holders of existing prefer ed stock to receive at their option, for each
DIVIDENDS.—Initial div. of $1 25 a share on the common stock war
paid May 1 1922; same amount paid quar. to May 1 1923. A 100% stock $100 par value, either (a) $100 par value of new preferred stock, or (6) $100
div was naid June 19 1923. On Aug 1 and Nov. 1 1923 paid
cents n<” par value of new common stock and $20 par value of new preferred stock.
Holders of existing common stock to receive, for each $100 par value
share; Feb. 1 1924 to Nov. 1 1925 paid $1 quar.; Feb. 1 and May 1 1926
$100 par value of hew common stock and $20 par value of new preferred
paid $1 10 per share.
In March 1926 acquired 5,000 shares class B common stock of Igleheart stock.
Holders of the outstanding $6,000,000 10-year 5% convertible gold
Bros., Inc.
bonds due Jan. 1 1933 are entitle i un ler the terms of the merger agreement
to convert their'bonds, on any interest date up to and including the date
REPORT.—For 1925, in V. 122, p. 1162, showed:
of maturity, into new preferred and common stock at the rate of $1,000
Calendar Years—
1925.
1924.
1923.
Net sales to customers_____________ $27,386,919 $24,247,940 $22,205,410 of new common stock .and $200 of new preferred stock for each $1,000 of
xCost of sales and expenses_________ 22,062,809 19,555,863 18,923.948 convertible bonds.
The Presse 1 Steel Car Co. as holder of $1,250,000 of stock of Western
Provision for income taxes__________
639,948
586,720
399,996
Steel Car & Foun Irv Co., is entitle 1 un ier the terms of the merger agree­
Net profit______________________ $4,684,162 $4,105,357 $2,881,466 ment to receive $3,700,000 of new common stock, which will thus become
Previous surplus__________________ 3,810,047
1,799.831
1,402,338 treasury stock of the Pressed Steel Car Co.
Adjustments______________________ Dr.711.355 Dr. 183.969 Dr.31,522
(’05-’13. ’14. 1915. ’16. ’17. ’18. ’19. ’20. ’21. ’22. ’23. ’24. ’25.
Divs. on pref. stock_______________
357,200 DIVS.
93,767
325,875
None 3 None 2J4 7 714 8
8
4 0
1
20
Dividends on common stock_______
1,596,057
1,096.250 Com...%l
1,585,296
Pref
__
%
(7%
p. a. (1*4 % Q.-F.) to June 10 '24: then none until June 9
do
stock (100%)___________
1,000.000 1925 when 1%%
was paid; same amount paid quar. to Mar. 17 1926; on
1 1926 paid 1J<% on new preferred stock (see reorganization plan
Surplus at Dec. 31..............$6,093,030 $3,810,048 $1,799,832 July
above).
x Including all manufacturing, selling, administrative and general ex­
Divs. on com. stock were resumed Dec. 18 1923 with a payment of 1%
penses (less miscellaneous income) but before providing for income taxes.
quar.; same amount paid March 18 and June 17 1924; none since.
Consolidated Income Account (Postum Cereal Co. & Subs.) Quarter Ended
BONDS.—The 5% conv. gold bonds due Jan. 1 1933 are conv. into com,
March 31 1926 [Not Including Igleheart Bros.J
stock in the ratio of 10 shares of stock for each $1,000 bond. Redeemable,
Sales------------------------------------------------- ------- --------------------- $11,451,888 all or part at 100 and interest. V. 116, p. 85.
Total expense, less miscellaneous income_____
_
7 860,028
REPORT.—For 1925, in V. 122, p. 1182, showed:
Income tax-------------------------------------------------- -----------------485,539
Calendar Years—
1925.
1924.
1923.
1922.
Oper.
after taxes. _ $1,006,345 $1,785,629$2,191,061 loss$810,606
Net income------- ---------------------------------------- - -----------------*$3,106,321 Other profit
income_________
526,290
x299,481
x608,913
868,918
OFFICERS.—Chairman of Board, Edw. F. Hutton; Pres., Colby M .
Total income................. $1,532,635 $2,085,110 $2,799,973
$58,312
Chester Jr.; V.-P., H. O. Hawk, R. G. Coburn and E. E. Taylor; Sec. & Maintenance
__________
293,
5S6
505,755
439,640
Treas.^John S. Prescott. Office, 250 Park Ave., N. Y.—(V. 122, p. 2205.) Depreciation, &c______
300,000
400,000
662,472
400,000
875,000
875,000
875,090
875,000
PRAIRIE OIL & OAS CO.—ORGANIZATION, &c.—Incorp. in Divs. pref. stock (7%)..
_____ (2%)250,000 (1)125,090
Kansas in 1900. Formerly controlled by Standard Oil Co. of N. J., but Divs. common stock___
segregated in 1911. Controls oil and gas leaseholds on approximatelj
Balance, surplus____
$64,049
$54,355 $706, < 61 df$l ,216,688
500,000 acres in the leading producing sections of Oklahoma, Kansas’ Previous surplus______ 14,222,429 14,168,073 13,461_______________
212 14,677,899
Texas and Wyoming and is extending its operations into Colorado and
Total surplus_______ $14,286,478 $14,222,428 $14,168,073 $13,461,211
New Mexico. In Nov. 1923 the company offered to exchange shares of it*
x
After
deducting
interest
charges.
stock for stock of the Producers & Refiners Corp, on the basis of one shart
OFFICERS.—F. N. Hoffstot, Pres.; N. 8. Reeder, V.-P., N. Y.; J. F.
of Prairie Oil & Gas stock (par $100) for 10 shares of Prod. & Ref. commor
MacEnulty, V -P N. Y ; TTenr^ P. Hoffstot V -P. Pittsburgh: C. E.
stock (par $50 each).
The company in Nov. 1925 acquired the propertv of the Franklin on Church, Sec. & Treas., N. Y.; W. A. Chamberlain, Compt., Pittsburgh.
Co. in Greenwood County, Kansas. In Dec. 1925 was reported to have New York office, Seaboard Bank Bldg.—(V. 122, p. 2811.)
purchased the producing properties of the Lima Iola Oil Co. in Greenwood
PROCTER & GAMBLE CO. (THE).—Formed in 1890 under laws of
County, Kansas. In March 1926 was reported to have purchased the
New Jersey to carry on soap, candle, oils and glycerine business of firm of
Olean Petroleum Co.—V. 122, p. 1622.
Procter & Gamble. Reincorporated in Ohio in 1905; V. 80. p. 655, 1916.
STOCK.—The stockholders voted Dec. 9 1924 to increase the authorized The plants of the company and its subsidiaries, in addition to 12 cotton-seed
capital stock from $60,000,000 to $70,000,000 and to change the par valw
til mills in the South, are located at Ivorydale, Ohio; Macon, Ga.; Kansas
of each share from $100 to $25. V 119, p. 2074.
Jity, Kans., Port ivory, Staten island, N. Y.; Dallas. Tex., and Hamilton.
Ont. V. 109, p. 986. V. 81. p. 1243. 1562: V. 83. p 498: V 90. p 1047.
CASH DIV. f 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924.1925. (t
was reported in Aug. 1920. that the company had purchased 54 acres of
Regular ___%( 13
12
12
12
12
12
8
8
6
'and in San Francisco where it will build a plant at an estimated cost of
Extra......... %(.
7
8
14
20
10
11
..
..
..
13.000 000 About 30% of the value of the companv's output consists
Also Daid 21(0^ in stock to stockholders of record Dec. 27 1922.
if well-known soaps (Ivory Soap, &c.) and the remaining 70% Includes ,it
Paid in 1926: May 31, 2%.
Is claimed, about 39% of the country’s production of hydrogenated lard
Stockholders of record Feo. 9 1916 received as 150% div. the $27,000,001' mbstitutes (“Crisco, &c.) and about 40% of its glycerine. See full data.
cap. stock of Prairie Pipe Line Co.—which see below and V. 100, p. 403.
V. 106. p. 1040.
Balance sheet as of Dec. 31 1925 in V. 122, p. 2341.
STOCK.—The stockholders on July 28 1919 authorized an Increase in
OFFICERS.—Chairman, W. S. Fitzpatrick; Pres., Nelson K. Moody; •he capital stock from $26,250,000 (made up of $2,250,000 8% Cumulative
V.-P. & Gen. Mgr., Dana H. Kelsey; Sec., John Halihan; Treas., E. T. Pref. and $24,000,000 common) to $72,000,000. the new stock to consist of
Patterson. Office, Tulsa, Okla.—V. 122, p. 2666.
{46.750.000 6% cumulative pref. (par $100). of which $9,866,000 having
Oeen underwritten was offered to common stockholders of Aug. 30 1919.
PRAIRIE PIPE LINE CO.—ORGANIZATION.—Incorporated in Kan
7. 109. p 780. 483.
sas in Jan. 1915 and took over as of Feb. 1 1915 the pipe line of the Prairk
The new pref. stock is in effect a second preference issue, ranking subse­
Oil & Gas Co. Company acts as a common carrier of crude oil in the State*
quent to the 8% pref. and is to be callable at 110 and divs. The holders
of Kansas, Oklahoma. Arkansas, Missouri, Iowa, Illinois, Indiana and
vill not have the right to subscribe to new stock Issues. Neither Issue of pref.
Texas.
itock shall be Increased nor shall any additional stock be authorized to be
The company in Nov. 1925 purchased a half interest in the Pure Oil ssued with rights equal with or prior to the rights of the 6% pref. stock.
Pipe Line Co. of Texas from the Pure Oil Co.
This stock will be issued over a period of years and in such amounts as
conditions may warrant and the business may require, and all stock bo to
DIVIDENDS.—July 1917, 5%, Oct. 1917, Jan. 1918 and Apr. 30, 5%
reg. and 5% extra. July and Oct. 1918, 5%; Jan. 1919 to Apr. 1922 paid be Issued will be offered first to the holders of the common stock. V. 108.
o- 2636; V. 109, p. 483, 780. 986.
3% quar ; July 1922 paid 3% and 2% extra; Oct. 1922 paid 3% quar.
The stockholders voted Dec. 22 1919 to change the par value of the
Jan. 1923 to Apr. 1926 naid 2<£ quar. A200% stock div. was paid to stock­ sommon
stock from $100 to $20, Issuing in exchange for each share of $100
holders of record Dec. 27 1922.
now outstanding five shares each of the par value of $20. The stockholders
REPORT.—For 1925, in V. 122, p. 2054, showed:
on Nov. 19 1924 increased the authorized common stock from $24,000,000
Calendar Years—
1925.
1924.
1923.
1922.
to $25,000,000.
Net income-----------------$15,228,607 $11,794,547 $15,818,865 $19,336,134 OOM. DIVS—
’15. ’16. ’17-’24. ’25.
01-12.
’13. ’14.
Dividends.............. ........ 6,480,000 6,480,000 6,480,000
5,130,000 in cash_____________ ’*12yly.
16
18
20 yly. 21
16
16
instock___________________
4
4
4
4
4 yly.
4
Surplus------------------- $8,748,607 $5,314,547 $9,338,865 $14,206,134
* Also extra dividend of 14 2-7%. paid Jan. 2 1904, and25% Dec.1905.
OFFICERS.—Pres., W. F. Gates; V.-P. O. F. Kountze; Treas., R. G
7. 95 p. 1334: V. 96. p 1776
Hare; Sec., F. M. Wilhelm. Office, Independence, Kansas.—(V. 122, p
Paid in 1926: Feb. 15, 6X%: May 15, 6J<%.
2666.)
Future dividend policy, v . n8, p. 3207.
PRESSED STEEL CAR CO.—ORGANIZATION.—Incorporated It New
EARNINGS.—For year ending June 30 1925, in V. 121, p. 973:
Jersey on Jan. 13 1899 as a consolidation of the Schoen and Fox pressed
June
30 Years—
1924-25.
1923-24.
1922-23.
1921-22.
steel equipment companies. Is one of the leading manufacturers in th»
steel car business, the capacity of plants being from 15% to 20% of tht Volume of business___ $156,085,091$121,372,681$109,776.389$105,655.386
Net
aft.
res.,
dep.,
&c__
10,375,159
8,629,447
8,532.826
7,340,327
estimated total production of cars in this country. Customers are railroad*
and industries of the United States and foreign countries. Business con­
Pres., Wm. Cooper Procter; V.-Ps., J. N. Gamble and H. G. French;
sists of the manufacture of steel freight and passenger cars, trucks, truck Sec., Ralph F. Rogan; Treas., Geo. S. Woodward. Office, Cincinnati.—
frames, bolsters and other pressed steel specialties for cars. Plants, located (V. 122, p. 1039.)
REPORT.—For 1925, in V. 122, p 1465, showed:
1922.
1924.
1923.
$1,201,390 $1,457,998 $9,935,760
132,362
93,691
478,779
130,422
151,319
155,945
614,351
263,757
333,414
Net profits_________
$317,130
$19,924
$301,310 def$390,390
OFFICERS.—Luis Toro, Pres.; John Frese, 1st V.-P.; E. F. Rosenthal,
2d V.-P.; Arthur H. Noble, Treas.; H. Catlin, Sec. & Asst. Treas. N. Y.
office, 185 Madison Ave.—(V. 122. p. 2960.)
Gross profit on sales___ $1,334,731
Operating profit_______
457,155
Other income_________
157,661
Interest, taxes, &c_____
297,686




216

INDUSTRIAL STOCKS AND BONDS
Par
Value

MISCELLANEOUS COMPANIES.

IFor abbreviations, Ac., see notes on page 8.]

'Producers & Refiners Corp—Com stock $47,000,000 auth.
Pref (a & d) stk 7% cum & partic red 107M auth $3,000,000
IstM sf gold bds (text) $5.W)0.000 au red 110.. Cekxxxc*&r
'Pullman Company (The)—Stock $135,000,000 auth-------'Punta Alegre Sugar Co—Stock $25,000,000_____________
Convertible debentures redeemable (text)______________
Gold notes red 10244___________________________ kxxxc*
“Pure OH Co—Oommon stock $100,000,000_______________
Pref stock. 5)4% cum, $10.000,000____________________
Preferred 6% cumulative, reserved for exchange (see text)
Oonv pref cum 8% (see text) red 110 $10,000,000 auth..
‘SFgold notes ser Ared (text) $20,000,000 auth.-CeCxxxc*

Rate

%

$50 $37,435 ,050
50 2 845 350
100 &c 3.393 700
8g
100 135,000 .000
8
50 19,076,,850
1922
4.966 300
7
6g
1925 500&1000 2.000 000
25 75.959, 250 See text
100
921, 900
5)4
100 9.078, 100
6
100 13 000. 000
8
1923 500&1000 10,430, 000
6)4 g
1921

PRODUCERS AND REFINERS CORPORATION.—ORGANIZA­
TION.—An operating and holding co. organized under laws of Wyoming on
May 14 1917. Corporation and its affiliated and subsidiary companies
own or control approximately 265,000 acres of oil and gas leases situated in
the Wyoming. Montana. Colorado. New Mexico, Oklahoma, Kansas.
Texas, Arkansas and Louisiana fields, on which properties there are 275
producing oil wells, 24 gas wells and approximately 1,000 proven oil and
gas well locations. Compare V. 116. p 625
Subsidiary companies are: Kistler Refining Co., Pan-American Oil Corp..
Pan-American Refining Co., Pike’s Peak Petroleum Products Co., Hudson
'Oil Co.. Lyons Petroleum Co., Sand Draw Pipe Line Co., Premont
Natural Gas Oo., Prod. & Ref. Corp, of Tenn., Crystal Oil Corp, and
Fensland Oil Co.
CAPITAL STOOK.—The preferred stock has equal voting rights with
<4he common stock, and participates equally with the latter in any divs. over
7% on each class of stock. Pref. and common stockholders of record Feb.
15 1922 were given the privilege of subscribing for $2,000,000 1st mtge.
■8% sinking fund bonds at 100 anu int. V. 114. p. 636.
The auth. common stock was increased from $27,000,000 to $47,000,000
•In Jan. 1923. V. 116, p. 305. In Feb. 1923 stockholders were offered
•150,000 shares of common stock at par ($50). V. 116. p. 625.
The Prairie Oil & Gas Oo. In Nov. 1923 offered to exchange shares of its
capital stock for capital stock of the Producers & Refiners Corp., on the
'basis of one share of Prairie Oil & Gas stock (par $100) for 10 shares of
Producers & Refiners com. stock (par $50 each). Compare V. 117. p. 2119.
2551, 2660.
BONDS.—The first mortgage 8% sinking fund bonds carry detachable
warrants entitling the holder to purchase on or before June 1 1931 common
stock of the company at par (payable either in cash or in bonds taken at
their principal amount and accrued Interest) at the rate of $1,000 par value
of common stock for each $1,000 face value of bonds. Issued, $5,000,000;
•retired by sinking fund, $1,606,300.
DIVIDENDS.—Pref. divs. were regularly paid to May 1925: none since.
On Aug. 6 1923 X % extra was paid. On common, paid 144 % quar. from
•Feb. 1920 to May 1921; then none until March 15 1923, when 2% was paid,
June 15 1923 paid 2%. Sept. 15 1923 paid 1%, none since.
REPORT.—For 1924. in V. 120, p. 3306, showed:
1924.
1923.
1922.
•Gross sales & earns, from operations.$16,582,501 $12,816,319 $10,910,725
Producing, oper., gen. & adm. exp_ 13,409,512
8,833,221
6,783,106
Gross earnings__________________ $3,172,988 $3,983,098
$4,127,620
■Other income_____________________
189,175
191,917 __ 249,438
Total earnings...................................... $3,362,164 $4,175,015 $4,377,058
Deduct—Depreciation______________ 1,075,289
712,041
499,759
549,304
Interest and bond expense________ 1,089,552
523,716
Federal tax provision___________
_____
120.OO0
63,312
Net Income before depletion_______ $1,197,323 $2,819,257 $3,264,684
•Previous surplus__________________ 16,620,792 16,052,631 12,991,360
Total surplus..............
$17,818,115 $18,871,888 $16,256,044
Adjustments prior years___________ Dr2,607,704
Dr254,647
_
/Preferred dividends________________
199,174
206,288 203,413
•Oommon dividends________________
_____
1,776,309
Minority interest in subsidiaries____
_____
13,851
___
Total surplus Dec. 31........................ $15,011,237 $16,620,792 $16,052,631
Stir.—Earned (subj. to depl. deduct.) $4,353,734 $5,963,289 $5,395,128
From apprec of developed leaseh’ds 10,657,503 10.657.503 10.657.503
6 Months Ended June 30—
1925.
1924.
Gross sales__________________ ,_________________ $9,206,580
$6,907,116
Total Income_________________________________
2,137,259
2,207.394
Deprec., interest & Federal taxes_______________ 1,439,256
946,579
Preferred dividends___________________________
_____
99,587
Surplus.......................................................................
$698,003 $1,161,228
OFFICERS.—Pres., F. E. Kistler, V.-P. & Treas., W. E. Lockhart;
Sec., David R. Thomas.—(V. 121, p. 2051.)
PULLMAN CO. (THE).—On Jan. 1 1900 the Wagner Palace Oar Oo
■old Its assets to the Pullman Company. V. 69, p. 854: V. 70, p. 40. Id
1908 began building steel cars. V. 84, p. 697: V. 87, p. 1163: V. 90, p. 506
V. 97, p. 669; V. 90. p. 1617, 1682: V. 91, p. 157, 280, 1332, 1517, 1777
V. 92, p. 193, 265.
The stockholders on Dec. 20 1921 authorized the purchase of all the assetsofthe Haskell & Barker Oar Oo., Inc., and the payment therefor of $275,000
In cash and 165.000 shares of the capital stock of this company. V. 113
p. 2319 2728.
The company on June 19 1924 announced the segregation of Its manufac­
turing properties and the organization of a new corporation, known as the
Pullman Car & Manufacturing Corp., with a capital stock of $50,000,000
which took over, as of May 31 1924, the manufacturing plants at Pullman.
Ill., and at Michigan City, Ind. The entire $50,000,000 capital stock it
-owned by the Pullman Oo. V. 118. p. 3088.
CAPITAL STOCK—The authorized capital stock was Increased on
Dec. 20 1921 from $120,000,000 to $135,000,000. V. 113. p. 2319. 2728.
REGULAR CASH DIVS. 11877-80.1881-83. 1884-98. ’99.’OOtoMayJ'26
Since 1877 (%)--------------------18 yearly 9)4 yly. 8 yearly 6)4 8 yly iQ-F)
Also In 1898 ano 19C6 ana to stockholders of reoord April 30 • 9l< extra
dividends to distribute surplus assets. V. 67. p. 75. 789. 840. 902: V. 83

T>. 1174, 1233; V. 90. P. 451. 506. 854.

REPORT.—For year ending July 31 1925, in V. 121, p. 1564, showed:
Years End. July 31— 1924-25.
1923-24.
1922-23.
1921-22.
Earnings of cars______ $83,927,749 $81,240,688 $76,906,665 $62,548,406
Returns from mfg.int.,&c 6.390,570 7,904,426
5,967,678
3,944,631

Gross income............... $90,318,319 $89,145,114 $82,874,343 $66,493,037
cOper. expenses & taxes.$58,016,270 $57,286,330 $50,548,901 $55,182,022
Depreciation in general. 7.954,685 7,264,565
7.004,633
7,039,248
Reserve for defer, maint.
3,000,000
Propor’n of rev. accr. to
railroad companies un­
8,991,156
der operat’g agreement 8,575,388
8,433,239
Reserve for pensions___
1.000,000
1,000,000
Reserve for excess cost of
1,000,000
1,000,000
replacement of cars__
Add n to res've for depr’n
__
b670,634
Dividends (8%)______ 10,738,872 10,703,221 10,799,852 10.499.840
V. S. Railroad Admin’n.
_____
_____
-aCr7.399.367
Balance, surplus..... $3,033,104 $2,899,842 $2,417,084 $1,171,294
a Balance of amount received from the U.S. Railroad Administration in
•settlement of claim for period of Federal control, Jan. 1 1918 to March 1
1920, received during this year and which had not been taken up in income
accounts of previous years, b Addition to reserve for depreciation to
complete provision for depreciation on cars in service prior to 1910. c Rep­
resents “operating expenses, repairs of cars, taxes and insurance, &c.”
DIRECTORS.—John S. Runnells (Chairman), Edward F. Carry (Pres.),
J. P. Morgan, W. Seward Webb, John J. Mitchell. Chauncey Keep, George




Amount
Outstanding

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Sept 15 '23 1%
May 4 1925 lfc
& D June 1 1931
Q—F May 15 ’26 2%
Mayl 5 '25 $lfc
J & J luly 1 1937
M & N Nov 1 1927
VS Junel 1926 2%
Apr 1 1926 1 )4
Q—J Apr 1 1926 1 >4
Q—J Apr 1 1926 2%
J & D June 1 1933

J

[Vol. 122.

Blair & Oo, New York
N y . Chicago & Boston

Boston or New York
Central Trust Oo, Ohio
Central Union Tr. N Y

CeO ,Chlc;ChaseNat ,NY.

F. Baker, John A. Spoor, Harold S. Vanderbilt, Arthur O. Choate, Robert
T. Lincoln and George F. Baker, Jr. Secretary is J. F. Kane. General
offices. Chicago. Ill.—(V. 122. p. 2666.)
PUNTA ALEQRE SUGAR CO.—ORGANIZATION.—Incorp in Dela­
ware on Aug. 3 1915. Owns all the stock ($1,450.000) ofthe Florida Sugar
Co., which in turn owns all the stock ofthe Trinidad Sugar Co., a Cuban Co.
The company's plant at Punta Alegre consists of a sugar mill with other
buildings having a normal capacity of 500.000 bags or sugar per annum.
The Florida Mill, in Cuba, has an annual capacity of 400,000 bags, while at
Trinidad the mill capacity is 125.000 bags. Also owns entire capital stock
of Baragua Sugar Co., acquired in 1922. Baragua mill has a capacity of
500.000 bags. V. 115. p. 316.
During 1924 the company acquired the entire issue of pref. stock (51,000
shares) and 51 % of the common stock (51,000 shares) of the Companla
Azucarera Antilla S. A.. Issuing in payment 50.000 shares of its own treasury
stock. During 1925 acquired all the common stock of the Fidelity Sugar Oo.
STOCK, &O.—The stockholders on June 13 1922 approved an Increase
in the authorized capital stock from $12,000,000 to $25,000,000. V. 114.
p. 2587. 2725.
DIVIDENDS.—The directors in Sept. 1919 reserved for the payment of
dividends upon the Oommon stock during the year beginning Oct. 1 1919
a sum sufficient to provide for the payment of dividends at the rate of 10%
($5 per share) per annum; 2)4%. accordingly, was paid Oct. 15 1919.
and .Ian., Anri) and July 15 1920 Oct 15 1920 and Jan. 15 1921 paid 4%($2 per share): April 15 1921 paid 2)4% ($1 25 per share): then none until
Nov 15 1923 when 2)4% f$1 25 per share) was paid; same amount paid
quarterly to May 15 1925; none since.
BONDS.—The convertible debentures of 1922 were offered to stock
holders of record June 15 1922 in the ratio of $100 of debentures for each
four shares of stock held at $100 flat. They are convertible into stock at
any time on the basis of 1.8 shares of stock (par $50) for each $100 of deben­
tures. Redeemable at 110 and Int. during first year and at )4% less for
each succeeding year. V 114 p 2587
Bonded indebtedness of subsidiary companies: 15-year 7)4% first mtge.
bonds, due July 31 1937, authorized and issued by the Baragua Sugar Oo..
$3,825,000; first mtge. 8% gold bonds, due Jan. 1 1938, of the Canasl
Sugar Co., $80,000NOTES.—6% gold notes of 1925, V. 120, p. 2559.
REPORT.—For 16 mos. ended Sept. 30 1925, in V. 121, p. 2746, showed:
16 Mos.End —Years End. May 31—
Sepl.30’25.
1923-24.
1922-23.
Output of estates, bags____________ 1,625,360
1,267,910 1,205,605
Operating profits___________________ $2,435,668 $3,523,216 $5,894,936
Interest on bonds and loans________
671,114
505,100
572,929
Depreciation on plant______________
812,680
1,096.214 1,309,493
Est. U. S. & Cuban inc. & war prof, tax
139,754
260,000
360,883
Available prof it for year_________
$812,120 $1,661,902 $3,651,631
The stockholders on Nov. 5 1924 voted to change the fiscal year to end
Sept. 30 instead of May 31.
OFFICERS.—Pres., William C. Douglas: V.-Ps., E. V. R. Thayer, E. L.
Ponvert and William L. Smith: Treas., Louis Irvine; Sec., John E. Thayer
Jr.; Comp., Ellis B. Parry. Office, Corporation Trust Co., Wilmington,
Del. New York agents, E. Atkins & Co., 90 Wall St.—(V. 122, p. 2512.)

PURE OIL CO. (THE)—ORGANIZATION.—Incorp. in Ohio April 21
1914 as the Ohio Cities Gas Co. Name changed as above July 1 1920.
Owns the following subsidiary companies, the percentages representing
the Pure Oil Co.’s holdings of common stock; 100% of the Pure Oil Pipe
Line Co. (Ohio), 100% of the Pure Oil Pipe Line Co (Penna.): 100% of
the Producers & Refiners Pipe Line Co., 50% of the Mountain State Gas
Co., operating pipe lines and natural gas properties in Boone and Kanawha
counties of West Virginia; 100% of the Pure Oil Steamship Co., operating
a fleet of ocean going tankers; 100% of the Moore Oil Refining Co., com­
pounders of oil and manufacturers of grease and soap, with extensive
marketing properties in Ohio and Indiana.
In 1923 tne Pure Oil Co. purchased all of the properties of the Humphreys
Oil Co. and the Humphreys Pure Oil Co. All of the capital stock of the
Oklahoma Producing & Refining Corp, was acquired In 1923 and the
properties of this company merged with the Pure Oil Co. as of June 30 1924.
In April 1924 the Pure Oil Co. acquired producing properties of the Boyd
Oil Co. in the Wortham and Powell fields of Texas.
The company owns 75% of the capital stock of the Orinoco Oil Co.,
having an authorized capital of $4,000,000 and holding 150,000 acres of
concessions in the Lake Maracaibo district of Venezuela.
.
In addition to properties owned and operated by its subsidiary companies,
the company owns and operates oil and gas properties as follows: 680.000
acres of leaseholds and fee lands in Ohio. West Virginia, Kentucky, Illinois,
Kansas, Oklahoma, Louisiana, Texas and Arkansas, of which 105,000 acres
are operated with 8,600 producing oil wells; 13 casinghead gasoline plants
in Ohio, West Virginia and Oklahoma with 80,000 gallons daily capacity;
9 refineries in Pennsylvania, West Virginia, Ohio, Minnesota, Oklahoma
and Texas, with daily refining capacity of 44,000 barrels; 2,886 tank cars
of which 2.661 are owned and 225 are leased; 100 distributing plants and
300 drive in service stations in Vermont, Massachusetts, New Jersey,
Delaware, Maryland, New York. Pennsylvania, West Virginia, Ohio,
Indiana, Wisconsin, Minnesota, North Dakota, Idaho, Montana and
Washington.
STOCK.—The shareholders in Jan. 1920 voted to increase the auth. pref.
stock from $10,000,000 to $90,000,000. Of this amount, $10,000,000 shall
be designated 6% pref. and set aside for the purpose of exchange, share for
share, for the existing 5)4% pref. stock. The remaining $70,009,000 may
be issued in installments from time to time at div. rates not to exceed 8%
and not less than 5%. New pref. stock has equal voting power with com.
stock and is pref. as to assets and divs. Divs. are cumulative and payable
quarterly (Q.-J.). Redeemable, all or part, at 110 and divs.
On March 19 1920 an issue of $10,000,000 conv. 8% cum. pref. stock
was auth. and offered to com. and pref. stockholders at par. The con­
version privilege of this stock expired July 1 1923
There was also outstanding on March 31 1926, $800,000 pref. stock of the
Moore Oil Refining Co.
DIVIDENDS—
( '15. '16. ’17. '18. ’19. '20. ’21. ’22. ’23. ’24. ’25.
Common,cash (%)„„( 5)4 8)4 19)4 20 17 12 8
8
7 6
6
do
in stock____ I___ 5
___
5-4 4
-- -. -Paid in 1926: March 1 and June 1, 1)4% quar. and )4% extra.
NOTES.—The 10-year 6)4% sink, fund gold notes, ser. "A,” (V. 116,
p. 2891) are redeemable up to and incl. June 1 1928, at 103 and int., there­
after up to and incl. June 1 1932, at par and int. plus a premium of )4 of 1 %
for each 12 months or fraction thereof by which the regular maturity Is
anticipated and at par and int. on Dec. 1 1932.
A sinking runa sufficient to retire $600,000 of series “A” notes annually
Is provided; sinking fund payments to be made to the trustee semi-annually,
beginning Mar. 1 1924, and to be used for the purchase of notes in the
open market at or below the then redemption price, or for redemption ef
notes by lot; all purchased or called notes to be cancelled. The sinking

May, 1926.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS SECURITIES
[For abbreviations, &c., see notes on page 8J

Quaker Oats Co (The)—Common stock 600,000shares____
Prelerred la a> d) stock 6% cumulative $26,000.000____
Railway Steel-Spring Co—Common $20,2 )0,000_________
Prelerred (a & d) 7% cumulative $13,500,000_________
Rand Mines. Ltd—See text
Ray Consolidated Conner Co—Capital stock $31,000,000.
Retd Ice Cream Corn—Com stock 178,000 shares auth___
Pref (a & d) stock 7% cum red 110 $5,000,000 auth _____
5-year gold notes redeemable (text) ........... ...... . _xxxc*

Date
Bonds

Par
Value

None
$100
50
100

1925

Amount
Outstanding

Rate
% .

When
Payable

317

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturitv

g3
450,000 shs
Q—J
$18,000,000
Q—F
20,250.000 See text Q—M31
13,500,000
Q— M20
7

10 30.771.790
None 175,000 shs
100 2,202,500
1,000 2,000,000

J’ly 15 '26 75c. Cheoks mailed 1 ” ’TS
do
■ ■ '
Aug 31 ’26 1)4
Mar 31 ’26 $1 Bankers Tr Oo. N Y
do
do
Mar 20 ’26 1%
See text See text Apr 30 ’26 25c ____ _______ _
Q—J Apr 1 1926 75c
$3
Q—M Junel 1926 1%
7
Dillon ,}jRead_&£Co, NgY
J & J July 1 1930
6 g.

OFFICERS.—Pres., F. F. Fitzpatrick; V.-P., A. S. Henry, F. J. Foley
and E. McCormick; Sec., M. B. Parker; Treas., H. S. Banghart. Office,
30 Church St., New York.—(V. 122, p. 2812.)
RAND MINES, LTD.—A holding company, lncorp. in the Transvaal
Union of South Africa. Owns shares in a large number of companies own­
ing and operating gold mines in the Witwatersrand District of the Transvaal.
CAP. STOCK.—Auth., £550.000; Issued. £531.498.15s; par value. 5
Operating income___ $21,988,954 $19,955,991 $19,181,866 $11,460,538
shillings.
Non-operating profits.. 2,812,772
_____
_____
AMERICAN SHARES.—Pursuant to a deposit agreement made be­
Total income_______ $24,801,726 $19,955,991 $19,181.,866 $11,460,538 tween Bernhard. Scholle & Co., N. Y., the Bankers Trust Co., N. Y., as
Federal taxes_________ x$2,391,932
$255,083
......... ..
depositary, and the registered holders of certificates, 150,000 ordinary
Interest on notes, &c_____________ 1,144,654
1,671,019
906,259
247,672 shares have been delivered to the agency of the depositary in London, Eng.,
Amort, disc, on ser. notes
_____
834,034 against which the Bankers Trust Co.. N. Y., has issued certificates for 60,Depletion, &c_________ 1 8,342,837
7,477,0291 3,775,379
3,036,844 000 “American Shares," each “American Share" representing 2)4 ordinary
Depreciation__________ j
2,331,633 shares of the par value of 5 shillings each. "American Shares” may be
I 2,824,729
Preferred divs. (cash)__
1,670,505
1,668,890
1,667,693
1,427,755 exchanged for ordinary shares on the foregoing basis. The Deposit Agree­
Common divs. (cash). (6)4)4937,516 (6)4,263,591 (6)4)4544855
ment may be terminated at any time on approval of 76% in Interest of the
holders of certificates.
Surplus-------- -----------$6,314,281 $4,620,378 $5,462,921df$l,580,238
DIVS.—An interim div. of 85% was paid in Feb. 1921. making a total of
Previous surplus............. 53,128,541 49,279,739 44,806,309 46,414,482 145%
paid during the fiscal year, against 100% in 1919-20. In Feb. 1922
paid 35% and in Aug. 1922 paid 20%. In leb. 1923 paid 80%; Aug. 1923
Total surplus----------- $59,442,822 $53,900,117 $50,269,230 $44,834,244 to
Feb. 1925 paid 60% semi-annually; Aug. 1925 paid 50%; Feb. 1926 paid
Surplus adjustments---58,077
771,577
989,491
27,935 50%.
On “American” shares paid $2 06 on Feb. 25 1921; 80c. on Aug. 24
1921, 96c. on Feb. 28 1922, and 55c. on Aug. 24 1922. On Feb. 26 1923
Profit and loss surplus.$59,500,899 $53,128,541 $49,279,739 $44,806,309 paid
$2 35 and on Aug. 29 1923 paid $1 71. On Feb. 26 1924 paid $1 61
x Including other taxes, y Includes taxes.
Chairman, Beman G. Dawes; Pres., Henry M. Dawes; V.-Ps., R. W. and on Aug. 23 1924 paid $1 71. On Feb. 25 1925 paid $1 79 and on
Mcllvain, W. E. Hutton, C. B. Watson, N. H. Weber, H. N. Cole, C. C. Aug. 25 1925 paid $1 52. On Feb. 26 1926 paid $1 52.
REPORT.—For 1925 showed:
Burr; Sec. & Treas., F. S. Heath; Compt., C. H. Jay. Office, Columbus,
1922.
1923.
Calendar Years—
1924.
1925.
Ohio.—(V. 122, p. 2790.)
£391,923
£599,050
Dividends
received-__
£494,124
£648,928
PURITY BAKERIES CORP.—(V. 122, p. 2961.)
461,626
241,316
Other income_________
168,614
209,454
OUAKER OATS CO. (THE)—ORGANIZATION.—Incorp.in New Jer­
sey on Sept. 21 1901. Owns and operates plants for the production of cereal
£853,549
£840,366
Total income..__ __ £662,739
£858,382
food products (notably Quaker oats. Puffed wheat, &c.) at Akron, O.; Administration expenses
27,166
25,606
27,587
28,985
Cedar Rapids, Iowa; Memphis, Tenn.; Tecumseh, Mich.; Peterborough, Taxes, &c________ ____
37,912
49,707
59,404
57,767
Ont.; Saskatoon, Sask.; and until the outbreak of the war, Hamburg, Ger­ Dividends------------------512,537
612,295
511,287
613,545
many. Some of these plants also produce commercial mixed feed. Plants
for the production of feed alone are operated at Memphis, Tenn., and Rich­
£275,933
£152,758
Balance, surplus.__
£158,084
£64,461
ford, Vt. Flour mills are owned and operated at Akron, Ohio; Cedar
Gold Production (in ounces).
Rapids, Iowa; Peterborough, Ont., and Saskatoon, Sask. Macaroni and
Month
of
—
Mar.
’
26.
Feb.
’
26.
Jan.'26.
Dec.
’
25.
Nov.
’pS,
spaghetti are manufactured at Tecumseh, Mich. In addition, owns and Gold output (ounces)____ 834,340 753i924 796,270 791,455 787,6o*
operates 59 country elevators, a veneer boxboard plant at Foxworth, Miss.,
Office,
Johannesourg,
South
Africa.
London
office,
1,
London
Wa
and a strawboard plant at Pekin, Ill. The company has 49 sales offices in Buildings, London, E. C2.—(V. 122, p. 2961.)
the United States and Canada.
"*RAY
CONSOLIDATED
COPPER
CO.
—
ORGANIZATION.
—
lncorp?
The assets and property of the Aunt Jemima Mills Co., St. Joseph, Mo.,
were taken over as of Oct. 31 1925.
in Maine in May 1907. Land holdings of the Ray mines Dec. 31 1925
STOCK.—Pref. stock has no voting power (except as regards increase consisted of 6,710 acres with full title and half interest in 5 acres, segre­
gated as follows: 2,083 acres and half interest in 20 acres of mineral land at
of pref. stock) unless dividends are 3 months in arrears. V. 83, p. 574.
The stockholders on Mar. 13 1925 changed the par value of the common Ray, 4,500 acres used for milling and smelting purposes at Hayden, 127
shares from $100 to no par and approved the issuance of four shares of new no acres used for railroad yards, &c., at Ray Junction. Land holdings of the
par value stock in exchange for each share of com. stock of $100 par owned. Chino mines Dec. 31 1925 consisted of 216 mining claims, comprising a total
of 3,625 acres in the Santa Rita mining district, Grant County, N. Mex.
DIVIDENDS (%)I19O7-O9. 1910. 1911-16. 1917. 1918. 1919-26. area
also owns 120 acres of agricultural lands adjacent thereto and 19,891 acres
On common (cash)..) 8 yrly.
9)4
10 yrly. 10)3
15
See text
of
non-mineral
land in connection with its milling operations at Hurley,
In 1918, Jan., 3%; April 15 1918 to April 15 1919 paid each quarter 3% its various water
supplies and for disposal of tailings. Owns $1,200,000
and 1 % extra. July 1919 to Jan. 1921 paid 3%; no extra; April 1921. 1)4%
capital
stock
(total
outstanding) of Ray & Gila Valley RR.
then none unti Ju <31 1922, when 2% was paid; Oct. 1 1922, 2%; Jan. 15
The stockholders of the Ray Consolidated Copper Co. and the Chino
1923. 2V$%: ApHl 1ft 1023 21*
bilv 1ft 1923 to Apr 15 1925 paid 3% Copper
on Feb. 15 1924 approved the merger of the Chino Copper Co.
quar.; July 15 1925 to Ju’y 15 1926 paid 75 cents quar. on new stock of no into RayCo.
Consolidated Copper Co. The Chino stock <900,000 shares, par
par value. Also paid extra cash dividends of
on April 15 1924, 10% $5, outstanding)
was exchanged for $15,000,000 Ray stock, par $10, or in
on April 15 1925 and $2 50 on April 15 1926.
the
ratio
of
one Chino share for 1 2-3 shares of Ray. The stockholders of
Also in common stock, 50% in 1912, 10% in 1916 and 25% in 1920.
Ray Consolidated Copper Co. also increased the authorized capital stock
REPORT.—For 1925, in V. 122, p. 1162, showed:
from $16,000,000 to $31,000,000. Compare V. 118, p. 212, 319.
, x
Calendar Years—
1925.
1924.
1923.
1922.
The stockholders were to vote May 26 1926 on authorizing the sale to
Profits for year_______ -Not stated Not stated x$4,992,005 x$5,222,274
Nevada Consolidated Copper Co. of all the properties, assets, rights,
Depreciation_________ Not stated Not stated
$602,699
$588,995 privileges and franchises of this company as an entirety to be paid for by:
(a) $46,157,685 of Nevada Consolidated Copper Co.’s 15-year 5% deben­
Net income------------- y$5,502,748 y$5,286,923 $4,389,306 $4,633,279 tures, to bear date July 1 1926, with interest adjustment from or to the date
Dividends on preferred! 1,080,000
1,080,000
1,080,000
1,350,000 of transfer of the properties; (6) Nevada Consolidated Copper Co.’s assump­
Dividends on common.. a2,475,000 z3,206,250
1,293,750
731,250 tion of all liabilities and obligations of this company.
—3
If said sale be authorized (a) to authorize and instruct the directors or
Balance, surplus------- $1,947,748 $2,853,923 $2,015,556 $2,552,029
officers to distribute the proceeds of such sale pro rata among the stock­
x After reserve appropriations, y After provision for depreciation n,,.d holders of this company, and (6) to vote to dissolve this company.
taxes, z Includes special div. of 16)4% ($1,856 2501 paid April 15 1924
Effective upon distribution of the debentures by Ray to its stockholders,
out of surplus as of Dec. 31 1923. a Includes special dividend of 10% Nevada will voluntarily give each debenture holder the provilege at his
($1,125,000) paid April 15 1925 out of surplus as of Dec. 31 1924.
option to exchange his debenture or debentures for stock of Nevada, without
OFFICERS.—Chairman of Board, Henry P. Crowell; Chairman of Exec. par value, at the rate of one share—plus 25c. in cash to equalize dividends—
Comm. & Pres., John Stuart; 1st V.-P., James H. Douglas; Treas., Robert for each $15 face value of the debentures. Such option of exchange may be
Gordon; Sec., W. L. Templeton. Office, 1600 Railway Exchange, Chicago, exercised up to July 1 1927. V. 122, p. 2512.
Hl.—(V. 122, p. 1162.)
REPORT.—For 1925, in V. 122, p. 2666, showed:
*1925.
*1924.
1923.
1922. ” ’
RADIO CORP. OF AMERICA.—See “Public Utility Compendium.”
Copper
produced (lbs.).142,076,711 133,592,467 61,385,205 27,953,408
RAILWAY STEEL-SPRING CO.—lncorp. in New Jersey on Feb. 26
oper. revenues____ $20,101,840 $17,477,907 $8,991,376 $3,821,957
1902 as a consolidation (V. 74, p. 382, 482); enlarged by subsequent acquisi- Total
Gross income__________ 4,634,348 2,418,689 1,589,538
343,714
tlcns V 66. p 185: V. 72. p 444: V 74 p. 1041.1200; V. 75. p. 80: V 93
&c_______ 1,195,825
1,444,545
553.015
776,828
p. 942. 734. The company s works are located at Latrobe, Pa.; Chicago Depreciation,
* Figures for 1924 and 1925 include both tne Ray and Cnino properties.
Heights, Ill., and East St. Louis, 111.; The subsidiary Canadian Steel-Tire
Note.—The mine was shut down April 8 1921 but reopened April 1 192S.~!
& Wheel Co., Ltd., has a plant at Montreal. Canada.
Report for first quarter of 1926 in V. 122, p. 2812.-... „ _ „ ____ Hal
Proposed Acquisition by American Locomotive Co.—The stockholders on
April 21 1926 approved the plan to merge the company with the American *■ DivrrrfiNDs— 1914. 1915. 1916. 1917. 1918. 1919.1920 1921-25
Locomotive Co., for details of which compare American Locomotive Co.
Percent
_____ 7)i 12K 27)i
42
32 M
20
17
None
above and V. 122, p. 1777.
Paid in 1926: April 30, 25c.
and
STOCK.-—The stockholders on Jan. 20 1926 voted to increase the common
Pres., Sherwood Aldrich; Man. Dir., D. C. Jackling; 1st V.-P., Richard
stock from $13,500,000, par $100, to $20,250,000, par $50, to exchange two
shares of the new common stock for each share of the old common stock, and F. Hoyt; Sec. & Treas., E. P. Shove. Office 25 Broad St., New York.
___
also to distribute among the common stockholders a stock dividend of 50%, —(V. 122, p. 2812.)
so that the holders of the old common stock received in all three shares of
REID
ICE
CREAM
CORP.
—
lncorp.
under
laws
of
Delaware
on Dec.
the new stock for each share of the old common stock, and also increased the 16 1924 and acquired the assets and property of The Reid Ice Cream
Co.,
voting power of the preferred stock so that the holders of such stock will be a New Jersey corporation, and the New Jersey Ice Cream Co., a New Jersey
entitled to three votes for each share of stock.
corp jration. Business is the manufacture and sale of ice cream and the
DIVIDENDS on pref., lk% quar., paid June 1902 to Mar. 1926, incl
dist 'ibution of milk and cream.
- . _J A s
I. 'i
Common. 2% 1904; 1905 to 1907,4% yearly; 1908. 3%; 1913,2%; 1914-16
“STOCK.—Preferred stock’ has-a”sinking fund of 1)4% semi-annually
none. Dec 1916 to 8ept 1918.
yearly
O.-M 1: nee 191C to “(J.
& J. 1) of the greatest amount of Preferred stock outstanding at any
Dec. 31 1925 paid 2% duar.; also paid 2% extra on Dec. 31 1925 and 50% time,
the stock to be purchased at 110 and divs.
in common stock on Feb. 10 1926. On March 31 1926 paid 2% quar. on
Of the 150,000 shares of Common stock outstanding, 76,600 shares are
new common stock of $50 par value.
held in a voting trust expiring Dec. 31 1929. Voting trustees are Walter
REPORT.—For 1925, in V. 122, p. 1323, showed:
R. Comfort, William J. Weller and John D. Beals.
Calendar Years—
1925.
1924.
1923.
1922.
The Common stockholders of record Nov. 16 1925 were given the right
xNet earns., a i sources. $2,348,244 $1,841,159 $3,341,271 $2,327,294 to subscribe for 25,000 additional shares of Common stock at $35 per share.
Preferred dividends____
945,000
945,000
945,000
945,000
DIVS.—On Pref., in full to date. On Common, paid initial div. of 75
Common dividends____
1,350,000
1,080,000
1,080,000
1,080,000 cents
a share on April 29 1925; same amount paid quar. to April 1 1926.
NOTES.—The 5-year 6% gold notes are redeemable all or part on any
Balance, surplus------$53,244 def$183,841 $1,316,271
$302,294
int.
date
after 30 days notice: to and incl. July 1 1926 at 102 and int.;
Previous surplus---------- 13,903,714 14,087,555 12,771,284 12,468,990
thereafter to and incl. July 1 1927 at 101'A and int.; thereafter to and incl.
Profit & loss surplus..$13,956,958 $13,903,714 $14,087,555 $12,771,284 July 1 1928 at 101 and int.; thereafter to and incl. July 1 1929 at 100)4
x After deducting manufacturing, operating, maintenance, repairs, and int.; thereafter at principal amount and int. Chemical National Bank,
admin, expenses, deprec., reserve for taxes, &c.
New York, trustee.

fund is calculated to retire 50% of the total series “A” note issue before
maturity.
REPORT.—For year ending Mar. 31 1026, in V. 122, p. 2790. showed:
Years End. Mar. 31— 1925-26.
1924-25.
1923-24.
1922-23.
Gross earnings----------- $118,715,184$104,397,303 $87,432,424 $69,153,736
Costs of oper. expenses.. 96,726,230 y84,441,313 y68.250,558 y57,693,197




318

[Vol. 122.

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES.
[For abbreviations. &c., see notes on page 8.1

Reis (Robert) & Co—Common stock auth 125,090 shares._
First pref. stock cum. red. $115 authorized $2,250,000----Second pref. stock cum. red. $100 authorized 7,500 shares
Remington Typewriter—Common stock $10,000,000------First 7% pref (a & d) stock cumulative $4,000,000---------First 7% pref (a & d) Series “S” (special) stock cum call 110
Second pref (a & d) stock 8% cum $6,000,000 auth-------Replogle Steel Co.'—Stock authorized 500,000 shares------Republic Iron & Steel Co—Common stock $30,000,000----Fref 7% (a * di cum (.V 69, p SOU) $25,000,000--------------Sinking lund gold (lst)M $25,000,000 red par.Ce.xc* *r*
Ref & gen M s f Ser A red (text)_________ USM.xxxc*Ar*
Collateral trust serial gold notes (called for red, July 1 ’26)
Potter Ore first mortgage gold guaranteed (text) s f-------- x
Bessemer Coal & Coke Co 1st M gold due $100,0J0 yly-Peh

Date
Bonds

....
....

Par
Value

Amount
Outstanding

Bate
%

When
Pagable

100,900 shs
$100 $2,250,000
Q—J
7.500 shs
10c 9,996,000
A & O
7
—
Q—J
100 3,997,900
Q—J
1.212.500
7
100 4,994,000 See text Q—J

100 30.000.000 See text
100 25.000,000 See text
5e
1910 1.000 Ac 10,906,000
1923 500&1000 8,924,000
5)3 g
2,667,000
1925
5g
1.000
5 g
14,000
lyOti
200,000
6g

Sinking Fund.—A sinking fund is provided, available semi-annually
beginning July 1 1926, to retire each year there ifter $150,000 principal
amount of these notes by purchase at or below the current redemption
price, or, if not so obtainable, by call by lot at the current redemption
price._________ :■
| ' i ; i ,
i, j i j
' J 1
i ‘
I ■
|TREPORT.—For 1925, in V . 122, p. 1794, showed:
“O
Calendar Years—
* 1925.w"’ 1924.
Sales_________________________________________ $9,856,603 $8,285,569
Expenses and depreciation_____________________ 8,384,919
7,126,465
Operating income_________________________ -_’ $1,471,684 $1,159,104
Other income________________________________
76,556
27,106
Kia --------------- - ---------------Totalincome..............................
$1,548,240 . $1,186,210
Interest and expenses_________________________
108,524
42,941
Taxes..............
175,562
167,103
Preferred dividends___________________________ ® 157,325
35,000
Common dividends___________________________ 1
450,000
100,000
b Surplus_______________________________ $656,829 $r.j $841,166
OFFICERS.—Pres., Walter R. Comfort; V.-P., William Walsh; Treas.,
William J. Weller; Sec., John D. Beals. Office, 524 Waverly Ave.,
Brooklyn, N. Y.—(V. 122, p. 1754.)
,_i
ROBERT REIS & CO—ORGANIZATION.—Incorp. In N. Y. May 13
1885. The company produces and distributes throughout the world men’s
underwear, hosiery and kindred lines, the products being sold under the
trademarks “Reis” and other well-known brands and In certain territories
Is the sole sales agent for “B.V.D.” and “Glastenbury” mills
STOCK.—7% cum. 1st pref., auth. and outstand., $2,250,000; par $100.
$7 cum. 2d pref., auth. and outstanding, 7,500 shares of no par valuecommon, auth., 125,000 shares; outstanding, 100.000 shares of no par value’
DIVIDENDS.—The directors in March 1921 deferred action on the
quarterly dividends on the 1st & 2d pref. stocks. The co. had been paying
divs. at rate of 1 % % and $1 75 per share quarterly on 1st pref. ($100 par)
and 2d pref. (no par stock since Dec. 31 1919). Payments on the 1st pref.
stock were resumed on April 1 1926 with a payment of 1 )4 %.
i REPORT.—For 1925 showed:
’ Calendar Years—
1925.
1924.
1923.
1922.
Net profit from oper___
$438,149
$170,061
$499,686
$337,838
Int. paid, net received..
35,304
35,716
60,439
37,199
Federal tax reserves___
54,093
19,117
55,500
13,930

Q—J
4*0
J & J
J & J
I * D

Last Dividend Places Where Interest and
and Maturity Dividends are Payable

Apr 1 1926 1%

Check from Co’s office
See text
do
do
July 1 '26, 1)4
do
do
July 1 ’26, 1 )4
do
do
July 1 ’26, 2%
May 2 1921 1)3
July 1 1926 1)4 New York Trust Co, N Y
Cent Union Tr Co, N Y
Oct 1 1940
New York
Jan 1 1953

Hanover Nat Bank, N Y

Dec 1 1931
To Jan 1 1928

OFFICERS.—Pres., B. L. Winchell; V.-P., A. A. Forrest and Cecil S.
Ashdown; Sec., Harold E. Smith; Treas., E. J. Saxer. Office, 374 Broad­
way, New York.—(V. 122, p. 2961.)
REPLOGLE STEEL CO.—ORGANIZATION.—Incorp, under laws of
Delaware Oct. 30 1919 as a holding company. The company proposed to
become an operating company and to engage in the mining of iron ore,
manufacture of pig iron, quarrying of limestone, and to carry on business
incidental thereto or connected therewith, upon acquisition of all outstand­
ing notes and bonds of Wharton Steel Co. The latter company was dis­
solved during 1922, all of the outstanding bonds of $3,000,000 having been
accuired and canceled.
The company owns in fee about 5,000 acres of iron ore land near Wharton,
Hibernia, Oreland and Mine Hill, and in Morris County, which is in North­
ern New Jersey. These lands contain 29 mines, two of which are in
process of development.
A new nlant at Wharton. N .1., was comnleted early in 1922. V.114.0-530
The company in April 1922 acquired the property of the Empire Steel
& Iron Co. Compare V. 114, p. 1661, 1773, 1898, 2125.
In Aug. 1924 acquired the Warren Foundry & Pipe Co., which was
consolidated with Empire Steel & Iron Co. V. 119, p. 589. 1074, 1408.
Ore reserves estimated at 100,000,000 tons of high-grade ore. V.109,p.2271

CAPITAL STOCK.—The holders of common stock of record Aug. 8
1924 were offered the right to subscribe at $14 a share to new common stock
of fio par value to the extent of one share for each three shares held.
BONDS.—The company itself has no funded debt.
Through ownership of the entire $500,000 capital stock, controls the
Wharton & Northern RR. Co.
In 1924 issued $2,500,000 Warren Foundry & Pipe Co. 1st mtge. 15-year
6)3% gold bonds, of which $2,000,000 were outstanding and $362,000 in
treasury on Dec. 3l 1925.
There are also outstanding $247,000 Crane Iron Works 1st mtge. 6%
gold bonds.

Calendar Years—

Miscellaneous income .

1925.
_ $5,334,754
. 4,366,820

1924.
$7,232,312
6,053,415

-

$1,178,897
182,760

$967,934
138,688

. $1,106,623 $1,361,657
Balance, surplus.........
$348,752
$115,228
$383,747
$286,709 Miscellaneous charges________
218,734
219,238
Depreciation and Federal taxes.
550,454
237,881
Quar. End. Mar. 31— 1926.
1925.
1924.
1923.
Gross sales_____________ $2,089,938 $1,924,705 $1,945,213 $1,926,307
Net
profit.
.................
.
’
..................
..........................
$649,504
$592,469
OFFICERS.—Pres., Arthur M. Reis; V.-P. & Treas., Leslie R. Reis;
Sec., V. E. Raddatz. Office, 889 Broadway, New York.—(V. 122, p. 2054.)
3 Mos. End. Mar. 31—
1926.
1924.
1923.
1925.
Sales, ry. oper. rev. and
REMINGTON ARMS CO., INC.—(V. 122, p. 2512.)
other income_______ $1,254,202 $1,107,6441
Not available
987,915
924,239)
REMINGTON TYPEWRITER CO.—Organized In 1893 In N. J. as Costs and expenses____
Union Typewriter Co.; reincorporated in New York in May 1909. V. 88
Total income_______
$266,287
$183,405 loss$91,549 loss$19,774
p. 752, 1377; V. 89, p. 925. In March 1913 changed name to Remington Miscellaneous
charges..
101,110
99,390
_____
Typewriter Co. after taking title to the plants of the controlled companies, Depreciation__________
73*759
51,594
65,791
91,500
viz.: Wyckoff, Seamans & Benedict, Yost Writing Machine, American Federal taxes__________
13,102
Writing Machine, Monarch, Smith Premier and Densmore Typewriter com­
panies. V. 96. p. 866; V. 79, p. 1481; V. 101, p. 1812. Acquired the Wahl
Net income_________ $100,481
$18,224 loss$183,049 loss$93,533
Co. in Apr. 1920. V. Ill, p. 500. In Jan. 1924 combined forces with the
Noiseless Typewriter Co. and formed the Remington Noiseless Corp.
OFFICERS.—Pres., Leonard Peckitt, V.-P., Wm. H. Hulick; Sec. Sc
The new corporation issued securities as follows: Preferred stock, 12.500 Asst. Treas., S. H. Bell; Treas., L. R. Dohm; Asst. Sec. & Asst. Treas.;
6hares, $100 par value, 7% cumulative and convertible into common; E. F. Nickerson. Main office, Wharton, N. J.—(V. 122, p. 2512.)
common stock, 115,000 shares, no par value.
Noiseless shareholders received all the preferred stock and 50,000 shares of
REPUBLIC IRON & STEEL CO.—ORGANIZATION.—Incorp. In
common. The Remington Co. received 65.000 shares of common. The
Remington-Noiseless Corp, will have its own factory at Middletown, Conn., N. J. May 3 1899 to consolidate 29 plants making bar and forge iron.
producing both standard and portable typewriters, which will be sold on its Since the date of the organization, the property has been completely re­
account through the Remington distributing points throughout the world. organized and the character of the business changed to the production of
steel, now operating 8 blast furnaces. Bessemer steel plant, open-hearth
V. 118, p. 676.
Near the close of 1924 the company’s new model accounting and book­ iteel works, tube works. &c., mining properties in Mesaba. Marquette and
Menominee extensive iron and coal lands in Alabama. Ac. hv-product coke
keeping machines were placed on the market.
plants. Youngstown and Thomas. Ala., coke plants at Republic, Martin and
STOCK.—The Series “S” (i. e., “special”) stock has all the privileges Bowood, Pa., and Thomas, Ala. See V. 71, p. 545. Acquired the proper­
of the other 1st pref., but is subject to call at any time at 110 and divs. ties of the Palos Coal & Coke Co. and the Bessemer Coal & Coke Co., known
V. 107, p. 1927, 1925, 1750, 2194.
as Bessemer Shafts No. 1 and No. 2. For properties, see V. 68, p. 674;
LATE DIVS.f '08-T2. T3. 14. ’15-T8. T9. ’20. ’21. ’22. 1923-’26. V. 70. p. 228; V. 71. p. 454; V. 77, p. 455; V. 79 p. 1480. 1702; V. 81, p.
First pref. %___ { 7 yrly. 7
7
See 7 (See
7- 3)3 3 M
See
1562 V. 83, p. 1035: V. 84, p. 342; V. 87, p. 1303. Compare also annual
Second pref.,%. I 8 yrly. 8 8 text 6 ( text 8 4
___
text
report in V. 120, p. 841; V. 122, p. 898. In Jan. 1918 the Woodside Coke
Common, %__ I ______
1 0 None 01
______ __
Co., a subsidiary, purchased some 4,000 acres of coal lands in Allegheny
The pref. divs. due to be paid July 1 1921 were deferred. On Dec. 15 and Butler counties. Pa. On May 1 l9l9 took over the property of the
1922 paid 3)3 % on 1st pref.; on Mar. 5 1923 paid 3)3 %; on May 1 1923 paid De Forest Sheet & Tin Plate Co., which has 10 sheet mills near Niles, O.
p. 1614, 1491; V. 110, p. 867.
644 %, and on Aug. 6 1923 paid 3)3%, clearing up all accumulations. V. In108,
Nov. 1906 Republic Iron & Steel and Tenn. Coal & Iron jointly guar.
Apr. 1 1923 to July 1 1926 paid 144% quar. Divs. on 2d pref. were re­
$700,000
5% bonds of Potter Ore Co. V. 83, p. 973, 1417.
sumed with a payment of 2% quar. on Dec. 20 1923. this beiug the first
payment on that issue since April 1921; same amount paid March 28 1924
STOCK.—See table at head of page.
and June 20 1924; on Sept. 20 and Dec. 20 1924 paid 4% on each date,
Feb. 20 1925 paid 2%; Mar. 25 and May 12 1925 paid 4% on each date.
LATE DIVS.—
( ’14. ’15. ’16. ’17. T8. ’19. ’20. ’21. ’22. ’23 -’26.
June 12, July 14 and Aug. 14 1925 paid 2% on each date; on Oct. I 1925
7 7
7
7
7
1)4
See
preferred_________ 1 5 )4 1)4 7
paid 6%, clearing up all accumulations; Jan. 1 1926 to July 1 1926 paid On
On
accumulations
____
Il
ii 8
4
-- -- --- text
2% quar.
-6 6
6 6 3
-.
The accumulated dividends on Oct. 1 1918, amounting to 28% on 1st On common__________ ( - pref., were paid, half in cash and half in Liberty bonds; the dlv. of 32% on
No divs. have been paid on common since May 2 1921, when 1)3% was
the 2d pref. was paid (during 1919) 6% in cash, 6% In Liberty bonds, and paid. On pref. no payments were made from Apr. 1922 to Jan. 1923, both
20% in first pref Series “S" stock obtained by buying $1,000.000 6% bonds Inclusive; payments were resumed on April 2 1923, when 1)4% was paid,
and converting the same into stock which was then distributed as a dividend. same amount paid quar. to July 1 1926- Also paid on account of accumu­
V. 108. p. 177. 1065, 1185.
lations 2% each quar. from July 2 1924 to Jan 2 1924 and 1% on April 1
BONDS.—All of the outstanding 1st mtge. 6% gold bonds, 1926 series, 1924, clearing up all accumulated dividends.
were redeemed on Jan. 1 1925 at 10244 and int.
BONDS.—The 5s of 1910, now a first lien on the entire property, are
REPORT.—For 1925, in V. 122, p. 2643, showed:
callable for sinking fund (minimum $250,000) and also on and after April 1
r Calendar Years—
1925.
1924.
1923.
1922.
1920 as an entire issue at 105 and int; $20,869,000 have been issued to
Net after taxes & deprec. $2,369,571 $1,754,747 $1,678,657 $1,166,272 retire the 5s of 1904 and for general purposes (of which $9,963,000 pur­
Interest-----------------------------56,072
75,840
124,412 chased for sinking fund). The remaining $4,131,000 of the $25,000,000
L > ------------------------------------------------------------------------------------------------ auth. are reserved for acquisitions and betterments under restrictions. V.
Net income__________ $2,369,571 $1,698,674 $1,602,817 $1,041,860 90, p. 451, 703, 854, 1048; V. 92, p. 1182; V. 93, p. 516; V. 95, p. 622, 822;
1st preferred dividends..
354,394
354,001
x$810,099
$182,441 V. 100, p. 1353, 1442.
2d preferred dividends., xl,197,576
x598,788
99,798
_____The ref. & gen. mtge. Series A bonds are redeemable as a whole only
L Surplus....... ...............
$817,601
$745,885
$692,920
$859,419 (except for sinking fund) at 105 and interest on any interest date on or
Jan. 1 1933; at 104 thereafter and on or before Jan. 1 1938; at 103
Previous surplus---------- 5,882,952 4,911,525
4,702,870 3,843,451 before
thereafter and on or before Jan. 1 1943; at 102 thereafter and on or before
Add items applied to
Jan.
1
1948; at 101 thereafter and on or before July 1 1952. For security,
prior years__________
_____
225,542
_____
_____
sinking fund, &c., compare V. 116, p. 421.
In
1917
$1,000,000 6% serial gold bonds were assumed on purchase of
” Total surplus_______ $6,700,554 $5,882,952 $5,395,790 $4,702,870
the Bessemer Coal & Coke Co.’s property (Bessemer mines Nos. 1 and 21
Loss Flushing plant___
_____
_____
484,265
_____
having a capacity of 600,000 tons of coal yearly. ($200,000 of these bonds
outstanding in Apr. 1926.)
I P.&L. surplus_____ $6,700,554 $5,882,952 $4,911,525 $4,702,870
The company has called for redemption as of July 1 1926 the $2,667,000
I x Including dividends paid on account of accumulations.
of5% notes still outstanding and which are due Jan. 1 1927 and 1928. Those
Quarters Ended March 31—
i 1926.
1925. ~ due in 1927 will be retired at 100)3 and int., and those due in 1928 at 101
Net income after taxes, depreciation & reserves.. $719,110
$588,311 and interest.




May, 1926.]

MISCELLANEOUS COMPANIES.
(For abbreviations, Ac., sec notes on page 8.]

Date
Bonds

Reynolds Spring Co—Common stock 500,000 shares auth. ....
Pref A (a & d) stock 7% cum red 105 $2,000,000 auth___
Pref B (a & d) stock 7% cum red 100 $2,000,000 auth___
do
1 st mtge s f gold bonds
1924
Reynolds (R J) Tobacco Co—Com stock $10,000,000____
New Class B common stock (see text)__________________
Rheinelbe Union—See text
Rima Steel Corporation—See text.
Royal Dutch Co.—See text.__ ____________ _____ ....__
Rudolph Karstadt. Incorporated—See text

Par
Value

Amount
Outstanding

Rate

%

When
Payable

None 387.958 sh. See text
Q—J
$100
$140,000
7
Q—J
100
19.100
7
100
276,200
1,200,000
6)4 g M & N
25 10,000,000 See text Q—J
25 70.000.000 See text Q—J

REPORT.—For 1925, In V. 122, p. 898, showed:
1922.
1925.
1924.
1923.
Unfilled orders Dec. 31 (tons) 288,436
296,839
141,911
219,948
Gross business_________ $53,907,959 $43,982,523 $59,043,131 $39,123,708
Gross profits_________
6,669,702
2,520,862
4,414,657
9,267,796
Depreciation_________
1,577,821
1,225,183
1,374,088
1.788.938
Int. on bonds and notes. 1,278,397
1,122,632
877,367
1,226,640
Preferred dividends___
1,750,000
2,000,000
3,250,000

Balance, sirplus... $2,063,484 def$82,064 $3,002,218
$418,312
3 Mos. End. Mar. 31—
1926.
1925.
1924.
1923.
aNet earnings__________$2,172,091 $1,527,764 $2,080,809 $2,234,988
Depreciation & renewals
459,216
305.214
331,311
350,625
Exhaustion of minerals.
94,302
81,026
102,536
102,961
Interest charges______
296,727
328,964
290,803
247,559
Preferred dividends.(1^%)437,500(1^)437,500(2?<)687,500(l^)437,500

Balance, surplus____
$884,346
$375,060
$688,657 $1,096,343
a After reserves for maintenance and repairs.
Unfilled orders as of Mar. 31 1926, amounted to 151,827 tons, as compared
with 223,973 tons Dec. 31 1925 and 140,055 tons Mar. 31 1925.
OFFICERS.—Chairman, John A. Topping; Pres., Thos. J. Bray;
V.-Pres., H. L. Rownd and J. Wilbert Deetrick; Treas., H. M. Hurd;
Sec., Richard Jones Jr. Offices, 17 Battery Pl., N. Y., and Youngstown
Ohio.—(V. 122, p. 2341.)
REYNOLDS SPRING CO.—lncorp. under laws of Delaware on July 1
1919 as Jackson Cushion Spring Co.; name changed to present title on
July 30 1920. Manufactures cushion springs for automobiles, furniture
strips, loose springs, Pullman berths and seats, and hair edge-roll for
upholstery purposes, as well as loose springs for sleeping cars. &c.; also
manufactures Bakelite products for the automotive industries, electrical
Wade and radio manufacturers and jobbers. Has 2 plants located at
Jackson, Mich.
In June 1924 acquired the entire common stock of the General Leather
Co. V. 119, p. 83.
STOCK.—Preferred and common stock have equal voting power. Pre­
ferred stockholders were offered the right to exchange one share of pref. stock
(par $100) for five shares of no par value common stock up to Sept. 11 1923.
DIVIDENDS.—On pref. A & B stock, in full to date. On common stock
paid 50c. per share on March 31 and June 30 1920; then none until Nov. 1
1923, when 50c. per share was paid: Feb. 1 and May 1 1924 paid 50c. quar.
Aug. 1 1924 to May 1 1925 paid 25 cents quar.; none since.
REPORT.—For 1925, in V, 122, p. 1622, showed:
Years Ended Dec. 31— 1925.
1924.
1923,
1922.
Net earnings_________
$155,090
$688,078
$391,255
$334,553
Depreciation & int____
265,939
60,000
161,617
43.628
Federal taxes_________
3,469
56,876
41,020
33,500
Net income_______ loss$114.318
$469,585
$290,234
$257,425
Report for 1st quarter of 1926 in V. 122, p. 2961.
OFFICERS.—Pres., Wiley R. Reynolds. Office, Bridge and South
Water Streets, Jackson, Mich.—(V. 122, p. 2961.)
REYNOLDS (R. J.) TOBACCO CO.—ORGANIZATION, Ac.—In­
corporated Id New Jersey Apr. 3 1899. Manufactures plug, twist and
smoking tobacco and cigarettes. Manufacturing plants at Winston-Salem,
N. O.. Jersey City, N. J., Richmond, Va., and Louisville, Ky.: leaf tobacco
and re-ordering plants at Danville, South Boston. Martinsville. Va.. Mt.
Airy, Reidsville, Rocky Mount, Henderson, Wilson, N. O., Lexington,
Maysville and Springfield, Ky.,
STOCK.—-The common stockholders on April 6 1926 voted that the au­
thorizations in the charyer for $50,000,000 of preferred stock and for
$10,000,000 of (par $100) class B common stock be eliminated and the
$60,000,000 of authorization provided for these two stocks be changed into
an authorization for $60,000,000 of new class B common stock (par $25)
identical with the existing new class B common stock. V. 122, p. 2054.
The 7 % cumulative preferred stock was redeemed on Jan. 1 1926 at 120.
COM.DIV.1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922-25
In cash... 16
22
23
28
14
12
10
8
12 yrly
Aug. 16 1920 paid 200% stock div. on com. and Class B com. On Dec. 5
1922 paid on com. stocks 33 1-3%, payable in new Class B com. stock.
Paid in 1926: Jan., 4%; April, 4%.
REPORT.—For 1925, in V. 122, p. 361 and 492, showed:
Calendar Years—
1925.
1924.
1923.
1922.
xNet profits....... .............. $25,221,'579 $23,777,717 $23,039,876 $20,479,234
Dividends----------------- 11,800,000 11,000,000 11,000,000
9,200,000
x After deducting all charges, expenses of management, provisions fo<
Federal taxes, allowances, depreciation, advertising, &c.
OFFICERS.—Chairman, W. N. Reynolds, Pres., Bowman Gray, V.-P.
James A. Gray, T. H. Kirk and S. Clay Williams, Sec., M. E. Motsinger
Treas.. R. D. Shore. Office, Winston-Salem, No. Caro.—(V. 122, p. 2054.)
RHEINELBE UNION (GELSENKIRCHENER BERGWERKS A. G.,
DEUTSCH-LUXEMBURGISCHE BERGWERKS UND HUETTEN A.
9«.g?£HUMER VEREIN FUER BERGBAU UND GUSSSTAHL FA-

BRIKATION), GERMANY.—Dillon, Read & Co., J. Henry Schroder
Banking Corp, and Mendelssohn & Co. in Jan. 1926 sold at 94 and int.
$25,000,000 20-year 7% sinking fund mortgage gold bonds.
Dated Jan, 1 1926; due Jan. 1 1946. Principal and int. (J. & J.) payable
in New York at offices of Dillon, Read & Co. and J. Henry Schroder
Banking Corp., in United States gold coin. Bondholders may, at their
option, collect principal and interest, in London at the office of J. Henry
Schroder & Co., in pounds sterling, or in Amsterdam at the offices of
Mendelssohn & Co., Amsterdam, Nederlandsche Handel Maatschappij,
Pierson & Co., in guilders, at the buying rate for sight exchange on New
York on the date of presentation for collection. Denom. $1,000 c*. Tn
addition to sinking fund redemption, bonds are callable as a whole, or in
part by lot, on any int. date, after 30 days’ notice, at the following prices
and interest: to and including Jan. 1 1931 at 105; thereafter to and incl.
Jan. 1 1936 at 102; thereafter at 100. American Exchange-Pacific National
Bank, American trustee, Deutsche Kreditsicherung A. G., German
trustee. Principal and interest payable,t o others than citizens and residents
of Germany, without deduction for any taxes, past, present or future, levied
by German Governmental authorities.
► Sinking Fund,—The companies agree to provide a sinking fund sufficient
to retire the entire issue by maturity, by semi-annual call by lot (first
redemption July 1 1926) at 100 and int., at the annual rate of $625,000 for
the first 10 years and $1,875,000 thereafter to maturity.
Stock Purchase Warrants.—A non-detachable warrant will be delivered
with each bond, entitling the holder, on or before Jan. 1 1931, to purchase
10 shares (par 100 reichsmarks per share) of the outstanding common stock
of Deutsche-Luxemburg at the equivalent of 100% of par, viz., $23 80
per share. Warrants may be detached from bonds called for redemption
on or before Jan. 1 1931?
Property.—The companies referred to as the Rheinelbe Union—viz.,
Gelsenkirchener Bergwerks A. G., Deutsch-Luxemburgische Bergwerksund Huetten A. G. and Bochumer Verein fuer Bergbau und Gussstahl-




219

INDUSTRIAL STOCKS AND BONDS
Last Dividend
and Maturitv

Places Where Interest and
Dividends are Payable

May 1 1925 25c American Trust Co, N Y
Apr 1 1926 1M Amer Exch Nat Bk, N Y
Apr 1 1926 1H Amer Exch Nat Bk, N Y

May 1 1939
Apr 1 1926 4% Checks mailed
Jan 1 1926 4% Checks mailed

fabrikation (also known as the Pig Three Group)—are operated as a unit
under existing inter-company agreements and together constitute the largest
coal producing and iron manufacturing group in the old established coal and
iron industry of the Ruhr district. They also produce a diversified line of
highly finished steel products.—(V. 122, p. 623.)
RIMA STEEL CORPORATION.—ORGANIZATION.—Rima Steel
Corp. (Rimamurany-Salgotarjan Iron Works, Ltd.) was formed in 1881 by
amalgamation of the oldest plants in Hungary, which were started In the
18th century. All its plants are situated in Northern Hungary, excepting
part of the mines and forests equal to 18% of its properties (valued at
$3,866,305), which are in Czechoslovakia at a distance of less than 25 miles
from the Hungarian plants.
STOCK.—Paid in cash equal to $8,585,000.
BONDS—In Jan. 1925, F. J. Lisman & Co., New York, offered at 88
and interest $3,000,000 7% closed first mtge. 30-year sinking fund gold
bonds. Dated Feb. 1 1925; due Feb. 1 1955. Denom. $1,000. $500, $100
c*. Principal and interest (F. & A.) payable in U. S. gold dollars of the
present standard of weight and fineness, at the office of F. J. Lisman & Co.,
New York, fiscal agents of the company, without deduction of any present
and future Hungarian taxes. Redeemable by compulsory drawings at par
every two months by means of a cumulative sinking fund of 1 % per annum
commencing April 1 1925. This will redeem the entire issue by maturity.
Drawn bonds become payable on the next interest date at par and six
months' accrued interest. Not callable until Feb. 1 1930; on and thereafter
callable as a whole or in part upon 60 days’ notice as per following schedule:
Feb. 1930-1940 at 103; thereafter at 102. New York Trust Co., New York,
trustee.—(V. 122, p. 226.)
ROGERS-BROWN IRON CO.—(V. 122, p. 1466.)

ROYAL DUTCH CO.—ORGANIZATION.—lncorp. In The Hague
Holland, in 1890, with a capital of 1,300,000 florins ($522,600). Through
Its subsidiaries it is now the largest international producer and distributor
of mineral oil and its by-products of Europe. V. 107, p. 2243. Started
as a local enterprise of the Dutch East Indies. After 1900 developed
rapidly. In 1902 entered the international field and In conjunction with
the “Shell" Transport & Trading Co. of London (which see) and the de
Rothschild (Paris) group, founded the Asiatic Petroleum Co. as a distribut­
ing concern. Subsequently absorbed the principal other oil producing
enterprises in Dutch East Indies and amalgamated its Interests with those
of the “Shell," the combined assets of both being turned over to two new
companies, viz., the “Bataafsche Petroleum Co. and the Anglo-Saxon
Petroleum Co. The “Royal Dutch" holds 60% in these two concerns (the
“Shell” 40%); also 12)4% of the outstanding ordinary “Shell” shares. The
two Interests so combined have since then acquired exclusive or controlling
Interests in Important oil fields in Rumania, Russia, Egypt, the United
States (Oklahoma and California), Panama. Venezuela and Mexico
On Dec. 31 1924 the company owned the following shares: FI. 180,000,000
Bataafsche Petroleum Maatschappij; FI. 115,200,000 Anglo-Saxon Petro­
leum Co.. Ltd.; FI. 25.200,000 Asiatic Petr. Cy., Ltd.; FI. 209.739,358 Shell
Union Oil Corp, and Asiatic Petr. Cy. (Del.), Ltd.; FI. 22,220,352 Soc.
“Astra Romana"; FI. 9,705,862 Mexican Eagle Oil Co.; participation in
various companies, FI. 90,997,640.
In Nov. 1921, a plan was formulated for the merger of the company’s
“American interests with the Union Oil Co. of Dela., for details of which
see statement of Shell Union Oil Corp, below.
SHARES.—The com. shares have a par value of FI.1,000 (say $402)
each, but the company Issues sub-shares of FI. 100 (say $40 20) each. For
trading purposes here, Dutch shares of 100 Florin par value were deposited
with the Equitable Trust Co., N. Y., against which were issued three
certificates for each share deposited. This gives a nominal par value of
$13.40 to each “American certificate.”
Capitalisation (no funded-----In Dutch Guilders--------------- In U. S. Gold-------debt or fixed charges)— Outstanding. Author'd. Outstanding. Authorised.

FI.
FI.
$
$
Common shares............... 402,451,000 570,000.000 161,785,302 229,140.000
4% preferred shares.... 1,500.000
1,500.000
603,000
603,000
4H% cum. prior shares. 28,500,000 28,500,000 11,457.000 11,457,000
The authorized ordinary stock was increased in June 1919 from 230,000s*
000 guilders ($92,460,000) to 370,000,000 guilders ($148,740,000) and In
April 1921 to 670.000,000 guilders ($229,140,000). V. 112, p. 1524. Hold­
ers of outstanding ordinary shares of record July 7th were given the right to
subscribe at par plus stamp tax in Holland for one new share for each four
shares held. V. 108, p. 2533, 2636. In June 1916 the shareholders were
permitted to subscribe at par (equal to a bonus of about 120%) for one new
share for each three old shares. In June 1920 stockholders received the
privilege of subscribing at par to one share of new ordinary stock for each
two shares held. V. 110, p. 2663. In June 1924 stockholders were offered
the right to subscribe at par to one share of new ordinary stock for each
four shares of such stock held. V. 118, p. 2960.
DIVIDENDS.—In addition to the cash dividends the company in 190?
distributed Its surplus by a stock bonus of 200%. In 1918 paid a 50%
stock dividend. The cash dividend record (%) is as follows:
’07. ’08-10. ’ll. '12. ’13. ’J4-16. '17. ’18. '19. ’20 ’21 ’22. ’23. ’24 ’25
27H 28 yrly. 19 41 48 49 yrly. 38 z48 40 45 40 31 26)4 35 23
• Plus 200% stock dividend,
z Plus 50% stock dividend.
REPORT.—For 1924, in V. 121, p 324, showed:
1921.
(In Florins.)
1924.
1922.
1923.
Income_______________ 89,512,076 85,585,361 89,155,122 107,169,943
1,424,645
3,071,765
Expenses, taxes, &c___
1,528,509
728.570
Profit______________ 87,983,567“ 84,856.791 87,730,477 104.098,178
Divs. on pref. shs. (4%).
60,000
60,000
60,000
60,000
1,282,500
1.282,500
1,282,500
Priority shares (4)4%) 1,282,500
Ordinary shares (6%) - 24,147.060 _ 19,287,420 19.287,420 19,287,420
Surplus____________ 62,494,007 64,226,871 67,100,557 83,468,258
Available for ord’y div.:
93% of above surplus. 58,119,426 59,730,990 62,403,518 77,625,480
6% on ord’y as above. 24,147,060 19,287,420 19,287,420 19,287,420
Brought forward______
1,695,050
1,168,574
771,113
666,815
Bonus share issue_____
_____
508.135
2,485,272
Commissaires’ proport’n 2,289,760
3,136,230
2,374.075
86,251,296 82,059,300 85,852,919 100,820,243
Amount of ordinary div. 84,464,330 80,364,250 85,186,105 99,651,670
Rate per cent__ _______
(23 %)
(31%)
(25%)
(26)4%)

Carried forward____
1,786,966
666,814
1,168,573
1,695,050
—(V. 122. p. 2812.)
RUDOLPH KARSTADT, INCORPORATED—Owns and operates the
largest chain department store business in Germany. Business includes
more than 50 retail stores, several factories and a considerable wholesale
and export business.
BONDS.—Dillon, Read & Co. and Scholle Brothers in Oct. 1925 sold at
97 and int. $3,000,000 1st mtge. 7% sinking fund gold bonds (and stock
purchase warrants).

220

MISCELLANEOUS COMPANIES.
[For abbreviations. Ac., see notes on page 8.]

St Joseph Lead Co—Stock $20,000,008_______________ ..

Preferred (a & d) stock 7% cum red llo auth $1,000,000.
First mortgage sinking fund bonds red 105_______ Col.c"
Bef mtge bonds redeemable 105 $1,200,000 auth______ xxx
Savage Arms Corp—Common authorized $10,000,000___
First pref 7% cum auth $500,000 convertible (text)_____
Second preferred 6% non-cum conv $500.000_________
Schulte Retail Stores Corp—Com stock 1,250,000 shs autb
Pref (a & d) stock 8% cum red 120 $15,000,000 auth_____
Sears. Roebuck & Co—Comstock 4,200,000 shares auth...
Seneca Copper Mining Co—Stock 500,000 shares auth.__
1st mtge bonds convert red 105 $1,500,000 auth_________

Date
Bonds

Par
Value

Amount
Outstanding

Bate
%

When
Payable

Last Dividend Places Where Interest an
and Maturity Dividends are Payable

$10 $19,503,900 See text Q-M 20 See text
Norn ll 15.008 sh. bee text Text
See text
10C $1,000 000 See text Text See text
1.000
500.000
1917
6 g F&A Aug 11927
850.000
1921 500-1000
6 g M&N May 1 1931
100 8,664 400 See text Q—AI June 1 1926 1%
July 1 1926 1M
100
29,800
7
100
6
Q—F 16 Aug 16 1926 IX
222,200
None 1051,875shs See text
See text
100 9,425.000
July 1 1926 2%
8
See
text
4000,000shs
None
Q
—
F
May
1’26 62)4c.
—
350,888 sh
7
100 &c 1 401,900
J&J Jan 1 1935
1925

hkDated Oct. 1 1925, uue Oct. 1 1930. Principal, int. (.A. & O.) and
sinking fund installments payable at the office of Dillon. Bead & Co.,
N. Y. City, in U. 8. gold coin of the present standard of weight and fineness.
Denom. $1,000c*. Callable all or part by lot after 30 days notice on
any int. date, at the following prices and int.: To and incl. Oct. 1 1927
at 103; thereafter to and incl. Oct. 1 1928 at 102; thereafter to and incl.
Oct. 1 1929 at 101; thereafter prior to maturity at 100)4- Auth., $4,000,000.
American Exchange-Pacific National Bank, N. Y. City, American trustee.
Deutsche Kreditsicherung, A. G., Berlin, German trustee. Principal,
int. and sinking fund payable without deduction for any taxes, present or
future, levied by German Governmental authorities.
. >
Sinking Fund.—The indenture will provide for a sinking fund of $240,000
per annum, commencing Jan. 1 1926 and operating semi-annually thereafter,
to be applied to the purchase of bonds at prices not exceeding 100 and int.,
and, to the extent not so applied to the redemption of bonds by lot at
100 and interest.
>
w to*
sawn.. .
Stock Purchase Warrants.—Warrants will be issued entitling the"holder
of each $1,000 bond at any time on or before Oct. 1 1930 to purchase 15
shares of the common stock of Kudolph Karstadt, Inc., at $12 38 per
share (par value 40 marks per share). The net earnings for the fiscal
year ended Jan. 31 1925 were equivalent on the 650,000 shares then out­
standing to $2 28 per share before the allocation of $883,694 profits for
special reserves._____
ijj_
—. HP*1"—"W1 '
i
-- -~'W~IEW7I ■
’XWXT —a
BEPOKT.—For the fiscal year ended Jan. 31 1925, net earnings avail­
able for corporation profits tax and managing directors’ participation in
profits, after current interest, depreciation and all other operating expenses,
amounted to $1,994,802.
i (Balance sheet as of Jan. 31 1925 in V. 121, p. 1797.)—(V. 122, p. 1320.)
i-»iu»"
II......... . ■■ .1
ST. JOSEPH LEAD CO.—ORGANIZATION.—lncorp. in New York
March 24 1864; charter now perpetual. Owns (a) mineral right on 13,498
acres of lead-bearing lands In Flat River—Leadwood and Doe Bun districts
Mo.; (6) modern smelter at Herculaneum, Jefferson County, Mo., capacity
120,000 tons of pig lead yearly, (c) practically entire capital stock or Miss
Biver & Bonne Terre By., 46 miles: fd) control of 14-mlle Interurban electric
line, &c V. 108, p. 1831. In Oct. 1923 purchased from the American
Smelt. & Befin. Co. the lead mines owned by that company in Missouri.
V. 117, p. 1898.
DIVS. ’95-T2. ’13, ’14. ’15. ’16. ’17. T8. ’19. ’20. ’21. '22. ’23. ’24. ’25.
Cash(%) 6 y’ly 5 2)4 6 10 25 20 11 20 10 12)4 20 20 30
Stock .. _____ ..
_
__ __
10____ __
25
The directors onDec. 17 1925declared four extra dividends of 25 cents
per share and four regular quarterly dividends of 50 cents per share, payable
on Mar. 20, June 21, Sept. 20 and Dec. 20 1926 to holders of record Mar. 9,
June 9, Sept. 9 and Dec. 9, respectively.
BEPOBT.—For 1925, in V. 122, p. 1913, showed:
Calendar Years—
1925.
1924.
1923.
1922.
alncome------------- $14,355,307
$11,212,433 x$6,654,318 $5,972,333
Depletion, &c----- 2,855,464
2,384,163 1,537,324 1,378,394
Federal taxes------- 1,926,696
1,030,941
689,470
500,000
Dividends---------- 8,497,506
5,563,586 3,263,069 2,781,894
Miscellaneous charges._
146,773
237,983
47,670
99,614

Balance, surplus.........
$928,868 $1,995,759 $1,116,785 $1,212,431
x Includes $269,491 received from U. S. Govt, to settle claims,
a After providing for depreciation of plant and equipment.
OFF1CEBS.—Pres. & Treas., Clinton H. Crane; V.-Pres. & Sales Mgr.,
Irwin H. Cornell; V.-P. & Sec., Leonidas H. Besson; Asst. Treas., H. B.
McGown; Asst. Sec., Bobert Bennett. N. Y. office, 250 Park Ave.—
(V. 122, p. 1913.)
SANTA CECILIA SUGAR CORP—Organ, in Del., July 16 1917.
Owns and operates sugar estates and a sugar factory on the Island of Cuba.
CAPITAL STOCK.—See table at head of page.
DIVS.—On common stock as follows. Nov. 1 1919 and Feb. 1 1920 1 %
($100 par); May 1 1920 to Nov. 1 1920 paid quar. 25 cents per share fno
par value); none since. Pref. divs. regularly paid to Nov. 1920; none since.
BONDS.—The 1st mtge. 6s are a rirst lien on all of the property now.
owned or hereafter acquired. A sinking fund is provided of 20% of net
earnings but in any event not less than $25,000 or more than $75,000 for
purchase of bonds at not exceeding 105 and int. Auth. and issued. $750,
000; retired by sinking fund, $250,000: outstanding, $500,000.
BEPOBT.—For year ending July 31 1925, in V. 121, p. 2764, showed:
Years Ena. JUiu 51—
1U24-25.
1923-24.
1922-23.
1921-22.
Output—Sugar (bags)_
60,647
42,532
40,081
88,334
Gross revenue________
$561,138
$649,981
$617,795
$695,988
Operating, &c., expenses
644,868
596,097
532,864
670,201
Interest, &c......................
144,467
128,103
138,074
172,181
Depreciation......... ..........
126,662
121,649
119,588
166,929
Preferred dividends.__
_____
_____
_____
_____
Common dividends.____
_____
_____
_____
__
Balance, deficit...........
$354,858
$195,868
$172,731
$313,223
Profit and loss, deficit.. $1,704,053 $1,396,380 $1,032,929
$873,408
OFFICEBS.—Pres., O. B. Goodrich: V.-P., Bobert L. Dean and Henry
J. Schuler; Sec & Treas., Bobert H. Caplan. N. Y. office, 67 Wall St.
—(V. 121, p. 2764.)
SAVAGE ARMS CORP.—ORGANIZATION.—lncorp. In Delaware
on Aug. 16 1915 as Driggs-Seabory Ordnance Corp., ana purchased the
assets of the Drlggs-Seabury Co., and In Dec. 1916 the Savage Arms Co
•f Utica, N. Y
Acquired, as of Apr. 1 1920, the J. Stevens Arms Co. of
Chicopee Falls Mass, through purchase of the stock from the Westinghouse Elec. & Mfg. Co. The J. Stevens Arms Co. in Jan. 1926 purchased
the physical inventory, use of the corporate name, patents, trade-marks,
&c., of the Page-Lewis Co., Chicopee Falls, Mass. Manufactures rifles,
shotguns, pistols, ammunition and electrical household devices. Plants
located at Utica, N. Y., and Chicopee Falls, Mass. Name was changed to
Savage Arms Corp, in May 1917 on merger of properties. V. 104, p. 2014;
V. 105, p. 1715; V. 106, p. 196; V. 107, p. 1673, 2194; V. 108, p. 982.
STOCK.— First pref., auth and issued $500,000, of which $470,200 helo
In treasury; 2d pref., issued, $260,700, of which $38,500 held in treasury
common, issued $9,239,300. of which $574,900 held in treasury. The firs)
pref. stock was convertible prior to April 1 1926 into common stock at the
rate of two shares of common for one share of first preferred.
BONDS.—The stockholders in April 1922 authorized the issuance of
$3,000,000 bonds at the discretion of the directors.
DIVIDENDS.—On common: In 1916, Mar. 15, 2)4 %; June 15, 5%; then
none till June 15 1917 to Sept. 15 1920, 6% p. a. (1)4 % Q.-M.); then none
until Mar. 1 1926, when 1% was paid; same amount paid June 1 1926.
On Jan. 15 and Apr. 30 1920 extra divs. of 5% each were paid. V. 110,
p. 472.
On 1st pref., in full to July 1 1926. On 2d pref., paid Initial div. of 3%
on March 15 1916; June 15 1916 to Dec. 15 1920 paid 1)4% quar.; non»
thereafter until July 1 1923, when 1)4% quar. was paid, which amount
has been paid each quarter to Aug. 16 1926.




[Vol. 122.

INDUSTRIAL STOCKS AND BONDS

Irving Bk-Ool Tr Oo,N Y
do
do
Bank of America, N Y
do
do
___ -_______ _

Checks mailed
Cent Un Trust Oo, N Y

REPORT.—For 1925, in V. 122, p. 1623, showed:
1923.
1922.
Calendar Years—
1925.
1924.
$404,044 loss$168,165xProfit_________ _____
$607,239
$693,799
Federal tax reserve____
84,070
Profit............................
yPreferred dividend___

$523,169
16,582

$693,799
38,159

$404,044 loss$168,165
32,916
...........

Surplus_____________ $506,587
$655,640
$371,128 def$168,165
x After maintenance, repairs, depreciation and ordinary taxes,
y Being dividends on the 1st & 2d pref. stock paid from surplus.
Quarter Ended March 31—
1926.
1925.
1924.
Net profit after deprec., taxes, &c___
$69,526 loss$20,176
$67,099
OFFICERS.—Pres., W. L. Wright; V.-P., F. B. Phillips; Sec., J. H.
Cook; Treas., O. T. Myers. N. Y. office, 100 East 42d St.—(V.122,p.2513.)
SCHULTE RETAI L STORES CORP.—lncorp. under laws of Delaware
on Sept. 5 1919 for the purpose of acquiring the stock issues of the various
Schulte companies. The subsidiary companies operate stores in New York.
Brooklyn, Chicago, Philadelphia, Boston, Jersey City and other cities.
Transfer of control of Park & Tilford Interests to David A. Schulte, President
of the Schulte company, was announced Aug. 2 1923.
STOCK.—The stockholders on Jan. 25 1926 increased the authorized
common stock from 500,000 shares to 1,250,006 shares, no par value.
The common stockholders of record Mar. 2 1926 were given the right to
subscribe at $1 a share for 1 )4 shares of common stock for each share held
by them.
DIVS.—On common paid stock divs. as follows: Aug. 9 1920, 50%
payable in common stock; July 6 1921, 20% payable in common stock;
Dec. 20 1921, 15% payable in common stock;Dec. 29 1922. 5% payable in
pref. stock: June 1 1923 to Dec. 1 1925, 2% quar. payable in pref. Rtock; also
paid 25% in common stock on Sept. 1 1924; Mar. 1 and June 1 1926, each
quarter, 2% in common stock.
REPORT.—For 1925 showed:
Calendar Years—
1925.
1923.
1924.
Net profit before taxes____________ $6,416,932
$4,341,616 $3,763,637
Preferred dividend (8%)____ ______
596,718
376,000
166,000
Surplus________________________ $5,820,214
Previous surplus and reserve_______
4,059,450

$3,965,616
3,882,949

Total surplus and reserve__________$9,879,664
Federal taxes paid_________________
444,759
Adjustments, debits________
102,358
Stock dividend on common________
3,075,000

$7,848,565 $6,045,372
444,396
256,620
105,803
44,718
1,800,000
3,300,000

$3,597,637
2,447,735

Profit and loss surplus and reserve. $6,257,547 $4,059,450 $3,882,948
OFFICERS.—Pres., David A. Schulte; V.-P. & Treas., Joseph M.
Schulte; V.-P., Louis Goldvogel, Arthur S. Meyer, Charles C. Nicholls Jr.
and Harry Goldvogel; V.-P. & Sec., Udo M. Belnach; Asst. Treas., Geo.
W. L. Jarman. Office, 384 Broadway, N. Y.—(V. 122, p. 2055.)
SEARS, ROEBUCK AND CO.—ORGANIZATION.—lncorp In 1906In
New York as successor to an Illinois corporation of the same name which
had theretofore transacted the same business for over ten years. Business
is the retailing of all classes of merchandise direct to the consumer through
catalogues; has over 8.000,000 customers. Business 1s transacted mainly
from Chicago, with important branches in Dallas, Seattle, Philadelphia
and Kansas City. The company maintains and owns warerooms, ware­
houses and various factories in a number of ether cities throughout the
country.
President Charles M. Kittle announced on Dec. 17 1924 plans for the
launching of a chain of retail stores by the company. The first store of the
chain will be opened in Chicago. It will be operated as a department store
and will include a separate department for men. Other stores will be
opened later by the company in Philadelphia, Dallas, Evansville and
Seattle.
STOCK.—All the outstanding ($8,000,000) preferred stock was retired
on Nov. 15 1924 at 125 and divs.
The stockholders on Feb. 23 1926 changed the authorized common stock
from 1,050,000 shares, par $100, to 4,200,000 shares of no par value, four
new shares being issued in exchange for each share of common held.
DIVIDENDS.—Un common, lyoy, 4h7o; 1V1O to Feo. iyi7, 7% (1)4%
Q.-F.); May 1917 to Nov. 1920, 2% quar. The Feb. 1921 dividend (2%)
was paid in 6% scrip due Aug. 15 1922; then none until Aug. 1 1924. when
1)4% quar. was paid; Nov. 1 1924 to Feb. 1 1926 paid 1)4% quar.; on
May 1 1926 paid 62)4 cents a share on new stock of no par value. Also
April 1 1911 a 33 1-3% stock dividend. V. 92, p. 601. A stock dividend of
50% was paid April 1 1915. V. 100, p. 479. In April 1917 paid a stock
dividend of 25%. V. 104, p. 368, 868, 1050. On July 15 1920 paid a
stock dividend of 40%.
1926—April—1925
1926—4 Mos.—1925
Sales------- ------------------ $22,997,833 $21,747,112 $89,007,701 $84,678,378
REPORT.—For 1925, in V. 122, p. 475, showed:
1925.
1924.
1923.
1922.
$
$
$
182,li5.825.
Gross sales..................... .258,342,236 222,174,744 215,540,604
Total income__________ 243,798,351 206,430,527 198.482,946 166,514,118
Purchases and expenses.213,441,652 185,517,334 184,445,023 157,385,331
Repairs and renewals
1,148,399
848,913
816,050
600,484
Depreciation reserve___ 1,560,521 1,379,157
1,133,624
1,321,368
Reserve for taxes______ 4,477,862 3,158,530
______
Other reserves________
_____
_____
_____
1,500,000
Profit sharing, &c., fund 2,194,612 3,172,196
575,631
271,758
Common dividend____ 6,007,089 2,999,758
_____
Preferred dividend____
_____
489,204
559,188
559,188

Balance, surplus------- 14,968,215
8,865,435 10,953,430 4,875,986
OFFICERS.—Chairman, Julius Bosenwald; Pres., Charles M. Kittle

V.-P., O C. Doering. Robt. E. Wood. Max Adler and L. J. Bosenwald

Treas., W. O. Lewis; Sec., John Higgins. Office, Chicago, Ill.—(V. 122,
p. 2667.)
SENECA COPPER MINING CO.—lncorp. in Delaware on Feb. 27
1925 and acquired the property of the Seneca Copper Corp, under the
terms of a reorganization plan dated Nov. 15 1924. V. 119, p. 3019.
Property is located in Keweenaw County, Mich., and consists of 2,464.6
acres owned in fee. Owns entire outstanding 79,500 shares of capital stock
of Gratiot Mining Co.
BUNDS.—I’he 1st mtge. bonds are red., all or part, on any int. date at
105 and int. Convertible at any time into shares of the new co. on the
basis of the par value of the bonds and $15 per share for the stock. Mort­
gage shall provide a sinking fund from and after May 15 1928 of lc. per
pound of refined copper produced from the mortgaged property, including
the property of any subsidiary company and any subsequently acquired
property up to 25.000,000 pounds produced annually.
The 350.000 no par shares of the stock of the now company were offered
to the shareholders of the old company on the basis of one share of the stock
of the new company for one share of the stock of the old company plus
$6 cash ,’

May, 1926.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
{Por abbreviations, Ac., see notes on page 8.]

Date
Bonds

Par
Value

Amount
Outstanding

Shaffer Oil & Refining Co—Common stock 500.000 shares.
$100
Pref stock 7 % cum and participating $50,000,000 _______
1st M (closed) conv 6% s f gold bds (guar) $15,000,000
100 Ar
Call ... __
. . ____________ XTV'**Ar*l< 1010
2-year gold notes red (text)_________________ UCkxxc* 1926 500Al 000
Shattuck Denn Mining Corp—Stock 1,000,000 shs. , auth
Shattuck (Frank G) Co—Stock 400,000 shares auth_____
£1
Shell Transport & Trading—Common stock £30.000.000..
First preferred shares 5% cum £3.000.000
__ I____
£10
£1
Second preferred shares. 7 cum €10.000.000. see text..
Shell Union Oi, Corp—Com stock auth 10,000,000 shares..
100
Pref (a A dlstock Ser A 6% cum call 110 auth $20,000,000

|W REPORT.—Income

account for quarter ended Mar. 31 1926:
Gross and miscellaneous income___________________________
Operating and administrative expenses_____________________
Accrued bond interest____________________________________

$171,637
201,884
24,533

Deficit.................................................................................................
$54,780
F In first three months of 1926 the first full quarter that the company has,
worked for some time, No. 1 shaft shipped to mill 29,842 tons of copper rock
and No. 2 shaft 28,232 tons. The company is employing 280 men at the
mine and shipments to mill are averaging about 1,100 tons a day, or 50%
of present capacity. Company produced 1,222,810 pounds of copper in the
first quarter, a yield of 21.05 pounds of copper per ton of ore stamped, as
during the quarter the mill treated 58,074 tons of copper rock.
OFFICERS.—Pres., Thomas F. Cole; V.-P., R. M. Atwater, Jr.; Sec. &
Treas., F. R. Kennedy. Office, 120 Broadway, N. Y.—(V. 122, p. 2812.)

'SHAFFER GIL & REFINING CO.—ORGANIZATION.—lncorp. in
Delaware in May 1919 to acquire the oil interest of O. B. Shaffer and
associates. Controlled through ownership of a majority of the com. stock
(which has sole voting power) bv Standard Gas A Elec. Co.
The properties comprise 10,600 acres in proven oil territory with over
9,000 barrels average daily production; also 65,200 acres of undeveloped oil
lands in Oklahoma, Kansas, Louisana, Montana, Texas, Arkansas and
Colorado. The pipe lines comprise 122 miles of gathering lines and 200 miles
of main pipe lines connecting the production in Oklahoma with the com­
pany’s modern refinery of 10,000 barrels daily capacity, total storage
capacity over 2,000,000 barrels, and 631 modern steel tank cars, also 3
casinghead gasoline plants which extract gasoline, from the gas produced
by the company's wells. The refined products are marketed through the
company’s own organization and that of allied concerns through 428
distributing stations all located in the Middle West. The refined products
have been established in the territories served under the trade name "Deep
Rock.”
STOCK.—The Standard Gas & Electric Co. owns 98% of the common
stock and 65% of the preferred stock. The pref. stock is entitled to cumula­
tive dividends at the rate of 7% per annum and will participate ratably
with the common stock up to 10% p. a. In addition, will participate at the
rate of X of 1 % for each dollar paid on the common stock in excess of $10
per share during any one fiscal year.
DIVIDENDS.—An initial dividend of 1X % was paid on the pref. stock
Oct. 25 1919; then to July 1923 paid IX % quar.; none thereafter until
July 25 1926 when 1X % was paid.
Bonus.—Guaranteed, p., 1. A s. f., by Standard Gas & Elec. Oo.
Callable in whole or in part for the sink, fund on 4 weeks* notice at 103 and
int. for the first five years, 102 X and Int. for the following 2X years, and
thereafter at 102 and int. Convertible at par into participating pref. 7%
eum. stock at 105 Sinking fund payable seml-ann. to the trustee equal to
$166,677 plus the following percentages on $12,000,000 bonds, and these will
retire not less than $11,280,000 before maturity; Dec. 1 1921 to June 1 1923,
4X % s.-a.; Dec. 1 1923 to June 1 1925. 5% s.-a.; Dec. 1 1925 to June 1 1927.
5)4% s.-a., Dec. 1 1927 to Dec. 1 1928. 6% s.-a. All bonds purchased or
redeemed will be canceled. Authorized, $15,000,000; outstanding, $5,142,200; retired by sinking fund, $9,857,800.
NOTES.—The 2-year 6% gold notes due April 15 1928 are redeemable
all or part at any time upon 60 days’ notice, at 101 and int. on or before
Oct. 15 1926, the premium thereafter decreasing X % for each 6 months or
fraction thereafter elapsed to date of redemption.—(V. 122, p. 2342.)
REPORT.—For 12 months ended March 31 1926: Gross earnings, $14,544,769; oper. expenses, $9,995,892; net earnings, $4,548,877.
OFFICERS.—Pres.. John J. O’Brien; Sec. & Treas., W. R. Francisco.
Office, Tulsa, Okla.—(V. 122, p. 2342.)
SHARON STEEL HOOP CO.—(V. 120, p. 968.)
SHATTUCK DENN MINING CORP.—lncorp. under laws of Delaware
on May 20 1925 for the purpose of consolidating the Shattuck-Arizona
Copper Co. and the Denn-Arizona Copper Oo. By the end of 1925, the
work of consolidating the two companies had practically been completed.
Terms of Merger.—The company offered to purchase all of the outstanding
shares of the Shattuck and Denn companies, paying therefor in shares of its
own capital stock at the rate of share for snare, and for this purpose it
set apart 800,000 shares of its capital stock for the purchase of and in
payment for the 350,000 shares of the Shattuck company and 450,000 shares
of the Denn company. The remaining 200,000 shares of the Shattuck
Denn Mining Corp, will be retained in its treasury.
Report for 2 months ended Dec. 31 1925 showed: gross income, $192,472;
net income, $34,270; depreciation and depletion, $20,419; net profit, $13852, against which was charged expenses during 1925 appertaining to
organization and to consolidation, amounting to $37,968, leaving a deficit
of $24,116.
OFFICERS.—L. O. Shattuck, Pres., H. L. Mundy, Thomas Bardon and
B. M. Pattison, V.-Ps.; Norman E. LaMond, Sec.; A. M. Chisholm, Treas.
Office, 120 Broadway, New York.—(V. 122, p. 226.)
~ SHATTUCK (FRANK G.) CO.—Incorporated In 1906 in Mass.
Operates a chain of 27 restaurants and candy stores under the name of
"Shrafft’s," in New York. Brooklyn, Boston and Syracuse, including the
daily luncheon service at the Chamber of Commerce, New York.
STOCK.—See table at head of page.
DIVIDEND.—Initial quarterly dividend of 50 cents per share paid Apr*
10 1925; same amount paid quar. to April 10 1926.
REPORT.—Far 1925. showed:
Income Account Years Ending Dec. 31.
1925.
1924.
1923.
Stores’ gross trading profit.................... $4,039,069 $4,039,187 $3,034,245
Other income..........................................
334,234
247,603
222,662

Total income. .................................... $4,373,303
General and admin, expenses_______ f
Interest paid—. ................................ ( 2,726,858
Rent, insurance, Ac.............................. (
Depreciation, impts. on leased prop..
283,672
Federal income taxes______________
152,659
Preferred dividends-................
637,250

$4,286,790 $3,256,907
] 461,643
407.124
)
18,664
18,556
12,293,276 2,051,273
301,656
227,355
151,444
71 507
82,408
6,300

Balance, surplus............................... $572,864
$977,698
$474,793
Quarter Ended—
Mar. 27’26. Mar. 28*25.
Gross trading profit-.......................................................$1,110,974 $1,002,623
Expenses
670,689
627,883
Depreciation & interest________________________
82,579
79 678
Federal taxes.............................
41,110
36,883

Net income................................................................ $316,596
$258,179
OFFICERS.—Pres., Frank G. Shattuck; Treas., G. F. Schrafft; Sec.
Grace M. Austin. Office, 16 West St., Boston.—(V. 122, p. 2961.)




Rate
%

160,000 sb
$14,000,000

5.142 200
7,500.000
799,416
300.000 shs
£19.365.14 1
£2.000.000
£5.000.000
10,000,000 shs.
17.365,400

68
6 g.

5
7
6

When
Payable

221

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Q—J 25 July 251926 IX
New York and Ohi ease
.TAD lime 1929
Chicago and New Yerk
A A O Apr 15 1928

Q -J 10 Apr 10 '26, 50c.
J A J See text
A A O

Q—M31 June 30 ’26 35c.
Q—F May 15 ’26 IX

•SHELL” TRANSPORT AND TRADING CO... LTD. (THE).—
ORGANIZATION.
TION.—lncorp. in
In London in 1897 as successor
sued
to M. Samuel
& Co. in London and some other important oil houses; wholesalers, distribu­
tors and transporters of petroleum products, owning a large number of tank
steamers and 40 large and more than 300 small tank installations, incl. can
factories, Ac., in all parts of the world, with a total capacity of about
400,000 tons. Also produced oil itself in Borneo, through the NederlandschIndische Industrie en Handel Maatschappij, owning the whole share
capital, originally FI. 2,000,000, since increased to FI. 20.000,000.
Amalgamation with Royal Dutch Co.. Ac.—In 1902. In conjunction with
Che Royal Dutch Co. (see statement above) and the de Rothschild (Paris)
group, organized the Asiatic Petroleum Co. as a distributing concern.
Early in 1907 the company amalgamated Its Interests with those of the
“Royal Dutch.'* The combined assets of both were turned over to two
new companies, the “Bataafsche Petroleum Oo.” and the "Anglo-Saxon
Petroleum Co.” The “Bataafsche” does the producing, the "Anglo-Saxon”
the transportation and the distribution business. The "Shell” holds 40%
of these two concerns, the "Royal Dutch" 60%. V. 109, p. 377: V. 10/
p. 1381: V 108. p. p. 2636: V. 103, p. 2243.)
CAPITAL.—The pref. shares have no voting power unless their dlv. 1$
affected or in arrears. In July 1919 277.000 of a total of 375.000 "American
shares” were offered by Kuhn. Loeb A Oo. at $69 a share, each "American
share” being equal to two “English shares” of £1 par value (V. 109, p. 377).
The company in July 1920 issued new ordinary shares at par to the share­
holders in the proportion of one new share for every two held. V. 110, p.
2663: V. Ill, p. 79.
ORDINARY 1 1911. 1912. 1913 to 1921. 1922. 1923.
1924. 1925.
DIVIDEND8(20% 30% 35% y’rly. 27% 22X% 22X% 22X%
Paid in 1926: Jan., 10%.
On "American shares" paid 74c, per share in Feb, 1920; $1,965 per
share in Aug. 1920, 72.2 cents per share in Jan. 1921, $1.85X per share
in July 1921, 83Xc. ner share in Jan. 1922. $1 55X ner share in July
1922. 9214c. ner share in Jan. 1923, $1 1314 in Julv 1923. 85Xc In Jan.
1924, $1,075 in July 1924, 95c. in Jan. 1925 and $1.21 in July 1925; in Jan.
1926 paid 96 X cents.
The company pays its dividends free of the British Income tax, a pre­
liminary dividend every year In January, and its final dividend—dependent
upon earnings—in July thereafter.
Valuable Subscription Rights—Amount and Price of New Stock Offered Holders1907.
1969.
1912.
1913.
1917.
1919.
1920.
No. shares. .300,000 200,000508,773 367.964 915,717 4,054.490 6.408.925
Price............. £1X
£214
£3)4
£3)4
£1
£1
£1
In 1918 the company distributed a stock bonus of 60% by Issuing te
shareholders 3,014,921 shares gratuitously, applying In payment thereof
£3.014,921 of the company’s surplus of £4,000,000. Holders of shares of
the Shell Company of record on June 17 1919 were offered the right to sub­
scribe at par (£1) for one new share for every two held. In July 1920
Issued new ordinary shares at par (£1) to stockholders In ratio of one new
share for every two held.
REPORT.—For 1924. in V. 120, p. 3307. showed:
Calendar Years—
1924.
1923.
1922.
1921.
Profits.............................. £4,758.594 £3,048,669 £4,938.084
£5.626,672
Expenses, Ac......... ..........
41,684
40,484
304.924
139,251
Preferred dividend.........
450,000
450.000
316,542
100,000
Ordinary dividend......... 4,365,369
4,357,157 4,357,157
5.325,414
Bal., surplus, for year
£l,540df£1,798,972 def£40,539
£62.007
P. & L. bal. forward___
£231.624
£230.085 £2.029,057 £2,069.596
Chairman, Hon. Walter H. Samuel. M. O.: Sec., E. A. Smlth-Rewse.
Office, St. Helen’s Court, 22, Great St. Helen’s, London, E. O. 3. Eng.—
(V. 122, p. 226.)
SHELL UNION OIL CORP.—Incorporated Feb. 8 1922 in Delaware
as a consolidation of substantially the entire Royal Dutch-Shell and Union
Oil Co. of Delaware interests in tne Mid-Continent and California fields.
The corporation received all the outstanding stock of the Shell Oo. of
California, Roxana Petroleum Corp., Ozark Pipe Line Corp, and Matador
Petroleum Co.; also 130.869 shares of stock of Union Oil Oo. of California.
The Shell Oo. of Oalifornia received (1) all of the property and assets of the
Columbia Oil Producing Oo., Western Union Oil Co., United Western Con­
solidated Oil Oo. and Dunlop Oil Oo.: (2) all of the oil and gas properties,
stocks of oil, Ac., situated in Oalifornia, of the Eddystone OU Corp., Oommonwealth Petroleum Corp, and National Exploration Oo. The Roxana
Petroleum Corp, received all of the property and assets outside of California
and Kentucky of the National Exploration Oo., all of the oU and gas
properties, Ac., situated in Oklahoma and Kansas of the Eddystone Oil
Corp., and all of the oil properties and faculties in Texas oftheOommonwealth Petroleum Corp.
During 1924 the company sold its holdings In the Union OD Oo. of
Oalifornia.
STOOK.—An annual cash sinking fund for the benefit of preferred stock
(Series A), first payment May 1 1924, equal to 10% of net Income after
payment of preferred dividends (but not in any year more than $800,000)
Is to be applied to purchase or call and retirement of preferred stock (Series
A), stock so retired to be canceled.
The common stockholders of record Oct. 22 1923 were given the rignt te
subscribe to 2,000,000 shares of common stock (without par value) at $10 a
share in cash at the rate of X of 1 share of new stock for each share of
common stock held. V. 117, p. 1672.
DIVIDENDS.—On common, paid Initial dividend of 25 cents per share
on Sept. 30 1922; same amount paid quar. to Dec. 311924; Mar. 31 1925 to
June 30 1926, paid 35 cents quar.
REPORT.—For 1925, showed:
(Including income of Wolverine Petroleum Corp., successor to Central
Petroleum Oo. from May 1 1923.1
Calendar Years—
1925.
1924.
1923.
1922.
Gross income............... x$50,293,550x$50,984,588x$38.909,833 $19,324,808
Investment income____
_____
_____
_____
2,120,824
Miscellaneous income__
_____
_____
_____
678,951

Total income..-......... $50,293,550 $50,984,584 $38,909,833 $22,124,583
Depletion, deprec’n, Ac.$26,735,941 $26,060,516 $20,626,750 $12,141,232
Prov. for contingencies1.200,000
Prov. for income tax___
387,000
Propor’n applicable to
minor, stockholders in
subsidiaries_________
341,649
361,334
223,926
Add’l approp. for spec.res 2,800,000
6,000,000
Net income................ $20,415,960 $18,562,738 $16,859,156 $9,596,351
Previous surplus............ 19,420,355 12,005,507
4,846,351
______

Total surplus............... $39,836,316 $30,568,245 $21,705,507 $9,596,351
Preferred dividends (6%) 1,031,536
147,890... 1,200,000
750,000
Common dividends ($1.40) 14,000,000 ($1)10000000 ($1 )8500,000 (50)4000,000
Balance, surplus------- $24,804,779 $19,420,355 $12,005,507 $4,846,351
x Including a half interest in the income of Oomar OU Oo.

222

INDUSTRIAL STOCKS AND BONDS
Date
bonds

MISCELLANEOUS COMPANIES.
IFor abbreviations, &c., see notes on page 8.]

Siemens & Halske (A Q)-Siemens Schuckertwerke (Q m
Simmons Co—Common stock 1,000,000 shares authorized-.
Pref (a & d) stock 7% cum red 110 820,000,000 auth-------Simms Petroleum Co—Stock 810,000.000 authorized------Simms Oil Co. equip, tr. ctfs. due $35,000 Feb; $40,000
Aug guar prin and int callable 102— ----------- Eq.xxxc
Sinclair Consolidated Oil—Stock 5,500.000 shares---------Sinking fund pref stock 8% cum red 110 $100,000 000 auth
First lien coll gbdsSer Ared (text) $100,000,000au..kxxxc*
do
do
Series B redeemable (text)______ kxxxc
do
do
Series C red (text)------------- kxxxc
Equipment trusts, &c.—see text.

Par
Value

1923.
$6,786,591
3,368,447

$5,362,096
12,005,507

$3,418,143
4,846,350

Total surplus________ $30,300,670 $23,925,561 $17,367,603
Preferred dividend____
260,481
263,481
300,000
Common stock dividend 3,500,000 3,500,000
2,500,000

$8,264,494
300,000
2,000,000

$4,505,205
19,420,356

Sur. before Fed. taxes.$26,540,189 $20,162,080 $14,567,603 $5,964,494
x Including a half interest in income of Comar Oil Co.
OFFICERS.—Chairman, Sir Henri W. A. Deterding; Pres., J. C.
van Eck; Sec. & Treas., James H. Brookmire. Office, 65 Broadway,
New York.—(V. 122, p. 2667.)
' SHERWIN-WILLIAMS CO. (THE).—(V. 121, p. 2416.)
SIEMENS & HALSKE (A. Q.) SIEMENS SCHUCKERTWERKE
(Q. m. b. H .).—The business of the Siemens & Halske A. G. was founded,
in 1847 by Werner von Siemens. The Siemens group covers the whole
field of electrical manufacture, and is subdivided into several companies.
The Siemens & Halske A. G. is the parent organization. Its scope of
business includes the automatic and manual telephone, the telegraph, the
signalling and electro-medical apparatus and all kinds qf radio equipment.
The principal associated company is the Siemens Schuckertwerke B.m.b.H.,
over 50% of whose stock is owned by Siemens & Halske A. G., the balance
of the stock being owned by the closely allied Elektrizitaets Aktiengesellschaft, formerly Schuckert & Co. The Siemens Schuckertwerke G.m.b.H.
manufactures all kinds of electrical machinery and appliances for lighting,
power, traction and electro-chemical purposes, also wires and cables. The
Siemens & Halske A. G. also owns 40% of the stock of the Osram Co., a
German incandescent lamp factory, employing about 20,000 hands. The
Siemens Schuckertwerke G.m.b.H. owns 67% of the stock of the Austrian
Siemens Schuckertwerke A. G. with works at Vienna, at Pressburg and
Mueglitz in Czechoslovakia, and at Budapest. There are a number of
other subsidiary companies for the manufacture of electric carbons, porce­
lain, glass, paper and other material required for use in the companies’
principal products.
The concern has outside of Germany and Austria 82 branch offices situat­
ed in most of the countries of the world. About 40% of its production is
exported. The Siemens group consists of 26 factories situated at various
points in Germany. The main plants are located at Siemensstadt, near
Berlin, and in Nuremberg.
BONDS.—In Jan. 1925, Dillon, Read & Co., Marshall Field, Glore,
Ward & Co., New York; Union Trust Co., Cleveland, and Central Trust
Go. of Illinois, Chicago, sold $10,000,006 bonds as follows: $5,000,000
3-year 7% secured sinking fund gold bonds, due Jan. 1 1928, at 99 and int.,
to yield 7.37%; $5,000,000 10-year 7% secured sinking fund gold bonds,
due Jan. 1 1935, at 96K and int., minimum yield 7.64%. > $1,500,000 of
these bonds were purchased from the bankers by Mendelssohn & Co. and
Pierson & Co., both of Amsterdam, Holland, for offering in that market.
Dated Jan. 1 1925. Interest payable J. & J. Coupon gold bonds in
denoms. of $1,000 and $500, registerable as to principal. Principal, interest
and sinking fund payable at the office of Dillon, Read & Co., New York, in
U. S. gold coin of the present standard of weight and fineness, without
deduction for any German taxes, present or future. Central Union Trust
Co. of New York, trustee; Deutsche Kreditsicherung A. G., Berlin, German
agent- of trustee.
Security.—The bonds are a joint and several obligation of the two compan­
ies, the Siemens & Halske A. G. and the Siemens Schuckertwerke G.m.b.H.
These bonds will be secured by the actual ownership of salable merchan­
dise, title to which will be held by a trustee under the provisions of the
German law for the benefit of the bondholder. The method, of taking title
to the merchandise and of handling the security during the lire of the bonds
will be the same as that used by the Netherlands Government to its credit
to German Industry. In 1920 the Netherlands Government arranged to
advance to German industry as a whole 140,000,000 guilders (about $56,000,000) for a period of ten years. The Netherlands Government insisted
that these credits should be secured as much as possible and in such a way
that the total amount of the credit should always be covered by merchandise
having a current market value at all times substantially in excess of the
amount borrowed. Under the German laws the actual ownership of the
commodities passes to the trustee, who is in a position to dispose of them
without reference to the company, if and when foreclosure of the mortgage
is called for. The Netherlands Government thus has ownership through
the medium of a trustee of quick assets in the form of salable merchandise
the value of which-exceeds at all times the amount of the credit granted.
For the purpose of handling these government credits there was organized
In Germany the‘‘Treuhandverwaltung Fuer das Deutsch-Niederlaendische
Finanzabkommen” (Trustee’Administration for the German-Dutch Finance
Agreement) which passes on and grants the individual credits. For the
purpose of handling the merchandise there was also organized by most
prominent members of German, industry the “Deutsche Kreditsicherumg
A, G.. Berlin” (German Securities Trustee Co., Berlin) having for its pur­
pose the safeguarding of foreign financing for the lender. The trustee comany has a thorough and elaborate system of segregating the commodities
eld as collateral security and permanently controls the maintenance of the
necessary values. It also supervises the insurance of the merchandise and
satisfies itself as to the adequacy thereof. The trustee thus safeguards the
above-mentioned Netherlands Government credit, and will in the same
way and to the same extent safeguard the collateral security given for this
loan.
The Siemens companies will transfer to the German Securities Trustee
Co., as the German agent of the Central Union Trust Co., New York,
trustee, stocks of salable merchandise, such as brass, copper, aluminum,
zinc, steel, iron plates, dynamo plates, lumber, oils and rubber, as well as
suitable half-finished and finished goods. The value of these stocks, which
under the German law will be actually owned by the trustee’s German
agent and which will be kept open to permanent inspection by the trustee’s
German agent, will at all times exceed the amount of bonds outstanding by
at least 66 2-3%. The merchandise will be constantly revalued by the
trustee’s German agent at the lowest market prices prevailing. The com­
panies will obligate themselves to insure the stocks serving as collateral
security against all risks in accordance with the requirements of the trustee’s
German agent.
Sinking Fund.—A sinking fund is provided for the 3-year bonds sufficient
to retire $250,000 each six months through purchase at prices not exceeding
par and interest if obtainable, any unexpended balance to revert semi­
annually to the companies. The 3-year bonds are callable as a whole on
any interest date, at the option of the companies, at 101 and interest.
A sinking fund is provided for the 10-year bonds sufficient to retire
through call by lot $132,000 of bonds each six months at 102 and interest,
the balance of less than 50% of the issue to mature at 102 and interest.
The 10-year bonds are callable as a whole, at the option of the companies,
on any interest date, at 104 and interest on July 1 1925, the call price being
reduced by
of 1% each 12 months until July 1 1929, from which date
until maturity the call price remains 10‘ and interest.

S




Bate
%

b H)- See text
None l.OOO.OOOsh See text
___
$100 $6,106,200
7
—
10 6,844,920 See text
1,000
1923
415,000
7g
None 4,499.162sh See text
___
100 17,852,200
8
100
&c
1922
46.829,500
7g
100 &c 23,875 000
1923
6J4 g
100 &c 15,000,000
1924
6g

Earnings for Quarters Ended March 31.
1926.
1925.
1924.
xGross income_________ $11,559,191 $10,146,650 811,059,938
Depl.,depr.,drill.exp.,&c 6,063,300
5,641,445
5,697,842
Balancefor income tax $5,495,891
Surplus at Dec. 31____ 24,804,779

Amount
Outstanding

When
Payable

J

[Vol. 122.

Last Dividend Places Where Interest and
and Maturity Dividends are Payable

Q—J Apr 1 ’26 50c.
Q—F May 1 1926 1 34
& J July 1 ’26 50c
& A Aug ’26-Aug ’31 Equitable Trust Co. .N.Y
May31 1924 50<
May 15 ’26 2%
Mar 151937
June 1 1938
Dec 1 1927

F

Q—F
M & S
J & D
J & D

SALES AND EARNINGS.—Earnings of both companies can be given
reliably only for the fiscal years ended July 31 1912, 1913 and 1914, while
Germany had a stable currency, and are set out below. In addition the
sales for these years and for 1923-24 are as follows (fiscal year ends July 31):
-Net Earnings-Sales Siemens
Siemens
Siemens
Siemens
& Halske
Schuckertwerke
& Halske
Schuckertwerke
A. G.
O. m. b. H.
A. G.
G. m. b. H.
1912 ....
$20,115,000
$55,100,000
$4,142,000
$5,800,000
1913 ....
20,935,000
70,900,000
3,264,000
5,623,000
1914 ....
21,750,000
72,100,000
4,930,000
6,941,000
1924 x_._ y29,650,000
63,050,000
...............
................
x Including sales of Siemens Bau Union, G.m.b.H., formerly a depart­
ment of Siemens & Halske but now incorporated as a separate subsidiary
company, y Fiscal year ended Sept. 30.
All expenditure incurred for maintenance and upkeep of the properties
and the plant during these periods have been regularly charged off as oper­
ating expenses. The figures of earnings of Siemens & Halske A. G., shown
above, do not include the dividends which they have received from Siemens
Schuckertwerke G. m. b. H., nor do the figures of sales contain any inter­
company deliveries. The above mentiened dollar amounts are calculated
on the basis of 4.20 gold marks equal to $1.—(V. 120, p. 3077.)

SIMMONS COMPANY.—ORGANIZATION.—Incorp, under laws of
Delaware on Dec. 14 1915 and acquired the property, business and assets
of The Simmons Mfg. Co. Manufactures metal beds, bed springs, couches,
cots, metal furniture, mattresses and kindred articles. Works are located
at Kenosha, Wis., San Francisco, Calif.; Elizabeth, N. J.; Atlanta, Ga.; and
Richmond, Va. Also operates five works in Canada through its subsidiary,
Simmons, Ltd., and one in Monterey, Mexico.
DIVIDENDS.—On common stock of no par value paid 30 cents per share
quar. to Nov. 1922; paid 100% in stock to stockholders of record Nov. 3
1922; Dec. 20 1922 paid an extra cash dividend of 25 cents per share: Jan. 2
1923 to Oct. 1 1924 paid 25 cents quar.; Jan. 2 1925 to Apr. 1 1926 paid 50
cents quar.; on Jan. 15 1926 paid 25 cents extra; also paid 4% in com. stock
on Jan. 2 1924 and 8% in com. stock on Jan. 2' 1925.
REPORT.—For year ended Nov. 30 1925, in V. 122, p. 1184, showed:
Years Ended Nov. 30—
1924.
1923.
1925.
Net sales___ ;____________________ $32,684,279 $31,667,742 $34,557,259

Other deductions, &c____
Reserve for depreciation__
Maintenance of properties.
Reserve for Federal, &c., 1
Preferred dividends______
Balance, surplus.

___ 25,149,517

26,362,078

30,995,244

___ $7,534,762
___
400,614
___ 1,241,480
756,207
___
956,966
___
437,692
___ 1,932,485

$5,305,664
1,039,027
1,110,763

$3,562,015
807,612

388,400
446,974
902,781

341,000
458,675
1,095,675

___ $1,809,318
___ 3,550,621

$1,417,718
2,900,307

$859,052
x2,063,499

___ $5,359,939
_ (8%) 1,458,562

$4,318,025
(4)701,232

$2,922,551
—

Profit and loss surplus Dec. 31___ $3,901,377 $3,616,793 $2,922,551
OFFICERS.—Pres,, Z. G. Simmons; Senior Vice-Pres., A. H. Lance’’
Sec. & Treas., Grant G. Simmons. Office, 110 East 42d St., N. Y.—
(V. 122, p. 1184.)
SIMMS PETROLEUM CO.—ORGANIZATION.—Incorp. June 27 1919
under laws of Delaware as a holding company. Owns all of the outstand­
ing stock of the Simms Oil Co. The company and its subsidiaries own oil
and gas leases in Arkansas, Louisiana, Texas, Oklahoma and Kansas,
427 producing oil and gas wells, pipe lines, tank cars, warehouses, &c.
Compare annual report in V. 122, p. 1637.
The company in June 1925 acquired the Clayton Oil & Refining Co.,
which has been dissolved and the entire assets transferred to the Simms.
Oil Co.
CAPITAL STOCK.—Of the 1,000.000 shares authorized, 720,762 shares
have been issued, of which 684,492 shares are outstanding in hands of
public and 36,270 shares have been acquired and are held in the treasury of
the company.
DIVIDENDS.—An initial dividend of 50 cents per share was paid
Jan. 2 1925; same amount paid semi-annually to July ! 1926',-' REPORT.—For 1925, in V. 122, p. 1637, showed:
Calendar Years—
1925.
1924 .
1923.
Production (bbls.)..__ ...2___
4,252,967
4,054,362
3,959,057“
Production revenue______________
$8,643,836 $6,288,510 $4,050,342
Operating expenses__________________ 2,939,550
2,019,569
1,620,539
Development expense______________
_____
_____
784,754
Net profit from operations_________$5,704,286
Tank car earnings, interest, &c_____
266,037

$4,268,941 $1,645,049
110,976
276,057“

$5,970,323
Gross income___________________ $5,970,323
348.801
Rentals, taxes, interest, &c----------984,548
Labor and production drilling cost. .
160,000
Provision for Federal taxes----------243,056
Miscellaneous adjustments_______
Depreciation______________________ 1,078,979
518,202
Depletion_________ ________
____’
684,775
Dividend payable Jan. 2 1925

$4,379,916
240,640
595,327

$1,921,106
208,131

238,452
872,821
510,459
341,611

252,347
670,768
448,452

$1,951,960
1925.
1926.
1,719,740 $2,598,326
636,495
830,526
100,000
409,393
255,753
427,498
507,733

$1,580,607
1924.
$1,954,496
553,605

$341,408
1923.
$1,463,379
479,125

186,001
422,703

255,625
332,552

Surplus for year______
Quar. End. Mar. 31—
Gross income__________
Expense, and int., &c__
Federal tax___ ______ _
Development expense..
Deprec., depletion, &c_.

Net income_________ $125,728 $1,024,940
$792,187
$397,077
OFFICERS.—Chairman, Thomas W. Streeter; Pres., Edward T. Moore;
Sec., John J. Heffernan. Office, 120 Broadway, N. Y.—(V. 122, p. 2812.)
SINCLAIR CONSOLIDATED OIL CORPORATION.—ORGANI­
ZATION.—Incorp. In New York Sept. 23 1919 as a holding company.
Consolidation of Sinclair Oil & Refining Corp., Sinclair Gulf Corp, and
Sinclair Consolidated Oil Corp., under a consolidation agreement ratified
by the stockholders of each company on Sept. 22 1919 (V. 109, p. 1279).
PROPERTIES.—The properties, Including subsidiaries and affiliated
companies, embrace facilities for all branches of the petroleum business ,
from the production and transportation of crude oil to the refining and mar­
keting of the refined products. A brief summary follows:

May, 1926.]

MISCELLANEOUS SECURITIES
[Fo’ abbreviations, &c., see notes on page 8]

Singer (Sewing Machine) Mfg— Stock $120,000,000 auth.
Skelly Oil Co—Stock $35,000,000 authorized_____ _______
1st & coll 8 f gold bonds red 105______ ________ Upi.x*
Convertible gold notes red (text)___________________ Nc*
Sloss-Shtffield Steel & Iron—Common stock $10,000,000__
Preferred (a & d) 7% non-cum $10.000.000___________
Sink fd gold notes $6,000,000 call 105 a f.Ce.ww.c*4r‘
Purchase money lien notes red (text)__________ Ce.xxxc*
Serial purchase monev notes due $400,000 ann_______
“Snia Viscosa”—See text

Date
Bonds

Par
Value

...

. The directors on May 12.1926 voted to apply part of this year’s current
earnings to the redemption of outstanding bonds. As an initial step, the
corporation will call for redemption on July 31 1926, at 103 and int.,
$2,500,000 of its 1st lien collat . 6%'bonds, series “C,” with uncanceled stock
purchase warrants attached. The corporation will also call for redemption
on July 16 1926, a par and int., all bonds of this series now outstanding
the appertaining stock purchase warrants to which have been exercised.
In addition, it was announced that the corporation would until further
notice purchase at par and int. any bonds of this series the appertaining
stock purchase warrants to which have been exercised.
Evuip. Trusts. &c.—On Dec. 31 1925 there were outstanding $1,975,428
purchase money obligations. In Oct. 1924 National Steel Oar Lines Oo.
sold $6,000,000 6% equip trust gold certificates, series "E,” due in semi­
annual installments of $375,000 each. May 15 1925 to Nov. 15 1932 and
guaranteed, prin. and divs., by Sinclair Oons. Oil Corp. V. 119, p. 2073
REPORT.—-For 1925, in V. 122, p. 2644, showed:
1924.
Calendar Years—
1925.
1923. ,
1922.
Net earnings_________ $28,944,647 $16,426,930 $13,436,504 $30,943,794
Deduct—Int. & discount 7,731,734
6,036,137
3,435,880
4,435,809
Reserve for deprec., &c_ 15,210,120 12,540,060 11,289,673 11,746,242
1,512,990
1,571,172
204,382
Pref. div. (8% cash)----- 1,455,474
Common div. in cash__
_____
4,486,384
8,970,999
4,329,094

Surplus_____________ $4,547,319df$8,148,641df$11831,220 $10,171,752
OFFICERS.—Chairman, H. F. Sinclair; Pres., E. W. Sinclair; Sec.
A. Steinmetz; Treas., J. F. Farrell. N. Y. office, 45 Nassau St.—(V. 122,
p. 2961.)

SINGER (SEWING MACHINE) MFG. CO. (THE)—ORGANIZA­
TION.—Incorp. in 1873 in New Jersey under special Act. Plants located
at Elizabeth, N. J., Bridgeport. Conn.. St. Johns, Que., &c.




Amount
Outstanding

Rate
% •

When
Payable

$100 $90,000,000 See text Q—M
25 23,083,990 See text Q—M
1,000 2,195.000
1921
7)4 g J & D
1924 500-1000 4,275,000
6)4 g A & O
lot 10.000,000 See text Q—M 20
10(
6,700.000
7
Q—J
1.000 4,177,000
1919
6g F & A
F & A
1,000 2,403,000
6
1924
M & N
1,200,000
5

Subsidiaries.—(1) Ownership of or substantial Interest In oil and gas
leases covering over 200.000 acres in the principal oil fields in Kansas,
Oklahoma, Texas and Wyoming, and also oil and gas leases and concessions
In Mexico, Costa Rica, Panama and Portuguese West Africa.
(2) Refineries located at Bast Chicago. Ind.; Kansas City, Kan.: Coffey­
ville, Kan.; Muskogee, Okla.; Cushing, Okla.; Houston, Texas; Wellsville,
N. Y., and Marcus Hook, N. J.; also casinghead gasoline plants.
(3) Distributing facilities include 5,248 tank cars and a fleet of vessels
aggregating 119,079 tons d.w. capacity (including 17,329 tons under charter)
a system of marketing stations in the Middle West, seaboard terminal
facilities on the Atlantic and Gulf Coasts, and in Cuba, and selling agencies
In Europe.
Affiliated Companies.—Corporation and the Standard Oil Co. of Indiana
each owns a one-half interest in the Sinclair Pipe Line Co. The latter
owns and operates pipe lines, including trunk lines extending from the Texas
Gulf Coast through the States of Texas, Oklahoma, Kansas, Missouri and
Illinois to East Chicago, Ind., and a trunk line from the Wyoming fields
to a connection with the main line near Kansas City. Company's gathering
lines extend to all the principal fields throughout northern and central
Texas, Oklahoma and Kansas.
Corporation and the Standard Oil Co. of Indiana each owns a one-half
Interest in the Sinclair Crude Oil Purchasing Co., engaged exclusively in
the nurchasing and sale of crude oil.
The corporation owns slightly more than 25% of the stock of the Mam­
moth Oil Co. and all of the capital stock of the Sinclair Texas Pipe Line Co.
Stockholders approve lease of Teapot Dome. Compare V. 118, p. 2583.
STOCK.—The stockholders on May 19 1920 approved: (a) the action
of the directors in authorizing four quarterly stock dividends of 2%; (&) the
creation of 1,000,000 shares of 8% cumul. sink, fund pref. stock (par $100),
redeemable at 110 and divs.; (c) the issuance of $75,000,000 (of which
$50,000,000 were issued) 7)4 % convertible notes, &c., all as per statement in
V. 110, p. 1857. The stock divs. were payable July 15 and Oct. 15 1920
and Jan. 15 and Apr. 15 1921. On Aug. 15 1922 paid a cash div. of 50 cents
a share on the common stock; same amount paid quar. to May 31 1924.
none since. An initial dividend on the new pref. stock of $2 a share was
paid to holders of record Aug. 15 1920; since to May 1926, 2% quar.
BONDS.—The first lien coll. 15-year 7% gold bonds, Series A, are re­
deemable as a whole or in part at 107)4 and int. on or before Mar. 15 1927;
thereafter at 105 and int. on or before Mar. 15 1932: thereafter at 10214
and int., less )4 % for each 12 months elapsed after March 15 1932. The
Series B bonds are redeemable as a whole at any time or in part from time
to time on 60 days’ notice at 107)4 and int. on or before March 14 1927;
thereafter at 105 and int. on or before March 14 1932; thereafter at 102)4
and int. less )4 % for each 12 months elapsed after March 14 1932, up to and
Including March 14 1937; and thereafter at 100 and int. The Series O
bonds are redeemable as a whole at any time or in part from time to time
on 60 days' notice if accompanied by uncancelled stock purchase warrants
at 105 and int. on of before Dec. 1 1925; thereafter at 103 and int. on or
before Dec. 1 1926; thereafter at 101 and int. on or before June 1 1927;
thereafter, and whenever redeemed if not accompanied by uncancelled
stock purchase warrants, at par and int.
The Series C bonds will bear non-detachable stock purchase warrants
entitling the holder of each $1,000 bond on presentation thereof to purchase
common stock in amounts and at prices as follows: 50 shares at $20 per
share if exercised on or. before Dec. 1 1925; or 45 shares at $22 50 per share
If exercised thereafter on or before Dec. 1 1926; or 40 shares at $25 per share
if exercised thereafter on or before June 1 1927.
.
These bonds are to be secured by deposit with the trustee of (a) $110,000,000 of subsidiary companies' 1st M. 7% gold bonds, due March 15 1937,
comprising Sinclair Oil & Gas Co, ($45,000,000), Sinclair Refining Co.
($57,000,000) and Sinclair Navigation Co. ($8,000,000); (6) capital stocks
owned by this corporation of an aggregate par value in excess of $80,000,000,
Including its holdings of the stock of the Sinclair Pipe Line Co., and $10,000,000 stock (of $30,000,000 par value owned) of the Sinclair Crude Oil
Purchasing Co.
A semi-annual sinking fund commencing Dec. 15 1922 will purchase at
par and int. the following percentages of the maximum amount of the Series
"A” bonds at any time theretofore issued and outstanding 2% p. a. from
Dec. 15 1922 to June 15 1926 incl.; 3% p. a. from Dec. 15 1926 to Dec. 15
1929 incl.; 4% p. a. from June 15 1930 to June 15 1933 incl.; 5% p. a. from
Dec. 15 1933 to Dec. 15 1936 incl.
In the event of subsequent issues of bonds the amount of the sinking
fund payments is to be. proportionately increased.
Corporation will covenant to pay on April 1 and Oct. 1 of each year, com­
mencing April 1 1924, sums sufficient to purchase at par and interest the
following percentages of the maximum amount of the Series “B” bonds at
any time theretofore issued and outstanding; 2% per annum payable semi­
annually from April 1 1924 to Oct. 1 1927, incl.; 3% per annum payable
semi-annually from April 1 1928 to April 1 1931, incl.; 4% per annum pay­
able semi-annually from Oct. 1 1931 to Oct. 1 i934, incl.; 5% per annum
payable semi-annually from April 1 1935 to April 1 1938, incl.
The sinking fund provisions will be sufficient to retire before maturity
50% of the Series “B” bonds. In the event of subsequent issues of Series
“B bonds, the amount of the sinking fund payments is to be proportion­

ately increased.

223

INDUSTRIAL STOCKS AND BONDS

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

See text.
Tune 15 ’26 2%
Dec 1 1931
Oct 1 1927
Tune 21'26 1)4
July 1 1926 IX
Aug 1 1929
Aug 1 1929
To Nov 1 1928

New York
Union Trust Oo, Pittsb
New York Trust Co, N Y
Centra 1 Union Tr Oo. NY
do
do
New York
New York

Stock increased in 1900 by 200% stock dividend, in 1910 by 100% stock
dividend, and in 1921 by 50% stock dividend, capitalizing surplus. V. 71.
p. 1224, 1273; V. 90, p. 1494.
The stocl holders voted Dec. 6 1922 to Increase the authorized capita)
stock from $90,000,000 to $120,000,000.
LATE DIVS.-I 11 '12. 13 14 16. T6. ’17. '18. 19. '20. '21-26.
Since 1908 I
12 13 16
12 8
9 11
10 10 7
text
Note.—The Dec. 1920 payment was 30 (French) francs per share and in
March, Sept, and Dec. 1921 paid 20 francs per share. In June 1921 paid
$1 25 per share. In Mar h, June and Sept. (922 paid $1 25 per share.
Dec 1922 to Dec. 1924 paid 1)4% quar. Also paid 2% extra on Dec. 31
1924. On March 31 1925 paid 2)4% quar; on June 30 1925 paid 2J4%
quar. and 10% extra; on Sept. 30 1925 to March 31 1926 paid 2)4% quaralso paid a special div. of 33)4 % on March 31 1926.
In July 1917 paid an extra dividend ol $12 per share by the dis­
tribution at the price of $4 80 per share, at which it was acquired out of
surplus Aug. 27 1907. 1.600,000 of the 2.000,000 £1 shares of the Singer
Mfg. Oo., Ltd., of Great Britain & Ireland (owning plant at Singer, Clyde­
bank, Scotland, in the proportion of 2 56 shares of £1 each ofthe British co. tc
one ($100) share of N. J. co. See V. 105, p. 395; V. 106, p. 507. Also
paid stock dividends as follows: 1900. 200%; 1910, 100%; 1920, one share of
pref. stock ($1 par value) of the International Securities Co. of New Jersey
a subsidiary, for each share of Singer Mfg. Co. of N. J. V. 112. p. 379
1921. 50%; V. Ill, p. 1859.
REPORT.—For 1922. in V. 117, p. 1565, showed:
Calendar Years—
1922.
1921.
Net income---------------- ------------------------------------$21,568,981 $11,938,800
Dividends.......................... ...................... ................ ..
4,949,842 5,129,674
Balance....................................................................... $16,619,139 $6,809,126
Previous surplus.............. i....................................... 13,501,881
6,692,755
Profit and loss, surplus______________________ $30,121,020 $13,501,881
^Pres.,(Dou?las Alexander; V.-P., F. A. Park. Office, 149 Broadway

SKELLY OIL CO.—A holding and operating company organized Aug.
20 1919 under laws of Delaware. Subsidiary companies are the Midland
Refining Co., Ranger Gulf Corp., Inland Oil Co. and Nortex Refining Co
Properties consist of oil and gas leaseholds in Arkansas, Illinois, Kansas,
Louisiana, Oklahoma and Texas: tank cars, pipe lines, &c.; refineries and
gasoline plants, and distributing facilities. On Dec. 31. 1925 the company
owned 1,086 oil and gas wells and held land under lease or in fee amounting
to 290,789 acres.
Government suit, V. 118, p. 3161.
BONDS.—The 1st & coll. s. f. 7)4% bonds have a sinking fund of
$350,000 per annum, payable semi-annually, April and October.
NOTES.—The 3-yr. conv. gold notes of 1924 are callable, all or part, at
any time on or after April 1 1925 upon 60 days’ notice at 110 and int.
Convertible up to and incl. Oct. 1 1926 (unless sooner called for redemption
and if so called, then up to and incl. the redemption date) into shares of tht
capital stock at the rate of 1 share of the par value of $25 for each $25 ol
notes converted. Stockholders of record Sept. 5 1924 were entitled to
subscribe to these notes at par upon the basis of $500 of notes for each 60
shares of stock held. V. 119, p. 1074.
DIVIDENDS.—Initial dividend of 2% was paid April 22 1920; July 31
1920, 2%; Oct. 30 1920, 2%; Feb. 10 1921, 2%: then none until Dec. IB
1925, when 2% quar. was paid; same amount paid March 15 and June 15
1926.
REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
1923.
1922.
Gross_________________ $23,007,516 $18,296,828 $19,592,357 $16,683,365
Expenses, taxes, &c___ 13,526,607 12,613,271 11,559,429. 10,443,698
Interest charges_______
943,045
976,503
849,714
482,052
Dividends_____________
434,336
_____

Balance____________ $8,104,528
Deprec., depletion, &c_. 4,617,324

$4,707,054
4,665,320

$7,183,214
6,059,483

$5,757,615
4,116,555

Balance, surplus____ $3,487,204
Quar. End. March 31—
1926.
Gross earnings__________ $5,420,584
Exp., gen. taxes, &c----- 2,776,586
Interest and discount__
162,656
Depletion & depreciation 1,183,050

$41,734 $1,123,731 $1,641,060
1925.
1924.
1923.
$4,205,709 $4,085,457 $5,378,348
2,148,693
1,659,432
2,872,213
256,266
221,891
163,516
1,050,616
1,300,222 Not given
Netinc.bef. Fed. taxes $1,298,292
$750,134
$903,912 $2,342,619
OFFICERS.—Pres., W. G. Skelly; V.-P., C. C. Herndon, F. A Pielsticker and H. M. Stalcup; Sec. & Treas., F. T. Hopp; Gen. Aud H G
Humphreys. Office, Tulsa, Okla.—(V. 122, p. 2813.)
SLOSS-SHEFFIELD STEEL AND IRON CO.—ORGANIZATION.—
Incorp. in New Jersey. See V. 109, p. 378; V. 69, p. 286; V. 70, p. 1099
1200. Owns 7 modern blast furnaces, daily capacity of 1,500 tons foundry
or basic pig iron; also a new stack and cash shed with complete equipment
for handling ore; 11 well-developed coal mines on four of the best known
seams of coal in Alabama, daily capacity of 6,500 to 7,000 tons; 5 red ore
mines, daily capacity of 3,000 tons hard and soft red ore; 5 ore-washer
plants; 15 steam shovels, 20 dinkey locomotives, with narrow-gauged track
mining cars; mine producing 1,500 tons of brown hematite ore daily- 1 dolo­
mite quarry, with capacity of 700 tons of stone daily. A by-product plant
was put into opera tion in April 1920.
v
During 1923 purchased the entire properties of the Sheffield Iron Corp
In Oct. 1924 acquired the properties of the Alabama Co., V. 119 n. 1852
V. 122, p. 2667.
LATE DIVS.f '08. ’09. '10. '11-'14. 15-’16. ’17. ’18. ’19. ’20. ’21-26.
Common-------- 1 4)4 5)4 3)4 None None 1)4 text 6
6
text
Preferred-------- 1 7
7
7 7 yly See below.
The preferred dividend was paid in Jan. and Oct. 1915 in one-year 6%
scrip; no distribution April or July 1915, but in Jan. 1916 all the divideno
scrip (3)4%) was redeemed and there was paid in cash 1)4% and also an

t917, 1)4%, then none until 1918, when quarterly distributions of 1 U %
each were resumed, beginning May 10; Aug. 10 and Nov. 11, 1)4%'in
1918, Feb. to Nov., inclusive, paid 1 )4 % quarterly. In June 1918 the 6%
dividend on common shares earned but deferred in 1917 was declared pay­
able July 1; thereafter to Feb. 1921, 1)4% quar.; then none until March 20
1924 when 1)4% quar. was paid; June 20 1924 to
' June
’
--------21
1926 paid 1)4 %
quar.
NOTES, &c.—The gold notes of 1919 have an annual sinking fund of
$300,000 beginning Aug. 1 1920. While they are outstanding the propertv
cannot be mortgaged. V. 109, p. 378.
The purchase money lien notes of 1924 are red. all or part on 30 days'
notice at any time at 105 and int. Annual sinking fund payments of $100
000, beginning on Aug. 1 1925, and annually on Aug. 1 thereafter, to retire
notes either by purchase in the open market at not exceeding 105 and int
or by drawings for redemption at 105 and interest. V. 119, p. 2299.

331
H*

tf&''

•

[Vol. 122.

INDUSTRIAL STOCKS AND BONDS
*

'
MISCELLANEOUS COMPANIES
(For abbreviations, Ac., see notes on pate 8]

Date
Bonds

Bolar Reflninz Co—Stock-------------- ...---------South Penn OH Co—Stock $20.000.000....................................
South Porto Rico Sugar Co—Common stock >12,500,000-.
Preferred stock (a & d) 8% cum $5.000.000---------------1st coll mtge s f gold bonds red (text)________ Ba.xxxc* 1921
Southern Pipe Line Co—Stock $5,000,000________________
South West Pennsylvania Pipe Lines—Stock is 500.000__
(A O) Spalding & Bros—Common stock >6,000,000 auth..
First pref (a & d) stock 7% cum red (text) >5,000,000 auth
Second pref (a & d) stock 8% cum $1,000,000 authorized

REPORT.—For 1925, in V. 122, p. 2055, showed:
Calendar Years
1923.
1925.
1924.
Operating profits__ ,__ $3,732,784
$2,807,953 $3,773,876
321,229
Interest______________
559.716
346,806
Depreciation & depletion
917,121
721,628
718.871
226.000
240.000
Federal & State taxes__
277,006
Preferred dividends.__
469,000
469,000
469,000
Common dividends____
600,000
600,000

Par
Value

Bate

%

When
Payable

Last Dividend Places Where interest ano
Dividends are Payable
and Maturity

$100 $4,000,000 See text J A D Junel 9 '26 5%
25 20 000.000 See text See text Mar 311926 1H
100 11,205,600 See text Q—J Apr 1 1926 1«
100 5 000.000
Q—J Apr 1 1926 2%
8
7 g J A D Dec 1 1941
500 Ac 5.437 000
50 5.000.000 See text Q— M Mar 1 1926 1%
100 3.500,000 See text Q—J Apr 1 1926 1%
100 5,982,200
8
Q—J15 Apr 15 1926 2%
Q—M June 1 1926 1 ii
100 4.303,900
7
100 1.000,000
Q—M June 1 1926 2%
8

1922.
$1,394,109
316.575
498,641

Balance, surplus____
$909,941
$447,277 $2,022,019
$578,893
Profit and loss surplus.. $9,496,177 $8,584,361 $8,385,007 $6,962,988
OFFICERS.—Chairman, Waddill Catchings; Pres., Hugh Morrow;
V.-Ps., Frank W. Miller and J. P. Dovel: Sec. & Treas., Russell Hunt.
Office, Birmingham, Ala.—(V. 122, p. 2667.)
‘•SNIA VISCOSA” (SOCIETA NAZIONALE INDUSTRIA APPLICAZION1 VISCOSA), TURIN, ITALY.—Company is a large manufacturer
of artificial silk, having three factories at Pavia, Venaria Reale and Cesano
Maderno, Italy, and a fourth plant nearing completion at Turin.
STOCK.—5,000,000 shares (200 lire par value), 1.000,000,000 lire
(3,000,000 shares are fully paid, and the remaining 2,000,000 are paid to
the extent of 70 %, the other 30 % being callable at the option of the company
at any time. The partly paid shares only rank for dividends according to
the sums paid up, from Jan. 1 1926, and are not entitled to any dividends
in respect of the year 1925).
>■ E. F. Hutton & Co. and Harvey Fisk & Sons, New York, in Dec. 1925
offered at $16 per share depositary receipts representing 600,000 fully paid
shares of the capital stock of the company.
Deliveries under this offering were made In the form of depositary receipts
of Chase National Bank, New York, representing fully paid shares of the
capital stock of “Snia Viscosa” deposited under an agreement with Chase
National Bank, as depositary. Dividends will be payable in New York
to the registered holders of depositary receipts by check In U. 8. dollars
out of the proportionate amount realized by the depositary from the ex­
change into dollars of the lire dividends received.
DIVIDENDS.—Dividends of approximately 64 cents a share were paid
on the capital stock in 1923, 80 cents in 1924, and $1 in 1925 (paid Mar. 2
1926).
REPORT.—The company showed in 1925 net profits of 148,482,776 lire,
after making customary deductions for amortizations. Out of this total,
20,000,000 lire was set up as special reserves. Out of the balance the man­
agement declared a dividend of 12 %, equal to 25 lira a share, on the 3,000,000 shares.—(V. 122, p. 1467.)
• SOLAR REFINING CO.—ORGANIZATION, Ao.—Incorporated In Ohio
In 1886. Has refining plant at Lima. O. Formerly controlled by Standard
Oil Co of N. J., but segregated In 1911. See Standard OH Co.. V. 85. p
816, 790; V. 93, p. 1390. Government suit, V. 118, p. 3161.
CAPITAL STOCK.—The stockholders voted Dec. 12 1922 to increase
the authorized capital stock from >2,000.000 to >4.000,000, par >100
A stock dividend or 100% was paid to stockholders of record Dec. 23 1922
DIVIDENDS.—On Dec. 20 1912, 20% dlv. was paid; June 16 1913.
800% in stock; June 20 1913, 20%; Dec. 20. 5% and 30% extra; from
June 1914 to June 1917. 10% (5% s.-a.): Dec. 1917, 5% and 25% extra:
June 1918. 5%; Dec. 1918 and June 1919, 5% and 5% extra; Dec. 1919,
5% and 15% extra; June 1920, 5% and 5% extra; Dec. 1920, 5% and 35%
extra; June 1921 to June 1922, 5% s.-a.; Dec. 1922, 5% and 5% extra;
and 100% in stock; June 29 1923, Dec. 20 1923 and June 20 1924 paid 5%
on increased capitalization; Dec. 20 1924 paid 5% quar. and 5% extra;
June 20 1925 to June 19 1926 paid 5% semi-annually.
REPORT.—For 1925, in V. 122. p. 1624. showed:
Calendar Years—
1925.
1924.
1923.
1922.
•Net profits__________
$628,258
$685,128
$496,482
$879,227
Cash dividends_______
4O0.O0O
600.000
400,000
300,000
Balance, surplus____
$228,258
$85,128
$96,482
$579,227
•After Federal taxes.
Pres. & Gen. Mgr., F. T. Cuthbert; V.-P., N. D. Keys; Sec., Howard A.
Graham; Treas., E. L. Hughes. Office, Lima, Ohio.—(V. 122, p. 1624.)
SOUTH PENN OIL CO.—ORGANIZATION. AO.—Incorporated to
Pennsylvania In 1889. Produces crude oil. Early in 1913 acquired 51 %
at the >10.000.000 Penn-Mex Fuel Company stock, controlling 180.001
acres leases and fees along the Gulf Coast or Mexico, and in 1917 properties
la W. Va. and Ky. V. 107. p. 2481; V. 105. p. 722: V. 96. p. 657.
Ia Aug. 1917 purchased for about >3,500.000 the holdings of the Big
Creek Development Co. in Lincoln County, w. Va., some 6,000 acres, on
which are 500 oil and gas wells with a net settled production of about
900 barrels dally. V. 105. P, 613. 722, In Oct, 1920 reported to have
Increased its holdings in the west Virginia field through the acquisition of
1,154 acres with a production of about 200 barrels daily. In July 1922
purchased the producing properties and leaseholds of the Eddystone Oil
Corp. V 115. p. 445.
Formerly controlled by the Standard Oil Co. of New Jersey, but segre­
gated in 1911. See Standard Oil Co., V. 85. p. 216, 790; V. 93, p. 1390.
STOCK.—The stockholders on Jan. 19 1926 voted to reduce the par value
of the $20,000,000 capital stock from $100 to $25 per share, four new shares
being Issued in exchange for each outstanding share of $100 par value.
DIVS.—
1915. 1916. 1917. 1918-19. 1920. 1921 1922 1923-24. ’25
Cash, regular. 12
20
20
20
20
13
4M ....
1
Extra, stock.. ..
..
60
-..
.... __ _ ____ __
“ cash.__ 2
12
..
..
..
____ ____ ____ __
Paid in 1926: Mar. 31, 1>$%.
REPORT.—For 1925, in V. 122, p. 2056, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Gross income for year...$14,885,601 $13,508,804 $13,435,658 $13,363,426
Op. exp., tax., depr., Ac. 12,510,271 11,981,336 14,374,643 14,628,763
Dividends-----------------300,000
...........
...........
900,000

Bal., sur. or def----- sur$2,075,330 sr$l ,527,468 def$938,985df$2,165,337
Previous surplus______ 12,469,376 10,941,908 11,880,893 14,046,230
Adjust, of surplus_____ Cr9,597,123
_____
_____
L.____
P. & L. surplus_____ $24,141,830 $12,469,376 $10,941,908 $11,880,893
OFFICERS.—Pres.. L. W. Young Jr.; Sec., John L. Hays; Treas., 8. G.
Hartman. Office, 545 William Penn Way, Pittsburgh, Pa.—(V. 122, p.
2056.)
SOUTH PORTO RICO SUGAR CO.—Incorporated Nov. 16 1900
in New Jersey. Owns all the stock and bonds of The Central Romana
inc., owning upwards of 50,000 acres of land in Santo Domingo
and a raw sugar factory of 600,000 bags capacity. Also owns all of the out­
standing capital stock of South Porto Rico Sugar Co. of Porto Rico which
awns the Guanica Central sugar factory at Guanica. P. R.. capacity 600.000 bags.
South Porto Rico Sugar Co. Trading Corp, of N. Y. was organized in
July 1925 with a capital of $l,OOO.OO0 as a subsidiary of the companv
V. 121,p. 211.




Amount
Outstanding

Checks mailed
Pittsburgh. Pa.
Oheoks mailed

do
Bankers Trust Co, N T
Checks mailed
Checks mailed

CAPITAL STOCK.—The stockholders on July 1 1920 approved an in­
crease in the auth. com. stock from $6,000,000 to $12,500,000. Stock­
holders of record July 24 1920 received on Aug. 6 1920 a stock dividend of
100%. V. Ill, p. 80, 301.
DIVIDENDS.—Dividends on common were paid from 1910 to 1915 incl.
at an average rate of nearly 6)£% per annum. From Jan. l9l6toDec. 1917
at the rate of 20% with occasional extra cash and stock divs. In Dec. l9l7
and April 1918, 5%; July 1918 to April 1919, 5% quar. in 3-year 7% scrip,
all of which was redeemed in cash in July and Oct. 1919. In July 1919 to
July 1920 the 5% quarterly dividends were paid in cash. Paid 100% in
common stock on Aug. 6 1920. In Oct. 1920 paid 3% quar. and 2% extra
In cash. O.Dec. 31 1920 paid 3%; April 1 1921, 1)4%; then none until
April 1 1924, when 1)4% was paid; same amount paid quar. to Apr. 1 1926.
Dividends on pref. at the rate of 8% have been paid since 1902.
BONDS.—The 1st collateral mtge. bonds of 1921 are redeemable as a
whole only (except by operation of sinking fund) on and after Dec. 1 1930
at 105 and int. Sinking fund will retire entire issue by maturity. V. 113.
p. 2512.
REPORT.—For fiscal year ended Sept. 30 1925, In V. 121, p. 2398.
showed:
Years End. Sept. .. • 1924-25.
1923-24.
1922-23.
1921-22.
Sugar made (tons).x__
159.000
97,000
83,000
86,500
.$13,889,661 >11.446.394 >10,532,258 >6,396.945
taxes, interest, Ac.....’ 9,917,901
6,761.829
8,235,707
6,739.032
. $3,971,760
$380,590

bond issue prorated..
Reserve for depreciationi
Reserve for income and
excess profits taxes__
Preferred divs. (8%)__
Common divs. (cash)__

>3,210,687
>400,107

>3,770.430 2oss$342,087
>420,000
>350.000

32,616
1.201,152

32,616
904,536

32,616
1.150,868

48,019
472.109

300,000
400,000
672.336

400,000
400,000
504,252

400,000
400,000

400,000

Balance, surplus____
$985,066
>569,175 >l,366,945def>1612,215
Total u. A1. sur. Sept. 30 >5.771.271 >4.786.205 >4,217.030 >2.850.085
OFFICERS.—William Schall, Chairman of Board; F. A. Dillingham,
President; Julius A. Stursberg, V-Pres.: F. M. Welty. Treas.: Edward 8.
Paine, Sec. Office. 62 Cedar St., New York.—(V. 121, p. 2650.)
SOUTHERN PIPE LINE CO.—ORGANIZATION, Ac.—Incorporated
in Pennsylvania in 1890. Has pipe line extending from Pennsylvania State
line to Philadelphia, Pa., 263.15 miles. Formerly controlled by Standard
Oil Co. of N. J., but segregated in 1911.
STOCK.—The stockholders on May 5 1926 voted to decrease the capital
stock from $10,000,000 to $5,000,000 by changing the par value of the shares
from $100 each to $50 each. The directors also authorized the payment of
$40 per share from the capital stock reduction account.
DIVIDENDS.—1912. 28%; 1913, 32%; 1914, 30%; Mar. 1915 to June
1918, 24% p. a. (6% Q.-M.). In Sept. 1918 to Mar. 1920 paid 5% quar.
In June, Sept, and Dec. 1920, 4%: Mar. 1921, 3%; June 1921, 3%; Sept.
1921 to Dec. 1922, 2% quar.; Mar. 1 1923 paid 4%; June 1 1923 to Dec. 1
1924 paid 2% quar.; Mar. 2 1925 to Mar. 1 1926 paid 1% quar.
REPORT.—For 1925, In V. 122, p. 2056, showed:
1Q9K
1094
109S
1099
Profits for year...............
$19R266
$280;092
>547',707
$982,239
Dividends paid---------- (4%)400,000(8%)799,999 (10)999,999(8%)799,999
Balance
................ def$208,734 def$519,907 def$452,292 sur$182,240
OFFICERS.—Pres., Forrest M. Towl; V.-P. A Gen. Mgr., J. W. Vander­
grift: Sec., V. 8. Swisher; Treas., J. M. Tussey. Office, Oil City, Pa.—
(V. 122, p. 2813.)
SOUTH WEST PENNSYLVANIA PIPE LINES.—ORGANIZATION
Ac.—Incorporated in Pennsylvania in 1886. Own pipe lines In Penn­
sylvania. Formerly controlled by Standard Oil Company of New Jer­
sey, but segregated In 1911. See Standard Oil Co., v?85. p. 216, 790;
V, 93, p. 1390. Dividends paid Apr. 1912 to July 1914, 5% quar.; Oct..
4%; Dec. 31. 3%; 1915, 12%, (3% Q.-J. and 3% in Dec.). Jan. 1916 to
Dec. 311919,12% yrly. (3% Q.-J.). April 1920 to July 1921 paid 2% quar.
Oct. 1921 to Oct. 1922 paid 1% quar. On Dec. 30 1922 paid 4%; April
1923 to Oct. 1924 paid 2% quar.; Dec. 31 1924 to Apr. 11926 paid 1% quar.
REPORT.—For 1925, in V. 122, p. 1184, showed:
1925
1924
1923
1922
Profits for calendar year. >20(L907
$91,199
>268^464
$315,871
Dividends___________ (4 %) 140,000 (7 % >245.000 (7% >279,999 (7 % >245,000

Loss in adj. account___

101,628

_____

_____

_____

Balance, sur. or def... def$40,722 def$153,801 def$ll,535 sur>70,861
Pres., Forrest M. Towl; V.-Pres., Allan T. Towl; Sec., V. S, Swisher;
Treas., J. M. Tussey, Oil City, Pa.—(V. 122, p. 1184.)
(A. G.) SPALDING & BROS.—Incorp, under laws of N. J. on Feb. 2
1892. Manufactures athletic goods and related articles of merchandise.
STOCK.—The 1st pref. stock is redeemable after three years from date
of Issue at 115 and dlv. A sinking fund of at least 3% per ann. of the
total amount Issued provides for purchase up to the redemption price.
DIVIDENDS.—On common, paid 3% quar. from Jan. 15 1921 to July 15
1922. A 100% stock dlv. was paid Sept. 19 1922. Oct. 16 1922 to Apr. 16
1923 paid 1 )4 % quar. on Increased capitalization; July 15 1923 to Apr.; 15
1926 paid 2% quar.
REPORT.—For 1925, in V. 122, p. 1779, showed:
Calendar Years—
1925.
1924.
1923.
Net sales......... .............................
$20,810,182 $20,065,981 $19,859,125
Net operating profit_______________ 1,293,535
942,881 1,676,220
Other income___________
229,724
516,495
170,531

Total income___________________ $1,523,259 $1,459,376 $1,846,751
Interest paid_____________________
172,702
228,105
203,203
United States and foreign taxes_____
188,600
149,589
231,890
First preferred dividends__________
300,852
309,243
321,216
Second preferred dividends________
80,000
80,000
80,000
Common dividends_______________
477,750
412,956
328,771
Provision for redemption of 1st pref..
150,000
150,000
150,000
Reserve for contingencies__________

Surplus____________
3 Mos. end. Mar. 31— 1926.
Net sales
__ $4,365,362
Net operating profit___
26,131
Other income
. __
58,758
Interest paid
42,967
Reserve for Fed’l taxes. _
6,000

Net profit for quarter.

$35,922

$153,356
$129,484
$531,670
1925.
1924.
1923.
$4,170,840 $4,328,502 $4,809,673
96,709
83,037
438,202
41,729
32.663
39,964
20.174
42,539
27,973
14,000
9.800
65,000
$90,593

$77,033

$385,193

Mat, 1926.]

INDUSTRIAL STOCKS AND BONDS
Date
Bonds

MISCELLANEOUS COMPANIES.
IFor abbreviations, <fec., see notes on page 8.]

Par
Value

Amount
Outstanding

None 313,750 sh.
Spicer Mfg Corp—Common stock 600,000 shares authorized
Pref (a & d) stock 8% cum $10,000,000 authorized______
$100 $3,000,000
10-year sf g bonds red 107 X______________________ kxc* 1921 500&1000
356,000

Standard Milling—Common stock $15,000,900--------------Stock pref (a & d) 6% non-cum $6,488,000_____________
First mortgage gold sink fd $6,250,000 (see text)--Mp.xc*
1st & ref mtge lien gold red (text)________________kxxxc*
4X-year notes red (text/
______________________ xxxc*
Standard Oil Co of California—Stock 15,000,000 shs auth
Serial gold notes red (text) due $2,500,000 ann_.AS.xxxc*
Standard Oil Co of Indiana—Stock $250,000,000 auth—
Standard Oil Co of Kansas (The)—Stock $8,0OO,OOO auth

$100
100
1900
1,000
1925 500&1000
1926
1,000
None
1923
1,000
25
25

$12,497,342
6.488,000
3,573,000
2,425,000
3,300,000
12602434 sh
a20,000,000
226,322.708
8,000,000

Bate
%

When
Pagable

225

Last Dividend Places Where Inerest anti
Dividends are Pcgabt
and Maturitg

............................ Aug 1 1920 50c
8
Q—J July 1 1926 2%
8 g J & J July 1 1931
/Bk of NA&Tr, Phila, or
1 Guaranty Tr Co. N Y
5
Q-M31 Mar 31 ’26 IX Equitable Trust Co, N Y
do
do
6
Q-M31 Mor 31 '26 IX
M & N Nov 1 1930
Chat & Ph N B & Tr Co
5g
Mar 1 1945
Nat Bk of Comm, N Y
5X g A &
M & N Nov 1 1930
do
do
6g
$2
Q—M 15 June 15’26 50c.
F & A To Aug 1 1933 New York and San Fran
5g
See text Q—M June 15 ’26 3X Checks mailed
See text
June 16 ’24,2% Checks mailed

a To be redeemed Aug. 1 1926.

OFFICERS.—Chairman, J. W. Spalding; Pres., J. W. Curtiss; V.-P.,
Chas. F. Robbins, O. 8. Lincoln and Milton B. Reach; V.-P. & Treas.,
H. Boardman Spalding; Sec., John T. Doyle. Main office. 105 Nassau
St., New York.—(V. 122, p. 2813.)
SPICER MANUFACTURING CORP.—Organized under laws of Va
Oct. 12 1916. Manufactures universal joints, propeller shafts, frames
axles and springs for automobiles, and other automobile parts. Plants are
located at South Plainfield, N. J. Pottstown, Pa.; Reading, Pa., and
Jamestown, N. Y.
DIVIDENDS.—On common paid 50c. per share on Aug. 1 1920; none
since. On preform! in full to date.
REPORT.—For 1925, in V. 122, p. 2205, showed
1924.
1923.
Calendar Years—
1925.
Not
$12,675,785
Net sales, including other income__
Not
11,329,665
Cost of sales, adm., selling, &c., exp_ available. available.

Balance, profit__________________ $2,004,582
69,399
Deduct—Interest and discount_____
Provision for Federal taxes-______
125,000

$1,280,534
206,699
105,000

$1,346,120
270,446

Net profit______________________ $1,810,183
Surplus Jan. 1__ _•------------------------ $2,549,077
Deduct—Sundry adjustments (net)-. Dr.853,317
Loss on sale of capital assets-------Dividends paid on preferred stock__
227,052

$968,835
$1,820,241

$1,075,674
$1,017,863

Operating profit..........$4,548,071 $3,360,081 $17,397,898 $12,466,443
Other income-------------- 1,049,148
1,042,397 a3,435,670 . 3,230,978

240,000

33,295
240,000

Gross income................. $5,597,219 $4,402,478 $20,833,567 $15,697,421
Depreciation & depletion
814,788
830,136
3,166,385
3,133,850
Tax reserves--------------417,478
160,692
1,209,171
669,805

Total profit & loss surplus Dec. 31. $3,278,890 $2,549,077 $1,820,241
Quarters End. Mar. 31.
1926.
1925.
1924.
1923.
Total income after deprec.
$667,123 $490,455
$634,448
$758,525
Adm. selling & gen. exp127,415
142,628
188,799
163,697
Interest and discount___
19,129
30,843
66,529
83,402

Surplus------------------- $4,364,952
$3,411,650 $16,458,012 $11,893,766
a Includes dividends of $1 75 per share on the stock of the Associated
Oil Co.; dividends of $1 30 a share on stock of Miley-Keck Oil Co.; also $40
per share paid Dec. 28 1925 on stock of Associated Supply Co.
OFFICERS.—Pres., K. R. Kingsbury; V.-Pres.. F, H. Hillman, R. J.
Hanna, H. M. Storey and H. T. Harper; Treas., R. C. Warner; Sec., J. H.
Tuttle.
New York office, 120 Broadway; head office. Standard Oil Bldg., San
Francisco.—(V. 122, p. 2813.)
STANDARD OIL CO. OF INDIANA.—ORGANIZATION, &C.—In
corpora ted in 1889 in Indiana. Has refineries at Whiting, Ind., Sugar
Creek, Mo., Wood River, Ill., and Casper, Wyo. Also markets oil, its dis­
tributing territory comprising extensive areas in Middle West and North­
west. Early in 1921 purchased 50% of the capital stock of the Sinclair Pipe
Line Co. V. 112, p. 660. Formerly controlled by Standard Oil Co. of
N. J., but segregated in 1911. V. 105, p. 1216. See Standard Oil Co. of
N. J., V. 85, p. 216, 790; V. 93, p. 1390; V. 95, p. 1750; V. 97, p. 1290.
Government suit, V. 118, p. 3161; V. 119, p. 1966; V. 120, p. 2825; V. 122,
p. 2668. Suit by State of Missouri, V. 119, p. 1635,1746; V. 121, p. 3017;
V. 122, p. 2813.
On June 15 1921 offered to acquire bal. of stock of Midwest Refining Co.
by exchange of stock on basis of 2 shares (par $25) of Stand. Oil for one share
(par $50) of Midwest Refining (99% acquired to July 1922). V. 112, p.
2649; V. 115, p. 317. On Oct. 1 1921 took over the operation of the plants
of the Midwest Refining Co. at Casper. Greybull and Laramie and will
act as agent of the Midwest so far as the refining end is concerned, without
encroaching on the Midwest producing department. The Midwest will
continue its activity in prospecting and developing oil resources in Wyoming
and neighboring States.
Control of the Pan American Petroleum & Transport Co. on April 1
1925 passed to the Standard Oil Co. of Indiana, Blair & Co., Inc., the Chase
Securities Corp, and their associates when Edward L. Doheny signed a con­
tract for the sale of 501,000 shares of the voting stock of the company.
The deal gives to the Standard Oil Co. of Ind. control of the Mexican
properties of the Pan-American Petroleum & Transport Co., its pipe lines
and refineries, and also its tanker fleet of 31 vessels, with an aggregate dead­
weight of 272,500 tons, capable of transporting 1,800.000 barrels of crude
oil.
The deal involved no new financing. Neither was there any exchange of
stock in connection with the transaction.
Control of the Pan American Petroleum & Transport Co. will pass to the
Standard Oil of Indiana interests through the Pan American Eastern
Petroleum Corp., organized in Delaware, Mar. 26 1925 with an authorized
capitalization of 250,000 shares of preferred stock of $100 par value and
1,000,000 shares of common stock of no par value. It is this company
that acquired the Pan American stock from Mr. Doheny. Compare V.
120, p. 1757.
STOCK.—The stockholders on Dec. 27 1922 Increased the authorized
capital stock from $140,000,000 to $250,000,000.
DIVIDENDS (%)—
( ’12. T3. T4. ’15. T6. T7. ’18. ’19. ’20-26.
Regular................................... I 6 12
12 12
12 12 12
12 See
Extra........................................I 7 20 13
.. 12 12
12 text
Quarterly dividends 1917 to June 1920. both inclusive. 3% and 3% extra.
In Sept, and Dec. 1920, 3% and 5% extra. A 2,900% stock div dend was
paid May 15 1912. Stockholders of record Dec. 17 1920 received a stock
div dend of 150%. Mar. 1921 to Dec. 1922 paid 4% quar. in cash. Stock­
holders of record Dec. 28 1922 received a stock div. of 100 %. M ar 15 1923
to June 15 1926 paid 2X% quar. on increased capitalization; also paid 1%
extra on Mar. 15 1926 and June 15 1926.
REPORT.—For 1925, in V. 122, p. 1624, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Net earnings__________ $60,532,648 $46,088,868 $46,938,499 $55,881,104
Reserve for Fed’l taxes. _ 7,600,000
5,300,000
5,400,000
6,500,000
Dividends____________ 22,521,638 22,284,750 22,106,839 17,453,994

Net profit before Fed .tax. $520,579
$316,984
$379,120
$511,426
OFFICERS.—Pres., Charles A. Dana; V.-P., C. W. Spicer and R. E
Carpenter; Treas., J. S. Berry; Sec., Alvin Devereux. Office, South Plainfield, N. J.—(V. 122, p. 2667.)
STANDARD MILLING CO.—ORGANIZATION.—lncorp. in N. J.
Oct. 31 1900. Consolidated with Colonial Milling Co. May 25 1916, per
plan in V. 103, p. 65, and owns directly or through subsidiary companies
mills in Minneapolis, Superior, Buffalo, Kansas City and New York; total
daily capacity, 40,000 bbls. of flour. Brands include “Hecker’s Superlative
Flour,” "Hecker’s Farina,” "H-O” oatmeal, “Presto,” and “Force.”
There is also an extensive warehouse on the waterfront in Jersey City.
CAPITAL STOCK.—On Dec. 22 1922 paid on common 60% stock divi­
dend payable in common stock.
COM. DIVS.— T2-’13. T4. ’15. ’16. ’17. T8.’19 ’20. '21. ’22.’23-’25
Per cent________
2
33546
10
885 yrly.
do in stock___ ______ — — -4
4 ------- -- 60 -----.
Also paid 42 cents a share on Dec. 31 1925, owing to change in dividend
payment dates. Paid in 1926: March 31, 1X%BONDS.—The first & ref. mtge. lien 5X% sold bonds are redeemable
all or part, on 30 days’ notice at 103 X and Interest during the first two
years, thereafter at 103X and Interest less X% for each two full years
which shall have expired after March 1 1925, up to and Including March 1
1935, and thereafter ac 102X and interest less X % for each full year after
March 1 1934.
,
, „
,
As a sinking fund the company will agree to retire on or before March 1
1926, and on or before March 1 of each year thereafter, $75,000 bonds (by
redemption by lot or by purchase at not exceeding the current redemption
price).
*
Authorized, $12,000,000. Additional bonds may be issued for the retire­
ment of $3,573,000 mortgage bonds. The remaining authorized bonds
may be issued for not to exceed 75% of the cost or fair value of subsequent
acquisitions or improvements, provided that the average annual consoli­
dated net earnings for the three years preceding the issue of bonds shall be
not less than twice the annual interest charges on the mortgage debt, in­
cluding the bonds to be issued, and in each of such years shall be not less
than one and one-half times such interest charges. V. 120, p. 1214.
The 4 X-year 5% notes are redeemable as a whole but not in part at any
time on four weeks’ notice at 101 and interest on or before Nov. 1 1926,
with successive reductions in the redemption price of X of 1 % during each
six months period thereafter.
Subsidiary company bonds outstanding: First mortgage 6% gold bonds,
Hecker-H-O Co., Inc., due 1933. To be redeemed June 1 1926 at 100 and
nterest.
REPORT.—For year ending Aug. 31 1925, In V. 121, p. 1903, showed:
Aug. 31 Years—
1924-25.
1923-24.
1922-23.
1921-22.
Net profits, aft. int., &c. $1,640,811 $1,047,356 $1,022,152 $1,007,715
Div. on pref. stock____
389,249
389,196
389,178
389,178
Div. on com. stock____
624,589
624,532
601,600
593,007

»

maturing Aug. 1 1928 at 101; serie maturing Aug. 1 1929 at 101X; series
maturing Aug. 1 1930 at 102; series maturing Aug. 1 1931 at 102 X; series
maturing Aug. 1 1932 at 103; series maturing Aug. 1 1933 at 103X- At
present there are outstanding $20,000,000 of these notes.
REPORT.—For 1925, in V. 122, p. 2183, showed:
Standard Oil Co. (California).
1925
1924
1923
1922
Earnings for year-------- $47,779,878 $44,354,798 $38,330,936 $42,822,825
Depreciation, &c______ 13,388,476 13,535,368 11,756,830 12,853,012
Interest charges_______ 1,072,916
1,197,917
1,541,667
1,750,000
Excess profits & income
taxes (estimated)____ 2,365,000
1,200,000
3,020,000
590,000
Dividends (cash)______ - 18,927,027
18^720^029 18,016,273 16,285,659
Balance, surplus____ $12,026,458 $7,881,484 $6,426,166 $10,734,154
Pacific Oil Co.
—3 Mos. End. Dec. 31— —Year Ended Dec. 31—
Period—
1925 .
1924.
1925.
1924.
Gross earnings________ $8,593,425
$6,439,503 $32,914,024 $23,448,932
Oper. expenses and taxes 4,045,354
3,079,422 15,516,127 10,982,489

Balance, surplus____
$626,973
$33,627
$31,374
$25,531
OFFICERS.—Pres., A. P. Walker; V.-P., F. L. Rodewald, G. K. Mor­
row. J. A. Sim and E. G. Broenniman; Sec. & Treas., J. A. Neville; Asst*
Sec. & Asst. Treas., Geo. Macdonald. Office, 49 Wall St., N. Y.—(V. 122,
p. 2813.)
STANDARD OIL CO. OF CALIFORNIA.—ORGANIZATION.—
lncorp. under laws of Delaware on Jan. 27 1926 for the purpose of absorbing
the old company of that name (incorp, under laws of California), and the
Pacific Oil Co., the stock of each company being exchanged for stock of the
new company on a share for share basis. The consolidation took place
March 29 1926, effective as of Jan. 1 1926. In liquidation of the assets
which it is not taking into the merger, Pacific Oil Co. distributed to its
stockholders on March 6 1926, 2-5 of a share of Associated Oil and $3 in
cash for every share of Pacific held.
Standard Oil Co. (California').
Owns and operates producing properties, pipe lines for the transportation
of oil, refineries at Richmond, El Segundo and Bakersfield, Calif. Also
owns tank steamers and barges for the transportation of its products and
sales stations in principal cities and towns on Pacific Coast and in Nevada.
Arizona, Hawaii and Alaska (compare V. 110, p. 1080; V. 114, p. 1647),
Government suit, V. 118, p. 3161.
Pacific Oil Co.
The Pacific Oil Co. owned in fee in excess of 261,000 acres of land, all
located in the San Joaquin Valley in California. The crude oil production
was 55,000 bbls. per day, and in addition thereto it had a shut-in production
of 3,700 bbls. per day.
STOCK.—See table at head of page.
DIVIDENDS.—On stock of new company, paid 50 cents quar. on
June 15 1926.
NOTES.—The company announced that when the consolidation with the
Pacific Co. became effective, it would call the entire outstanding issue of
5% gold notes for redemption on Aug. 1 1926 on the following basis, with
interest to date of redemption; Series maturing Aug. 1 1927 at 100X; series




Surplus for year_____ $30,411,010 $18,504,118 $19,431,660 $31,927,110
OFFICERS.—Chairman, Robert W. Stewart; Pres., Wm. M. Burton;
Sec. & Treas., E. G. Seubert. Office, 910 South Michigan Ave., Chicago,
Ill.—(V. 122, p. 2813.)
STANDARD OIL CO. OF KANSAS (THE).—ORGANIZATION, &c.
—lncorp. in Kansas in 1892. Owns refining plant at Neodesha, Kan.,
with 165 stills and a crude distilling capacity of about 4,750.000 bbls.
yearly. V. 103, p. 1512; V. 96, p. 1093, 1428. Govt, suit, V. 118, p. 3161.
STOCK.—The stockholders voted on Nov. 29 1922 (a) to Increase the
authorized capital stock from $2,000,000 (all outstanding) to $8,000,000,
par $100, and (b) to reduce the par value of the stock from $100 to $25
per share. The directors on Dec. 5 1922 declared a 300% stock dividend
payable Dec. 30 1922.
LATE DIVS.—f
1913.
'14. ’15.'16. ’17-’21. ’22. ’23. ’24. ’25.
Regular-------- %
12
6 12 12 12 yly.
12 8
4 0
Extra----------- % 128 & 100 stk. 7 -4 12 yly. 3 & 300stock
Paid in 1924: March 15, 2%; June 16, 2%; none since.
REPORT.—For calendar year 1925, in V. 122, p. 1624, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Net profits___________
$494,296 loss$480,742 loss$280,382 $1,232,154
Dividends.......................
...........
320,000
640,000
300,000
OFFICERS.—Pres., J. C. McDonald; V.-P., Thomas Black and A. S.
Hopkins; Sec. & Treas., E. A. Warren. Office, Neodesha, Kan.—(V. 122.
p. 1624.)

326

INDUSTRIAL STOCKS AND BONDS
MISCELLANEOUS COMPANIES.

IFur abbreviations, Ac., see notes on page 8.1

Date
Bonds

Standard Oil Co (Kentucky)—Stock 817,500,000 auth___
Standard Oil Co of Nebraska—Stock $5,000,000 _____
Standard Oil Co (of New Jersey)—Stock $625,000,000 auth
Pref (a & d) stock 7% cum $200,000,000 call after 3 yrs 115
Standard Oil Co of New York—Stock $437,500,000 auth.12-year gold debentures red (text)__________ Ba.xxxc*
Magnolia Pet. Co. serialgold debentures due$l,500,000 ann. jl925
red. (text)______________________________________xxxc*
Standard Oil Co (of Ohio)—Com stock $14,000,0001921
Pref (a & d) stock 7% cum call 115 beg 1925-- _______
Sterling Products Inc—Stock 1,000,000 shares auth_____

Par
Value

Amount
Outstanding

$25
25
25
100
25
100 fcc
6,000

$16,929,810 See text Q—M31
4,500.010 See text J & u
Q—M
514,705,025
4
O—M 15
7
199.972,900
a286481600 See text Q—M 15
20.000,000
614 g M & N
4)4 g F—A
15,000,000

Rate

%

100 14,000.000
10
100 7 000 000
7
None 625,000 sjis See text

When
Payable

Q—J
Q—M
Q—F

[Vol. 122.

Last Dividend Places Where Interest an»
Dividends are Pavat/l
and Maturitv

Mar 31 '26 4%
June 21'26 7%
Tune 15 '26 l°z
Tune 15'26 1%
June 15 '26 35c.
May 1 1933
To Feb. 151935

Louisville Ky.
Omaha, Neb
Guaranty Tr Co. N V

Meeh & M" Nat Bk? N Y
B’nkersTrorBl’rACo ,WY
(Galveston, or Nat City
t Bank, New York
July 1 1926 2 % Checks mailed
Junel 1926 1?4
May 1 '28 $1 Vi

a Does not incl. stock to be issued in exch. for stock of Gen. Petrol. Corp, (se e text).

STANDARD OIL CO. (KENTUCKY.)—ORGANIZATION, &c —
lncorp. in Kentucky in 1886. A marketing and refining co. Formerly
controlled by Standard Oil Co. of N J but segregated In 1911. See
Standard Oil Co. of N. J., V. 85, p. 217, 790; V. 93, p. 1390. Government
suit, V. 118, p. 3161.
STOCK.—The stockholders on Dec. 21 1922 Increased the authorized
capital stock from $12,000,000 to $17,500,000. A stock div. of 66 2-3%
was paid Dec. 30 1922.
CASH DIVIDENDS.- ’15. '16. '17. '18. '19 . '20. '21. '22
’23 -’25.
Regular----------------------% 16
16 14 12 12 12 12 *20
16 yrly.
Extra________________ % 0
-- *20
-- ..
4 2 — —
* Also paid stock dividends of 33 1-3% in April and 66 2-3% in Dec
p. 822.
Paid in 1926; Mar. 31, 4%.
REPORT.—For calendar year 1925, in V. 122, p. 2205, showed
Calendar Years—
1925.
1924.
1922.
1923.
Net profits___________ $8,272,201 $6,151,941
$6,286,182 $5,086,875
Cash dividends_______
2,704,671
2,693,723
2,681,796
3,763,725
Res. Fed’l tax. curr. year 1,083,711
769,000
625,000
767,000

Balance, surplus____ $4,483,819 $2,689,218 $2,837,386
$698,150
(V. 122, p. 1624.)
OFFICERS.—Pres., S. W. Coons; V.-P., Wm. E. Smith, W. G. Violette
and A, K. Whitelaw; Sec. & Treas., Jos. C. Steidle; Asst. Sec., J. W. Bell;
Asst. Soc. & Asst. Treas., T. Q. McGoodwin. Office, Louisvilie, Ky.—
(V. 122, p. 1624.)
STANDARD OIL CO. OF LOUISIANA.—(V. 122, p. 1040.)
STANDARD OIL CO. OF NEBRASKA.—ORGANIZATION.—lncorp.
in Nebraska in 1906. A marketing company. Formerly controlled by
Standard Oil Co. of New Jersey, but segregated in 1911.
The stockholders on April 12 1926 voted to change the par value of the
capital stock from $100 to $25 per share, four new shares being issued for
each share held.
DIVIDENDS.—
1912. 1913. 1914-20. 1921. 1922. 1923-24. 1925.
Regular (%)....... ............ . 20
20 20 p. a. 10
10 10 p. a. 10
Extra, in cash (%)____ ___
10
______
10
_______ 10
Extra, in stock________ 33 1-3 25
______
__
______
Paid in 1926: May 6, 50% in stock; June 21, 5% semi-annual and 2%
extra.
REPORT.—For 1925, in V. 122, p. 2056, showed:
Calendar Years—
1924.
1922.
1925.
1923.
$879,019
Net profits___________ x$983,047
$963,546
$661,051
Federal taxes, &c.
See x
111,108
90,962
118,450
Dividends.
602,480
300,000
300,000
600,000

Surplus------------------$380,567
$467,911
$271,090
$245,096
x Estimated net profits after Federal taxes.
Pres., A. H. Richardson. Office, Omaha, Neb. Sec., H. W. Pierpont.
—V. 122, p. 2814.
STANDARD OIL CO. (OF N. J.).—ORGANIZATION.—This com­
pany was incorp, under the laws of New Jersey in Aug. 1882 and reorgan­
ized in 1899 taking over from liquidating trustees the properties of the
former Standard Oil Trust (V. 68 p. 1227; V. 69. p. 28; V. 85 p. 1293.)
The U. S. Supreme Court having on May 15 1911 ordered the dissolution
of the company for violation of the anti-trust laws (V. 92. p. 1343. 1378 )
the company on Deo. 1 1911 distributed its holdings in 33 subsidiary
oil gas, pipe line and allied companies in the amounts given In V. 93
The large refineries at Bayonne. Baltimore and Parkersburg
$7 1390.
Va., were retained. Owns a large majority of the capital stock of the
East Ohio Producing & Refining Co., Hope Construction & Refining Co.,
Carter Oil Co. of Okla., Standard Oil Co. of Louisiana and Imperial Oil
Co. of Canada with its dependency, the International Petroleum Co.,
Ltd. V. 105, p. 2002, 2369, 2462, 2547; V. 106, p. 401. Fleet, V. 107,
p. 297.
The Humble Oil & Refining Co., at Houston, Tex., in Feb. 1919 voted to
Increase its capital stock from $4,090,000 to $8,200,000, and sell $4,100,000
of the new stock to W C. Teagle of New York. President of the Standard
Oil Co. (New Jersey), for $17,000,000, or a basis of $414 63 per share
Deal with Maracaibo Oil Explor. Corp., V. 112. p. 1625, 1748; V. 113
p. 1061. In 1921 organized the Standard Oil Co. of Bolivia.. V. 113, p
2193. Interest in Nobel Russian oil properties, V. 114, p. 2249. Interest
in Ethyl Gasoline Corp., V. 119, p. 951.
Suit alleging infringement started against Pure Oil Co., V. 115, p. 769.
F STOCK.—The stockholders Nov. 8 1022 voted to Increase the authorized
common stock from $110,000.000 to $625,000,000. The directors declared
a stock dividend of 400% in $25 par value shares payable Dec. 20 1922.
V. 115, p. 1740. 1952, 2057. 2168, 2279.
DIVS. (on com.)— I 01. '02. '03. '04. '05-T0. 'll. '12-’22. 1923-’25
Since 1898---........... %\ 48 45 44 36 40 y’ly 37 20 y'ly
4 y’ly.
Paid in 1926: Mar. 15, 1%; June 15, 1%.
Also a distribution of 40% ($39,335,320) on Feb. 15 1913 from funds re­
ceived in liquidation of loans to former subsidiaries. V. 96, p. 423Also a stock div. of 400% in $25 par value shares payable Dec. 20 1922
V. 115, p. 2279.
REPORT.—For 1925, showed:
1925.
1924.
1923.
1922.
$
$
$
$
Total gross earnings.zl,122,682,611x409,995,806x367,334,410x328,2 86,827
alnc. from oth. sources 22,837,893
9,785,430
8,490,245 10,435,764
Total gross income.1,145,520,504 419,781,236 375,824,655 338,722,591
General expenses_____ 1972,693,627 ( 10,608,199
8,689,777
7,772,530
Costs & oper. charges.. J
1377,642,143 340,306,941 305,792,577
Res. for inc. taxes on
1925 earnings_______ 13,188,618
_____
_____
_____
General taxes_________ Not shown
970,964
1,148,080
862,718
Depreciation_________ y48,406,904
10,292,977 10,172,876 11,407,025
Consol, net earns___ 111,231,355
20,266,952 15,506,981 12,887,740
Proportion of earnings of
affil. cos. aft. Fed. tax.Not shown 60,749,618 40,788,300 33,354,695
Total income________ 111,231,355 81,016,570 56,295,282 46,242,436
Pref. divs. (7% per ann.) 13,998,103 13,998,103 13,998,103 13,855,205
Common divs_________ 20,395,991 20,181,570 20,013,718 19,842,485
Balance, surplus......... 76,837,261 46,836,897 22,283,461 12,544,746
Previous surplus_______ 278,260,966 231,424,069 209,140,608 594,525,562
Stk. div. on com. (400%)
_____
_____
_____ 397,929,700
Inc. tax payments, &c.,
adjust, prior years__
5,873,345
_____
_____
_____
Prof. & loss surp., inc.
res. for annuities--.349,224,882 278,260,966 231,424,069 209,140,608
x Gross income from operations with all departmental transactions
eliminated, y Includes depletion, z Including inter-company transac­
tions, but excluding all interdepartmental transactions. aNet income
from miscellaneous sources, including int. and divs. from corporations not
consolidated.




B

Table Showing Products of Company's Own Refineries, 1915-1919, V. 110
p. 1296.
DIRECTORS.—-Chairman, George H. Jones; Pres., Walter C. Teagle;
V.-P., F. H. Bedford, J. A. Moffett Jr., S. B. Hunt (Treas.), Chas. G.
Black, Edgar M. Clark, E. J. Sadler, D. R. Weller and Walter Jennings.
Secretary is Charles T. White. Office, 26 Broadway, N. Y.—(V. 122,
p. 2791.)
STANDARD OIL CO. of new YORK.—ORGANIZATION, &c.—
lncorp. in New York in 1882. Has several refining plants at New York,
Buffalo and East Providence, and also markets oil. Also conducts a
"Hmbor of collateral businesses, including the manufacture of barrels, cans,
boxes and wicks. Formerly controlled by N. J. company, but segregated
In 1911
See Standard Oil Co. of N. .T V 85 n 216. 790- V 93. n lS^O.
The Magnolia Petroleum Co., a petroleum producing and refining organiza­
tion, operating in the oil fields of Oklahoma, Kansas, Northwest Texas and
Mexico was merged in Dec. 1925, four shares of,Standard Oil Co. of N. Y.
(par $25) being exchanged for each share of Magnolia Petroleum Co. (par
$100). Compare V. 121, p. 2417. New office building, V. 112, p. 1031,
1748, 2091. In Oct. 1923 organized the Socony Burner Corp., a sub­
sidiary. V. 118, p. 213. Govt, suit, V. 118, p. 3161.
Acquisition of General Petroleum Corp.—The stockholders on May 17 1926
increased the authorized capital stock from 15,000,000 shares (par $25) to
17,500,000 shares (par $25) and approved the acquisition by the company
of the assets of the General Petroleum Corp.
The plan for the acquisition of the properties of the General Petro­
leum Corp, provides in substance that the General Petroleum Corp, will
convey all its properties and assets, except the amount necessary to retire
its outstanding preferred stock, pay its regular dividend of June 15 1926
and meet the necessary expense of liquidation, to Standard Oil Co. of
New York, and that Standard Oil Co. will assume all obligations and lia­
bilities of the General Petroleum Corp, and will issue for distribution to
the holders of the common stock of General Petroleum Corp, then out­
standing, shares of the capital stock of the Standard Oil Co. equal to num­
ber to twice the number of shares of the common stock of General Petroleum
Corp, then outstanding, the number of shares of stock of this company so
to be issued being approximately 2,355,000.
The preferred stock of General Petroleum Corp, was redeemed on June 1
1926 at par and int.
Commencing May 18 1926, the business of the General Petroleum Corp,
will be carried on by a new subsidiary of the Standard Oil Co. of New York,
known as General Petroleum Corp, of California, a Delaware corporation,
heretofore organized and which will be under the same management as the
old company.
DEBENTURES.—The $20,000,000 6J^% gold debentures are redeem­
able all or part'on May 1 1928 at 103 and int. and thereafter on any int. date
at 103 and int. less 3-10 of 1 % for each succeeding 6 months until maturity.
Company will provide $750,000 p. a., available semi-annually, beginning
Nov. 1 1921, to be applied within 6 months to the purchase of these deben­
tures at not over 100 and Int. If debentures are not available for purchase
at that price, the balance will revert to company.
Restrictions.—(1) Total funded debt, incl. this issue, shall never while
any of these debentures are outstanding exceed 50% of total net assets:
(2) company will not create any mortgage unless debentures share equally
and ratably in lien of such mortgage (this shall not apply to purchase money
mortgages. &c to secure temporary loans). V 112 p 2091
The Magnolia Petroleum Co. serial gold debentures are redeemable all
or part on any int. date upon 30 days’ notice at face value plus a premium
of
% for each 6 months intervening between date of redemption and
maturity in the case of debentures of each series.
DIVS.— I 12 13 14 15 16 ’17. ’18 19 '20 ’21. ’22. ’23-’26.
Per cent-.l 6 f6 8
8
8
11 12 16 16
16 *16
text
* Al o 200% in stock payable to holders of record Dec. 1 1922.
t Also 400% in stock payable June 30 1913.
On $25 par value stock paid 35 cents quar. Mar. 15 1923 to June 15 1926.
REPORT.—For 1925, in V. 122, p. 2814, showed:
Calendar Years—
1925.
1924.
1923.
1922.
x Total earnings_______ $72,175,827 $38,671,197 $30,827,578 $34,548,542
Deprec. and insurance.. 28,480,563 13,340,600 12,464,240 11,713,807
Interest on debentures.. 2,114,878
3,310,554
3,400,000
3,400,000

Net profits_________ $41,580,386 $22,020,043 $14,963,338 $19,434,735
Previous surplu_______ 116,321,195 106,027,134 103,909,470 167,295,390
Magnolia Petr, surplus. 14,173,728
_____
_____
Mag. Petr. sur. of subs.. 2,908,659
_____
_____ _
_____
Adjustments__________ Dr.547,057 Cr.964,545 Dr.243,928 y79,179,346
Total surplus------------- $174,436,911$129,011,722$118,628,880$265,909,470
Cash divs. paid_______ 14,345,486 12,690,527 12,601,745 12,000,000
Stock dividend________ 1,127,623
_____
_____ 150,000,000

Profit & loss surplus-$158,963,802$116,321,195$106,027,134$103,909,470
xTotal earnings are after deducting expenses incident to operations,
ncluding taxes, y In 1922 net appreciation of capital assets and invest­
ments and adjustment of reserves.
OFFICERS.—Chairman, H. C. Folger; Pres., H. L. Pratt; V.-Ps., C. F.
Meyer, H. E. Cole, E. R. Brown and C. M. Higgins; Sec., F. S. Fales;
Treas., R. P. Tinsley. Office, 26 Broadway, N. Y.—(V. 122, p. 2962.)
(THE) STANDARD OIL CO. (OF OHIO).—ORGANIZATION.—
lncorp. in Ohio in 1870. Has refineries at Cleveland and Toledo, Ohio, also
markets oil. Formerly controlled by N. J. company. V. 85, p. 216, 790;
V. 93 p. 1390. Shareholders on May 25 1916 authorized an increase of
stock from $3,500,000 to $7,000,000 to provide for 100% stock dividend,
payable July 5 1916. V. 102, p. 1544, 1991; V. 106, p. 2371. Govt. suit.
V. 118, p. 3161.
The shareholders voted Jan. 12 1920 to Increase the auth stock from
$7,000,000 to $21,000,000 by creating $7,000,000 new 7% cumulative
referred stock and issuing $7,000,000 additional common stock. Stockolders of record July 12 1920 were given the privilege of subscribing to
one share of new preferred stock at par ($100) for each share of common
stock held.
DTvs., Dec. 16 1912, 5% for 6 mos. ending Oct. 30 1912; 1913, 20% ( 3%
and 2% extra quar.; 1914, 9% and 9% extra; 1915, 12 and 12 extra
(3% and 3% extra quar. Q.-J.); 1916. Jan.. Apr. & July, 3% and 3% extra.
Jan. 1917 to Jan. 1923, 16% p. a. (quar. 3% and 1% extra). On Dec. 12
1922 paid 100% in common stock. Apr. 2 1923 to July 1 1926 paid 2)4%
quar. On pref.. 1)4% quar. paid Sept. 1 1920 to June 1 1926.
REPORT.—For 1925, in V. 122, p. 2056, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Net profits_____________ $3,455,422 $3,731,822 $3,143,166 $6,214,837
Preferred dividends____
490,000
490,000
490,000
490,000
Common dividends____
1,400,000
1,400,000
1,400,000 1,120,000

S

Surplus______________ $1,565,422 $1,841,822 $1,253,166 $4,604,837
Office, Cleveland, Ohio.—(V. 122, p. 2056.)
STANDARD PLATE GLASS CO—(V. 122, p. 2342.)
STERLING PRODUCTS, INC.—Incorporated under laws of West
Virginia on May 14 1901. The business of the corporation and its sub­
sidiaries is chiefly the production and sale of medicines and pharmaceutical
preparations. The various products manufactured and sold include the

May, 1926.]

227

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES.
IFor abbreviations, Ac., see notes on page 8.1

Date
Bonds

Stern Bros—See text.
Stewart-Warner Speedometer Coro—Com stock 600.000 sh
Stromberg Carburetor Co—Stock 150.000 shares auth----Studebaker Corp (The)—Com stock 2,500,000 shares___
Pref stock fa A dV 7% oum S15.000.iMM* red 125(all oroart)
Stutz Motor Car Co of Amer Inc—Stk 263,000 shs. auth..
Convertible gold debs red (text) $1,500,000 auth-Gk.xxxc* 1922

Par
Value

None
None
None
$100
Non»
1,000

Amount
Outstanding

599.990shrs
80,000shrs
1.875.OOOsh
$7,830 000
229,989 shrs
925,000

Rate
%

When
Payable

See text O—F
see text Q—J
See text Q—M
7
Q—M
See text
7)4 g A&O

Last Dividend Places Where Interest ant
Dividends are Payable
and Maturity

Mayl5 ’26 $1 )4
Apr 1 1926 »1H
June 1 '26 $1 )4
Tune 1 1926 1?4
Jan 12 ’21 $1.25
Oct 1 1937

Checks mailed

Check mailed
Cheoks mailed
New York

following: Bayer’s Tablets of Aspirin, Oascarets, California Syrup of Figs, Detroit, Indianapolis and Minneapolis. In Nov. 1924 acquired the entire
Danderine, Pape's Diapepsin, Pape’s Cold Compound, Diamond Dyes, capital stock of the Stromberg Research Corp. V. 119, p. 2300.
Dandelion Butter Color, Dodson’s Livertone, Drake's Palmetto Compound,
In Jan. 1919 obtained contract supplying carburetors for all new StudePhillips Milk of Magnesia, Dr. James’ Family Remedies and Neuralgyline. baker motor cars. V. 108, p. 282.
In Feb. 1923 purchased a one-fourth interest in and assumed the manage­
STOCK.—The stockholders on Jan. 10 1923 increased the authorized
ment of Household Products, Inc., manufacturers of “Chas. H. Fletcher's capital
stock from 75,000 shares (all outstanding) to 150.000 shares, no
Oastoria.” V. 116, p. 731.
par value.
STOCK.—See table at head of page.
DIVIDENDS.—No. 1, April 2 1917 to July 1 1918, 75 cents quar.; Oct.
DIVIDENDS.—On stock of no par value paid div. of 62)4 cents a 1918 to April 1919, paid 75 cents and 25 cents extra. July 1919 to Oct. 1920
share on May 1 1922: Aug. 1 and Nov. 1 1922 paid 75 cents each: Dec. 22 tl quar. Jan. 1921, 50 cents 'hen none until Ont. 192?. when «1 w»s
1922 paid 75 cents extra: Feb. 1 1923 to Feb. 1 1926 paid $1 quar.; May 1 paid; Jan. 1923 paid $1 25: April 1923 to Oct. 1923 paid $1 75 quar.; Jan.
1926 paid $1 25 quar.; Dec. 10 1923, Dec. 15 1924 and Dec. 15 1925 paid 1924 paid $2 quar. and $1 50 extra; April 1924 to Oct. 1924 paid $2 quar.;
$1 extra.
Ian. 1925 to Apr. 1926 paid $1 50 quar.
REPORT.—For 1925, in V. 122, p. 494, showed:
REPORT.—For 1925. in V. 122, p. 2962, showed:
Years Ended Dec. 31—
1925.
1924.
1923.
1922.
Calendar Years—
1922.
1924.
1925.
1923.
Net profits after Federal
Gross profit on sales___ $1,574,876 $1,253,461 $1,656,376 $1,217,474
and State taxes_____ $4,910,830
$4,734,697 $4,642,255 $3,312,194 Selling & admin, expense
631,049
446.891
837,043
634,199
Previous period adjust’ts
Dr.7,596 Dr.6,668 Dr. 153,886 Dr.418,631 Oth. deduc., less oth. inc.
022,535
28,852
86,320
17,151
Deduct—Dividends____ 3,125,000
3,125,000 3,038,128 2,166,132
Sterling Remedy Co.
Profits for year_.
$641,797
$996,475
$690,263
$720,681
Preferred dividends______ 8,126 ____ 8,159_______ 8,233
14,535 Federal taxes (est.).
86,000
91,000
80,000
125,000
168,750
479,754
580,000
656,250
Balance, surplus____ $1,770,108
$1,594,870 $1,442,008
$712,896 Dividends________
Previous surplus_______ 6,305,095
4,710,225 3,268,217 2,555,321
Balance, surplus.
$149,927 def$18,203
$215,225
$435,513
Profit & loss surplus._ $8,075,204$6,305,095 ‘ $4,710,225 $3,268,217
DIRECTORS.—Charles W. Stiger, Oak Park, Hl., Pres.; Hicks A.
OFFICERS.—Pres., H. F. Behrens; V.-P., Charles A. Aul; Sec. & Treas., Weatherbee, N. Y. City; George H. Saylor, N. Y. City, Treas.; George F.
A. H. Diebold; Gen. Mgr., W. E. Weiss. Office, 88 Nineteenth St.. Lewis, Sec.; Harland B. Tibbetts, N. Y. City; William L. O’Neill, V.-P.,
Wheeling, W. Va.—(V. 122, p. 2206.)
and Chas. A. Brown, Chicago. Office, 37 Wall St., New York.—(V. 122,
STERN BROTHERS—Organized in N.Y. on Jan. 31 1910 for the pur­ p. 2962.)
pose of taking over and continuing the business of Stern Brothers, a co­
STUDEBAKER CORP. (THE)—ORGANIZATION.—Incorporated lo
partnership organized in March 1867 and conducting a general departmenl New
Jersey Feb. 14 1911 and took over the Studebaker Bros, (wagons and
and dry-goods store in New York City.
carriages, &c.) Mfg. Co., South Bend, Ind.. and “E. M. F. (automobile)
STOCK.—Ladenburg, Thalmann & Co., Hornblower & Weeks, Merrill, Oo.” of Detroit, V. 92, p. 534, 602; V. 98, p. 834; V. 103, p. 1046. Plants
Lynch & Co., Tucker, Anthony & Co., A. G. Becker & Co., H. M. Byllesby are located at South BeDd, Ind.; Detroit, Mich., and Walkerville, Ont.
& Co., Inc., and Paine, Webber & Co. in April 1925 offered at $55 50 per The completion of the new automobile plant at South Bend begun in 1916,
Class “A” share 180,000 Class “A” shares, carrying voting trust ctfs. for and buildings erected since, gives the company a capacity of lSO.OOO auto­
60,000 common shares (V. 120, p. 1893). Class “A” shares are entitled to mobiles per annum. The wagon business was sold to the Kentucky Wagon
receive pref. cum. divs. at the rate of $4 per share annually, and after com­ Mfg. Co. in 1920- V. 112, p. 477.
mon shares have received divs. of $2 in any year all further divs. declared
The Industrial Acceptance Corp, has been organized to take over and
tn such year are to be declared share and share alike to both classes until continue financing the sales of Studebaker automobiles from factory to
Class "A” shares have received $2 additional per share for any year, after dealer and from dealer to individual purchasers
which all further declared divs. for that year will belong to the common
STOCK.—A special surplus account, which on Mar. 31 1926 amounted to
shares. Divs. payable Q.-J. Class “A” shares non-voting unless divs. aggre­ t5,670,000, retires 3% of pref. stock yearly at not exceeding 125; the
gating $6 per share shall have accumulated. Callable as a whole or in part imount issued, $13,500,000, had on Mar. 31 1926 thus been reduced to
(in blocks of 5.000 shares or more) at any time upon 60 days’ notice at $70 $7,830,000. No mortgage or preferred stock increase, except by consent
per share and divs. Entitled in dissolution or voluntary liquidation to of at least 75% of each class. See V. 101. p. 1482; V. 102, p. 527, 894.
$60 per share and accrued divs.
The stockholders on April 1 1924 changed the auth. common stock from
750,000 shares, par $100 (all outstanding) to 2,500,000 shares of no par
Issued.
Capitalization (No Bonds')—
Authorized.
Class “A” shares (no par value)______________ 200,000 shs. 180,000 shs. value. Of the new stock, 1,875,000 shares were issued in exchange for the
Common shares (no par value)_____ ,__________ 220,000 shs. 200.000 shs. old common stock, par $100, in the ratio of 2)4 shares of no par value stock
(After giving effect to (a) retirement at $115 per share of the pref. stock (or each $100 *share held. The remaining 625,000 shares will be held in
(redeemed od May 25 1925): (b) recapitalization of the company, to consist the treasury.
rights of the 7% pref. stock will not be affected in any way by
of an authorized issue of 200,000 Class “A” shares without par value and cheVoting
change in the common stock, as an amendment provides that holders of
220,000 common shares without par value, in lieu of 75,000 shares of par Che new
common
shall be entitled to only one vote for each 2 )4 shares and the
value common stock now authorized; (c) exchange, of 150,000 Class ’rA"
shares and 200.000 common shares for 75,000 shares of no par value common holders of less than 2 )4 shares of common stock shall not be entitled to vote
DIVIDENDS.
— 1915.
1916. 1917. 1918.
1919. 1920-26.
stock now outstanding and sale of 30,000 Class “A” shares for cash.]
>n common____ %
5
10
7
4
7
text
DIVIDENDS.—An initial div. of $1 per share on the Class A stock was
Sept.
1
1917
to
Sept.
2
1919,
4%
annually
(1%
Q.-M.);
Dec.
1 ’19, 124%
paid on July 1 1925; same amount paid quar. to July 1 1926.
&2X extra. V. 109, p. 1800. Mar. 1 1920, 124 %; May 5 1920, 33 1-3%,
REPORT.—For year ended Jan. 31 1925, in V. 121, p. 211, showed:
payable in common stock; June 1920 to June 1922, 124 % quar. On Sept. 1
1923-24.
1922-23.
1921-22.
Jan. 31 Years—
1924-25.
1922 paid 2)4% quar. and 1)4% extra; Dec. 1 1922, 2)4%; Dec. 29 1922
Not
Not
{$1,491,834 paid 25% in com. stock. V. 115, p. 2592. Mar. 1 1923 to Mar. 1 1924
Gross income________ 1
Not
shown
shown
(457,450
Gen., admin., &c., exp.j shown
paid 2)4 % quar. June 2 1924 to Sept. 1 1925 paid $1 per share each quar.
on new stock of no par value; Dec. 1 1925 paid $1 25 quar. and $1 extra;
Net profit___________ $864,704 $1,062,320 $1,014,717 $1,034,384 March 1 and June 1 1926 paid $1 25 quar.
105,000
Federal taxes_________
159,730
160,000
150,995
REPORT—For 1925, in V. 122, p. 1303, showed:
Net prem. & expense on
1925.
1924.
1923.
1922.
85,769
purchase of pref. stock _______
Automobiles sold_____
134,664
110,240
145,167
110,269
'257',581 Net sales____________ $161,362,945$135,406,055$166,153,683$133,178,881
*192*382
258,398
Preferred dividends___
114,544
Common dividends____
300,000
75.000
Mfg., &c.,gen. exp., &c_141,030,380 118,624,654 144,704.833 112,110,183
"997',500 Res. for depreciation__
Pref. dividend (stock) x. _______
1,794,802
1,392,809
1,141,045
1,024,741

1

Balance, surplus____
$290,430
$643,943
$510,550 def$325,697
Net earnings on sales-$18,537,763 $15,388,592 $20,307,805 $20,043,957
x Stock dividends, covering accumulations unpaid to Sept. 1 1921, Deduct—Interest.net__ Cr$491,480 Cr$369,834 Cr$606,936 Cr$615,135
33)4%; paid in 8% pref. stock, 981,800; cash fractions, $15,600.
1,984,557
2,572,897
Fed. & Canadian taxes.. 2,409,720
2,572,518
595,000
638,750
673,750
579,338
OFFICERS.—Pres., Samuel D. Mundheim; Treas., Richard A. Koegler; Preferred dividends___
7,500,000
7,500,000
6,000,000
Common
dividends
____
9,843,750
Sec., E. H. Rosenstock.—(V. 121, p. 720.)
STEWART-WARNER SPEEDOMETER CORP.—ORGANIZATION
Balance, surplus____ $6,196,435 $5,678,869 $10,203,473 $11,412,445
lncorp. in Virginia on Dec. 20 1912. Plant is located in Chicago, Ill.
Report for 3 mos. ended Mar. 31 1926, in V. 122, p. 2485, showed:
Full data, V. 104, p. 450; V. 96, p. 207, 140, 66; V. 101, p. 45; V. 103.
3 Mos. Ended March 31—
1926.
1925.
1924.
p. 499. As to allied Stewart Mfg. Co., see V. 107, p. 1198, 1673, 2104. Number
of automobiles sold________
30,573
29,937
29,435
2295; V. 108, p. 978; V. 112. p. 856.
Net sales____________
$37,397,451 $35,205,221 $35,603,490
It was announced on Nov. 11 1924 that the corporation had acquired Net profit before taxes_____________ 4,605,727 4,113,817 4,036,620
control of the Bassick Alemite Corp. V. 119, p. 2300, 2420.
Less reserve for income taxes_______
576,806
508,036
494,361
During 1925 the corporation commenced producing radio sets.
STOCK.—Stockholders voted June 4 1920 to increase the common
Net profits, all sources___________ $4,028,921 $3,605,781 $3,542,259
stock to 600,000 shares, no par value.
Preferred dividends (124%)_______
137,025
147,000
150,500
On Mar. 31 1926 there was also outstanding $878,300 preferred stock of Common dividends___________ ($1.25)2,343,750($1)1875,000($1)1875,000
Bassick Co. and $1,000,000 collateral trust 7% serial gold notes of Bassick
Balance to surplus_______________ $1,548,146 $1,583,781 $1,516,759
Alemite Corp.
OFFICERS.—Chairman, Frederick S. Fish; Pres., A. R. Erskine; Treas.,
1924. 1925.
DIVIDENDS.—
1920. 1921. 1922. 1923.
N.
R. Feltes; Sec., A. G. Rumpf; Gen. Aud., H. E. Dalton. Office, South
Per share -1________________ $4
$2.50 $4
$9
$7)4
$6
Bend, Ind.—(V. 122, p. 2962.)
Paid in 1926: Feb. 15, $1 50: May 15 $ 1 50.
STUTZ MOTOR CAR CO. OF AMERICA. INC.—ORGANIZATION
REPORT.—For 1925, in V. 122, p 1163, showed:
1922.
—Incorporated in N. Y. on June 22 1916 (V. 102. p. 2347) and took over
1924.
1923.
1925.
Profit & inc. (see note).. $8,469,089 $3,898,164 $7,586,499 $6,019,725 the entire capital stock and in 1917 the property of the Stutz Motor Oar
397,057
858,380
684,563 Co. of Ind., manufacturing motor cars at its plant in Indianapolis.
Federal taxes_________
925,000
4,244,233
1,875,085
Dividends paid_______
3,642,999
3,463,413
CAPITAL STOCK.—The auth. capital stock was increased in May 1920
Prem. on pref. stok. ret'd
_____
25,374
from 120.000 shares to 200.000 shares, and in Nov. 1922 to 263.000 shares.
Surplus net income__ $3,901,090
$37,694 $2,458,512 $3,460,077
DIVIDENDS.—An initial dividend of $1 25 was paid Oct 2 1916 and
3 Mos. End. Mar. 31—
1926.
1925.
1924.
1923.
paid the same rate to Jan. 1 1920. In Apr. 1920 paid $1 25 in cash and
Net after depr.& Fed.tax $1,353,102 $1,303,972 $1,496,700 $1,827,974 one-fifth of a share in stock, On June 29 1920 paid a 66 2-3% stock div.
Note.—“Profits and Income” are shown, “after deducting all manufactur­ In July and Oct. 1920 and Jan. 1921, paid $1 25 in cash. None since.
ing, selling and administrative expenses. Including adequate provisions for
BONDS.—7)4% debenture bonds, maturing Oct. 1 1937, are convertible
discounts and losses on doubtful accounts, depreciation on plant equipment, into stock on the basis of 33 shares of stock for each $1,000 bond held.
Ac.”
They are redeemable at 107)4 and int. until Oct. 1 1927 and therearter
OFFICERS.—Pres., C. B. Smith; V.-Pres., V. R. Bucklin; V.-Pres. & at 105 and Int. V. 116, p. 188.
Sec., W. J. Zucker; V.-Pres. & Treas., T. T. Sullivan. Directors, C. B.
REPORT.—For 1924, in V. 120, p. 3060, showed:
Smith, V. R. Bucklin, W. J. Zucker, L. H. La Chance, J. E. Otis, Chicago.
-----------1923.
1922.
1921.
1924.
Results Cal.
Years—
—V. 122, p. 2962.)
Net sales______________ $2,347,887 $4,297,133 $2,737,218 $3,071,411
74,150 def278,964 def26,006
STROMBERG CARBURETOR CO. OF AMERICA, INC.—ORGAN­ Net earnings___________ def.388,657
128,910
114,684
...........
IZATION.—lncorp. in N. Y. on July 21 1916 and acquired the capital Interest, &c., deductions
stock ($50,000) of the Stromberg Motor Devices Co., an Illinois corporation Net profit_____________ def$517,567 def$40,534 def$278,964 def$26,006
_____
_____
383,415
606,365
(V. 103, p. 417) with factory In Chicago and branches in N. Y., Boston, Inventory losses, &c___




228

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[Por abbreviations. die., see notes on page 8.]

Superior Oil Corp.—Stock 2.500.000 shares auth________
Ist mortgage s f ft bonds red 105 (see text)___________ Ce.
Superior Steel Corp—Common stock $11,500,000 auth__
First mortgage s f bonds red 105____________UPi.kxxxc*
*weet» Co ot America (The)—Stock auth $5.000,000----------

Date
Bonds

1924
1923

Swift & Co—Stock auth $160.000.000---................. ...............
lot M gold o f red 102Mi
— FC.xc*Ar* 1914
10-year sinking fund gold notes red. (text)----- IC.xxxc*.. 1922
Swift International (Comp Swift Internacional)—Stock
Symington Co (The)—Common stock 300.000 shares auth
Class A stock $2 cum red $32.50 200.000 shares auth-------

Par
Value

None
$100 Ac
100
1,000
50
100
500 &c
100 Ac
15

None

OFFICERS.—Chairman, E. V. R. Thayer; Pres., Frederick E. Moskovics; V.-P. & Sec., Willard A. Mitchell; V.-P., Gordon Peach; V.-P. Edgar
S. Gorrell: Treas., Anthony F. Cassidy. Office, 141 Broadway, New
York.—(V. 122, p. 2688.)
SUN OIL CO.—(V. 122, p. 2513.)
SUPERIOR OIL CORPORATION.—lncorp. in Delaware on Oct. 26
1917. Holdings aggregate nearly 29,000 acres, of which 20,028 acres are in
Kentucky.
DIVS.—The Mar. 1921 div. was omitted; no payments since. Payments
had previously been made at the rate of $2 per annum (Q M. 50c.).—
V. Ill,p. 2146;V. 112, p. 660.
BONDS.—The 1st mtge. 7% gold bonds have a sinking fund of $200,000
annually and have attached (a) a detachable stock option warrant entitling
the bearer of each such warrant to purchase from the corp, its common stock
at the rate of 200 shares for each $1 000 of bonds; at $4 per share on or he
fore Feb 14 1926: at $5 per share from Feb. 15 1926 up to but not after
Feb. 14 1927; at $6 per share from Feb. 15 1927 up to but not after Feb. 14
1928; at $7 per share from Feb. 15 1928 up to and incl. Feb. 15 1929; and (b) a
detachable stock option warrant entitling the bearer of each such warrant to
purchase from the corp, its common stock at the rate of 100 shares for each
$1,000 of bonds, at $3 per share on or before Aug. 15 1924. Payment of the
purchase price of the stock upon exercise of any such stock option warrants
may be made at the option or the respective holders thereof either in cash or
in bonds at their face amount, with cash adjustment of interest on the
bonds. V. 118, p. 805.
REPORT.—For 1925, in V. 122. p. 2814. showed:
1922.
1923.
1924.
Calendar Years—
1925.
Gross income_________ $1,291,317 $1,375,799 $1,359,146 $1,869,398
684,371
548,163
Operating expenses, Ac.
627,737
334,218
Abandoned leases A un­
proven acreage written
off_________________
226,640
213,111
194,371
Gen. & admin, expenses.
215,296
192,978
813,996
478,404
606,688
1,138,530
Depletion_____________
606,477
Depreciation__________
475,739
569,628
503,419

3 Mos. End. Mar. 31—
Gross income_________
Expenses, Ac_________
Depreciation__________
Depletion_____________

$350,032
$737,862
for Quarter Ended March
1926.
1925.
$356,388
$255,688
227,373
231,270
102,956
132,256
120,636
104,261

$691,863
31.
1924.
$361,103
189,988
96,806
160,679

$754,352

1923.
$513,640
185,894
123,997
231,911

$28,162
$86,370
$123,877
$182,798
OFFICERS.—Pres.. H. G. Davies; Treas., Robert H. Colley; Sec., E. J
Henry, Main office. Lexington. Ky.—(V. 122, p. 2814.)
SUPERIOR STEEL CORP.—ORGANIZATION.—lncorp. In Va
Dec. 22 1916 to acquire all outstanding stock of Superior Steel Co. of Car­
negie, Pa. Manufactures hot and cold-rolled strip steel, which is used it
making pressed steel parts, replacing castings and machine parts for auto
mobiles, furniture, buildings, &c.
The official statement made to the New York Stock Exchange in connec
tion with the listing of the preferred and common stocks, was In V. 104
p. 1904, giving full particulars regarding the company’s properties. Ac.
STOCK.—The entire outstanding 1st and 2d pref. stock was redeemed
on Feb. 15 1924 at 115 and divs. V. 117, p. 2662.
DIVIDENDS.—On com., No. 1, 1H% on Nov. 1 1917; Feb 1918 to
May 1919 paid 1>4% quar ; Aug. and Nov. 1919 paid Ji %; Feb. 1920. H 7,
and 14% extra: May 1920 to May 1921, 114% quar.: Aug. 1921
%
then none until May 1 1924, when
% quar. was paid: Aug. 1 1924 to
Feb. 2 1925 paid %% quar.; then none until June 1 1926 when 50 cents
per share was paid.
BONDS.—The 1st mtge. bonds have a sinking fund of $150,000 per
annum, commencing Oct. 15 1924, to be used to purchase bonds upon tender
during each Oct. 15 to Nov. 15 at less than 105 and int. V. 117, p. 2899
REPORT.—For 1925, in V. 122, p. 1624, showed;
1922.
Calendar Years—
1925.
1924.
1923.
Gross sales______ _____ $6,160,592 $5,626,752 $8,749,442
,,248,551
572,642
52,096
904,566
Net income__________
xl40,911
56,780
42,435
169,687
Federal taxes_________ See “x”
165,000
165,000
Sinking fund_________
_____
71,509
Other charges________
35,270
196’,404
267,594
300,000
Dividends____________
_____
Surplus_____ _______
$105,641 def$361,848
$373,475
$83,268
Total surplus_________
637,608
531,967
803,010
361,852
x Includes taxes, provision for uncollectible accounts, inventory adjust­
ment, Ac.
Quarters Ended March 31—
1926.
1925.
1924.
Net sales_________________________ $2,233,908
$1,486,784 $2,081,170
68,591
Total income_____________________
279,449
228,331
89,692
Depreciation, interest, Ac.
89,569
35,627
Tax reserve_____________
8,700
29,885
Other reserves__________
2,266
1,508

$198,446
Net profit............... . ...................... ..
$151,987 loss$31,309
OFFICERS.—Chairman, James H. Hammond; Pres., R. Edson Emery;
V.-P., Frank R. Frost; Sec. & Treas., C. D. Claney; Asst. Sec. & Asst.
Treas., Donald M. Liddell. Office, Pittsburgh, Pa.—(V. 122, p. 2513.)
SWEETS CO. OP AMERICA. INC. (THE) —ORGANIZATION.—
Incorporated In Virginia July 1919 and acquired entire outstanding capital
stock of the Sweets Co. of America, Inc., including the capital stock of the
Lance Cough Drop Co., Inc. Products, Tootsie Rolls, Nut Tootsie Rolls,
Tootsie Lunch Rolls, &c., and Lance Cough Drops are sold to over 8,600
wholesale dealers who act as distributers. Factory buildings located in N.
Y. City. V. 109, p. 379. Has made arrangements with Metropolitan
Tobacco Co., New Jersey Tobacco Co., Union News Co., United Cigar
Stores Co., and other large chain stores for the distribution of its products.
STOCK.—The stockholders voted Dec. 5 1924 to change the capital
stock from 500,000 shares, par $10, to 100,000 shares, par, $50 one share of
new stock being issued in exchange for five shares of old stock.
REPORT.—For 1925, in V. 122, p. 1779, showed:
1922.
Calendar Years— .
1925.
1924.
1923.
Net sales_____________$1,535,750 $1,781,890 $1,697,193
$1,341,041
35,983
10,824
83,164
106,113
Net profit .
34,617
33,481
21,783
Other income_________
16,049
69,207
59,895
93,134
66,212
Deprec., Federal tax, Ac
u Balance, surplus____ def$24,902
$10,704
$61,684
$6,079
1926.
F Quarters Ended March 31—
____
____
1925.
____
1924.
Net loss after depreciation reserves, Ac
$5,584
$27,600prof.$32,278
OFFICERS.—Chairman, Lewis L. Clarke; Pres., Ray L. Skofield; V.-P.
& 'l'reas., E. Stanley Clarke; Sec,, Henry A. Fehn; Gen, Mgr., Charles H.
Butler. Office, 414 West 45th St., New York.—(V. 122, p. 2343.)




Amount
Outstanding

Rate
%

When
Payable

[Vol. 122.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

1102,238shs See text
$690,200
7g F A A
10,000.000 See text
J & D
2.459.000
6
5 000 000
150,000,000
8
O —J
26,253,500
5g J A J
48.500,000
5 g A& O 15
1,500,OOOsh See text F & A

Dec 20 1920 50c Checks mailed
Feb 15 1929
June 1 1926 50c
Union Trust Co, Pittsb
Dec 15 1938
sg.
Apr 1 1926 2%
AmExN Bk.NVJr Pt
July 1 1944
Am Ex N Bk. N Y & IC
Oct 15 1932
Feb 15 ’26 4% Checks mailed

200,000 shs.

Apr 1 1926 50c

$2

Q—J

SWIFT & CO.—ORGANIZATION.—lncorp. In Illinois April 1 1885.
V. 95, p. 1547. Company owns and operates 27 packing plants, the prin­
cipal ones being located at Chicago, Kansas City, South Omaha, South
St. Joseph, East St. Louis, South St. Paul, Fort Worth, and Denver; and
over 50 plants for the manufacture of creamery butter and the collection of
poultry and eggs for sale through its distributing agences. Branch houses
and sales agencies number of 500 and serve practically every important city
In the world. Owns and operates over 7.000 refrigerator cars essentia) to
its business. V. 95. p. 547. 1547: V. 96. p. 1133; V. 101, p. 698: V. 108. p.
688. Canadian Co., V. 105, p. 1809, 1198.
In Aug. 1918 the South American and Australian properties were organ­
ised as Oompania Swift Internacional Ltd. under tne laws of the Argen­
tine Republic, with a stock of $22,500,000 Argentine gold, divided into
1.500,000 shares of $15 each, all one class, fully paid and non-assessable. all
outstanding. Each stockholder of Swift A Co. of record Aug. 31 1918
was given until Oct. 15 the opportunity of exchanging 15% of his holdings
<n Swift A Oo. at par for equivalent amount of capital stock In Interna­
tional at par, evidenced by the First Trust of Chicago certificates of de
joelt. The company by thus exchanging $22,500,000 of stocks In foreign
lubsidiaries for equal amount of stock of Swift A Co.obtalned the tatter as a
quick asset, since sold (see below) for requirements of business. V. 107.
p. 701. 910.
Dividends paid by Swift International: No. 1. Feb. 20 1919. 8%; then to
Feb. 21 1922, 8% semi-annually; Aug. 15 1922 to Aug. 15 1925, 6% semiann.; Feb. 15 1926, 4%. Swift International ann. report for 1925, in V.
122, p. 1928.
The aforesaid exchange in Oct. 1918 had reduced the outstanding capita
•tock to $127,500,000 when the holders of record Oct. 26 were offered
until and incl. Nov. 30 the further option of exchanging one-tenth of their
($100) shares for an equal par value In the $10 shares of the $12,760,000
•tock of Libby. McNeill A Libby (canners), held In Swift A Co.’s treasury.
This further reduced the stock to about $114,750,000. The $35,250,000
treasury stock was offered at par to shareholders and employees in Mar
1919. V. 108, p. 2130, 688.
In Aug. 1919 the National Leather Oo. was incorporated in Maine with
$30,000,000 of authorized capital stock in shares of $10 each, to take over
the company's tanning and leather interests, Ac. Swift shareholders o(
record Sept. 10 1919 were allowed to subscribe at par In cash for two of the
$10 shares for each $100 share held in Swift A Oo. V. 109, p. 782. For
Nat. Leather Oo. refinancing plan, compare V. 113. p. 2191.
Packers’ consent decree suspended—See Armour & Co. above
DIVIDENDS.—1888 to 1894 incl., 8%; 1896 to July 1898 incl.. 6%,
Oct 1898 to July 1915, 7%; Oct. 1915 to and Incl. Apr. 1 1926. 8% p. a.,
(2% Q.-J.) On Oct. 20 1917 paid 2% extra.
On Nov. 25 1916 there was paid to shareholders of record Nov. 8 a cash
dividend of 33 1-3% in order to distribute $25,000,000 of accumulated earn­
ings.
On July 15 1918 a stock dividend of 25% was paid out of adjusted
values of fixed assets as reappraised to values current Jan. 1 1914
V. 106, p. 2127. Appraised value of physical properties Nov 2 1918.
V. 108. p. 689.
BONDS.—The 1st 5s. dated July 1 1914 ($60,000,000 auth. Issue)
are secured by all property plants and branch houses and further by
the pledge of stocks of subsidiary companies representing an investment by
the company of over $15,000,000. V 98, p. 160, 242. 392, 528: V. 99, p
1678. 1515; V 100, p. 292, 560, 647. Of the $50,000,000 1st Mtge 5s on
Nov. 1 1925 there had been issued and retired by s.f. $7,116,500'. $26,253,500 were outstanding, $1,630,000 were reserved for corporate purposes and
the remaining $15,000,000 may be Issued only for 75% of the cost of addi­
tional real property upon which the mortgage shall be a first lien. Sink­
ings.
NOTES.—The 10-year 5% sinking fund gold notes of 1922 are redeemable
all or part on payment of a premium of 214 % if redeemed during 1923, such
premium decreasing 14 of 1% each succeeding year thereafter.
Provisions.—(1) Company covenants to apply $500,000 annually to the
purchase and retirement of these notes if available in the market at not
to exceed par and interest. (2) While any of these notes are outstanding
and unpaid no new mortgage except purchase money mortgages for the
acquisition of additional properties shall be placed on the property and
assets of company, this provision, however, shall not prevent the emission
of the authorized and unissued 1st M. 5% bonds and the execution of such
supplemental mortgages as may be required under the terms of said 1st M.
(3) So long as any of these notes are outstanding, company will at all times
maintain current assets equal to an aggregate amount of 114 times all Its
current liabilities, plus the outstanding notes of this issue.
Proceeds were used in retiring $40,000,000 7% gold notes, due Oct. 15
1925 (called for payment Oct. 15 1922 at 101 A and int.) and $25,000,000
7% 8°id notes, due Aug. 15 1931 (called for payment Feb. 15 1923 at
102)4 and Int.). V. 115. p. 1332
REPORT.—For year ending Oct. 31 1925, in V. 122, p. 743, showed:
Oct. 31 ’25. Nov. 1 '24. Nov. 3 ’23. Nov. 4 ’22.
Fiscal Years Ending—
$
$
$
$
Business done------------- 875,000,000 775,000,000 750,000,000 650,000,000
aNet earnings------------- 15,379,152 14,125,988 13,184,619 13,049,217
Cash dividends (8%)--- 12,000,000 12,000,000 12,000,000 12,000,000
Balance, surplus____ 3,379,152
Profit and loss, surplus. . 69,478,967
a After interest and depreciation.
OFFICERS.—Pres., Louis F. Swift; Treas., L. A. Carton; Sec., C. A.
Peacock. Office, Chicago.—(V. 122, p. 743.)
SWIFT INTERNATIONAL (Companla Swift Internacional).—See
Swift & Oo. above.
SYMINGTON CO. (THE.)—lncorp. under laws of Maryland on Dec. 2
1924 to acquire the business of the T. H. Symington Co. of Delaware. Also
owns about 90% of the common stock of Gould Coupler Co. The company
manufactures standard railway equipment, including journal boxes, draft
gear attachments, center bearings, side bearings and miscellaneous devices
for cars and locomotives, and also malleable iron castings for railway equip­
ment and other purposes. Plant is located at Rochester, N. Y.
STOCK.—The Class A shares are entitled to $2 cumulative annual divs
from date of issue, are callable at $32 50 a share upon 30 days’ notice, and
are entitled to participate in the assets in case of liquidation, dissolution,
distribution or sale to the extent of $32 50 per share and accrued dividend.
DIVIDENDS.—An Initial dividend of 58c. per share on the Class A stock
was paid April 1 1925; July 1 1925 to April 1 1926 paid 50c. quar.
REPORT.—For calendar year 1925, showed: Gross mfg. profit, $1,276 149; operating profit, $615,360; other income, $29,859; interest, discount
Ac., $90,874; Federal taxes (est.), $69,300; net profit, $485,045.
Quarters Ended March 31—
1926.
1925
Net after expenses-----------------------------------------$248,162
352,279
Other income................. ...............................................
5,345
3,534

Total income________
Interest, Ac..
Federal taxes

jl..__________________.

Net profit........... ................................................. .. -

$253,507
— —
25,487
29,643
$198,377

$355,863
11,458
43,051
$301,354

May, 1926.]
Par
Date
Bonds , Value

MISCELLANEOUS COMPANIES.
(For abbreviations. Ac., see notes on page 8.]

Telautograph Corp—Common stock 207,500 shares auth.
Pref fa & d) stock 7% cum red (text) $750,000 auth.__
Tennessee Copper & Chem Corp—800,000 shs cap stock.
Texas Company (The) -aiuon $164,450,000 auth_
__
Texas Oulf Sulphur Co—Stock $6,350,000 auth________
Texas Pacific Coal & Oil Co—Stock $10.000.000...............

Amount
Outstanavoi

When
Payable

Rate
%

M & N
Q—J
Q-M15
Q-M31
Q—M 15

None 192,000 shs See text
$100
$750,000
7
None 794,611 shs See text
12
25 164,450.000
10 6.350.000 See text
10 8,448,048 See texi

OFFICERS.—Pres., C. J. Symington; 1st V.-P., Donald Symington:
V.-P., Donald S. Barrows, Le Roy Kramer and J. A. Sauer; Sec. & Treas,.
P. P. Meade; Asst. Sec.-Treas., P. J. Linnekin. Office, Rochester, N. Y.
—(V. 122, p. 2513.)
TELAUTOGRAPH CORPORATION.—Incorp. under laws of Virginia
on Nov. 26 1915. Business is the manufacturing and leasing of mechanical
machinery and devices by which, in the operation of what is known as the
telautograph system, lines or characters drawn or written at one place are
simultaneously reproduced in fac-simile by another.
The corporation reported that Telautograph instruments in service Dec 31
1925 totaled 11,627. Annual rentals based on machines in service Dec. 31
1925 amounted to $640,390.
STOCK.—The preferred stock is redeemable after three years from date
of issue at 105.
DIVIDENDS.—An initial semi-annual dividend of 3 % was paid on the
preferred stock July 10 1924; Oct. 10 1924 to Apr 10 1926 paid 1 %% quar.
On common stock, paid initial dividend of 25 cents per share on May 1 1925
same amount paid Nov. 2 1925. On May 1 1926 paid 30 cents per share.
REPORT.—For calendar years;
Calendar Years—
1923.
1924.
1925.
Rentals------------------ ------- -------------- $584,935
$453,432
$518,976
Paper sales________ _________
____
5,716
5,116
5,589
Miscellaneous income_________
10,508
9,721
9,741
Total income___________ _______
xpenses—Administration____
Selling____________________
Installation_______________
Maintenance_____________
Engineering .’______________
Depreciation______________
Experimental______________
Legal_____________________
Special________________
Miscellaneous taxes_________
Interest________________

$599,792
$40,076
89,876
33,517
138,889
15,316
91,377
6,982
1,880
3,629
6,576

$534,286
$39,325
75,891
30,296
132,681
15,463
89,963
9,198
4,245
9,574
3,343
3,120

$469,656
$38,225
72,067
28,267
115,179
14,423
81,286
7,634
2,174
3,288
3,701
27,192

Profits before Federal taxes.........
Federal taxes paid or accrued___
Preferred dividends___________
Common dividends__________

$171,675
—
—
21,459
52,500
96,000

$121,185
15,023
52,920

$76,220
9,419

Net profit_________________
Quarters Ended March 31—
Gross income-------------------------------Administrative expense____________
Selling expense__________________
Installation______________________
Maintenance__________________
Engineering______________ 2
Depreciation -----------------Miscell. exps. & extraord. items____
Taxes other than Federal taxes_____
Federal taxes (estimated)___________

$1,715
____
1926.
$166,142
10,754
24,256
8,002
37^475
3^707
25,090
1,412
2,302
6,174

$66,800
$53,242
1925.
1924.
$142,766
$127,661
9,608
9,979
19,819
17,201
7,842
6,801
33,863
32,273
3,732
4,067
21,338
24,732
1,981
3,349
1,374
3,267
3,789
5,357
Net profit......... ..................................
$46,968
$37,850
$22,102
OFFERS.—Pres., C.H. George; V.-P., J. V. Mitchell: Sec. A Treas.,
W. H. Nash. Office, 16 West 61st St., New York.—(V. 122, p. 2513.)
TENNESSEE COPPER AND CHLMlCAL CORP.—ORGANIZATION
I4.1918- Organized as a holding company (per
plan in V 103. p. 1512). with power also to do a mining and chemical bunincss. Owns 194,436 shares of the 200,000 shares of stock of the Ten­
nessee Copper Co. of N. J., whose properties include: 3 copper mines,
railway, smelting works (5 blast furnaces, converters and flotation mills)
sulpnuric acid plants and copper sulphate plant.
In 1919 with view to more profitable employment of the unsold
,ts outPut of sulphuric acid (approximately 350,000 tons
of 60 ?e?ree8 Baume per annum), had out of the $5,000,000 pro­
ceeds of the new stock issue below mentioned bought a phosphate prope“y !,n Florida and in 1920 constructed a modern steel and concrete plant
at Atlanta, Ga.. for the manufacture of Acid Phosphate and other fertili­
zers. For this purpose the Southern Agricultural Chemical Corporation was
a caPltal stock of $1,000,000. V. 108, p. 2439; V. 109, p.
279; V. 106, p. 934, 2226. It was announced in Jan. 1923 that a new acidu­
lating. plant at Cincinnati had been completed and was operating to
capacity. This plant was subsequently enlarged. V. 116, p. 1063. In
Aug.
k!;116. Southern Agricultural Tank Line was formed with a capital
of $1,000,000 (subsequently reduced to $750,000). V. 113. p. 1898.
The company in April 1926 acquired the plant and good will of the Calu­
met Fertilizer Co., located at New Albany, Ind. A new corporation, the
Calumet Fertilizer Corp., has been formed to operate the plant as a subsiaiary of the Tennessee company.
_STOCK —The stockholders on May 28 1919 auth. an increase in the
capital stock from 400,000 shares to 800.000 shares (no par value). The
holders of v. t. c. of record June 9 1919 were given the right to subscribe
*t$12 60 per share for the 400.000 new shares of stock V 108 p 1732
1819, 2028, 2439. Initial dividend of $1 paid in May 1918; then none until
A-Pru 16 1923, when 25 cents was paid: same amount paid quar. to Jan. 15
1924; then none until Sept. 15 1925 when 25 cents was paid; Dec. 15 1925
paid 25 cents quar.
REPORT.—For 1925 showed:
Including Tennessee Copper Co., Southern Agricultural Chemical Corp.
„ ,
and Southern Agricultural Tank Line.I
Calendar Years—
1925.
1924.
1923.
1922.
???es-,T-------- --------------$8,242,790 $6,431,558 $5,947,651 $3,948,886
Miscellaneous income...
443,732
327,515
347,052
398,109
Gross income........... .. $8,686,523 $6,759,073 $6,294,703 $4,346,995
Operating expenses____ 7,169,355
5,979,687
4,931,007
3,414,705
Miscellaneousexpenses.
303,802
237,424
234,456
225,243
Bond interest_________
53,789
42,860
53,315
60,865
Depreciation_________
339,328
385,752
298,780
308,761
Dividends___________
402,349
203,873
607,946
Balance, surplus____
$417,900 def$90,523
$169,198
$337,421
Total profit & loss surp. $1,919,425 $1,470,536 $1,561,058 $1,505,277
OFFICERS.—Adolph Lewisohn, Pres.; Sam A. Lewisohn, V.-P.; E. H.
Westlake, V.-P. and Treas.; Frederick G. Fischer, Sec. N. Y. office,
61 Broadway.—(V. 122, p. 2814.)
TEXAS COMPANY (THE).—ORGANIZATION.—Incorp. in Texas
April 7 1902 and is engaged in the production, refining and distribution of
petroleum and its products Owns and leases properties in Texas, La.,
Okla., Kan., Ark. and Wyo. Also controls pipe lines reaching Texas,
Oklahoma and Louisiana oil fields, and owns 6 refineries, 4 asphalt plants
and 3 topping plants (combined capacity 135,000 bbls. daily) located in
Port Arthur, Port Neches and West Dallas, Texas; West Tulsa, Okla;




229

AND BONDS

—------- is

Last Dividend Places Where Interest ant
Dividends are Payable
and Maturity

May 1 ’26 30c
Apr 10 1926 1’4
Tune 15 ’26 25<
Tune 30 '26 3% Checks mailed
June 15'26 $2)4
June 30 '23 2)4

Lockport, Ill.: Casper, Wyo.: Ardis. La.; Norfolk, Va.; Marcus Hook,
Pa.; Providence, R. I.; also roofing plant, 4 asphalt plants, case and can
factory, 2 barrel factories, shook mill, fullers earth plant, 24 tank steamers
and motor vessels, 4 tugs, 4 ocean barges, and 1,600 sales stations in U. S,
The Freeport Sulphur Co. has taken over the sulphur lease of the Texas
Co. at Hoskins Mound in Brazoria County, Texas.
The $14,000,000 stock of the Texas Pipe Line Co. and the $6,000,000
stock of the Texas Pipe Line Co. of Oklahoma is all owned (V. 106, p. 186).
These companies took title to the Texas Co.’s pipe lines, now totaling
2,289 miles, exclusive of gathering lines, in Texas, Louisiana and Arkansas,
and 641 miles, exclusive of gathering lines, in Oklahoma, respectively.
In Oct. 1918 the Texas Pipe Line Co. had completed the 8-lnch oil pipe
line from Fort Worth, Tex., to its producing properties near Ranger, Tex.,
about 100 miles. Extensions. V 107 o. 1389: V. 106, p 1692
In July 1920 sold control of the Central Petroleum Co. to the union
Oil Oo. of Delaware. V. 111. p. 385. 500.
„ ,
Texas Production Co., a subsidiary, was organized in Aug. 1922. V. 115,
p. The
n08Texas
.
J
Petroleum Co., an exploration and producing subsidiary,
was incorporated in New Jersey on Jan. 6 1925 with an authorized capital
of $1,000,000. to operate in South' America.
Govt. suit. V. 122. p. 1467, 2668.
STOCK.—For changes In capitalization prior to 1920, see “Railway &
Industrial” Section for Nov. 1920
The stockholders on Nov. 18 1920 ratified an increase in the capital stock
from $130,000,000 to $143,000,000, to provide for the payment of a. 10%
stock dividend payable March 31 1921 to holders of record Dec. 10 1920. A
further Increase to $164,450,000 was ratified on March 31 1921. V. 112,
p 1406. The additional stock was offered at par ($25) to stockholders of
record April °9 1921 on the basis of 15% of holdings. V. 112. p. 1626.
DIVIDENDS.—
1914-1919. 1920. 1921. 1922-1925.
Cash..........................................................10 yearly 11M
12
12 yearly.
In stock____________________________________ ____
10
-----------Paid in 1926: Mar. 31, 3%; June 30, 3%.
REPORT.—For 1925, in V. 122, p. 1324, showed:
Calendar Years—
' 1925.
1924.
1923.
1922.
Gross earnings_______ $159,396,627$139,613,622$118,422,367$130,996,907
Net earnings_________ 70,003,803 50,548,568 30,875,791 50,420,005
16,428,514
Deprec. & Fed. taxes__ 22,084,402 19,228,321 16,182,727
7,402,518
6,495,482
4,861,972
Inventory adjustments. 8,314,322
Dividends___________ 19,734,000 19.734,000 19,734,000 19,734,000

Balance to surplus...$19,871,078 $6,724,275df$11536,418 $6,854,972
Total prof. & loss surp.$l 13,466,022 $95,201,709 $88,477,435 $94,476,397
OFFICERS.—Chairman, Amos L. Beaty; Pres., R. C. Holmes; V.-Ps.,
T. J. Donoghue, G. L. Noble, W. W. Bruce, D. J. Moran; Sec., C. P.
Dodge; Treas., C. E. Woodbridge. N. Y. office, 17 Battery Place.—(V.
122, p. 2668.)
1‘hXAS GULF SULPHUR CO.—Incorp. under laws of Texas on Dec.
tn 1909. Company is engaged in the mining of crude sulphur or brimstone
• t Gulf in Matagorda County, Texas, and in selling it In the United States
ind other countries.
Owns In fee over 2.950 acres of land at Gulf. Texas
1921.
1922.
1923.
1924.
1925.
DIVIDENDS.—
Regular__________
50c.
$3 75
$5 75
$6 50
$7 50
50c.
1 25
50c.
1 00
1 25
Extra
Paid in 1926: Mar. 15, $2.50; June 15, $2.50.
REPORT.—For 1925, in V. 122, p. 603, showed:
1Q99
1924.
1923.
1925.
Gross income_________ $11,973,617 $9,814,976 $10,746,160 $9,074,877
Cost of sales, &c., exps.,
6,009,140
5,221,715
5,000,960
incl. Federal taxes___ ’ 6,284,376

$4,737,021
6,287,497

$3,853,162
5,609,334

$12,796,526 $11,869,784 $11,024,517
3,968,750
4,762,500
5,556,250

$9,462,497
3,175,000

. $5,689,242
Previous surplus______ . 7,107,284
.

Total surp., incl. depr.
' $7,240,276
Quar. end. Mar. 31—
1926.
. $1,930,624
Dividends paid_______ . 1,587,500

$4,814,017
7,055.767

$7,107,284
1925.
$1,413,093
1,111,250

$7,055,767
1924.
$1,155,868
1,111,250

$6,287,497
1923.
$1,102,066
793,750

$44,618
$308,316
$301,843
$343,124
OFFICERS.—Pres., Walter H. Aldridge; V.-Pres., Theodore Schulze;
Sec. & Treas., Henry F. J. Knobloch Main office. Bay City, Texas.
New York office. 41 East 42d St.—(V. 122. p. 2343.)
TEXAS PACIFIC COAL AND OIL CO.—Incorp. under laws of Texas
in October. 1888. Owns in fee 69,188.47 acres and leases on 164,185.15
acres. Also owns a net interest of 24,603.48 acres in leases held under
joint operating agreements. In April l9l8 name was changed from Texas
Pacific Coal Co. to present title.
STOCK.—The stockholders voted April 16 1919 to increase the authorized
capital stock from $5,000,000 to $6,000,000, the new stock being offered at
par to shareholders of record May 1 1919. V. 108,. p. 1615, 1516. The
stockholders voted Nov. 11 1919 to subdivide the $100 shares into ten shares
of $10 each. V. 109, p. 1468. 1898.
The stockholders on April 21 1920 anthorlzed an Increase In the capital
stock from $6,000,000 to $10,000,000 par $10). Of the new stock. $2,000,000 was offered to stockholders of record May 22 1920 at par. V. 110. p.
2199
REPORT.—For 1925 showed:
1923.
1922.
1924.
Calendar Years—
1925.
Gross earnings__________$5,641,374 $5,080,915 $5,625,306 $7,316,287
2,926,028
4,421,811
Operating profits_____ 2,831,960
2,447,447
79,707
296,156
Other income_________
536,706
60,554
1,905,609
2,640,231
Depreciation, &c______
1,728,832
1,727,516
1,379,364
Rentals, interest, &c__
909,404
747,819
422,282
844,561
Divs. (cash and stock)..
1,233,175
Surplus for year.
730',430
32,665 def701,520
1926.
1924.
3 Months ended March 31—
1925.
$1,313,799 $1,491,058
Gross income_____________________ $1,729,757
490,351
Operating profit___________________
700,077
599,808
29,880
Other income.
120,789
44,190
Deductions______________________
41,415
48,014
46,345
Net income before deprec. & depl___
774,522
493,126
581,674
DIVIDENDS.J1911-13. 1914-17. 1918. 1919. 1920. 1921. 1922. ’23. ’24’25.
Per cent____ ( 7 yrly. 6 yrly. 16
35 *14)tf 10
10 7)4 none
* Also paid 6% in stock.
'
Paid in 1923: Jan. 2, 2)4%: Mar. 31,2)4 %: June 30, 2)4 %; none since.
OFFICERS.—Chairman, Edgar L. Marston: Pres., J. Roby Penn;
V.-P. & Treas., Edgar J. Marston; V.-P., E. R. Lederer; Sec., Herman W.
Knox; Compt., O. E. Mitchell. Executive office, Fort Worth, Texas.
N. Y. office, 24 Broad St. General office, Thurber, Texas.—(V. 122, p.
2814.)

330

MISCELLANEOUS COMPANIES
IFor abbreviations, &c., see notes on page 8]

Thyssen (August) Iron & Steel Works—See text.
Tide Water Associated Oil Co.—See text-----------------------Tide 'A'ater Oil oi NJ—Common stock 4.000.000 sh_____
Preferred stock 5% cum. convert, red. (text)____________
Timken Roller Bearing Co—Stock 1,250.000 shares auth—
Tobacco Product*Corp—Comstock $100 000.000 .. - —
Common stock Class “A” 7% non-cum $49,354,000 auth._

Date
Bonds

Amount
Outstanding

Par
Value

None
$100
None
100
100

THYSSEN (AUGUST) IRON & STEEL WORKS (AUGUST THYS­
SEN-HUTTE GEWERKSCHAFT) AND AFFILIATED MINING AND
SALES COMPANIES.—Properties constitute a complete unit for the
production of coal and coke and for the manufacture of iron and steel from
blast furnace operations to finished product. Operations include the
mining of coal from the coal reserves adjoining the steel plants, the pro­
duction of coke, the manufacture of pig iron, steel ingots and a large variety
of semi-finished and finished steel products, and the sale of coal, iron and
steel products by branch organizations in important German cities, and,
directly or through dealers, in various other parts of the world.
BONDS.—Dillon, Read & Co., New York, in Jan. 1925 sold at 98)4
and int. $12,000,000 5-year 7% Sinking Fund (closed) Mtge. Gold bonds.
Dated Jan. 1 1925; due Jan. 1 1930.
, _ .
Authorized and issued, $12,000,000. Interest payable J. & J. Prin­
cipal and interest payable at International Acceptance Bank, Inc.., N. Y.
City, in U. S. gold coin of the present standard of weight and fineness.
Denom. $1,000 and $500 c*. Callable at the option of the companies,
as a whole or in part by lot, after 60 days’ notice, on any interest date to
and including Jan. 1 1926 at 102)4 and int., with successive reductions in
call price of )4 of 1% during each year thereafter to maturity.. The com­
panies will agree to pay $1,200,000 per annum, commencing with $600,000
on or before July 1 1925 and $300,000 quarterly thereafter, to be used as a
sinking fund for the purchase of bonds, if available, at prices not exceeding
100 and int., any unexpended balances to revert periodically to the com­
panies. Principal, interest and sinking fund payable without deduction
for_any taxes levied by German Governmental authorities.
These bonds will be the joint and serveral obligations of August Thyssen
Iron & Steel Works (August Thyssen-Hutte Gewerkschaft) and affiliated
mining and sales companies. They will be secured by closed mortgage lien
on properties valued by H. A. Brassert, American consulting engineer, at
$117,183,500 (based on German costs).
The mortgage will be subject to underlying liens securing less than
$1,250,000 of obligations, and to reparation charges under the Dawes plan,
which, under existing arrangements, are to be met by annual payments
estimated at not exceeding $152,000 for the year ending Aug.. 31 1926,
Increasing to a maximum annual amount estimated at not exceeding $330,000 for the year ending Aug. 31 1928 and for each year thereafter.
EARNINGS.—Annual net earnings available for bond interest, after all
charges including reparation payments, as at present estimated, taxes and
depreciation, are estimated by Mr. Brassert at $6,500,000. on the basis of
an annual production of 5,000,000 tons of coal and 1,000,000 tons of

Export sales in the 6 months ended Dec. 31 1924 were at the annual rate
of approximately $12.000.000.—(V. 120, p. 219).
TIDE WATER ASSOCIATED OIL CO.—Incorp, under laws of Dela­
ware, March 6 1926, and offered to exchange its stock for stock of the Asso­
ciated Oil Co. and the Tide Water Oil Co. (see separate statements for those
companies).
STOCK.—Blair & Co., Inc., Brown Brothers & Co., Hayden, Stone &
Co., Blyth, Witter & Co., Mitchell, Hutchins & Co., Inc., and Anglo
London Paris Co., San Francisco in March 1926 offered at 97)4 per share
$46,000,000 convertible 6% cumulative preferred (a. & d.) stock.
Dividends payable'Q.-J. Red. all or part at $105 and div.
Preferred stock is to be convertible at the option of the holder at any time
on or before July 1 1936 into common stock of the new company as at the
time constituted at the rate of $50 per share; that is, each share of preferred
stock of $100 par value is to be exchangeable for two shares of common stock.
At the time of conversion, an adjustment is to be made of accrued dividends.
If any preferred stock shall be called for redemption, the right to convert is
to extend up to ten days prior to the date fixed for redemption. Charter
provides for the protection of the conversion price in the event of a stock
dividend or under certain conditions specified in the charter.
Company has no mortgage or funded debt. Its approximate capitaliza­
tion based on the acquisition by the new company of 80% of Associated Oil
Co. stock and 75% of Tide Water Oil Co. common stock, and including
common stock sold or to be sold for cash is as follows:
Authorized. Outstanding.
Convertible 6% cum. pref. stock (no par)____ l,500,000shs. 610,777shs.
Common stock (no par value)________________10,000,000shs. 4,469,577shs.
*The outstanding shares would be further increased through the exchange
of stock of Associated Oil Co. held by the depositaries and in process of
exchange under the offers.
There are outstanding $22,547,000 12-year 6% notes of the Associated
Oil Co. and about $20,683,400 5% convertible preferred stock of the Tide
Water Oil Co., and in addition approximately $1,564,000 miscellaneous
purchase money obligations of the latter company. Sufficient preferred
stock of the new company has been authorized to provide for the retirement
of the outstanding notes and preferred stock of both controlled companies.
OFFICERS.—Pres., Axtell J. Byles; V.-Ps., Paul Shoup, Robert Me
Kelvy and E. L. Shea.
DIRECTORS.—Henry W. de Forest, New York; W. F. Humphrey, Paul
Shoup, San Francisco; Robert McKelvy, Axtell J. Byles, E. L. Shea, New
York, and George White, Marietta, Ohio.-—-V. 122, p. 1779.
TIDE WATER OIL CO.—ORGANIZATION.—Incorp. In N. J. In
Nov. 1888. Producing, transporting and refining crude oil. Owns; (1)
through subsidiaries, producing properties in Pa., W. Va., Ohio, Illinois,
Okla., Ky., Kan. and Texas; (2) refinery at Bayonne, N. J., on New York
Harbor (capacity 35.000 bbls. daily), with private docks to accommodate
ocean-going steamers and steel tanks, aggregating capacity 3.500.000 bbls.;
(3) through a subsidiary. 828 miles of 6-inch trunk line, extending from
Bayonne through the Bradford oil regions of Pennsylvania, to Stoy. Ill.,
whence via the Illinois pipe line and the Prairie pipe line, direct connection
Is had with the Okla., Kansas and Texas fields; (4) 1,929 miles of branch
pipe line. Manufactures gasoline, kerosene, gas and fuel oils, lubricating
oils, wax, pitch, coke, cylinder oils and greases. The company is one of
the largest producers of gasoline. See financial statement to N. Y. Stock
Exchange in 1917 upon listing of stock, in V. 105, p. 79, 82, 1426, 2100,
2372. In April 1921 acquired control of the Guffey-Gillespie Oil Oo.
V. 112, p. 1985. 2762; V. 113. p. 301. 634. Govt. suit. V. 118, p. 3161.
Exchange of Stock.—The Tide Water Associated Oil Co. (see statement
above) in March 1926 offered to the holders of the no par value common
stock of Tide Water Oil Co. to acquire their stock in exchange for stock of
Tide Water Associated Oil Co. on the basis of 1 1-3 shares of Tide Water
Associated Oil Co.’s common stock without par value for each share of
Tide Water Oil Co. no par value common stock so exchanged.
STOCK.—The stockholders on May 6 1925 changed the authorized
Capital stock from 1,000,000 shares, par $100, to 4,000,000 shares of no
par value. Four new shares of no par value were issued in exchange for
each share of old stock outstanding.
The stockholders on July 20 1925 increased the authorized capital stock
by approving the issuance of 252,215 shares of 5% cumul. conv. non-voting
pref. stock, par $100. This stock was offered to the common stockholders
at par on the basis of one share of the pref. stock for each eight shares of no
par value common stock held. Pref. stock will be convertible at any time
at its par value into the common stock, without par value, at the following
rates: the first $5,000,000 of pref. stock surrendered for conversion will be
convertible on the basis of one share of common stock for each $37 50 par




fVoL. 122.

INDUSTRIAL STOCKS AND BONDS
Bate
%

2,018,231sh See text
$25,049,000
5
1,200.882 sh See text
51,489,650 See text
44,809,250
7

When
Payable

Q—M 31
Q — F
Q—M
Q—J 15
Q—F 15

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Mar31’26 37)4c
May 15 ’26 IX
June 5 1926 $1
Apr ] 5 ’26 1 %
May 15 ’26 1%

value of pref. stock; the second $5,000,000 par value of pref. stock, on the
basis of one share of common stock for each $40 par value of the pref. stock;
the third $5,000,000 of pref. stock on the basis of one share of common stock
for each $42 50 par value of pref. stock; and the balance of the pref. stock on
the basis of one share of common stock for each $45 par value of pref. stock.
If called for redemption, the holders of the pref. stock so called shall be
entitled to convert, at the prevailing rate, up to and including the tenth
day prior to the date set for redemption. Redeemable as a whole or in
amounts of not less than $5,000,000, on any dividend date after three years
from the date of issue, upon sixty days’ notice, at 105% and div. V. 121,
p. 471, 852.
1922. 1923.
1924.
DIVIDENDS.—
1918. 1919. 1920 1921
1
4
Regular.
8%
None
8%
12
10
4
Extra_____________ 11%
8%
Paid in 1925, March 31, 1%; June 30, 1%; Sept. 30 and Dec. 31 25 cents
per share on new stock of no par value. Paid in 1926: Mar. 31, 37)4 cents
per share.
BONDS.—All of the outstanding 10-year 6)4 % gold bonds, dated Feb. 15
1921, were redeemed on Aug. 15 1925 at 101 % and interest. The company
guarantees, principal, interest and sinking fund, $2,722,000 gold bonds, due
Aug. 1 1931, of Tidal Osage Oil Oo.
REPORT.—For 1925, in V. 122, p. 1757, showed:
1923.
1922.
Calendar Years1925.
1924.
Total business________ $79,502,709 $66,256,620 $58,274,731 $52,426,025
6,673,734
6,362,530
Operating income_____ 11,896,100
9,049,224
2,128,294
697,892
926.431
Other income_________
733,184
Total income________$12,629,284 $9,747,116 $7,288,961
Deprec’n & deple’n_______________ 5,785,656
5,358,924
4,476,775
889,672
548,524
Federal taxes.
Outside stockholders__ Cr 33 297
Cr. 58,744
Cr.96,031
Dividends (cash)______
2,317^577
2,000,145 Cr.499,968

$8,802,028
3,826,060
52,651

Balance, surplus......... $3,669,676 $1,898,268 $2,408,249 $4,923,317
OFFICERS.—Pres., Axtell J. Byles; V.-P., Robert McKelvy; V.-P..
Edward L. Shea; V.-P., F. Bailey Vanderholf; Treas., F. A. Marsellus.
Sec., Francis I. Fallon. Offices, Bayonne, N. J., and 11 Broadway, N. YCity.—(V. 122, p. 2668.)
TIMKEN ROLLER BEARING CO. (THE)—Incorp, in Ohio on Dec. 15
1904 as the Timken Roller Bearing Axle Co.; name changed to present title
on June 5 1909. Manufactures anti-friction bearings for vehicles of all
kinds; also manufactures bearings and kindred devices for machinery of all
kinds. Plants are located at Canton, Ohio. Columbus Ohio, and Walker­
ville, Ont. In May 1925 acquired the Gilliam Bearing Co. of Canton, Ohio.
DIVS.—On stock of no par value: Sept. 1922 to June 1923 paid 75 cents
quar.; Sept. 1923 to June 1926 paid 75 cents quar. and 25 cents extra each
quar.
REPORT.—For 1925, in V. 122, p. 1625, showed:
Calendar Years—
1925.
1924.
1923.
a Manufacturing profit___________ -$12,466,984
$12,466,984 $9,616,655 $12,523,903
Selling, admin. & gen., &c., expenses.. 3,641,773
2,578,503
2,524,183

Operating profit___________
Other income________________

- $9,825,212
493,929

-$10,319,141
Depreciation_____________________- 1,032,245
Federal taxes_______________
- 1,150,000
Other deductions (net)______
48,557
Old common________________
New common_____________________. 4,803,528
. $3,284,810

$7,038,152
376,744

$9,999,720
385,063

$7,414,896 $10,384,783
1,162,980
834,210
1,125,000
775,000

4,801,328

4,200,672

$1,004,358

$3,896,131

a After deducting cost of goods sold, including material, labor and factory
expense.
OFFICERS.—Pres., H. H. Timken: V.-P.. W. R. Timken: V.-P., M. TLothrop; V.-P., H. J. Porter; V.-P., J. G. Obermier; V.-P., T. V. Buckwaiter; Sec. & Treas., J. F. Strough. Office, Canton, Ohio.—<V. 122, p2814.)
TOBACCO PRODUCTS CORPORATION.—ORGANIZATION .—
Incorporated in Virginia Oct. 1912 and has taken over concerns manufac­
turing cigarettes, smoking tobacco and little cigars. Owns entire capital
s ock of M. Melachrino & Co.. Inc. (N Y.), Melacbrlno Tobacco Trading
Co., fnc. (N. Y.). Nestor-Glanaclls Co. (Me ), the Surbrug Co. (N. J.)
Khedivial Co. (N Y.), Schinasi Bros., Inc. (N. Y ). Prudential Tobacco
O >.. Inc. (N. Y.), Falk Tobacco Co., Inc. (Va ), and approximately 50% of
tie capital stock of Stephano Bros,. Inc. (Va.), which companies own
among others, such well-known brands of cigarettes as Melachrino. Schinasi
Bros. Naturals. Rameses Milo, Nastors and Herbert Tareyton, and also
own prominent brands of smoking tobaccos and little cigars
In Tan. 1919
purchased Robert Harris & Bro., Inc. V. 108, p. 282. In Jan. 1923 pur­
chased the John J Bagley & Co. of Detroit.
These companies carry on an extensive business throughout the United
States, and also operate factories and depots in New York, Richmond.
Philadelphia. Cairo. Athens, Cavalla and Smyrna.
In Feb. 1919 purchased the business and assets of Philip Morris & Co.,
Ltd., of New York, and transferred same to a new Virginia corporation with
an authorized capital stock of $3,000,000, 300,000 shares (all of $10 par
value) of these, 265,000 shares were subscribed for by the Tobacco Products
Corp, at $4 per share, which in turn offered to its shareholders 256,000
shares at the same price in the ratio of one share of new stock for a share of
the Tobacco Products pref. or com. at said price. V. 108, p. 689, 789.
During 1923 the company acquired over 87% of the common stock of
the United Cigar Stores Co. of America.
Contract with American Tobacco Co.—The stockholders on Nov. 15
1923 ratified a contract dated Oct. 26 1923 between the company and the
American Tobacco Co. This contract provides for the lease and license
for a period of 99 years, beginning Nov. 1 1923, for the United States of
America, to the American Tobacco Co., of all the brands of cigarettes and
smoking and chewing tobaccos owned by the company and its subsidiaries,
and for the sale to the American Tobacco Co. of substantially all of the
manufacturing assets thereof at substantially the hook value thereof
as of Nov. 1 1923, and also for the payment to the company by the Amer.
Tobacco Co. for such lease and license of $2,500,000 annually for the term
of the lease.
The contract will in no wise affect the ownership by this company of the
stock of the following corporations, which it will continue to hold: United
Cigar Stores Go. of America, Tobacco Products Export Corp, and Stephano
Brothers. Compare V. 117,p. 2224.
CAPITAL STOCK.—The stockholders on June 28 1922 increased the
authorized Common stock from $25,000,000 to $100,000,000 (par $100).
and created a new class of Common stock, known as “Class A stock,” m
the aggregate amount of $49,354,000 (par $100), such Class A stock to be
entitled to non-cumulative dividends at the rate of 7% per annum before
any dividends shall be declared or paid on the Common stock.

May, 1926.]

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 8]

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

None 3,742,029sh
Transcontinental Oil Co—Com stock 4,000,000 shs auth..
Pref (a & d) stock 7% cum red 110 $25,000,000 auth____
$100 $15,750,000
Q—M
7
1st mtge St. col tr s f gold bonds $10,000,000 auth red (text)
See text
8 fS
5-year gold notes red (text)
__ __ - CLPi.kxxxc* 1925 500&1000 4,000.000
7g A & O
Transmarine & Terminal Co Inc—Stock 191,730 shs no par
JNom 177,930shrs
None 100,000 shs See text Q—J
. ransue & Williams Steel Forxins Corp—Stk 110.000 shs
» Pderwood Typewriter Co—Common stock $10,000,000 au. ....
25 10,000,000 See text
100 3.500,000
Prelerred 7% cum fa * d) red 125 $5.000.000_________
7
Q—J

Holders of Common stock of record July 10 1922 were entitled either (a)
to retain the same, or (6) to exchange the same for an equal number of shares
of the Class A stock, or (c) to exchange each share for half of one share of the
Class A stock and half of one share of the Common stock.
The entire outstanding preferred stock was redeemed on July 1 1924.
The Class “A” and common stockholders of record Dec. 14 1925 were
given the right to subscribe for 144,434 shares of additional common stock
at $80 per share, on the basis of 3 additional shares of common stock for
every 20 shares of class “A” or common stock held.
DIVIDENDS— 1913. 1914. 1915. 1910.
17.
’18. '19 "20-’26
Preferred________________ 7% annually (1Jj£% Q.-J.)------------------ See
Common (cash)__ __
__
__
__
$1 50 $1 50 $3 00 text
Common (scrip).X- __
__
__
__
__
$4 50 $3 00 __
Common (stock).. __
__
__
__
...Tan, )0 —
x 2-year 7% scrip. Series “A" div. certif.Issued May 15 1918 and due
May 15 1920. were paid on the latter date. Series “B" div. certif.. Issued
on Aug. 15 1918, were paid at maturity, Aug. 15 1920. Series “C” certifs.
were paid at maturity, Nov. 15 1920. Series “D" certifs. were paid or
Feb. 15 1921: Series "E” certifs. were paid May 16 1921. In Feb. and May
1920 paid 1)$% quar. In Aug. and Nov. 1920 and Feb., May, Aug. and
Nov. 1921. 1 M % payable in 2-year scrip. V. Ill, p 500 1573: V 112. p
477: V. 113. p. 1780. In Feb., May and Aug. 1922 paid m% In cash
then none until Jan. '24. when
was paid: Apr. '24 to Oct. '25 paid
1J^% quar. In Jan. 1926 paid a dividend of one-fifth of one Founder’s
share of Happiness Candy Stores, Inc., for each share of Tobacco Products
common stock. On April 15 1926 paid IX % quar.
On class “A” stock paid 1X% quar. from Nov. 15 1922 to May 15 1926.
NOTES.—The sinking fund 7% gold notes of 1921 were redeemed on
Dec. 20 1923 at 108 and int.
REPORT.—For 1925, in V. 122, p. 1469, showed:
1922.
Calendar Years—
1925.
1924.
1923.
Net income___________ $7,585,604 $7,766,832 $4,529,556
$5,587,519
Preferred dividends____
_____
_____
560,000
560,000
Common dividends____
5,967,839 6,221,563 3,894,978
1,668,904
Federal taxes (est.)____
275,000
150,000
150,000

Balance, surplus____ $1,342,766 $1,395,269 def$75,422 $3,358,615
OFFICERS.—Pres., Thomas B. Yuilie: Treas., George Wattley.
Office, 44 West 18th St.. New York—(V. 122, p. 1469.)
TRANSCONTINENTAL OIL CO.—ORGANIZATION .—lncorp. in
Delaware June 27 1919 and is engaged in all phases of the oil industry.
Operates 407 miles of pipe lines and 1,276 tank cars, of which 1,103 are
owned and 173 leased. The refining and marketing facilities of the com­
pany have a capacity of 14,000 barrels daily. Company’s net daily crude
production in March 1925 was approximately 6,000 barrels from 255 pro­
ducing wells. Owns or has an interest in leases aggregating 1,200,000 acres,
situated in the States of Oklahoma, Arkansas, Louisiana, Texas, Montana,
Kansas, Wyoming, West Virginia, Illinois, Colombia (South America) and
Rumania. Mid-Colombia Oil & Development Co., a subsidiary, was incor­
porated in Jan. 1921. V. 112. p. 264, 380. Carpathian Oil Co. was organ­
ized in June 1922. V. 115, p. 83. Acquired the holdings of the Rockwell
Oil Co. in Feb. 1923. V. 116, p. 526. Transcontinental California Oil Co.
was organized in July 1925 V. 121, P. 341.
Arrangement with Arkansas Natural Gas Co., V. 110, p. 977. Acquisi­
tion of holdings of Latin-American Petroleum Corp, of Colombia, aud
disposal of 51 % of stock interest therein to Standard Oil Co. of California.
V. Ill, p. 1480; V. 112. p. 169; V. 113, p. 2513. In Jan. 1922 purchased
the properties of the Continental Petroleum Corp. In Oklahoma. V. 114,
p. 418.
STOCK.—The stockholders on Feb. 28 1924 (a) increased the common
stock from 2,000,000 shares, no par value, to 4,000,000 shares, no par value,
and (6) created a new issue of $25,000,000 7% cumul. pref. (a. & d.) stock,
par $100.
Each share of preferred stock shall entitle the holder to 10 voter ano
each share of common stock shall entitle the holder to one vote.
The stockholders of record March 11 1924 were given the right to sub­
scribe, share for share, to 2,000,000 additional shares of common stock, no
par value, at $4 per share.
DIVS.—An authoritative statement, issued in Sept. 1925, said: “There
will be no dividend on the 7% cum. pref stock this year (19251, but the
results being obtained in the company’s operations justify the hope of
pref. dividends before many months. The executive and operating offices
are now moving to Tulsa and this should result in further efficiency and sub­
stantial reductions in operating costs. Developments in various fields are
favorable to oil production on a larger scale and the refineries are in position
to take advantage of favorable market conditions.”
BONDS.—Of the 810,000,000 authorized first mortgage and collateral
trust sinking fund gold 8s, due Dec. 1 1931, $8,657,000 have been issued,
of which $6,748,000 have been retired and the remaining $1,909,000 are
held by Standard Oil Co. of California. Callable at 105 and int. to Dec. 1
1926, and at 10254 thereafter.
NOTES.—The 5-year 7% gold notes are redeemable, all or part, at 102)4
and int. on or before April 1 1926, the premium decreasing
of 1% each
year thereafter.
WARRANTS.—Each note carries a detachable warrant which wil1
entitle the holder to purchase 100 shares of Transcontinental Oil Co. com.
stock for each $1,000 of notes held, upon the following terms: On or before
Oct. 1 1925 at $5 50 per share; thereafter and on or before April 1 1926 at
$6 50 per share; thereafter and on or before April 1 1927 at $8 per share;
thereafter and on or before April 1 1928 at $10 per share; and until April 1
1929 at $12 per share. V. 120, p. 1599.
REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
1923.
1922.
Gross earns., all sources_$19,304,630 $14,100,722 $14,218,657 $13,593,947
Material cost & oper .exp. 15,523,293 12,210,972 13,476,573 11,528,727
Operating income___ $3,781,337
§1,889,750
$742,084 $2,065,220
1,888,734
1,617,139
Admin, exp., int., &c
1,480,151
1,391,145
Deprec’n, depletion, &c. 1,508,604
Loss on drilling non-pro­
ducing wells________
_____
1,120,370
1,216,571
916,055
Net deficit................. .sur$792,58C
$621,765 $2,363,221
$467,973
OFFICERS.—Chairman, C. H. Huston, Pres., F. B. Parriott, V.-P.,
M. W. Bottomfield, J. C. Adams, L. B. McCammon and J. M. Holliday,
Sec. & Treas., E. D. Robinson, Compt.. Wm. H. Weiss. Office, Wright
Building, Tulsa, Okla.—(V. 122, p. 2668.)
TRANSMARINE & TERMINAL CO., INC.—ORGANIZATION.—
Incorporated at Albany, N. Y., Aug. 4 1915 as the Submarine Boat Corp.;
name changed to present title in April 1926.
During 1925 the company segregated its business. To carry out the
segregation a new Electric Boat Co. was organized and Submarine Boat
Corp, purchased 766,920 shares of the capital stock of the new Electric
Boat Co., or an amount approximately equivalent to the number of shares
outstanding in Submarine Boat Corp., paying therefor $76,692 in cash.
This stock was declared as a dividend to the stockholders of Submarine
Boat Corp., on the basis of one share of stock of new Electric Boat Co. for
each share of stock of Submarine Boat Corp.




231

INDUSTRIAL STOCKS AND BONDS

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Apr 1 1930

Pittsburgh or New York

Apr 15 1926 50c Guaranty Trust Oo. N T
Oct 1 1926 4% Cheeks mailed
Oct 1 1926 1%
do

The new Electric Boat Co. will be engaged in the business of building
submarines, motor boats and marine equipment formerly carried on by
the old Electric Boat Co. and its subsidiaries. The Transmarine & Ter­
minal Co., Inc., will operate the properties located at Port Newark, con­
sisting of the Newark Bay Terminal facilities, the Atlantic Port Ry. Co. and
the fleet of the Transmarine Corp.
STOCK.—The stockholders on April 13 1926 voted to decrease the
authorized capital stock from 800,000 shares to 191,730 shares of no par
by issuing one new share for every four shares outstanding.
DIVIDENDS.—Dividends of $1 50 were paid Jan., Apr., July and Oct,
1916 and Jan. 1917; Apr. 1917, 75 cents. July 1917, 75 cents. None
thereafter until Feb. 7 1920, when 50 cents was paid: Aug. 7 1920, 50 cents:
Feb. 7 1921, 50c.; none since. In 1925 stockholders received shares of
the new Electric Boat Co. (see abov<
REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
1922.
1923.
Gross earnings from con­
struction and sales__ $4,029,140
$7,797,324 $8,668,546 $10,505,516
Cost of constr. & exps__ 3,810,004
6,503,101
9,472,492
7,333,246
Exp. not appor’d to cost
361,359

Net income________ loss$142,222
Other income_________
7,086

$1,294,223
162,272

$1,335,300
622,703

$1,033,024
1,160,747

Gross income______ loss$135,136
Other deductions____
111,990

$1,456,495
1,295,685

$1,958,003
1,723,770

$2,193,771
577,938

Balance, surplus____ def$247,126
Previous surplus______
48,457
Fed. taxes, prior years._ deb34,069
Dividends paid_______
76,692

$160,810
7,610,162

$234,233
7,375,929

$1,615,833
5,760,096

Profit; loss surplus. _def$309,430 $7,770,972 $7,610,162 $7,375,929
OFFICERS.—Henry R. Carse, Pres.; L. Y. Spear, Henry R. Sutphen,
V.-Ps.; H. A. G. Taylor, Treas. & Sec. N. Y. office, 11 Pine St.—(V.
122, p. 2206.)
TRANSUE & WILLIAMS STEEL FORGING CORPORATION.—
ORGANIZATION.-—-lncorp. in New York Oct. 26 1916 as successor of
company of similar name (organized in 1898). Manufactures steel forgings
stamping forms. &c.
STOCK.—Capital stock, auth. issue, 110,000 shares; no par value; out­
standing, 100,000 shares.
DIVIDENDS.—1917, Jan. and Apr., $1; in July 1917 increased the quar.
div. to $1 25; Oct. 1917 to Jan. 1921, $1 25 quar.; April and July 1921, $1
quar.; Oct. 1921 to April 1923, 50c. quar.; July 1923 to Jan. 1925 paid 75c.
quar.; April 15 1925 to April 15 1926, paid 50c. quar.
REPORT.—For 1925, in V. 122, p. 763, showed:
Calendar Years—
1923.
1922.
1924.
1925.
Gross sales_________
$5,084,429 $4,423,676 $6,246,922 $4,170,183
Less returns, allowances,
215,070
218,526
232,960
310,724
and freight .... . _
Labor, material and fac­
3,958,723
tory expenses_______
4,582,441
4,047,345
5,326,165
130,253
137,342
136,979
Selling, office & adm. exp
186,427

Net profit from oper’n
Other income—net____

$97,035
65,411

$6,028
70,513

$473,054 loss$133,863
62,726
35,837

$76,541
$508,891 loss$71,137
Net profit__________
$162,446
50,000
Prov. for est. Fed’l taxes
13,000
1,500
Dividends____________ ($2)200.000 ($3)300,000($2X)275000 ($2)200,000
Balance, sur. or def... def$50,554 def$224,957 sur$183,891 def$271,137
1925.
1926.
Quarter Ended March 31—
1924.
$954,242 $1,281,246
Gross sales_______________________ $1,698,697
_____
1,222,230
Net sales_________________________
_____
_____
1,170,848
Cost of sales______________________
_____
_____
46,432
Office and administrative expenses__
_____
_____
Cr .3,380
Other income_____________________
_____

Net income______________________
$62,628 loss$22,062
$8,329
OFFICERS.—Pres. & Treas., F. E. Dussel; V.-P. & Gen. Mgr., F. W.
Trabold. Office, Alliance, Ohio.—(V. 122, p. 2513.)
TRUMBULL STEEL CO.—(V. 122, p. 2814.)
UNDERWOOD TYPFWR1TFR CO., INC-—ORGANIZATION.—
lncorp. in Delaware. Plants at Hartford and Bridgeport, Conn.
STOCK.—Preferred stock, see V. 90, p. 788. $1,500,000 has been ac­
quired and canceled, according to charter.
The stockholders on June 12 1923 authorized the change in the par value of
the common stock from $100 to $25 per share and authorized the creation
and issue of an additional $1,000,000 common stock. The stockholders of
record of June 15 1923 were given the right to subscribe to the new stock
(par $25) at $40 per share.
DIVIDENDS.—On pref., July 1 1910 to Oct. 1 1926, 1)4% quar. On
com stk, July 1 1911 to Oct. 1916, 1% quar.; Jan., April, July and Oct
1917, 1)4%: 1918, Jan., 1)4% and 5% extra from accumulated surplus
April, July and Oct.. 1)4% quar. 1919. Jan.. iy2 % and 5% extra; April,
2%; July, 2%. and 5% extra in U. 8. Victory Hinds; Oct., 2% cash; in
1920, Jaa.. 2% and 5% extra in casn; April. 2%; July. 2% cash and 5%
In Victory notes; Oct., 2% cash; Jan. 1921 to .Tidv 1923 paid 2)4% quar
Oct. 1923 to Jan. 1926 paid 3% quar.; also paid 4% extra on Dec. 23 1925.
April 1 1926 to Oct. 1 1926, paid 4% quar.
REPORT.—For 1925, in V. 122, p. 877, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Net earnings__________ $3,314,580 $2,355,587 $2,881,968 $1,972,937
Other net income, inter­
311,274
219,937
203,407
211,406
est received, &c_____
$3,525,986 $2,558,994 $3,101,905 $2,284,212
Deduct—
$199,381
$250,112
$263,784
Deprec. charges off, &c. $244,731
Reserve for employees’
108,416
218,209
90,972
188,501
profit-sharing plan__
275,000
350,000
286,600
392,000
Res’ve for Federal taxes.
267,750
260,750
253,750
246,750
Preferred dividends____
900,000
1,050,000
1,200,000
1,600,000
$533,665
$972,835
$854,004
$463,888
Transf. to surp. acct_.
1923.
1924.
1926.
1925.
3 Mos. End. Mar. 31—
$814,691
$810,497
$966,366 $1,121,643
Tet earnings__________
95,934
95,452
94,831
103,472
Other net income_____
$910,625
$905,949
$1,069,839 $1,216,475
$68,236
$64,020
$60,632
$64,578
Depreciation__ _______
144,000
135,000
Reserve for Federal tax.
Net profits_________
$870,260 $1,011,842 x$841,929 x$842,389
x Subject to deduction for Federal income tax.

332

INDUSTRIAL STOCKS AND BONDS
Bi Rate 1 When Last*Dividend
Oats
Par
COMPANIES
Amount

MISCELLANEOUS
[For abbreviations, &c., see notes on page 8]

Union bag & Paper Corporation—Stock $20,000,000 auth.
Allen Bros Go, 2d M $100,000 assumed________________
tl-lon Carbide & Carbon Corp—Stock 3,000.000 shs nopa>
Sauda Palls Co Ltd 1st mtge s f g bonds Series A guar
D & 1 red (text)_____________________ _______ Ce.xxxc*
Union Oil Co of California—Stock auth $125,000,000----First lien M $20,000,000 g callable see text-_Eq.xxc*&r*
20-year non-callable gold $10,000,000 auth..LLo.xxx
10-year sinking fund gold bonds red (text)_______ ..xxxc*
Union Steel—First, /fceoii mtge $45.(M*’ Omi e <r,i ■ r
Union Tank Car Co—Oom. Stock $25,000,090 auth.. __
Preferred stock (non-voting) $12,000,000 authorized.__

Bonds
....

Value

Outstanding

100 14,604,350
90,000
None 2,659,733sh

1925 500&1000
$25
1911
100 &c
1922 500&1000
1925 500&1000
1902 1,000&c
____
100
100

4,000,000
$94,506,225
5,281,000
8,934,500
9,885,000

al5,000,000
24,564,400
12,000,000

%A

Payable

and Maturity

[Vol. 122.
Places'Where Interest and
Dividends Are Payable

Julv 15 ’24
To 1934
Apr 1 ’26 $1X By check
Cent Un Trust Co, N Y
Oct 1 1955
May 10 '25 50c Los Angeles
N Y, Los Angeles, &c
Jan 2 1931
Los Angeles Tr & Sav Bk
May 1 1942
[ Pac-S W Tr & S B, LosA
Feb 1 1935
[Cent Union Tr Co, N Y
New York Trust Co, N Y
5 g J J & D Dec 1 1952
Q—M June 1 1926 IX Checks mailed
5
7
Q—M June 1 1926 1%

6
$5

Q—J
A & O
5g
See text Q—F
J & J
5g
F & A
6g
5g
A & O

a An additional $28,935,000 held by trustees of sinking fu nd.

OFFICERS.—Pres., John T. Underwood; V.-P., Edward F. Geer;
Treas., De Witt Bergen; Asst. Treas., John J. Hinchman; Sec., L. W. Guern­
sey. Office, 30 Vesey St., New York.—(V. 122, p. 2815.)
UNION BAQ & PAPER CORPORATION.—ORGANIZATION.—
Incorp, in New Jersey Oct. 4 1916 as a consolidation, per plan in V. 103, p.
244, 762, of Union Bag & Paper Co. and its sales agent, the Riegel Bag &
Paper Co. In this merger the $27,000,000 stock of old Union Bag & Paper
Co. ($11,000,000 being pref.), gave place to $10,000,000 stock, all of one
class. See full statement, V. 104, p. 71. In Dec. 1916 purchased the
Cheboygan (Mich.) Paper Co. and guaranteed Its $1,000,000 bonds
principal and interest. V. 103. p. 2436, 2161; also then purchased foi
cash Badger Bag & Paper Co. of Wausau, Wis. V. 104, p. 262. In Dec
1923 acquired the capital stock of Columbia Bag & Paper Corp, of Long
Island City, N. Y. Mills and factories are located at Hudson Falls, N. Y..
Chicago, Ill., Kaukauna, Wis., Cheboygan, Mich., Long Island City, N. Y..
and Bogalusa, La.
STOCK.—The stockholders voted May 4 1920 to increase the capita)
stock from $10,000,000 to $2j,000,000. Of the new stock $4,977,850 was
distributed as a 50% stock dividend on May 20 1920.
DIVIDENDS.—Dec. 15 1916 to Sept. 15 1919, 6% p. a. (1X% Q--M.)
Dec. 1919 to Dec. 15 1921, 2% quar.; Mar. 15 1922 to July 15 194, 1X%
quar.; none since. Also extra div., Feb. 1917, 2% cash, and on Nov. If
1917, Jan. 25 1918 and Feb. 15 1919, each 2% in Liberty Loan bonds
Paid 56% stock dividend on May 20 1920.
BONDS.—All of the outstanding $5,980,000 series A first mtge. 6% gold
bonds, dated May 1 1922, were redeemed on May 1 1926 at 105 and int.
REPORT.—For 1925, in V. 122, p. 2343, showed:
1922.
1923.
Calendar Years—
1925.
1924.
Net earnings__________ x$931,746 x$l,014,849 $1,580,827 $1,744,389
415,848
Depreciation.
296,214
244,196
359,2731
25,396
30,741
ITop. of bd. disc. & exp.
385,922
273,281
349,389
369,836
lnterest______________
Dividends____________
(3)433,141 (6)869,658 (6)867,834

Balance, surplus____
$223,084 def$115,083
$81,051
$162,031
Profit & loss, surplus... $1,280,009 $1,164,041 y$l,279,124 $1,228,073
x Net earnings, including dividends from sub. cos. (ana profit on sale
of capital assets $308,869 in 1924), and after deducting ordinary repairs
and maintenance, but before providing for depreciation, y After deducting
$30,000 for taxes and contingencies.
OFFICERS.—Chairman. August Heckscher; Pres., M. B. Wallace
V.-P., C. R. McMillen, E. B. Murray and Alexander Calder; Treas.
M. B. Wallace; Sec., Charles B. Sanders. Office, Woolworth Building
N. Y.—(V. 122, p. 2343.)
UNION CARBIDE AND CARBON CORPORATION.—ORGANIZA­
TION.—Incorporated in New York Nov. 1 1917 (V. 105, P- 1426, 1718;
V. 106, p. 507) to manufacture and deal in calcium carbide and all gasproducing materials and gas, especially acetylene gas, and all machinery
relating thereto; also metallurgical and chemical substances and com­
pounds, &c.; coal, coke, oil, lumber, &c.; iron, steel, silicon, chromium,
molybdenum, vanadium, titanium, tungsten, manganese, calcium, carbon,
copper, aluminum, nickel and other elementary substances, and any and
all alloys, compounds, &c.; also to manufacture and deal in electrical
batteries, starters, lamps, machinery and other electrical appliances,
oxygen, hydrogen, nitrogen and other gases separated from air, &c.
The corporation owns directly or indirectly substantially all of the com­
mon capital stock of Union Carbide Co. (V. 105, p. 916, 722), National
Carbon Co., Inc., the Linde Air Products Co. (V. 104, p. 668), the Prest-OLite Co., Inc. (V. 104, p. 458), Electrio Metallurgical Co., Michigan North­
ern Power Co., Union Carbide Co. of Canada, Ltd., Electric Furnace
Products Co., Ltd., Oxweld Acetylene Co., Oxweld Railroad Service Corp.,
and other subsidiary companies. [The outstanding pref. shares include:
National Carbon, Inc., $5,600,000 8% cum. pref., callable at 140 (par $100);
Linde Air Products Co. 6% pref., $750,000; Dominion Oxygen Co., Ltd.,
pref., $121,000.] In April 1921 acquired the Carbide & Carbon Chemical
Corp, and the Clendennin Gasoline Co. V. 112, p. 1748.
CAPITAL STOCK.—Stockholders of record Dec. 12 1918 had the right
to subscribe for 406,857 shares of additional stock at $40 per share to the
amount of 20% of their holdings. Stockholders of record Oct. 20 1920
had the right to subscribe to additional stock at $40 a share to the extent
of 10% of their holdings. V. Ill, p. 1480; V. 107. p. 2195, 2482.
Preferred stock of subsidiary companies outstanding, $6,471,000.
DIVIDENDS.—An initial dividend of $1 per share was paid Jan. 2 1918
Dividend No. 2, $1 per share, paid April 2 1918; July 1918 $1.
Oct
1918 to April 1920, paid $1 25 quar. July 1920 to Apr. 1921 paid $1 5('
quar. July 1921 to Jan. 1924 paid $1 quar., April 1924 to Apr. 1926 paid
$1 25 quar.
BONDS.—Guarantees, principal, interest and sinking fund, $4,000,000
8auda Falls Co., Ltd., 1st mtge. 5% sinking fund gold bonds. Series A,
due Oct. 1 1955 and redeemable in whole or in part at 107X and int. prior
to Oct. 1 1945, thereafter at 105 and int. prior to Oct. 1 1950, and there­
after prior to maturity at 102X and int. V. 121, p. 2040.
Other bonds of subsidiary companies: $1,165,000 6% due Feb. 1 1937;
$3,530,250 5% due July 1 1941; $318,000 6% due July 1 1950; $1,687,950
5% debentures due April 1 1958.
REPORT.—For 1925, in V. 122, p. 1936, showed:
1925.
1924.
1923.
1922.
Earnings (after prov. for
income tax)________ $28,267,089 $23,939,639 $22,030,182 $16,460,098
Depreciation, &c______ 7,201,527
6,178,215
4,895,076 3,808,372
489,852
430,432
Interest
543,975
438,377
Divs. on pfd. stk. of subs.
500,260
500,260
500,260
497,235
Net income................. $20,021,327 $16,771,312 $16,204,415 $11,716,114
Earnings of companies
100% owned_______
_____
_____ deb665,000
_____
Previous surplus______ 75,334,931 71,450,857 66,550,374 65,473,192
Unamort. book value of
patents, &c_______ Dr.29,423,509
Net adjustments________ Cr.217,237 Cr.411,426
Total surplus_______ $66,149,986 $88,633,596 $82,089,789 $77,189,306
Divs. on Union Carb. &
Carbon Corp. stk.($5)13,298,665($5)13298665($4)10638932($4)10638932
Profit & loss surplus..$52,851,321 $75,334,931 $71,450,857 $66,550,374
Quarters Ended March 31—
1926.
1925.
Earnings (after prov. for income & other taxes)__ $8,014,561
$6,319,622
Int. on fund. dt. & divs. on pf. stk. of sub. cos__
306,439
256,989
Depreciation and other charges (est.)__________
1,926,126
1,800,382
Balance, surplus____________________________ $5,781,995 $4,262,251
OFFICERS.—Chairman of board, George O. Knapp, Pres., J. J. Ricks,
Vice-Presidents, G. W, Mead, M. J. Carney, B. O’Shea and W. J. Knapp,




Sec., G. W. Mead; Treas., W. M.^Beard. Office, Carbide & Carbon
Building, 30 East 42d St., N. Y.—(V. 122, p. 2513.)
UNION OIL CO. OF CALIFORNIA.—ORGANIZATION.—Incorp,
in California Oct. 17 1890 and produces fuel oil, refined oil, gasoline, kero­
sene, benzine, &c. The company owns in fee or mineral rights in fee ap­
proximately 616,429 acres, and has under lease approximately 174,622 acres,
as follows: California, 189,708 acres; Wyoming, 14,683 acres; Texas, 771
acres; Colorado. 34,355 acres; Utao. 3,960 acres: Mexico, 470 acres, Colom­
bia, S. A., 425,746 acres; New Mexico, 121,358 acres.
Owns all of Producers Transportation Co. s $7,000,000 stock. V. 104,
p. 2565; V. 105, p. 78.
In 1917 purchased Pinal Dome properties. V. 105, p. 826, 2280; V.
107, p. 298.
Organization of Union Oil Associates, V. 113, p. 2193; V. 114, p. 956,
1072, 1296, i4. 7; V. 115, p. 191.
The Fort Collins Producers’ Corp., a subsidiary, was incorporated in
Colorado in July 1924 with an authorized capital stock of $10,000,000, par
$25 per share, to take over the operations in Colorado of the Union Oil Co.
of California. 82% of the stock of the Fort Collins company is owned by
the California company. V. 119, p. 207.
STOCK.—No dividends while the first lien bonds are unpaid, unless net
income is twice the interest charge. V. 101, p. 523; V. 100, p. 1353, 1516,
897; V. 102, p. 1065; V. 103, p. 762.
The stockholders voted on Feb. 26 1924 to increase the authorized stock
from $100,000,000 to $125,000,000.
During 1924 the par value was changed from $100 to $25, four shares
of new stock being issued for one share of old stock.
LATE DIVS.— [ ’11-’12. ’13. ’14-’15. T6. ’17. ’18. ’19. ’20. ’21. 1922-26.
Cash___________ ) Yearly 48 None
6 6
6
6 6X 8
See
Extra_________
_____ ..._______ ..
3
4
4 4
4
text
Instock_______ (______ ___________ __
.. Mar.,10----- -----------On Jan. 19 1918, IX % and 1% extra; Mar. 15 1918, 10% in stock; April
1918 to July 1920, 1)4% cash and 1% extra (Q.-J-); Oct. 1920 to Oct. 1922.
2% quar. and 1% extra. On Dec. 20 1922 paid 80% in stock. On Jan. 27
1923 paid IX % on increased capitalization; April 28 1923 to Oct. 28 1924
paid $1 80 quarterly. On Feb. 10, May 10, Aug. 10 and Nov. 10 1925 paid
45 cents a share on new stock of $25 par value, which was exchanged for old
stock of $100 par value on the basis of four shares of new stock for one share
of old stock. On Feb. 10 and May 10 1926 paid 50 cents a share.
BONDS.—First Lien 5% 20-year bonds. Sinking fund retires yearly
at 102X and int.; also callable as an entire issue at 105 and int. on any int.
date. V. 102, p. 1726.
The 20-year non-callable 6% gold bonds have a sinking fund of $500,000
p. a., commencing Aug. 1 1922, available in equal installments each 6
months, for the purchase of these bonds in the market if obtainable at or
below a 5X % int. basis to maturity. V. 114, p. 2024.
The 10-year 5% sinking fund gold bonds are callable, all or part by lot,
at 102 and int. up to and incl. April 1 1927, 101)4 and int. up to and incl.
April 1 1929, 101 and int. up to and incl. April 1 1931, and 100)4 and
int. thereafter. A sinking fund will be provided, payments due April 1
1927 and annually thereafter to maturity, of $300,000 per annum to and
including April 1 1930, $500,000 on April 1 1931, and $600,000 per annum
thereafter to maturity, to purchase bonds if obtainable at or below the then
prevailing call price, and to the extent not so obtainable to call bonds by lot
at such price. Bonds so acquired are to be canceled. V. 120, p. 596.
REPORT.—For 1925. in V. 122, p. 1450, showed:
Consolidated Annual Statement, Including Controlled Companies.
1925.
1924.
1923.
1922.
Production, net barrels. 14,961,465 15,036,952 18,741,633 12,453,846
Gross sales____________ $74,378,772 $65,950,218 $72,962,578 $58,937,140
Total profits_________ 27,082,278 27,334,032 24,357,393 25,419,981
3,141,023
3,237,115
4,415,712
General exp., taxes, &c_ 4,392,098
Depreciation__________ 11,440,324 11,309,412 12,311,235 10,563,729
429,354
776,394
Interest on bonds, &c__
736,649
904,860
550,000
Provision for Fed. taxes.
_____
6,000,000
6,675,349
6,435,000
Cash dividend________
6,804,000
Balance, surplus____ $3,709,206___ $4,028,699_ $1 <.597,649 ^$4,7.35,875
Report for 3 mos. endecT Mar. 31 1926,"in"’v. 122, pT’2206, showed:
1923.
3 Mos .End. Mar .31—
1926.
1924.
1925.
Profit*_______________ $5,525,000
$5,550,000 $5,600,000 $5,050,000
1,500,000
Prov. for depr. & deplet. 1,825,000
1,650,000
1,750,000
Labor and incidental cost
850,000
1,800,000
of new drilling______
1,000,000
1,250,000
Netprofit____ ______ $2,700,000
$2,550,000 $3,100,000 $1,750,000
* From all operations, less general expenses, taxes (incl. income tax),
interest charges and provident fund.
OFFICERS.—Pres., W. L. Stewart; Exec. V.-P., E. W. Clark; V.-P.,
W. W. Orcutt and L. P. St. Clair; Comp., R. D. Matthews; Sec., John
McPeak; Treas., R. J. Keown. Office, Union Oil Bldg., Los Angeles,
Calif.—(V. 122, p. 2669.)
UNION STEEL CO.—The United States Steel Corporation, which took
possession as of Dec. 1 1902, owns the entire $20,000,000 stock, guaranteeing
$45,000,000 of 5% bonds. See V. 75, p. 1359, 1150; V. 74, p. 100.
BONDS.—The 1st and coll. 5s of 1902 ($45,000,000 authorized issue)
are guaranteed principal and interest by the U. S. Steel Corp., and are
secured by all the property of the company, including the Sharon Steel stock
acquired. They are subject to call since Dec. 1 1907 at 110 and interest.
Annual sinking fund 2% of amount of bonds out. V. 75, p. 1150; V. 76,
p. 107, 546. Guaranty, V. 76, p. 709.—(V. 78, p. 1171, 1227; V. 83, p.
912; V. 91, p. 721; V. 92, p. 1247.)
UNION SWITCH & SIGNAL CO.—See Westinghouse Air Brake Co.
UNION TANK CAR CO.—ORGANIZATION, &c.—Incorporated in
N. J., in 1891 as Union Tank Line Co., name changed to present title June 11
1919 (V. 108, p. 2131, 2336). Owns about 33,000 tank cars which it leases
to shippers at rental charges according to capacity, and in addition receives
a mileage rate from the railroads. Formerly controlled by Standard Oil
Co. of N. J., but segregated in 1911. Auth. common stock was increased in
June 1919 from $12,000,000 to $25,000,000. V. 108, p. 2336. Divs., 1914
to March 25 1919, 5% yearly (2X% M. & S.); June to Dec. 1919 paid
1)4% quar.; Mar. 1920 to Dec. 1 1922 paid lX% quar.; Mar. l9z3 to
June 1926 paid 1)4% quar. on increased capitalization. Also paid 50%
in common stock on Dec. 28 1922 and 33 1-3% in common stock on Dec. 10
1925.
>
The stockholders on”Jan. 27 1920 authorized the creation of an issue of
$12,000,000 cumulative 7% non-voting pref. stock. Stockholders of record
Jan. 27 we.e given the privilege of subscribing to the new stock at par on
tne basis of one share of pref. for each snare of common held. Initial div.
of l%% on new pref. stock paid June 1 1920; to June 1 1926, IX % quar.
All of the outstanding equipment trust 7 % gold notes. Series A, due Aug. 1
1930, were redeemed on Aug. 1 1925 at 102)4 and int.

May, 1926.]

MISCELLANEOUS COMPANIES.
[For abbreviations, Ac., see notes on page 8.]

Date
Bonds

United Alloy Steel—Stock 905.000 shares____________
Preferred stock 7% cum $10,000,000 auth. __________
United Cigar Stores Co of Amer—> um $60,000,000 auth_
Preferred stock (a A d) 7% cum $5,000,000 see text_____
Guaranteed Bonds—

United Stores Realty Corp s f g debs call (text) kxxxc*
United Drug Co,—Auth common $55,000,000 _____
..
1st pref (a A d) 7% cum $35,000,000 call any time at $60 Pref stocks of sub companies outstanding _
20-year gold bonds red 107X ________________ xxxc*Ar*
5X-year gold notes. ...
_ . .................... AB.c*
Real estate mtge bonds all sub cos
’ nlted Dry Goods Cos—See Associated Dry Goods Corp
United Dyewood Corp—Common stock $15,000,000_____
Pref 7% cum $5,000,000 _

REPORT.—For 1925. in V. 122, p. 1625, showed:
Calendar Years—
1925.
1924.
1923.
Earns, after oper. exp.. $6,613,297 $7,223,926 $8,374,135
Deprec. & amortization. 3,444,899 3,401,368 3,616,755
Reserve for taxes______
452,790
592,688
560,000
Reserve for annuities
_____
_____
91,980
Preferred dividend____
840,000
840,000
840,000
Common dividends____
910,370
901,125
900,000

1922
1924
1920

Par
Value

$713,840
27.417,355

$30,629,180 $28,131,195
231,000
231,000
400,000
400,000

....

1922.
$8,097,781
3,895,782
819,562
79,577
840,000
840,000

$3,001,607
25,205,382

$9,848,355 $28,206,989
231,000
231,000
2,200,000
1,200,000

Total capital surplus.$29,998,181 $27,500,195 $27,417,355 $26,775,989
OFFICERS.—Chairman, Harry Coulby; Pres., George H. Charls; V.-P.
& Gen. Mgr., L. H. Pritz; Sec. A Treas., C. W. Krieg. Offices, Canton
Ohio, and Pershing Square Bldg., N. Y. City.—(V. 122, p. 2815.)
. UNITED CIGAR STORES CO. OF AMERICA.—ORGANIZATION.—

Incorporated in N. J. July 24 1912. On June 1 1917 for purposes of eco­
nomical operation It took over all the property and assets or Its subsidiaries,
the United Cigar Stores Co., Inc., N. J., United Cigar Co. of Ill and United
Stores Realty Corp. V. 105, p. 1718; V.94, p. 1451,1386,1122; V.93, p. 1108,
1122; V. 88. p. 1132). Retails cigars, cigarettes, tobacco, Ac. hav,
lng over 2,500 stores and agencies in various parts of the country. United
Profit Sharing Corp., see V. 98. p. 1465: V. 99. p. 474. 1683: V. 100. p. 59,
314. In May 1926 acquired a one-half interest in the Charles F. Noyes Co.,
which has acquired the rental and agency management of the United Cigar
Stores Co. V. 122, p. 2669.
During 1923 the Tobacco Products Corp, acquired over 87% of the
common stock of the company.
STOCK.—The preferred stock has equal voting power with common. A
special surplus fund out of net profits may be used to redeem pref. stock at
prices not exceeding $140 per share. The stockholders on April 11 1924
changed the par value of the common stock from $100 to $25.
Preferred and common stockholders of record Dec. 10 1925 received the
right to subscribe for additional common shares on the basis of one additional
share for every four shares of either preferred or common stock held.
BONDS.—The company guarantees, principal and Interest, $5,820,000
20-year 6% s. f. debenture gold bonds, due 1942. of United Stores Realty
Corp. The bonds are non-callable during first 5 years except at 105 for
sinking fund. Callable in whole, or part after Sept. 30 1927, up to April 1
1932 at 105 and int., and after April 1 1932 to 1942 at 105 and int., less
X% for each 6 months to maturity. V. 116, p. 1953.
DIVIDENDS (old co. prior to merger of 1917).—Div. on common. 1 X %
and X% extra paid Feb. 15 1913; May 15 1913 to Nov. 15 1913, 1)4%
Feb. 15 1914 to May 15 1915, 6% yearly; Aug. 1915 to Feb. 15 1917. 1 X %
May 1917, 2% quar. to May 1918. V. 104, p. 1392. On Aug. 15 1918 in
creased the common dividend to 2X%: Nov. 1918 to May 1919, 2X%
quar.; then none till Jan. 2 1920, 6%. V. 107. p. 410. In April and again
in Nov. 1920 paid 10% in common stock. Jan. 1921 to Mar. 1921 paid

1923, 2%; Nov. 1923, 3%; Feb. 1924, 3%; May 1924, 3%; June, 1924 to
June 1926 paid each quar. 2% in cash and IX % in common stock.
REPORT.—For 1925, in V. 122, p. 1325, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Net profits____________ a$9.989,676 a7,751,997 $5,817,027 $5,059,806
Federal taxes, &c________________ 825,000
700,000
700,000
700,000
Interest______________
351,448
355,298
359,100
Preferred dividends______________ 286,377
301,808
316,890
316,890
Common dividends_______________ 2,780,431
3,968,002
2,957,234
1,642,836
Balance, surplus------- $5,746,420 $2,426,889 $1,483,803 $2,400,080
a Includes $1,295,197 enhancement of leasehold values in 1925 and
$1,247,729 in 1924.
OFFICERS.—Chairman and Pres., Charles A. Whelan; V.-Pres., Elliott
Averett, Wm. Baeder, R. L. Ramsdell, O. R. Sherlock, J. F. Whelan, H. S.
Collins, W. T. Posey, Dr. M. Monac-Lesser, Albert C. Allen, Samuel




Last Dividend
and Maturity

Places Where Interest one
Dividends Are Payable.

Oct 1 1942
Junel 1926 2% Amer Trust Co, Boston
May 1 1926 1X \mer Trust Co. BostoF

In 1922 purchased

$3,072,366
26,755,989

When
Payable

100 Ac. 5,820,000
A A O
6g
100 35,279,000 See text Q—M
50 32,557,400
Q—F
7
11,100
100 Ac 12,500,000
6g A A O
1.000 1,962,500
8g J
D15
1,349,000

The Canton Sheet Steel Co. from the Hydraulic Steel Co. V. 115, p. 83.
STOCK.—The stockholders in March 1921 ratified an Increase in the
capital stock from 525,000 shares of Common stock (no par value) to 905.000
shares Common stock (no par value) and created an issue of $5,000,000 7%
Cumulative Preferred stock. The new stock was used for the purpose
of acquiring, through exchange of shares, the Berger Mfg. Co. and the
United Furnace Co. The authorized preferred stock was increased to
$10,000,000 on July 31 1923. V. 117, p. 563.
DIVIDENDS.—On pref., in full to date. Initial dividend on common
of $1 per share was paid Jan. 10 1917; April 1917 to Jan. 1921, $1 quar.,
then none until July 1922, when 50 cents was paid; same amount paid quar.
to April 1923; July 1923 to Jan. 1924 paid 75 cents quar.: April 1924 paid
50 cents quar.; then none until Jan. 9 1926, when 50 cents was paid; same
amount paid April 10 1926.
REPORT.—For 1925, showed:
1 Q9Q
Calendar Years—
1925.
1924.
1922.
Manufacturing profits.. $6,077,177 $2,629,061 $5,365,421 $4,334,557
Income—stks., bds., Ac.
85,197
94,642
97,593
50,138
Miscellaneous________
194,385
360,614
430,094
557,877
Interest earned_______
93,227
Total profits_________ $6,356,761 $3,084,317 $5,893,109 $5,035,799
Taxes (not incl. Federal) $362,573
$363,819
$395,641
$241,641
Interest paid_________
63,286
150,651
235,469
90,602
Miscellaneous________
226,942
261,294
346,453
425,831
Depreciation_________
1,624,973
1,494,299
1,493,179
1,276,117
Prov. for est. Fed. taxes.
500,000
100,413
350,000
Operating contingencies.
350,000
Employees’ insurance__
100,000

. $3,128,985
. 27,500,195

Rate
%

Apr 10 1926 50c Guaranty Trust Co, N Y
Apr 1 1926 IX
Checks mailed
See text
do
June 15/26 IX

UNITED ALLOY STEEL CORP.—ORGANIZATION.—lncorp. m
N. Y. State Oct. 25 1916. Owns in fee property of former United Steel Co
of Canton, O. (organized In 1903). Produces pig Iron from native ores and
coke, and converts same into steel in Its own furnaces. Two plants, total
combined capacity 50,000 to 60,000 tons per month.

Amount
Outstanding

None 800,000 sh. See text Q—J
100 3,300,000
7
Q—J
25 35,850,907 See text Q—M31
Q—M
100 4,091,100
7

Balance, surplus____
$965,238 $1,488,745 $2,365,399 $1,622,859
OFFICERS.—Chairman, Henry E. Felton; Pres., E. C. Sicardi; V.-Pres.,
A. E. Smith; V.-Pres., B. C. Graves; Sec’y, E. F. Cook; Treas., E. L.
Gridley. Office, 21 East 40th St., New York.—(V. 122, p. 1625.)

Preferred dividends___
Common dividends____

233

INDUSTRIAL STOCKS AND BONDS

100 13,918,300 See text
7
100 3,950,000

Q—J

Oct 15 1944
June 15 1926

Chase Nat Bank, N Y
Amer Trust Co, Boston

July 1 1924 1 X
Apr 1 1926 IX

Simons, L. E. Denslow, Julius Schwartz, M. A. Boubier; Sec., W. A. Fer­
guson; Treas., Geo. Wattley. Office, 44 West 18th St., New York.
—(V. 122, p. 2815.)
UNITED DRUG CO.—ORGANIZATION.—Incorporated In Mass.
In March 1916. In addition to its manufacturing property and business,
owns the entire capital stock of the Louis K. Liggett Co., the retail company
which succeeded to Riker-Hegeman Co., Riker-Jaynea Co. and Louis K.
Liggett Co. business. Also owns all the common stock of Canadian and
British companies, Ac. V. 108, p. 2637; V. 109, p. 894; V. 103, p. 417;
V. 102, p. 615, 1167, 1255. In its laboratories and factories in Boston,
New Haven, St. Louis and other places the company produces drugs,
pharmaceuticals, toilet preparations, rubber goods, hospital supplies, and
a variety of other merchandise required by drug stores. These products
are protected by trade marks and distributed chiefly through Its 8,000
stockholder agents, called Rexall stores, situated in nearly every place in
the U. S. of over 1,000 population, and also through over 300 Liggett’s
drug stores. In 1917 purchased Seamless Rubber Co. in New Haven,
Conn., the lessee of a new $1,800,000 plant owned by Seamless Rubber
associates on account of which the latter sold $1,200,000 6% preferred
stock In Nov. 1919, having dividends and sinking funds covered by rental
under guaranty by United Drug Co. V. 109, p. 1706. In 1919 acquired
Schuhles Pure Grape Juice Co., Inc., of New York (name cnanged in
1922 to Hudson Valley Pure Food Co.). V. 104, p. 1495, 2562. United
Drug Co., Ltd., Canada. V. 106, p. 2127, 2458; V. 112, p. 2323. In Aug.
1919 sold Vivaudou Co. V. 109, p. 894. In Nov. 1919 purchased a con­
trolling interest in the Absorbent Cotton Co. of America, St. Louis, and
on Jan. 28 1923 acquired all the outstanding stock of that company. V. 109,
t). 2077. During 1919 formed the United Drug Building Co., which sold
>2,000,000 of bonds, guaranteed by an irrevocable 20-year lease of the
property to the United Drug Co. V. 110, p. 877. In July 1920 Liggett’s
International, Ltd., Inc., was organized and took over the assets and
business in Great Britain, all the outstanding stock of the Louis K. Lig­
gett Cot, Ltd., of Canada, and the ordinary shares of the Boot’s Pure
Drug Co., Ltd., of England.
In June 1925 Liggett’s International, Ltd., was liquidated and its securi­
ties transferred to the treasury of the United Drug Co.
STOCK.—The pref. stock is non-voting, unless the dividends thereon
are in default, in which case the pref. stock at least will have full voting
power as well as the common.
The stockholders on Jan. 21 1925 authorized an increase In the 1st Pref.
stock from $20,000,000 to $35,000,000. Preferred stockholders of Lig­
gett’s International, Ltd., Inc., in Jan. 1925 were offered 1 l-7th shares
of the 1st Pref. stock of United Drug Co. in exchange for each share of Pre­
ferred stock of Liggett’s International.
All of the outstanding $124,900 2d pref. stock was redeemed on Dec. 1
1925 at 105 and dividends.
BONDS.—The8% convertible gold bonds were redeemed on Dec. 15 1924
out of the proceeds of the $12,500,000 20-year 6% gold bonds sold in
Oct. 1924. V. 119, p. 1636.
Guarantees, jointly with Louis K. Liggett Co., $2,250,070 7% S. F
gold bonds, due Mar. 1 1942. of Liggett-Winchester-Ley Realty Corp
V. 114, p. 953.
DIVIDENDS— 1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925.
On com. stock (%). 5
7X
1%
6
0
3
6
6X
On pref. stock (%).---------------------------- In full to date---------------------------Paid on common stock in Jan. 1919, 1)4% and 1% extra; April 1919 to
Jan. 1920, incl., 1 X % quar.; April 1920 to July 1921,2% quar., then none
until Sept. 1 1923. when 1 X% was paid: same amount paid quar. to June
1 1925; Sept. 1 1925 to March 1 1926, paid IX % quar; on June 1 1926
paid 2% quar.
REPORT.—For 1925, in V. 122, p. 1019, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Net sales.. .................. $78,145,594 $70,112,133 $67,244,671 $61,186,906
Total net income______ 9,331,337
8,136,092
6,752,018
5,879,844
Depreciation_________ 1
Doubtful accts. receiv.. 1 1,321,794
1,388,114
1,346,894
1,377,739
Current taxes________ J
Pref. & com. divs. (incl.
■subsidiary cos.)_____ 4,237,394
3,355,953 2,244,051 1,198,069
Int. on bds. & notes out.
961,356
1,201,419 1,240,302 1,270,838
Prov. for Fed. tax & adj
825,274
493,736
324,284 Cr.12,919

Balance, surplus......... $1,985,519
$1,696,870 $1,596,487 $2,046,117
Report for 3 mos. ended March 31 1926, in V. 122, p. 2513, showed:
Quarters Ended March 31—
1926.
1925.
Sales........... ................
...$21,550,743 $18,222,419
Total operating profit_________________________ 2,551,811
1,782,848
Depreciation, current tax, Ac___________________
403,066
372,215
Interest on bonds and notes____________________
235,410
247,353
Preferred dividends___________________________
569,839
300(938
Common dividends___________________________
616,578
550,211
Miscellaneous adjustments_____________________
31,164
_____
Net addition to surplus_____ '________________
$695,754
$312,131
OFFICERS.—Pres., Louis K. Liggett; 1st. V.-P., Geo. M. Gales; Sec.,
A. W. Murray; Treas., J. A. Galvin. Main office, 43 Leon St., Boston,
Mass.—(V. 122, p. 2513.)
UNITED DYEWOOD CORP—ORGANIZATION.—Incorporated in
Dela. Sept. 26 1916 as a holding co. and may manufacture chemicals,
coloring materials and dyestuffs. Owns all the capital stock of American
Dyewood Co. (lncorp. in Pa. June 28 1904) and controls three other com­
panies in France. England and West Indies. See full data. V. 104, p. 2559.
STOCK.—Capital stock (par $100) auth., common, $15,000,000; out­
standing, $13,918,300; pref. (7% cum.) auth., $5,000,000; issued, $4,500,000, of which $550,000 is held in treasury.
DIVIDENDS.—On pref. stock paid or declared in full to Apr. 1 1926
7% p. a. (1X% qu.). Dividends on common (No. 1), April 1917 to July
1924, 1X% quar.; none since. In Aug. 1917 paid 1% extra to aid Red
Cross contributions.
REPORT.—For 1925 showed:
Income Account {of Holding Company) for Calendar Years.

Dividends received from subsidiaries___________
Other income________________________________

1925.
$466,774
63,668

1924.
$656,106
50,614

Total income_______________________________
Gen. & admin, expenses, and foreign taxes______

$530,442
89,343

$706,720
110,884

Net income________________________________
Preferred dividends___________________________
Common dividends___________________________

$441,099 $595,836
271,250
261,625
_____ (3%)417,549

Surplus____________________________________
Profit and loss, surplus________________________

$169,849 def$83,338
1,030,189
914,458

234

[Vol. 122.

INDUSTRIAL STOCKS AND BONDS
Date
Bonds

MISCELLANEOUS COMPANIES
[For abbreviations, &c„ see notes on page 8]

United Fruit—Stock $3,000,000 shares authorized____ __
United Paper Board Co Inc—Com stock $12,000,000 auth.
Pref stock 6% non-cum $1,500,000 red 110 (Vol 104, p. 769)
United Shoe Machinery Corp—Common stock_______ _
Pref (a & d) stock 6% cumulative (see text)__ __________
US Cast Iron Pipe & Fdy Co—Com stock $15,000,000 auth
Preferred stock 7% nori-cumulative $15,000,000 auth
American Pipe & Foundry 1st mtge $1,500,000 sk fund__z 1898
U S Distributing Corp—Common stock 220,000 shs auth..
Pref (a & d) stock 7% cum convert (see text) $2,750,000 au

Par
Value

Amount
Outstanding

None
$100
100
25
25
10b
100
1.000
None
100

When
Payable

Rate
%

Last Dividend Places Where Interes anc
and Maturity Dividends are Payable

2,500,00Osh See text O—J July 1 1926 $1
$12,000,000 See text Text July 15 1926
1,317,300 See text Text Apr 1 1926 6%
48,534,891
Q—J Apr 5 1926 2 J4
10
6
10,594,375
Q-J Apr 5 1926 1J4
12,000.000
Q—M 15 See text
10
12.000.000
7
y—M 16 See text
J A J July 1 1928
t423.000
6
Jan 15 1921, $1
168,709 shs
J & J Jan 1 1926 3X
1,282,100
7

Company’s office .Bosto b

(Checks frorr American
1 Trust Co. Boston
Office, Burlington. N J
do
do
Jhottanooga, Tenressee

t After deducting $1,077,000 in treasury and sinking fund.

Consol. Income Account (.Subsidiary Companies') for Calendar Years.
1925.
1924.
$673,638
$732,255
22,040
20,294

Net profit from operations_____________________
Other income___________ .___________________
Total income_______________________________
Depreciation, interest, Federal taxes, &c.
General reserves.
Dividends______

$695,678
256,239
152,476
455,568

$752,549
292,911
124,166
701,989

Deficit______________ ____________ __________
$168,605
$366,517
Profit and loss, surplus________________________ *2,217,172
2,639,800
* Equity of United Dyewood Corp, amounted to $2,256,528.
OFFICERS.—Pres., Joseph C. Baldwin Jr.; V.-P., De Witt C. Jones
and Percival Thomas; Sec. & Treas., Ernest W. Picker. Main office,
100 East 42d St., New York.—(V. 122, p. 2513.)
UNITED FRUIT CO.—ORGANIZATION.—Incorporated in N. J. on
March 30 1899 to carry on tropical fruit business. Properties, see V. 69,
p. 854, and successive annual reports as published In the ‘'Chronicle.’,
also V. 113, p. 1780; V. 115, p. 2805. Bluefields SS. Co. Anti-Trust case.
V. 104, p. 2656. Northern Ry. of Costa Rica, 347 miles. See V. 71, p'
1067; V. 80. p. 223; V. 81, p. 618. Sole owner of Revere Sugar Refinery;
new plant opened in Jan. 1919, capacity 3,500 bbls. a day. V. 108, p. 487;
V. 103, p. 1979; V. 99, p. 1755; V. 98, p. 1619.
Dec. 31 1917 took over the property of the (controlled) Cuban sugar
company, the Nipe Bay Co. V. 105. p. 2006, 2269. Interest in New
England Oil Corp, and Radio Corp, of America. V. Ill, p. 2050; V. 112,
p. 1290 Lease of pier from Havana Docks Corp., V. 112. p. 2541.
STOCK.—The stockholders on March 24 1926; (a) voted to change the
authorized capital stock from $150,000,000, ($100,000,000 oustanding)
par $100 per share, to 3,000,000 shares of no par value, and (b) approved
the issuance of 2% shares of no par value stock in exchange for each out­
standing share with par value.
DlVH.— 1912. 1913. 1914-18. 1919. 1920 '21. ’22 ’23. ’24. ’25.
Regular... 8% 8%
8%
9^% llfc 10
8 8
8
10
Extra------- ..
2%
...
J4% .... *100
..2
2
• In stock
Paid in 1926: Jan. 2, 2J^%; April 1, 2y$% and 2% extra; July 1 paid $1
per share on new stock of no par value.
REPORT.—For 1925, in V. 122, p. 604, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Netincomefromoper_..$21,723,704 $18,440,421 $26,878,656 $20,476,759
Interest, dividends, &c. 4,494,311
2,128,407
339,364
2,084,790

Total net income____ $26,218,015 $20,568,828 $27,218,020 $22,561,549
Estimated taxes..........
3,671,135
3,274,620
4,120,690
3,710,231
Dividends (seenote).----------- ylO.OOO.OOO x20,000,000 10,000,000
Bal., profit, for year..$22,546,880
Accum. profit Jan. 1___ 50,737,562

$7,294,208 $3,097,330 $8,851,318
48,067,354 44,970,023 34,955,774

Total______________ $73,284,442 $55,361,562 $48,067,353 $43,807,092
Charge to profit & loss..
655,175
4,624,000
_____ Crl, 162,930

Profit & loss balance. .$72,629,267 $50,737,562 $48,067,353 $44,970,022
x Including $10,000,000 dividends for 1924. y Being dividends for year
1925, declared in Dec. 1924.
DIRECTORS.—Victor M. Cutter (Pres.). William Newsome and
Crawford H. Ellis (V.-P.), Bradley W. Palmer, Robert F. Herrick, W. Cam­
eron Forbes, Reginald Foster, F. R. Hart, George C. Lee, K. K. McLaren,
Daniel G. Wing, W. S. Spaulding, T. Jefferson Coolidge, Channing H.
Cox, William K. Jackson and Henry Stockley. Treas. is Wm. T. Nolting;
Sec., Wm. K. Jackson; Compt., Cecil B. Taylor. General offices, 1
Federal St., Boston.—(V. 122, p. 2815.)
UNITED PAPERBOARD CO., INC.—Incorp. Feb. 27 1912 In N. J.
and acquired at foreclosure sale the properties or the United Boxboard Co.
Product is pulp and paperboard for the manufacture of paper containers and
kindred commodities.
CAPITAL STOCK.—The auth. pref. stock was decreased from $2,500,000 to $1,500.000 in Nov.1920. Pref. and common stocks have equal voting
power.
The common stockholders of record March 21 1925 were given the right
to subscribe for 17,093 additional shares of common stock at $18 per share,
in the proportion of 17% or any part thereof of their respective holdings of
common stock.
DIVIDENDS.—On pref.. 114% quar. Oct. 15 1916 to July 15 1921: then
none until July 2 1923, when 6% was paid; July 1 1924 paid 6%: July 1
1925 paid 6%; April 1 1926 paid 6%. On common: Dec. 15 1917, 14%;
Dec. 15 1918, 1%; May 27 1920, 2%; Sept. 16 1920, 2%; Jan. 10 1921, 2%,
also 10% in stock; then none until July 1 1925, when 14% was paid; April
15 and July 15 1926 paid 14% quar.
REPORT.—For year ended May 31 1925, in V. 121, p. 973, showed:
_ . .
- - 30
-----------’ - 27
-----’22.
Years EndedMay
’25. May
31 ’24. May 26
26 —
’23. May
Mill earnings_________
$794,476
$705,768
$881,714 loss$155,559
Taxes and insurance___
119,045
147.397
102.981
95,070
Administration exp____
133,596
134,951
132.459
130,726
Depreciation_________
300,000
300,000
300,000
100,000
Preferred dividends___
79,476
79,476
79,482
Common dividends____
59,955
Balance, surplus------$102,404
$43,944
$286,793 def$481,355
Six Months Ended— Nov. 28 ’25. Nov. 29 ’24. Nov. 24 ’23. Nov. 25 ’22.
Gross earns, (incl.oth.inc.) $525,949
$358,868
$487,517
$227,719
Taxes and insurance___
55,115
52,204
66,719
39,351
Administration expenses
63,695
65,515
63,227
67,219

Net earnings......... ..
x$407,139
$241,149
$357,571
$121,149
x No deduction has been made for depreciation and Federal taxes, which
will be deducted at end of fiscal year.
Balance sheet as of Nov. 28 1925 in V. 122, p. 495.
OFFICERS.—Pres., Sidney Mltcnell; V.-Pres., Matthias Plum; Treas.,
Chas. E. Daniel: Sec., M. Bechthold. N. Y. office. 171 Madison Ave.—
(V. 122, p. 1040.)
UNITED SHOE MACHINERY CORPORATION.—ORGANIZA­
TION.—Incorp, in N. J. V. 80, p. 1862. Properties. V. 68. p. 333, 430.
V. 74. p. 430; V. 75. p. 851: V. 80. p. 1486; V 91. p 878; V 92. p. 1699;
V. 97, p. 1359: V. 99. p. 275. The merger of the United Shoe Machinery
Ge., the operating company, with the United Shoe Machinery Corporation.
the holding company was finally consummated Nov. 30 1917. V. 105. p.
1426.
The U. S. Supreme Court on May 20 1918 refused to order the dissolution
of the company for alleged violation of the Sherman Anti-Trust Law. As
to this and the Clayton Act auit, see V. 106, p. 2238. 2224. On Oct. 21
1918 the Government was refused a rehearing of the dissolution suits.
V. 107. p. 1673: V 108. p. 2237. Govt, suit under Clayton Act upheld In
part by U. 8. District Court at St. Louis, V. 110, p. 1421. On April 17




1922 the case was reargued on appeal of the company and the decree of the
District Court sustained. The U. S. Supreme Court in a decision rendered
April 17 1922 held that the United Shoe Machinery Corporation under the
Federal anti-trust laws, may not include in Its leases of machinery to
shoe manufacturers the so-called “tying” clauses. S^e V. 114, p. 1729,
1782. Company asks modification of decree, V. 114, p. 2250, 2368, 2479:
V. 115, p. 1219.
STOCK.—The stockholders voted May 19 1923 to increase the authorized
capital stock from 600,000 shares preferred (par $25) and 1,400,000 share
com. (par $25) to 2,400.000 shares of com. (par $25) and 600,000 shares o
pref. (par $25). A stock dividend of 40% was paid June 18 1923.
D1VIS.— VH-’14. T5. 16. ’17. ’18. T9.’20. 21 ’22’23. ’24. ’25.
On common. % }• 8 yrly 888
88 12 888
9 10
Extra cash___ | ... 10
6
-. 4 6 __ ____ ....
-. 4
Extra stock _.i
10
10 Text .. .. ..
_ __
40 — —
On July 5 1917 an extra dividend of 10% In stock and 4% In Liberty
Loan bonds. In addition to the regular quarterly 2%. V. 104. p. 2457.
On July 5 1916 6% extra in cash; also on July 15 1916 15-1000 of a share
of Thomas G. Plant Co. pref. stock as to each $25 share held on June 19;
see V. 102, p. 2260. 2347.
Paid in 1926: Jan. 5, 2^%; April 5, 2^%.
REPORT.—For year ending Feb. 27 1926 showed:
1922-23.
Years Ended Feb.—
1925-26.
1924-25.
1923-24.
Combined net earnings. $8,990,920 $7,387,742 $8,054,941 $6,547,216
Excess profits taxes___
1,000,000
1,500,000
850,000
885,000
Cash dividends paid___
5,244,968
4,239,171
3,396,903
7,428,629
Balance, surp. for yr. $622,291 $l,257e,774 $2,815,770 $1,650,313
DIRECTORS.—Edwin P. Brown (Pres.), Geo. W. Brown (V.-P.),
Moses B. Kaven (V.-P.), Wm. Warren Barbour, Prescott Le B. Gardner,
E. PvHurd (V.-P. & Asst. Treas.). Daniel G. Wing, Charles G. Rice. J. H.
Connor (V.-P.), Sidney W. Winslow Jr. (V.-P.), William Woodward,
Robert F. Herrick, Robert Barbour, W. R. Sampson (Gen. Mgr.), H. W.
Hanan, Harold C. Keith, Chas. G. Bancroft (V.-P.), H. G. Donham
(V.-P. & Sec.), B. H. Bristow Draper, Halsey E. Abbey (Treas.). Office,
Albany Bldg., Boston, Mass.—(VT 121, p. 1357.)
UNITED STATES CAST IRON PIPE AND FOUNDRY CO.—
ORGANIZATION—Incorp. In N. J. March 13 1899. V. 81, p. 233;
V. 69, p. 757; V. 71. p. 1124. Properties, rights of stocks, &c., V. 85.
p. 157. 1522: V. 103, p. 1709; V. 109, p. 1086; V. 114, p. 1176; V. 116.P.1174.
V. 122,p. 2669.
O1VS. |’O9. TO. ’ll. '12. T3. T4. T5. T6. 1917 to ‘22. '23. '24. ’25 '26Pref%{5M 6
214 2
4
2
0
4
5% yrly. 7J4
8 see text
Com

I.

_

None

.....

______

The directors on Jan. 22 1925 declared four quarterly dividends of 1 % %
each, payable March 16. June 15, Sept. 15 and Dec. 15 1925 to holders of

and an additional dividend of $301,370 52 (2.511 + %), payable June 15
1925 to holders of record June 1. These additional dividends are payable
out of the fund which heretofore might lawfully have been distributed in
dividends to the pref. stockholders and was not so distributed. With
these distributions all back dividends on the pref. were cancelled.
The directors on Jan. 21 1926 declared four quarterly divs. of 2J4% on
the com. stock, and four quarterly divs. of 1 % % on the pref. stock, payable
March 15, June 15, Sept. 15 and Dec. 15 1926 to holders of record March 1.
June 1, Sept. 1 and Dec. 1 1926.
REPORT.—For 1925, in V. 122, p. 1604, showed:
1922.
Calendar Years—
1925.
1924.
1923.
Net operating income__ x$5,977,659 x$6,448,764 $3,995,794 $1,497,866
Other income .
255,722
138,425
66,905
85,193

Total income_______ $6,233,382
$6,587,189 $4,062,699 $1,583,058
Depreciation reserve__
$70l ,232
$504,128
$472,936
$439,647
Interest_______________
30,884
121,169
62,140
118,496
Preferred dividends___
1,441,371
960,000
900,000
600,000
Common dividends____
_____
60,000
Surplus for year_____ $4,059,894
$5,060,920 $2,511,268
$422',243
x Earnings are after deducting cost of operation and maintenance or
plants ($2,470,885 in 1924 and $2,250,903 in 1925) expended for upkeep
of tools, machinery, buildings and equipment, expenses of sales and general
offices, and provision for taxes and doubtful accounts.
OFFICERS.—Pres., N. F. S. Russell; 1st V.-P., W. T. C. Carpenter
V.-P. & Treas., B. F. Haughton: V.-P., D. P. Hopkins; Sec., Chas. RRauth. General offices, Burlington, N. J. N. Y. office, 71 Broadway.
—(V. 122, p. 2669.)
UNITED STATES DISTRIBUTING CORP.—Incorporated under
laws of Virginia on Sept. 18 1919. Through its operating companies is
engaged In the business of distributing anthracite and bituminous coal,
operating mines in Wyoming, trucking all kinds of freight in New York and
New Jersey, and transporting coal and other commodities by barge in
New York Harbor. The subsidiary companies are Sheridan Wyoming
Coal Co., Inc., Tongue River Trading Co., U. S. Trucking Corp, and
Pattison & Bowns, Inc. The last-named company controls the U. S. Barge
Corp, and the West New York Coal Co.
In Oct. 1925 the corporation acquired the 48 armored cars and the
business of the Adams Express Armored Car Corp. V. 121, p. 1581.
STOCK.—The preferred stock is convertible into common stock at the
rate of four shares of common stock for each share of preferred stock. Every
share of preferred stock entitles the holder thereof to four votes and every
share of common stock entitles the holder thereof to one vote.
DIVIDENDS.—Paid as follows: On common stock, Oct. 15 1920, $1
per share, Jan. 15 1921, $1 per share, none since. On preferred stock,
initial semi-annual dividend of 314% was paid July 1 1924; same amount
paid semi-annually to Jan. 1 1926.
REPORT.—For 1925 showed:
1925.
1924.
Calendar Years—
1923.
Total earnings .
___ ____ _. $411,415
$414,034
$479,684
Expenses, interest. &c._ _______
166,976
150,894
162,647
Net earnings.
Other income.

.

...
...

$244,438
946,280

$263,140
568,300

$317,037
275,924

Total income____
__________ .. $1,190,718
Reserve for Federal taxes.__ ____
18.129
Preferred dividends ...
__
111,216

$831,440
101,678
160,188

$592,961
50,000

..

Balance, surplus______________ .. $1,061,373
$569,574
$542,961
Quarters Ended March 31—
1926.
1925.
Net income after deprec., int. & Federal taxes.__
$291,163
$128,478
OFFICERS.—Chairman, Geo. F. Getz; Pres., H. N. Taylor; V.-P.,
Gardner Pattison; Treas., J. R. Edwards; Sec., Guy E. Stewart. Office,
Whitehall Bldg.. New York.—(V. 122, p. 2513.)

May, 1926.]

MISCELLANEOUS COMPANIES
For abbreviations, tfec., see notes on page 81

Li iited States Envelope—Common stock $4,000,000Preferred stock (a&d) 7% cumulative $4,000,000_____

United States Gypsum Co—Common stock $15,000,000-Preferred stock 7% cumulative $10,000,000 authorized-.
United States Hoffman Mach Corp—Com stock v t c.
~ S> Industrial Alcohol Co.—Common stock ($24,000,000)
Pref stock 7 % cum guar red text__________________________

Securities of Subsidiaries Held by Public—
Cuba Distilling Co pref stock (V 103. p 2158).._______

Date
Bonds
1908

....

Par
Value

Amount
Outstanding

$100
10(
I 001
20
100
None
100
10(

$1,750,000
4.000,000
1,150,000
10,138,300
8,287,200
222,203 sb.
24,000.000
6,000.000

10C

1.836 600

tilled States I eather Co—See Central Leather fro.

U S Realty & Improvement—Com stock 1,000,000 shs____
United States Rubber—Common ($200,000,000 authorized)
First pref (a & d) $100,000,000 8% non-cum (see text)____
First & ref mtge (see text) call 105 after 1919____ yc*&r* 1917
Ten-year secured notes____________________Usm.xxxc* 1920
Serial gold notes due $2,000,000 annually red (text)__ yc* 1925
Underlying Bonds—
Canadian Consol Rubber Oo Col Tr call 110_________ c* 1906
1017
do do First and Refunding Mortgage (see text)

Rate
%
See text
7
5
See text
7
-'ee text

7
7

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Mar 1 1926 6% Old Colony Trust Oo. Ba
Mar 1 1926 3)4
do
do
To Dec l 1934
do
do
See text
June 30 ’26 1
June 1 1926 $1
Checks mailed
Q—J15 Apr 15 ’26 1 % Checks mailed
Checks mailed
Q—F 15
M & S
\i & >
r k r
Q—M 31
Q—M 31
Q—M

666,457 shs See text Q—M 15 June 15 '26 $1
81.000.000
Apr 30’21 2%
8
Q—J MTay 15 ’26 2%
65.110.000
5 g J&J Tan 1 1947
61,448,800
7)4 g F & A Aug 1 1930
19,072,000
28.000,000
6 )4 g M & S To Mar 1 1940
100 See 2.600,000
A & O Oct 1 1946
6
K
J & J Jan 1 1947
As eollat
None
100
10'
100 &c
500 &r
1,000

UNITED STATES ENVELOPE CO.—lncorp. in 1898 In Maine.
V ««. n 1003
STOCK.—The stockholders on Jan. 7 1921 voted to increase the author­
ized com. stock from $1,000,000 to $4,000,000. Com. stockholders of
record Mar. 1 1921 had the privilege of subscribing at par for 1 share of new
stock for each share of com. stock held. This with the $250,000 issued as a
stock div. in Mar. 1921 increased the outstanding stock to $1,750,000.
V. 112, p. 753.
LATE DIVIDENDS— [ ’14-T6. T7-T9. ’20. ’21. ’22. ’23. ’24..'25 '26.
Preferred---------------- (%)( 7 yrly.
7
77
7
7
7
7 3)$
Common-----------------(%) I 7 yrly.
7
7
7)$ 8
8
8
8 4
do extra_________ (%)(_______
2)$ 5 *2X — -. — -- 2
• Stockholders of record Mar. 2 1921 received a stock dividend of 33 1-3%.
BONDS.—The tlrst mortgage 5% serial gold bonds of 1908 ({2,500,009
authorized Issue) mature Dec. 1 yearly from 1921 to 1937. In Nov. 190$
12,000.000 were sold (falling due $50 000 yearly from 1910 to 1924, tlOO.OOf
from 1925 to 1929 and $150,000 1930 to 1934. V. 87, p. 1360. 1163.
REPORT.—For 1925, in V. 122, p. 1325, showed:
Calendar Years—
1925.
1924.
1923
1922.
Net profits____________ $1,386,314 $1,035,181
$1,210,397 $1,088,026
Interest..
67,917
117,625
84,625
101,125
Depreciation__________
363,948
394,128
448,792
435,874
Tax reserves_________
160,000
100,000
75,000
30,000
Preferred dividends___
280,000
280,000
280,000
280,000
Common dividends___ _
140,000
140,000
140,000
140,000
Surplus_____________
$374,450
$36,428
$165,480
$84,527
Profit and loss surplus._ $2,503,873 $2,127,653 $2,129,030 $1,963,551
x Includes 33 1-3% stock dividend ($250,000).
OFFICERS.—Pres., James Logan, Worcester, Mass.; Treas., Wm. O.
Day, Springfield, Mass1.; Sec., W. M. Wharfield, Longmeadow, Mass.—
(V. 122, p. 1325.)
UNITED STATES GYPSUM CO.—ORGANIZATION.—lncorp tv.
Illinois in 1920 as successor to a company of the same name incorp. Id
New Jersey Dec. 27 1901 (V. 74, p. 1138). Manufactures all classes ol
gypsum hard-wall plasters and other gypsum products, including cement

wood fibre, concrete, finishing, moulding and pottery plasters, stucco

Keene’s cement and hydrated lime; fireproof partition, sheetrock, wall
board, plaster board, tile, beam and column protection, floor tile and roof
tile, plaster boards, &c. This company has been for a number of years the
world’s largest producer of gypsum (plaster of paris), doing about 40% of the
business in the U. S. Its principal properties, consisting of mines, mills,
quarries, warehouses, are located in different parts of the United States.
STOCK.—The stockholders on Feb. 11 1925 increased the authorized
common stock from $10,000,000 to $15,000,000, par $20.
DIVIDENDS.—On Pref. stock: 1906, 3)i%: 1907, 7)$%; 1908, 5%1909, 6%; 1910 to 1912, 5% per annum; 1913. 5)i%: 1914, 6%; 1915
8)4% cash and 43% on all accumulations in Common stock (V. 101, p. 136
619, 1633) 1916 to date 7% per annum. On common, 1 % quar from Dec
3l 1919 to June 30 1924; on Sept. 30 1924 paid 1% quar. and 1% extra
on Dec. 31 1924 paid 2% quar. and 25% extra; on Mar. 31 1925 paid 2%
quar.; June 1 1925 paid 5% extra: June 30 1925 paid 2% quar.; Sept. 1 1925
paid 5% extra; Sept. 30 1925 paid 2% quar.; Dec. 31 1925 paid 2% quar.
and 10% extra; Mar. 31 1926 paid 2% quar.; May 31 1926 paid 5% extra;
June 30 1926 paid 2% quar. On Dec. 31 1920 and 1921 also paid 5% in
com. stock; on Dec. 30 1922 paid 10% in com. stock, on Dec. 31 1923 paid
20% in com. stock, on Dec. 31 1924 paid 35% in com. stock and on Dec. 31
1925 paid 15% in com. stock.
REPORT.—For 1925, in V. 122, p. 1780, showed:
Calendar Years—
1925.
1923.
1922.
1924.
Net earnings__________ $10,474,302 $8,825,696
3,848,942 $4,370,771
Depreciation__________
848,008
670,590
553,323
470,216
Contingencies_________
_____
500,000
300,000
Federal taxes__________ 1,212,178
764,696
481,522
988,725
421,178
Pref. dividends (7%)-.579,925
592,076
418,881
Common dividends____ x3,790,002 x4,292.515(24)1180,491 (14)619,659
Balance, surplus____ $4,044,189
$2,281,789 $3,429,253 $2,080,493
Profit & loss, surplus-_.$16,789,971 $12,595,681 $9,045,049 $5,615,795
x In 1925 includes 28% cash and 15% stock divs. In 1924 includes 31 %
cash and 35% stock divs. In 1923 includes extra of 20% and four regular
quarterly divs. of 1 % each. In Dec. 1922 a stock div. of 10% was paid
and four regular quarterly divs. of 1% each during the year.
OFFICERS.—Pres., S. L. Avery; V.-P., O. M. Knode; V.-P., C. F.
Henning; Sec. & Treas., R. G. Bear. Office, 205 W. Monroe St., Chicago.
—(V. 122, p. 2815.)
UNITED STATES HOFFMAN MACHINERY CORP.—ORGANIZA
TION.—lncorp. under laws of Delaware in Jan. 1922. The company Is
the owner or exclusive licensee of basic patents covering the manufacture
of garment pressing machinery.
STOCK.—The entire common stock has been deposited under a voting
trust agreement expiring Jan. 1 1927.
All of the outstanding 7% cum. pref. stock was redeemed on March 1
1926 at 110 and divs.
DIVIDENDS.—An initial dividend of 50 cents a share on the common
stock was paid Dec. 1 1924; same amount paid quar. to Sept. 1 1925; paid
75c. quar. on Dec. 1 1925 and Mar. 1 1926; on June 1 1926 paid 75c. quar.
and 25c. extra.
REPORT.—For 1925, in V. 122, p. 1185, showed:
Including Canadian Hoffman Machinery Co., Ltd., and United Pressing
Machine Exchange, Inc.
1924.
Calendar Years—
1925.
1923.
Net sales__________________________ $5,982,158 $5,512,296 $5,714,992
Operating costs, &c________________ _a4,285,963 a4,295,139
4,435,039
Profit from operations____________ $1,696,195 $1,217,157 $1,279,954
Interest, &c., income______________
151,551^ __ 137,017 ___ 19L235
Gross income____________________ $1,847,746 $1,354,174 $1,471,188
Interest, &c., charges____
$216,775
$289,487
$139,824
Debenture bond interest__
103,468
171,440
Debenture bond premium24,000
33,000
6,614
deb.2,624
Federal & Dominion income taxes___
190,246
100,519
84,032
Amortization of patents___________
218,410
213,422
211,911
Losses___________________________
y86,596
Dividends on preferred stock_______
60,896
22,750
Preferred dividends accrued________
7,583
1,035
Deb. prem. & miscell, charges______
204,279
Common dividends_______________
90,000
433,125
Organization expenses____________
$806,834
$364,765
$594,723
Profit and loss credit758
1,470,924
1,105,403
Profit and loss surplus___________ $2,277,757 $1,470,924
a Includes expenses, returns, depreciation, &c. y Losses of United States
Hoffman Machinery Co. (predecessor company), originating prior to forma­
tion of the present corporation.




235

INDUSTRIAL STOCKS AND BONDS

Checks mailed
Office 1790 B’way, N Y
do
do
New York
Bank of Toronto, Mont’l

1924.
1925.
3 Mos. Ended March 31—
1926.
$246,045
Operating profit___________________ $360,055
$357,606
__ 32,983
35,986
Other income____________________ -_____ 49,279
$283,031
Gross income___________________
$409,334
$390,589
112,311
83,901
Interest, reserve, &c_______________
78,037
53,253
Amortization of patents____________
54,719
54,541
Miscellaneous charges_________________________ ____ -_ _
_ 7.498
$108,969
Surplus_____________
$276,578
$252,147
OFFICERS.—Chairman, B. A. Brennan; Pres., Eugene D. Stocker;
Treas., M. J. White; Sec., William H. North. Office, 105 Fourth Ave.,
New York.—(V. 122, p. 2669.)
U. S. INDUSTRIAL ALCOHOL CO.—ORGANIZATION.—Incoro
In West Virginia Oct. 17 1906 and manufactures denatured and industrial
alcohol, &c. The distilleries of the subsidiary companies were taken over
Jan. 1 1918. Also controls U. S. Industrial Chemical Oo. V. 105, p.
2100. V. 84, p. 343; V. 101. p. 777. The Distilling Oo. of America (con­
trolled by the Dlstiilers’ Securities Corporation) in June 1915 sold the
$6,350,000 of the $12,000,000 com. stock owned by It. Its guaranty of
the pref. divs of Industrial Oo. extending for term of charter to Oct. 17
'956 v. 100 p. 2015; V. 101, p. 218. Application to list, V. 92, p. 1106.
V. 109, p. 1994.
STOCK —Prer. stock may be redeemed on any dividend date at 125 and
accrued dividend. No mortgage without consent of 2-3 of pref. stock.
The shareholders voted Oct. 7 1919 to Increase the com. stock from
$12, 100,000 to $24,000,000; shareholders of record on Oct. 21 were given
the right to subscribe at $70 a share for the entire new Issue, share for share.
V. 109. p. 782, 894. 1086. 1468.
DIVIDENDS.—On pref. stock since organization to Apr. 15 1926, 1M %
Q.-J. On Aug. 2 1917acashdiv. (No. 1) 16% was declared on common stocn
out of surplus accumulated prior to Dec. 31 1916, for the year 1916, to be
paid on Oct. 1 1917 and a div. of 16% for the year 1917, to be paid on Dec. 1
1917. Mar. 1918 to Sept. 1919 paid 4% quar. (16% p. a.); Dec. 1919, 2%,
after increase of stock and pending the construction and development in­
volved in establishing new lines, March 1920 to June 1921, 2% quar.;
Sept. 1921. 1 %: none since.
REPORT.—For 1925, in V. 122, p. 2815, showed:
1922.
Calendar Years—
1925.
1924.
1923.
$1,686,643
Net earnings_________ $2,687,057 $3,903,571 $3,892,923
Bond int. (sub. cos.)____
_____
_____
1,531
3,779
250,790
Interest on notes, &c__
140,119
110,115
188,852
Reserved for Fed. taxes.
379,686
492,432
448,418
Loss on sale of bonds__
_____
_____
_____
______
Dividends—
Pf.U.S.Ind.A.Co.(7%)
420,000
420,000
420,000
420,000
Pf.Cuba Dis. Co. (7%) _ 128,562 _ 128,562 _ 128,562 ~ 128,562
Balance, surplus____ $1,618,689
$2,752,462 $2,705,560
$883,511
Profit & loss surplus___ xl7,590,870
16,600,509 13,848,047 11,142,487
x After deducting claims paid for Boston tank accident occurring in 1919.
OFFICERS.—Pres., H. S. Rubens; V.-P., P. J. McIntosh and Milton C.
Whitaker; Sec., Joseph Malone; Treas., A. G. Robinson; Compt., R. R.
Brown. Office, 110 East 42d St., New York.—(V. 122, p. 2815.)
UNITED STATES REALTY AND IMPROVEMENT CO—ORGANI­
ZATION.—lncorp. in N. J. on May 26 1904 and in May 1906 had acquired
per plan in V. 78, p. 2019, $32,750,200 of the $33,198,000 common stock and
$26,596,200 of the $27,011,100 pref. stock of the U. S. Realty & Construc­
tion Co. Subsidiary companies are George A. Fuller Co., Trinity Build­
ings Corp, of New York, Plaza Operating Co., Plaza Annex Corp., Lawyers’
Building Corp., Boston, and George A. Fuller Co., Ltd., Canada. Owns
$722,200 of $2,000,000 Alliance Realty Co. stock. V. 81, p. 1798; V. 82, p.
1209; V. 83, p. 822; V. 90, p. 1422. The company on Feb. 4 1925 was
awarded a verdict of $690,363 in a suit against the City of New York for
$1,040,000 for alleged breach of contract. V. 120, p. 716. The co. signed a
contract April 22 1925 for the sale of the New York Hippodrome to the B. F.
Keith interests. The purchase price was not definitely stated, but was said
to be between $5,000,000 and $5,500,000.
Statistics of the George A. Fuller Co. for Years Ending April 30.
1925-26.
1924-25.
Unfinished business at beginning of year________ $35,110,089 $18,352,729
New business during year______________________ 48,296,744 38,840,214
Work executed during year_____________________ 32,603,835 22,082,855
Unfinished business at end of year_______________ 50,802,998 35,110,089
SECURITIES.—Loans on mortgage outstanding April 30 1926, $18,271,000, as against real estate and buildings owned valued in balance sheet
at $41,915,902.
Guarantees principal and interest, $5,829,000 Trinity Building Corp.
(N. Y.) first mtge. 5)4% loan, due June 1 1939.
STOCK.—The stockholders on Dec. 9 1925 voted to change the author­
ized common stock from 300,000 shares, par $100, to 1,000,000 shares of
no par value, and approved the issuance of the new stock for the old stock
on the basis of 2)4 for 1.
DIVIDENDS—

I ’09. ’10-T3. '14. ’15. ’16-’21.

’22. ’23. ’24. ’25.

On com.
........... 1 4)i 5 yrly. 3)i 1
0
1)4 8 8 $8)4
* Also paid 10% in common stock on July 15 1925.
Paid in 1926: Mar. 15, $1 per share on new stock of no par value; June 15,
$1 per share.
REPORT.—For year ending April 30 1926, in V. 122, p. 2974, showed:
Years end. April 30— zl925-26. yl924-25.
yl923-24.
yl922-23.
Income from investm’ts:
_ $__
$
Real est. net oper. inc_ 2,268,731
2,435,491
2,486,449
2,491,242
Less interest on mort­
gages thereon_____
561,417
639,275
601,146
611,321
Net from said invest.- 1,707,315
1,796,216
1,885,302
1,879.921
Other investments____ 2,124,397
1,190,148
1,767,989
711.374
Bldg, contract profit__ 2,146,111
1,552,774
1,305,053
1.239,634
Real estate profits_____
a482,799
al39,825
110,811
416,060
Miscellaneous________
180,517
355,407
6,641,139
5,256,804
4,491,315
4,602,395
Deductions—
Gen. & corp, exp., Fed.
}l,019,232
tax res., deprec., &c. dl,219,200 bl,032,716
897,288
Int. on deben. bonds__
J 106,513
369,416
Int. on pref. stock sub­
scriptions & expenses .
192,216
Preferred dividends___
2,823
707,122
270,961
1,144,982
2,347,738
1,616,280
484,884
Balance, surplus____ 3,071,378
2,808,145
1,042,167
2,658,591
a Incl. profit on sale of securities. g General & corp, expenses, incl. int.
on 5% debenture bonds and provision for all Federal and State taxes and
deprec. on bldgs, and equip, therein, d Not incl, int. on debentures in
year 1925-26. x Incl. U. S. Realty & Impt. Co., Geo. A. Fuller Co. and
Trinity Bldgs. Corp, of N. Y. y Incl. companies under x and Plaza Oper­
ating Co. z Incl. companies under x and y and Geo. A. Fuller Co., Ltd.,
of Canada, Plaza Annex Corp, and Lawyers Bldg. Corp., Boston.

236

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For. abbreviations, &c., see notes on page 8]

Date
Bonds

Par
Value

Amount
Outstandino

Bate
%

When
Payable

Last Dividend
and Maturity

[Vol. 122.
Places Where Interest ant
Dividends are Payable

$>(| $17,555,887 See text Q-J Apr 15 ’26 1% Checks mailed
do
(J—J
5f 24,317,775
7
Apr 15 26 1%
500 Ac 8,000,000
{ First Nat Bank, Boston
1925
5)4 g M & N Nov 1 1935
FirstNatCorp of Bos,NY
Bonds of sub cos not owned..____ ________________ ___
121,400
United States Steel Corporation—com stock $550,000,f 00..
$100 508.302.500 See text Q— M 30 June 29 ’26 1 % Office Empire Bldg N Y
do
d«
Preferred (a A d) stock 7% cumulative $400,000,000....
10( fill 1.2M1.11X
Q—F 27 May 29 26 1 %
7
J P Morgan A Co N V
Various Apr 1 195)
Coll trust mtgeJredeemable at 115 s f (see text).. U s.xo* A> 1901 1,000 Ac l
5*
do
do
$304,000,0001 not redeemable s f (see text)_____ xc*At
Apr 1 1951
1901 1,000 Ac I 6188073 000
do
5 g
do
do
"Sink fund” coll tr 2d M $250,000,000 g red (text) Us.ro* A) 1903
500 A< 6160230 000
MAN Apr t 1963
5 «
Offloe Empire Bldg N Y
Illinois Steel deb$30.000.000 g gu red 105 begApr’l 5Nxc* Ar* 1910 1,000 A< 18.500.000
t R » A 4 O Ap' 1 1940
Bonds of Cos. Controlled—(Additional to those In text.)
New York Trust Co, N Y
Union Steel 1st A coll mtge $45,000,000 g gu s f..Nxc*&r 1902 1,000 Ac b 8,779,000
5 g J A D Dec 1 1952
Office Empire Bldg. N Y
The Nat Tube 1st M $15,000,000 g gu red 105beg’16N .xo* Ar* 1912 1,000Ac 611,580.000
X a W May 1 1952
» » MAN
do
do
May 1 1952
Ind St 1st M $40,000,000 g gu red 105 beg Nov T6 __xc*Ar* 1912 l.OOOAc b22.353.000
i:
Colonial Tr Pitta ANY
St Clair Furnace first mtge g gu $100,000 yrly ____ PPl.xc* 1901
1,000
c A « To Aug 1939
1,380,000
V «. A Feb 1 1932
Pittsburgh Trust Cr .Pitta
St Clair Terminal RR first mortgage___________________ x
314.OOU
5
do
do
do
general mortgage _
MAS Mar 1 1950
1.129.000
b For additional amounts in sinking'fund, see text.

US Smelting. Refining A Mining—Com stock $37.500,000..
Preferred (a A d) stock 7% cumulative $37.600.000_____
10-year gold notes redeemable (text)._________ ____ xxxc*

OFFICERS.—Chairman, H. S. Black; Pres., R. G. Babbage; V.-P..
Harry Bambach and D. G. Scott; Sec., F. M. Sanders; Treas., A. E.
Hadlock; Aud., Arthur J. Flohr. Office, 111 Broadway, New York.—
(V. 122, p. 2937.)
UNITED STATES RUBBER CO—ORGANIZATION AND PROP­
ERTY.—Organized in New Jersey in April 1892; V. 55, p. 1039; V. 56, p.
539; V. 71, p. 545. Directly or through its subsidiaries is engaged in produci ng rubber footwear, rubber-soled shoes, waterproof clothing, druggists’ rub­
ber goods, hard rubber products, insulated wire, tires, belting, packing, hose
and other mechanical rubber goods, there being many mills in operation
situated in Connecticut, Illinois, Massachusetts, Michigan, New Jersey,
Indiana, Rhode Island, Pennsylvania .Ohio and Canada. Through Gen­
eral Rubber Co., the company owns in Sumatra one of the largest rubber
plantations in the world, the production from which is being rapidly devel­
oped, with over 5,000,000 rubber trees, of which a large proportion are
being tapped. V. 103, p. 1700. See annual report in V. 120, p. 1320.
U. S. Rubber Plantations Co., see V. 106, p. 1033. United States Rubber
Plantations, Inc., was organized in 1917 and owns all the Sumatra rubber
plantations of the U. S. Rubber Co., all the outstanding stock of which is
owned by its subsidiary, the General Rubber Co. V. 108, p. 2131.
The plants of the old Rubber Goods Mfg. Co., Morgan & Wright, &c.,
(but not General Rubber Co.) are now owned in fee by U. S. Rubber Co.,
though their corporate existence is continued, and they retaih their current
assets. V. 105, p. 713.
On Dec. 31 1925 owned all except $258,900 of the capital stock of Canadian
Consol. Rubber Co. V. 104. p. 364; V. 90. p. 1293.
STOOK.—On Sept 9 1919, stockholders voted (V. 109, p. 685, 686,
895,1468) (1) to Increase the authorized First Preferred and Oommon stocks
to $100,000,000 and $200,000,000, respectively; (2) to retire the $403,600
2d Pref.. which was accordingly retired in Oct. 1919; (3) to offer $36,000,000
new Common stock (underwritten) at par to the Oommon stockholders of
record Sept 13 1919DIV (since’04 1905 1906-T0. ’ll. 1912 T3 T4 T5. T6-T8 T9’20-25.
Oommon. %/------- None------- 1 4A20stk 5)4 63
nil
2 text
First pref %18 yearly (2% Q-J. 31) to and Including May 15 1926.
On common paid 2% quar. Oct. 1919 to Apr. 1921; none since. A stock
dividend of 12)4% in common stock was paid Feb. 19 1920.
BONDS.—The First A Ref. M. 5% bonds. Series A. cover property
owned directly or through subsidiaries. See offering, Ac., V. 104, p. 254.
262, 1806; V 105, p. 395; V. 115, p 879.
First & Ref. Mtge. (V. 104, p 254. 262: V 105, P- 712) is now limited to
$97,252,900 (the amount of full-paid pref. stocks and com. stock outstand­
ing on Jan 15 j 917). except to the extent of any Increase In the authorized
amount of said bonds which from time to time thereafter may be consented
to by the holders of the pref. and common stocks; and for the future It is
limited to said amount plus the par amount of any additional stock Issued
at not less than par for cash actually paid In. Bonds, however, additional
to the initial $60,000,000, can be issued (except for refunding) only when the
total unencumbered quick assets exceed the aggregate debt of the cos. and
their total annual net income for 3 fiscal years just preceding is twice the
total annual Interest, Including the bonds then to be Issued Of the addl
tional bonds, $2,600,000 are reserved to retire the $2,600,000 Canadian
Oonsol. Rubber Co. bonds, due Oct. 1 1946, and $25,000,000 Series B 6%
(reduced by sinking fund to $23 840,000) have been pledged as collateral
for the $20,000,000 (reduced by sinking fund to $19,072,000) 7)5 % notes of
1920, below described. Compare V. 105. p. 1528, 826, 1809: V. 107, p.2104.
Sinking fund for First & Ref. Mtge. bonds from Jan. 1 1919, 1% annually
upon all the bonds outstanding or retired to repurchase bonds (Series A) at
or below 105 and int., and Series B at or below 110 and int.; otherwise as
part of sinking fund of following years.
NOTES.—The $19,072,000 10-year 7)5% secured gold notes due Aug. 1
1930 are secured by deposit and pledge with trustee of $24,070,000 first
and ref. mtge. 6% gold bonds due Jan. 1 1947. V. Ill, p. 396.
The 6)5% serial gold notes are redeemable as follows: All, but not a
part, of any one or more of the maturities then oustanding red. on March 1
1930 or on any int. date thereafter on 60 days’ previous notice upon pay­
ment of their principal amount and a premium of )5 % for each 6 months
between the redemption date and the date of maturity. Offered in Feb.
1925 by Kuhn, Loeb & Co.. N. Y., at 102 and int. V. 120, p. 1102.

1922.
1923.
1925.
1924.
$
$
$
$
Total sales_________
206.473,737 172,214,353 186,261,381 168,786,350
Net inc. avail, for divs . 18,809,870
7.692,039
9.068,035
7,392,657
5,520,000
5.208.800
5,208,800
5,520.000
18,718
18,718
18.718
18,718
I 1,500,000
700,000
Reserve against cost of
crude rubber_______
3,000,000
Balance, surplus____
9,082,352
3,140,517
1,853,939
2,153.321
DIRECTORS.—C. B. Seger, J. S. Alexander, James B. Ford, James
Deshler, Henry L. Hotchkiss, Nicholas F. Brady, Walter S. Ballou, New­
comb Carlton, Middleton S. Burrill, Francis L. Iline, Samuel M. Nicholson,
Homer E. Sawyer, Ernest Hopkinson, Matthew C. Brush, John W. Davis
Lewis B. Gawtry, and Sir Charles B. Gordon.
OFFICERS.—Chairman and Pres., Charles B. Seger; Sec., Samuel
Norris; Treas., W. H. Blackwell; Compt., William O. Cutter. New York
office, 1790 Broadway, corner 58th St.—(V. 122, p. 2343.)
UNITED STATES SMELTING, REFINING & MINING CO.—
ORGANIZATION.—Incorp. Jan. 9 1906 in Maine. Owns and operates
(1) Mining claims near Bingham, Utah, producing lead, zinc and copper
ores. (2) Mining claims near Eureka, Utah, known as the CentennialEureka Mine. (3) Lime quarry at Topliff, Utah, producing limerock for
smelters in Utah Valley. (4) Mining claims in Tooele County, Utah, pro­
ducing arsenical ores. (5) Lead smelter and zinc concentrating mill at
Midvale, Utah, the smelter having seven blast furnaces and a capacity for
smelting approximately 480,000 tons of charge per year, and the concen­
trating mill having a capacity of approximately 200,000 tons of ore per year;
a new flotation mill witii an estimated daily capacity of 700 tons is now
under construction. (6) Mining claims near Kennett, Calif., known as the
Mammoth Mine; also a copper smelter; this property not now operating.
(7) Mining claims in Oklahoma producing zinc ores. (8) Mining claims near
Goldroad, Ariz., known as the Goldroad Mine; and miscellaneous other
mining claims in Arizona producing lead and zinc ore.
Also owns all or substantially all of the stock of the following corporations:
(1) United States Fuel Cp., owning coal lands and other property in Carbon
and Emery counties, Utah. (2) Utah Railway Co., owning a railroad and
trackage rights for hauling of coal from the coal fields of Utah. (3) Niagara
Mining Co., owning a lead mine and other property near Bingham, Utah.
(4) U. S. S. Lead Refinery, Inc., owning an electrolytic lead refinery at
East Chicago, Ind. (5) Cia de Real del Monte y Pachuca, owning silver
mines and mills and other property in Mexico. (6) Hainmon Consolidated
Gold Fields, owning lands, dredges and other property for gold dredging in
Alaska. (7) Ebner Gold Mining Co., owning gold mining claims in Alaska.




Also has a controlling interest in the following corporations: (1) Bullion
Beck & Champion Mining Co., owning mining claims and other property
near Eureka, Utah. (2) Richmond-Eureka Mining Co., owning mining
claims and other property near Eureka, Neb. (3) Hanover Bessemer Iron
& Copper Co., owning iron and copper mining claims and other property at
Fierro, N. M. (4) The Sunnyside Mining & Milling Co., owning lead and
zinc mines, a flotation mill and other property near Eureka, Colo.
LATE DIVS.—IT4. T5. T6. T7. T8. T9. 20. ’21. ’22-’24. ’25.
On Com. stock .% 14)4
0 715 10
10 10)5 12 1
None 4)5
Oct. 15 1919 to Oct. 15 1920 paid 3% quar. In Jan. 1921 paid 1%; none
thereafter until April 15 1925, when 1)5% quar. was paid; same amount
paid quar. to Oct. 15 1925; paid 1% % quar. on Jan. 15 and April 15 1926.
On pref., in full to date.
NOTES.—The5)5% gold notes of 1925 are redeemable as a whole at any
time or in blocks of not less than $1,000,000 on any interest date on 60 days
notice at 105 on or before Nov. 1 1927, decreasing )4 % each year thereafter
to 101 )5 during year ending Nov. 1 1934 and at 100% thereafter, and prior
to maturity, plus interest in each case. V. 121, p. 2053.
REPORT.—For 1925, in V. 122, p. 2815, showed:
1925.
1924.
1923.
1922.
Net earnings__________ x$7,989,995 x$6,902,806 y$4,726,864 y$5,112,584
Other income_________
_____
_____
_____
626,330
Total income_________$7,989,995 $6,902,806 $4,726,864 $5,112,584
626,330
Interest on funded debt.
801,382
730,393
1,610,447
1,711,483
Deprec. & reserve funds. 2,785,665
2,572,466
617,249
337.291
Federal taxes & reserves.
x
1,600,000
500,000
1,800,000
Additional reserves____
1,500,000
1.702.225
1.702.225
Pref. dividends (7%)__
1,702,225
1,702,225
Common dividends____
1,097,234
$208,993
Balance, surplus____
$103,488
$97,721
$475,865
Profit and loss________ $17,421,005 $17,317,516 $17,219,795 $16,743,930
x Net earnings after charging cost of production, selling expenses, reserve
for Federal taxes, &c. y Before Federal taxes.
OFFICERS.—Pres., C. G. Rice; Sec. & Treas., F. W. Batchelder;
Comp., S. A. Block. Office, 55 Congress St., Boston.—(V. 122, p. 2815.
UNITED STATES STEEL CORPORATION.—ORGAN.—Incorp. in
N. J. on Feb. 25 1901. V. 72, p. 441 679; V. 73. p. 349; V. 85. p. 1467.
PROPERTIES OWNED.—The properties owned include 112 blast fur­
naces, 332 open hearth furnaces and 34 Bessemer steel converters, 8 steel
rail, 59 bar, billet, &c., mills; 11 structural shape mills, 18 plate mills, 66
merchant mills, producing bar iron, steel, Ac.; 218 hot mills, producing tin
plate. &c.; 25 rod mills; 64 welded and seamless tube mills; 16 bridge and
structural plants: 20 skelp mills; 159 sheet, jobbing and plate mills; 75 wire
mills; 55 galvanizing and tinning mills: 19 splice, bar, spike, bolt, &c., mills;
5 cement plants; 17 warehouses; 49 miscellaneous armor, axle, Ac., works:
12 sulphate of iron plants; 24 iron, steel or brass foundries; extensive iron
ore mines in the Lake Superior region; 438,354 acres of coking coal land;
320,495 acres steam and gas coal; 319,721 acres surface; 57 coking plants:
16,427 beehive ovens; 3,284 by-product ovens; 60 coal mining plants not
connected with coke plants, and 8 coal washing plants.
Railroad lines owned or leased total 1,126.05 miles.
On Dec. 31 1925 book value of capital stock of sub. cos. now owned,
$573,719.
oii Leo. 1 1902 took over the entire capital stock of the new Union Steel
Oo , $45,000,000 of new 5% bonds being guaranteed, principal and Interest
See that company on a preceding page. V. 75. p 1359; V 76, p 107 546
V. 78, p. 1174. In 1904 acquired Clairton Steel Co , guaranteeing $10,230,
000 bonds. In 1908 purchased .Schoen Steel Wheel Co V. 87, p. 101.229.
Output of Company in 1925 and 1924.
1924.
Iron and manganese ore mined___________ tons, 27,996,845 24,774,541
5,033,889
Limestone quarried___________________________ 5,344,893
27,738,007
Coal mined________________________
31,475,568
Coke manufactured________________________________ 16,301,224 14,408,041
Pig iron, ferro and spiegel_____________________ 14,798,999 12,683.729
Steel ingots (Bessemer and open hearth)________ 18,898,697 16,478,857
Rolled and other finished steel products for sale.. 13,271,010 11,722,908
Universal Portland cement_________________ bbls. 15,722,000 15,156,000
Casn Dividends Paid on Common Stock Since 1910.
TO. ’11-T3. T4. T5. T6. T7. T8. T9. ’20-’22. ’23. ’24.’25.
Regular.__ 5)4 5 yrly. 4%
0
5
5
5
5 5 yrly. 5
5 5
Extra____ _______________ .. .. 2 11% 11
1
—— % 2 2
Paid in 1926: March 30, 1 % % quar. and )4 % extra; June 29, 1 % % quar.
BONDS.—The collateral trust 0% bonds of 1901 were secured by all the
securities owned: $154,000,000 only (series A. C and E) are subject »o call
ii whole or In part at 115% since April 1 1911; a sinking fund of $3,040 000
ytarly, beginning June 1 1902. can purchase bonds, if obtainable at not
etceedlng 115 and interest, and since April 1 1911 may be applied to the re­
demption of series A. C and E bonds to be drawn by lot. In Dec. 1925,
$115,927,000 not Included in amount out, were alive In sinking fund.
The coll, trust sinking fund 2d mtge. 5s of 1903 (V. 74. p 584, 733,
192: V. 76, p. 545) are next In rank and similar in form to the 5s of 1901.
They are subject to oall after ten years from date at 110 and Int. In whole
M part (if the latter to be designated by lot and coupon bonds to be re­
deemed first)
An annual sink, fd of $1,010,000 will provide for retire­
ment of the bonds. The sinking fund was used until Apr. 1 1913 In pur’haslng bonds at not over 110 and int., or invested in securities; since Apr. 1
i913 bonds may be drawn by lot, coupon bonds to be first redeemed. All
londs purchased are to remain alive and draw Interest. No foreclosure
irooeedings can be brought for default (In payment o f prin or int.) oontlnilng for less than two years.
Tn Dec. 1925 $37,147,000 not Included
In table above were held alive in sinking fund. An additional $2,623,000
were drawn for redemption May 1 1926.
In 1903 $150,000,000 pref. stock was exchanged, $ for $, for second mtge
londs. $20,000,000 of the bonds being also sold at par to provide for 1mirovements and $30,000,000 exchanged in Nov. 1907 for Tenn. Coal, Iron A
’’R. com. stock. Final $50,000,000 (of the authorized issue of $250,000,000
2d 5s of 1903) is applicable for exchange for preferred stook. See V 76.
u. 334 , 439, 545, 1147, 1200: V. 77. p. 717, 827, 1536, 2039; V 78. p.
1173. 1786: V. 79. p. 1283: V. 85, D. 1212. 1282; V. 86, p. 730.
In June 1911 it was arranged to purchase through the H. C. Frick Coke
Oo. 15.943 aores of coking lands and 1,408 acres of surface land, Ac., from
(be Pittsburgh Coal and Monongahela Consol. Coal & Coke companies, pay­
ment being made In $17,084,000 of an auth. issue of $18,000,000 serial 5%
bonds, secured on the property and guaranteed, prin. and Int., by the Stee;
Corporation. V. 92, p. 1570: V. 93. p. 474, 875, 1108: V. 94, p. 846.
Of the Illinois Steel debenture 4%s of 1940 ($30,000,000 auth. lssuei,
mar. p. A l.by U . S. Steel Corp., $6,900,000 were reserved to retire the de­
bentures due April 1913, $5,928,000 for notes due 1912-1919 held by U. S
iteel Corp, and $1,658,000 for 75% of the oust of additions and betterments
118 500.000 were outstanding Dec. 31 1925. Any mtge. must equally
secure them. See V. 93. p. 289: V .94. p. 986.1191; V. 98. p. 1699.
Of the Indiana Steel Co. 1st 5s, guar. p. A 1. ($40,000,000 auth. Issue),
covering the Gary (Ind.) plant, $25,035,000 have been sold, the remaining

May, 1926.]

337

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
IFor abbreviations. &c., see notes on page 8]

Date
Bonds

Par
Value

Am runt
Outst Hiding

United States Steel Corporation (.Concluded)—
Elgin Joliet * Eastern first mtge ($10,000,000) gold .Ce.xo* 1891
$1,000 $10,000,000
1.000 9,000,000
Chicago Latte Shore & Eastern 1st M guar red 110 1919.s 1909
Duluth & Iron Range first mortgage_______ ...Mp.sc&i 1887 1.000 Ac 8,151,000
Union PR first mortgage_________________________________X 1896
1,000 2,000.ono
Gold debenture guar__________________________________
5.900,000
Mifflin Equip Trust, due $120,000 yrly______________
600.000
1U1U
600.000
Munhall EquId Trust due $75 000 yrly________________ x 1912
Rankin Equip Trust due 545,000 yearly________________
1,000
315,000'
Monongahela Southern 1st & gen mtges guaranteed___ x 1909
1,000 5,500,000
252,000
Connellsville & Monongahela RR 1st M_________ _____ x 1909
1,000
H C Frick Co Pitts-Mon pur money M gu due $600,000
1.000 all,194,000
yearly_____________________________________UPi.xc* 1911
Pittsburgh Bess A Lake Erie RR. Bess ALE nnd Duluth tflssab e & Nort hern Ry—S ee
None 381,512 sh
United States Tobacco Co—Common stock 600,000 shares
Pref stonk fa A d' 7% non-oum $9,000,000. - ..
100 $5,520,000
United Steel Works of Burbach-Eich-Dudelange.—See
None 291,816 sh
Universal Pipe & Radiator Co—Com stock 400,000 shsauth
Preferred (a A d) stock 7% cum red 110 $9,000,000 auth_
100 $6,763,914
a Of this amount $122,000 deposited In escrow. ________

Bate
%

When
Payable

5g
3*
5
6
5
5
5
5&6
4

M A N
I A D
A O
*t A c
J & D
(f A c

< A T>
M&N
A. A O
MAS

5g J A J
those comnani
$3
Q—J
Q—J
7

Q—F

Last Dividend Places Where Interest ant
Dividends are Payable
and futurity

May 11941
June 11969
Oot 1 1937
Sent 1 loaa
Sept 1 1946
ToAug i it32
To Tune 1 1934
May 1 ’32 to ’38
Dot 1 lUOo
Sept 1 1930

Offloe. Empire Bldg, NY
do
do
do
do
Fidelity Title A TrCo Pitts
Home Tr Co, New Jersey
do
do

jifloe, Empire Hida, N Y
Offloe, Carnegie Bla,Plits

Union Trust Co, Pittsb
To July 1944
■s under RRs
Eor other bonds see text
Apr 1 1926 75c Cheoks mailed
do
Apr 1 1926 IM

May 1 1926 lJi

Tobacco Co., Kentucky Leaf & Transit Co., and the United States Tobacco
Co. of Virginia. These companies were dissolved during the year 1923 and
the properties and business taken over.
In addition to the above, the company owns all of the stock of the J. G.
Dill Co., which owns and operates a factory at Richmond, Va., all of the
stock of the DeVoe Tobacco Co., which owns properties at Spottswood,
N.J.,and Nashville, Tenn., and one-half of the stock of the NationalTobacco Co. of Canada, located at Montreal, Canada.
The company also owns and operates leaf plants at Hopkinsville and
Paducah, Ky., and at Clarksville, Tenn.
Company has license to transact business in each of the States in which
It has factories, plants and leaf tobacco storage warehouses.
STOCK.—The stockholders in March 1922 authorized a cnange in the
existing common stock, par $100. into common stock without par value on
the basis of 4 shares of the latter to one of the former. The authorized
common stock was increased from 360,000 shares to 60C .000 shares in March
1923. V. 116, p. 1063.
DIVIDENDS.- 11912 1913
’14 ’15 1918. 1917. 1918 1919-26
>n common ____ %( 6
10
12
12
12
See
12 Text
—
extra....
-%| ..
..
— —
14
10
text
—
—
—
XlO
scrip or stock. %| (xPaid off 1915) x20 xlO
20
Pref dividends 7% per annum (1%% Q.-J
Q.-J.) since April 1 1912
In March 1918 a stock dividend of 20% was declared on the $4,600,000
common stock, payable Oct 1 to holders of record Sept. 16, to take tbe
place of the quarterly distribution on the common stock usually paid
April 1, July 1 and Oct. 1. V, 106, p. 1040. On Jan. 2 1918 the common
received 3% and 2% extra ($230 000) Jan. 1919 to Jan. 1922
m
quar., with no extra. On Dec. 28 1921 paid 20% in common stock. April
1922 paid 3% quar. July 1 1922 to April 1 1926 paid each quar. 75 cents
a share on new no par value stock. On April 16 1923 paid 20% in common
1925.
1924.
1923.
1922.
stock.
C^dlCTlddT Y6&TS~—"
$
$
$
$
REPORT.—For 1925, in V. 122, p. 877, showed:
Gross sales anfl earnings..I,406,505,195 1,263,711,469 1,571,414,483 1,092,697,772
Calendar Years—
1925.
1924.
1923.
1922.
Mfg. cost and oper. exp.1,154,532.752 1 053.059,068 1,265,932,446 926,591,343
Net earnings--------------- x$2,298,307 x$2,197,083 x$2,112,580 $2,013,116
Administration, selling &
Preferred dividends____
386,400
386,400
386,400
376,229
general expenses, excl.
1,144,626
1,144,626
1,096,879
953,856
35,042,575
30,331,296 Common dividends____
gen. exp. of trans, cos. 37,065,395
35,129,043
45.276,855
55,082,523
Tax., Incl.res.for Fed.tax. 50,923,191
35,798,450
Balance, surplus__ . $767,281
$666,057
$629,301
$683,031
8,992,294
7,838,338
9,207,388
6,854.030 Previous surplus____ - 3,276,803
Commercial disc'ts A Int.
2,610,746
3.429,572
5,160,945
Trans, from prov. for a
Total expenses_______ 1,251,513,562 1,141,216.835 1,365,351,399 999,575,119
vertising to surplus.
Crl,000,000
93,122.654 Premium on pref. stock.
Balance......._______ 154,991,562 122,494,634 206,063,083
Cr .48,343
Miscell. net mfg. gains..
4,073,515
3,232,606 Stock div. on common.
4,600,363
4,258,532
_____
(20)3179,500
921,565
Rentals received_______
1,611.539
1,002,714
1,463,642
. $4,044,084 $3,276,803 $2,610,746 $5,160,946
x After provision for all taxes including income tax, and charges and
Total net income_____ 160,676,616 128,097,711 211,785,258
97,276,824
expenses of management.
Net profits of prop, owned
whose oper. are not incl.
296.799
260,194
198,570
403,282
OFFICERS.—Pres., J. Peterson; V.-P., J. M. De Voe; J. D. Carhart,
Int., Ac., on investments
13,493,163 C. G. Conn, L. A. Bowers and O. C. Hank; Sec. & Treas., I. L. Elliott.
and on deposits, Ac__
12,378,379
13,820,653
13,841,989
Office, 1107 Broadway, New York.—(V. 122, p. 877.)
Prov. res. conting. llabil.
411,245
of subsid. railroads___
UNITED STEEL WORKS OF BURBACH-EICH-DUDELANGE
(SOCIETE ANONYME DES ACIERIES REUNIES DE BURBACHTotal income________ 170,940,549 142,178,558 226,030,529 110,968,557 EICH-DUDELANGE)
(GRAND DUCHY OF LUXEMBURG) “AR
Deduct—
BED.”—Kuhn, Loeb & Co. and Guaranty Co. of New York in April 1926
Bal. prof. sub. cos. (net). *02.842,875 019,004,910 de621,859,586 debt, 179,641 sold at 9214 and int., $10,000,000 25-year sinking fund 7% gold bonds.
State occupation taxes
Dated April 1 1926; due April 1 1951. Denom. $1,000 and $500 c.
previous years_______ _________
4,340,500
Principal and int. (A. & O.) payable in New York City in gold coins of
Reserve for conting. exp. _________
1,750,000
United States of America of or equal to standard of weight and fineness
Est. sum due U. S. by
existing April 1 1926, without deduction for any taxes, imposts, levies or
subsidiary railroads. .. ____ ____
9,050,000
duties of any nature now or at any time hereafter imposed by the Govern­
Res. for inven. depletion. ...................
1,076,775
ment of the Grand Duchy of Luxemburg, or by any taxing authority thereof
Int. on bonds A mortgages
or therein. Red, as a whole (but not in part except for the sinking fund) on
8,259,606 April 1 1936, or on any int. date thereafter, on 60 days’ notice and on 30
8,244,960
8,068,656
8,306,993
subsidiary companies..
days’ notice if called in part for the sinking fund, at 100% and accrued
. Net earnings..._____ 165,538.465 153,114,812 179,646,674 101,529,310 int. Guaranty Trust Co. New York, trustee.
Deduct Charges, Ac.—
Sinking Fund.—Company agrees to establish a cumulative sinking fund
Depr. A extraor. replace.,
calculated to reture the whole issue by maturity. Company shall have the
also sinking funds on
right
to make sinking fund payments in bonds at par in lieu of cash. To
41,745,434
33.382,624 the extent
38,687,668
bonds of subsidiary cos. 45,463,054
that sinking fund installments shall not be paid in bonds, avail­
Cr235,189
0920,038 able moneys are to be applied to the redemption of bonds at 100% on any
Cr 15,026
Cr87,070
Charges off for adjustm’t
19.232,305 interest date. Notice of redemption of bonds drawn by lot is to be given
18,274,207
18,764,568
Int .on U.S.St’l Corp.bds. 17,761,389
10,990,464
10,030,758 by advertisement, the first advertisement to appear at least 30 days before
10,499,185
Sk. fd., Ac., U .3 .St’ICorp _ 11,504,065
150,206 each redemption date.
222,330
165,612
Prem. on bds. red. sub .cos
182,350
Approp. for add’l property
The company, generally known as Arbed, with its affiliated companies,
25,000,000
20,000.000
40,000,000
and construction_____
has combined annual capacity of 2,880,000 metric tons of pig iron (1 metric
25,219,677
25,219,677
25,219,677
25,219,677 ton=l 102 tons avoirdupois), 2,770,000 metric tons of steel ingots, 2,525,000
Preferred dividend_____
35,581,175
35,581,175
29,227,394
25,415,125 metric tons of finished and semi-finished iron and steel products, 3,000,000
Common dividend...__
metric tons of coal and 1,500,000 metric tons of coke. Its output comprises
Total deductions_____ 160,736,664 148,848,471 165,386,681 112,510,657 practically every important steel product.
14,259,993 def10,981.347
4,266,340
Balance, surplus_______
4,801,801
Company’s properties are located in Grand Duchy of Luxemburg in or
near the Lorraine iron mining district and in the coal regions of Saar Basin.
♦These profits were earned by individual sub. cos. in previous years on inter­
Company also owns controlling or substantial interests in various com­
company sales made and service rendered to—for other subsidiaries but being locked panies in Luxemburg, France, Belgium, and Germany, producing coal,
up in the inventory value of materials held by the purchasing cos. at close of 1924, coke, pig iron, steel ingots and finished and semi-finished products.—(V. 122,
were not to that date incl. as part of the reported earnings of the combined organiza
p. 1929.)
tion. Such profits are so embraced only in the year in which they are converted into
UNIVERSAL PICTURES CO., INC.—(V. 122, p. 2343 )
Income Account for Quarter Ending March SX.
UNIVERSAL PIPE AND RADIATOR CO. (The).—lncorp. under laws
1924.
1923.
1926.
1925.
Netearns. (see x below).$45,061,285 $39,882,992 $50,075,445 $34,780,069 of Maryland April 2 1923 as a consol, of the business of the Iron Products
Corp, and certain of its subsidiaries, viz.: Central Foundry Co.. Central
Deduct—
Iron & Coal Co., Central Radiator Co., Essex Foundry, Chattanooga Iron
For sinking fund, deprec.
and reserve funds____ 14,317,715 13,848,770 13,274,972 12,252,744 & Coal Co., Molby Boiler Co. and Central Foundry Oo. of New Jersey.
4,631,637
4,751,774 (See plan in V. 116, p. 1655.) The plan was declared operative in Sept.
Interest_______________ 4,374,863 4,505,931
250,000
257,500 1923. In July 1925 acquired control of B. Nicoll & Oo. V. 121, p. 342.
Prem. on bonds redeem.
293,750
323,000
STOCK.—The preferred and common stock have equal voting rights.
Total deductions_____ $18,986,328 $18,677,701 ' 118,156,609 $17,262,018
The directors in June 1925 authorized the exchange of a limited number
Balance_________
$26,074,957 $21,205,291 531,918,836 $17,518,050
of
pref. shares for common on the basis of two shares of common for each
------6,304,919
Div. on pref___________ 6,304,919 6,304,919
6,304,919
Div. on common_______ 8,895,293 6,353,781
6,353,781
6,353,781 share of preferred.
The common stockholders of record Dec. 12 1925 were offered the right
2,541,512
do
extra__ ;.---------------- 2,541,512
to subscribe at $25 a share for additional common stock to the extent of
Balance, surplus____ $10,874,745 $6,005,079 $16,718,624 $4,859,351 one share for each three shares held.
x After deducting all expenses incident to operations, comprising those
DIVIDENDS.—The stockholders in April 1925 Increased the authorized
for ordinary repairs and maintenance of plants, estimated taxes (incl. est- capital
stock from 180,000 to 400,000 shares, no par value. On pref.,
mate for Federal income taxes) and interest on bonds of subsidiary cos.
Feb. 1 1924, 1%%; May 1 1924, 1?<%; Dec. 2 1924, 3M% (clearing up
DIRECTORS.—Robert Winsor, G. F. Baker, Jr., Percival Roberts, Jr., accumulations): Feb. 2 1925 to May 1 1926, l?i% quar.
E. J. Buffington, J. P. Morgan, James A. Farrell, Elbert H.Gary (Chair­
REPORT.—For 1925, in V. 122, p. 2815, showed:
man), George F. Baker, W. P. Palmer, Samuel Mather, Thomas Morrison,
Calendar Years—
1925.
1924.
John S. Phipps, William J. Filbert, Nathan L. Miller, Myron C. Taylor. xTotal
earnings_______________________________
$873,400 $1,333,447
OFFICERS.—Chairman, Elbert H. Gary; Pres., James A. Farrell; Vice
Provision for int., taxes, deprec. & depletion, &c_.
6l7,466
607,077
Presidents, D. G. Kerr and John Reis; Sec., George K. Leet; Treas., Fred Dividends paid on preferred stock_______________
457,317
349,326
M. Waterman; Comp., W. J. Filbert. Office, 71 Broadway, N. Y.—(V.
122, p. 2815.)
Balance, surplus____________________________ def$201,386
$377,044
x After deducting cost of operation, incl. repairs and maint. and upkeep
UNITED STATES TOBACCO CO.—ORGANIZATION.—lncorp. in
N. J. Dec. 2 1911 as the Weyman-Bruton Co.; name changed to present expen. of sales and general offices.
title in March 1922. The company owns and operates factories at Chicago.
OFFICERS.—Chairman, Clarence M. Schwerin; Pres., John J. White’
Ill., and at Nashville, Tenn. It owned all of the stock of the P. B. Gravely Treas., Louis B. Ladoux; Sec., F. D. Griffiths.—(V. 122, p. 2815.)
$14,965,000 being Issuable on new construction from Jan. 1912 at 75% of
c «t Sinking fund annually, beginning May 1916. 1% of bonds Issued to
May 1 1922 and thereafter 1 M(% plus Int. on bonds retired. In Dec 1925
$2,682 0OO had been retired through the sinking fund. leaving $22,353.0>>O
outstanding. V. 98, p. 0699; V. 100, p. 2171; V. 100, p. 50; V. 104, p. 1771.
Of the National Tube Co. 1st guar. 5s (not the old company, but the later
one, organized to build the Lorain, Ohio, plant), the unissued bonds are
reserved for 75% of the cost of new construction. Annual sinking fund
beginning May 1916 1% of bonds issued, plus interest on bonds retired.
In April 1922 an additional $3,000,000 of these bonds were sold, making
$11,580,000 outstanding excluding $1,420,000 held by sink, fund trustee
V. 94. p. 986. 1769; V. 114. p. 1772. 1782: V. 94. p. 986. 1769.
Additional Bonds of Controlled Cos
Interest. Outstanding.
Maturity
Dewees (W.) Wood Co. 1st M., duel
$100,000 yearly______________ xj5 M
M A N $800,000 May ’27-7M1
Alab. Steel & Shipbldg. 1st M______ 6 JJ & J
730,000 Jan. 1 1930
Potter Ore Co. 1st M______________ 5 J & D
14.000 Dec. 2 1931
Am. St. & Wire of Ala. IstM. (guar.) 5 M & N 1,957,000 Nov. 1 1946
Interstate Transf. Ry. IstM. (guar.) 5 J & J 1,000,000 July 1 1945
Spirit Lake Transf. Ry. 1st M. (gu.).5 J & J 1,000,000 July 1 1946
206.000 Julv 2 1942
’fissex Terminal Ry. 1st M_________ 5 JJ A J
Tenn.Coal,Ir.& RR.Co.genmtge.g__5 J & J 11,799,000 July 1 1951
Treasury Bonds.—On Dec. 31 1925 treasury bonds subject to sale
amounted to $7,124,000.
Tonnage of Unfilled Orders (00.000 omitted).
-On December 31
------ Apr 30
1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. ’22. ’23. 1924. 1925. 1926.
3,8 7,8 11,5 9,4 7.4 8,2 8,1 4,2 6.7 4.4 4,8 5,0 3,8
REPORT.—For 1925. in V. 122, p. 1781, showed:




338

MISCELLANEOUS COMPANIES
IFor abbreviations, &c., see notes on page 8]

Utah Copper Co—Stock authorized $25,000,000__________
Vacuum Oil Co—Stock $70,000,000 auth________________
Vanadium Corp of Amer—Stock autb 500,000 shares____
Van Raalte Co., Inc.—Common stock 80,000 shares auth
1st pref. stock cum. red. 115 $4,250,000 auth___________

Date
Bonds

Par
Value

STOCK.—Stock auth., $25,000,000; out Dec. 31 1925, $16,244 900 fpar
$10), was owned by Kennecott Copper Corp. The latter company in Mar.
1923 offered to exchange 1% shares of its own stock for 1 share of Utah;
this offer was reopened in April 1925. V. 116, p. 1063; V. 120, p. 1759.

'18. '19. '20. '21. '22. '23. '24. 1925.
100 60 60 25 20 40
40 42)4
-- — _ __
—■_
— ----distribution.

REPORT.—For 1925, in V. 122, p. 2645. showed:
1922.
Calendar Years—
1925.
1924.
1923.
Copper produced (lbs.)_214,162,139 214,592,733 195,142,919 84,777,712
Operating revenue____ $32,171,883 $30,130,652 $29,983,653 $12,337,605
Operating expenses____ 19,752,322 20,478,946 18,475,032
7,858,988

Profit from operations $12,419,561
Miscellaneous income
1,118,542

,651,705 $11,508,621
614,053
631,641

1,478,677
411,573

Total income_______ $13,538,103 $10,265,758 $12,140,262 $4,890,250
1,011,002
Depreciation__________ 1,207,270
1,175,650
1,132,169
663,252
Federal taxes, &c_____
1,020,894
535,294
2,191,248
Other charges_________
206,434
241,537
Dividends paid________ 3,836,983
248,553
6,497,960 3,248,980
Cap. distributions (divs.) 3,067,099
6,249,407

Balance, surplus_____$4,199,422 $1,687,359 $3,974,839df$l,560,980
Note.—Operations were suspended April 4 1921 and were not resumed
until April 4 1922.
Report for first quarter of 1926, in V. 122, p. 2815, showed:
1st Quar. '26. 4th Quar. '25.
Net profit from copper production_____________ $2,519,419
$2,812,490
Miscellaneous income, incl. gold and silver_____
589,014
651,737
Bingham & Garfield Ry. dividend _________
75,000
75,000
Nevada Consolidated Copper Co. dividend____
250,125
250,125
Total income________
$3,433,558
Depreciation________________________________
303,701

$3,789,352
311,648

Surplus________________
$3,129,858
$3,477,703
A quarterly distribution to stockholders of $1 25 per share was made on
March 31 and amounted to $2,030,612.

OFFICERS.—Pres., D. C. Jackling; V.-P. in charge of finance, Charles
Hayden; Treas., C. V. Jenkins; Sec., A. J. Ronaghan. New York office,
25 Broad St.—(V. 122, p. 2815.)
VACUUM OIL CO.—Incorporated In 1866 under laws of N. Y. Stati
charter extended til) 1964. Formerly a subsidiary of the Standard OI)
of New Jersey, but was segregated with others in 1911. Government suit.
V. 118, p. 3161.

PROPERTIES.—Operates refineries at Olean, N. Y., and Paulsboro,
N- J., and plants at Bayonne, N. J., and Rochester, N. Y., for the manu
facture of high-grade lubricating oils and related products from crude
petroleum. At Paulsboro owns a tract of 675 acres fronting on the Dela­
ware River, with dockage for ocean-going vessels. Does a large export
business, operating tank and cargo steamships and marketing its products
in foreign countries through its own branches or locally incorporated com­
panies. Many of these latter also operate refineries or plants for the manu­
facture of lubricating products.
STOCK.—The stockholders voted on Dec. 2 1922: (1) to increase the
capital stock from $15,000,000, par $100, to $70,000,000; (2) to reduce the
par value of the shares from $100 to $25 each. The directors on Dec. 5 1922
declared a 300% stock dividend payable Dec. 30 1922.

DIVIDENDS.—
( '15. '16. '17. '18. 19. '20. '21 '22. '23. '24. '25.
Regular_____________ j 6
6
6 6 6 6 6 6 8 8 8
Extra________________ I 2
2
2
4
2
2
2 10 2
7 12
Also paid 300% stock on Dec. 30 1922.
Paid in 1926: Mar. 20, June 19, 2% quar., and 2% extra on each date.

BONDS.—The 15-year 7% bonds dated April 1 1921 were redeemed on
April 1 1926 at 104 and int.
REPORT.—For 1925, in V. 122, p. 1929, showed:
1925.
1924.
1923.
1922.
Gross profit__________.$27,414,540 $20,247,248 $16,661,713 $15,310,174
Inventory depreciation. 1,434,449
1,843,414
2,361,055
692,264
Insurance reserve_____
_____
53,731
267,447
Income tax reserve____
1,750,000
750,000
1,000,000
750,000
Japanese earthquake loss
_____
182,812
Dividends____________ 12,424,615
9,271,155
2,40'0’,666
6,142,839
Balance, surplus____ $11,805,476

$8,132,679

$7,171,276 $11,200,463

OFFICERS.—Chairman, Edward Prizer; Pres., George P. Whaley,
Sec., Geo. V. Holton; Treas., Herbert Baker. Main office, 61 Broadway;
N. Y. City.—(V. 122, p. 2669.)
VANADIUM CORP. OF AMERICA.—ORGANIZATION.—Organized
under laws of Delaware Sept. 6 1919 to carry on the business of a mining
and trading corporation in all its branches in any part of the world. Ac­
quired from the American Vanadium Co., a New Jersey corporation, all of
the latter'B ore lands and other physical properties situated at MinaRagra,
Peru, its reduction and smelting plant and other physical properties situated
at Bridgeville, Allegheny County, Pa., together with all Its raw materials,
supplies and finished products on hand and in transit and the right to al
the Vanadium contained in certain leased property of said company In
Oklahoma. Also acquired the properties of the Primos Chemical Co.,
Primos Exploration Co. and The Primos Mining & Milling Co. (Compare
V, 112. p. 1642.)
Vanadium is used in all steel required for high speed tools and fine
cutlery, it is also extensively used in the manufacture of automobiles and
armor and as an alloy in all steel requiring a high tensile strength.




Amount
Outstanding

Rate

%

When
Payable

Q—M31
$10 $16,244,900
Q—M 20
25 62,199,950
None
377,137 sh See text Q—F 15
80,000 sh
100 3,737,500
Q—M
7

UTAH COPPER CO.-—ORGANIZATION.— lncorp. In N.J. Apr. 30 1904
Owns 875 acres of mining grounds on both sides of Bingham Canyon
Utah, and other lands comprising mill sites, tailings disposal system, &c..
aggregating approximately 10,570 acres; also $5,002,500 of the $9,997,281
stock (par $51 of the Nevada Consol., and all of the $7,500,000 Binghan
& Garfield Ry. stock.

DIVIDENDS.—
('15. '16. '17.
Regular since 1908—%(42)4 70 140
Extra_____________%i__ 50 x5
x Paid in July 1917 for Red Cross
Paid in 1926: March 31, 12)4 %.

[Vol. 122,

INDUSTRIAL STOCKS AND BONDS

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Mar 31 '26 $1X Checks mailed
June 19 ’26 4% Checks mailed
5May 15 ’26 75c
June 1 1926 1J4

On Dec. 20 1924 the corporation acquired the entire $3,000,000 capital
stock of the United States Ferro Alloys Corp., together with its properties
and other assets. The consideration was $2,500,000, which total amount
included the assumption of the bonded indebtedness of the United States
Ferro Alloys Corp, (since paid off as follows: $161,184 on Feb. 1 1925 and
the balance of $1,000,000 on June 1 1925), and also $33 333 1-3 shares of
the capital stock of the Vanadium Corp, of America. The said stock is
held in escrow for a period of one year pending the completion of the contract
under which the capital stock and properties of the United States Ferro
Alloys Corp, were acquired. In addition to said consideration, if the net
earnings of the United States Ferro Alloys properties for the year 1925
exceed a minimum agreed upon, additional consideration will be payable,
but in no event will the amount exceed $500,000. Physical possession of
the properties and assets and the control of the operations of the United
States Ferro Alloys Corp, were taken by the Vanadium Corp, of America
on said date, and title to the properties and assets has been transferred to
this corporation. The principal United States Ferro Alloys property is
located at Niagara Falls, N. Y.

CAPITAL STOCK.—See table at head of page.
DIVS.—Initial div. of $1.50 paid April 15 1920; same amount paid July
15 and Oct. 15 1920. On Jan. 15 1921 paid $1; then none until Aug. 15 1925,
when 50 cents quar. was paid; Nov. 16 1925 and Feb. 15 1926 paid 50 cents
quar.; May 15 1926 paid 75 cents quar.

REPORT.—For 1925, in V. 122, p. 1626, showed:
Calendar Years—
1924.
1923.
1925.
Total income_________ $2,280,090 $1,028,041
$946,727
Depreciation & depletion
419,343
205,545
207,420
Prov. for contingencies.
19,414
Other charges_________
116,781
2,927
34,417
Federal taxes_________
196,821
88,735
23,466
Dividends____________
377,227
Balance, surplus____ $1,150,504
Previous surplus______
1,497,712
Adjustments__________
334,283

Balance, profit & loss. $2,313,933

$730,833
$681,424
766,879
202,451
_____ deb.116,997
$1,497,712

1922.
$434,188
138,938

$295,250
def92,799

$766,878 sur$202,451

OFFICERS.—Pres., A. A. Corey Jr.; V.-P., B. D. Saklatwalla; Sec. &
Treas., L. K. Diffenderfer; Asst. Sec., Gustav Laub. Main office, 120
Broadway, N. Y.—(V. 122, p. 2344.)
VAN RAALTE CO. INC—lncorp. In N. Y. on Nov. 12 1919
Engaged in the business of manufacturing. Importing, exporting and selling
nettings, veilings, laces, hosiery, underwear, knit goods, gloves and kindred
lines.

CAPITAL STOCK.—First pref. stock is entitled to 115 and accrued
divs. in case of voluntary dissolution, etc., and to 100 and accrued divs. in
case of involuntary dissolution, etc. Commencing Dec. 1 1922 a sinking
fund equal to at least 3 % of the largest amount in par value of first pref.
s'ock to be acauired at not exceeding 115 became operative.
DIVIDENDS.—On 1st pref. stock at rate of 7% per annum from Mar. 1
1920 to June 1 1926.

BONDS.—Guarantees principal and Interest of $105,000 Saratoga
Textile Oo. purchase money 6% bonds, due Aug. 1 1926.

REPORT.—For 1925, in V. 122, p. 1469, showed:
Calendar Years—
1924.
1925.
1923.
Gross profit on sales___ $1,716,448 $1,231,846 $1,624,560
Gross income_________
113,083
623,913
381,201
Income charges_______
x345,634
x581,939
244,212
Fed. income taxes (est.)
16,059
1st pref. dividends (7%)
267,050
275,450
279,650
2d pref. dividends ($7)__
Balance, surplus____
$11,229 def$744,306 def$158,720
x Including depreciation.

1Q99
$2,752,005
1,496,334
242,636
156,556
220,325
70,000
$806,816

OFFICERS.—Pres., Emanuel Van Raalte; V.-Pres., Arthur Van Raalte;
2d V.-Pres., Morton E. Van Raalte; Treas., Benj. T. Van Raalte; Sec.,
Byron E. Van Raalte: Asst. Sec., Edwin C. Anderson. Office, Fifth Ave.
and 30th St.. New York.—(V. 122, p. 1469.)

VIRGINIA-CAROLINA CHEMICAL CO.—ORGANIZATION.—In­
corp. on Sept. 12 1895 and acquired many successful manufactories of
acids, chemicals and commercial fertilizers from Baltimore to Atlanta and
Savannah, several in Alabama and one each in Louisiana and Tennessee.
Products sold include fertilizers, chemicals, cottonseed meal, cottonseed oil,
compound lard, edible oils and other by-products. These are sold largely
under brands and trade-marks, among which are “Wesson Oil” and “Snow­
drift.”
Owns entire common stock of Consumers Chemical Corp., which has
erected a modern fertilizing plant at Carteret, N. J., on Staten Island Sound,
and guarantees by endorsement the 7% dividends on the pref. stock
($375,000 May 31 1925) and the cancellation of $12,500 thereof annually
(callable at 110 and div.) and the remainder on April 1 1933, or the entire
amount at 110 on dissolution. V. 96, p. 1428; V. 97, p. 663.
The sale of 200,000 shares of stock of the Southern Cotton Oil Co., to
Rudolph Schecht and A. O. Georgehan of New Orleans, for $8,875,000, was
confirmed by Federal Judge Runyon in Newark, N. J. in Feb. 1925.—V.
120, p. 1103.
Receivers Appointed.—C. G. Wilson (President), Richmond, Va., W. W.
Banks, Atlanta, Ga., and A. T. Vanderbilt, Orange, N. J., were appointed
receivers Mar. 4 1924 for this company and the Southern Cotton Oil Co.,
a subsidiary, by Judge Wm. N. Runyon in the U. S. District Court at New­
ark (V. 118, p. 1149, 1292).
Protective Committees Organized.—The following protective committees
have been formed to protect the interests of the different security holders:
(а) Committee for 15-Year 7)4% Convertible Bonds.—A. A. Tilney, Chair
man (Pres. Bankers Trust Co.); Bertram Cutler, New York; John H. Ma­
son (Pres. Commercial Trust Co.), Philadelphia; Herbert Fleishhacker
(Anglo & London-Paris Nat. Bank), San Francisco; T. Edward Hamble­
ton (Hambleton & Co.). Baltimore; W. E. Stanley (Mitchell, Hutchins &
Co.), Chicago, with E. E. Beach, Secretary, 16 Wall St., N. Y. City;
Bankers Trust Co., depositary, 16 Wall St., N. Y. City, and White & Case,
counsel, 14 Wall St., N. Y. City.
(б) Committee for First Mtge. 25-Year 7% Sinking Fund Bonds.—George
W. Davison, Chairman (Pres. Central Union Trust Co.), New York,

May, 1926.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, Ac., see notes on page 81

Date
Bonds

Virginia-Carolina Chemical—Stk com 905,000 shs auth.
8tock com class B (non-voting) 95,000 shares auth____
Preferred (a & d) 8% oum $30,000,000 auth________ Col
lat M s f Ser A red (text) $35,000,000 auth. kxxxc* 1922
Oonv ■ f ser A red (text) $25,000 000 auth_______ kxxxc” 1922
Consumers cihero Corp of stk (p&d) 7% cum gu « t red 110
For securities to be issued under Reorganization Plan, see text

Amount
Outstanding

None
None
$ 0(
100 &c
100 &<
100

279.844 sh.
69,961 sh
$21,568,536 See text
24.500.00l1
7g J & D
12,098.000
714 F J & J
A & O
375.000
7

Philip Stockton (Pres., Old Colony Trust Co.), Boston; Walter M. Ben
nett (1st V.-Pres., Bank of America), New York; E. P. Maynard (Pres.,
Brooklyn Trust Co.); Lewis B. Parsons (Graham, Parsons & Co.), Phila.;
Frederick W. Scott (Scott & Strinfellow), Richmond, Va.; James C. Fenhagen (Robert Garrett & Sons), Baltimore, Md.; with C. E. Sigler, Secre­
tary, 80 Broadway, New York; depositaries. Central Union Trust Co.. 80
Broadway, New York, and First National Bank, Richmond, Va. Larkin,
Rathbone & Perry, counsel, 80 Broadway, New York.
(c) Committee for Preferred and Common Stocks.—Charles S. Sargent Jr.,
Chairman (Kidder, Peabody & Co.); W. Meade Addison (Pres., Planters
National Bank), Richmond, Va.; Chellis A. Austin (Pres., Seaboard Nat.
Bank), New York; Matthew C. Brush (Pres., American International
Corp.), New York; H. W. Jackson (Pres., Virginia Trust Co.), Richmond,
Va.; Norman S. Meldrum (Pres., Carolina Clinchfield & Ohio Ry.), New
York; John F. Wily (Pres., Fidelity Bank), Durham, N. C.; with O. H.
Lounsbury, Secretary, 17 Wall St., New York; Equitable Trust Co., depos­
itary, 37 Wall St., New York; Chase National Bank, depositary of the
common stock, 57 Broadway, New York and Alexander & Green, Counsel,
120 Broadway, New York.
Reorganization Plan Dated Aug. 10 <925.
A plan and agreement dated Aug. 10 1925 for the reorganization of the
company was declared operative on Nov. 9 1925. The plan provides as
follows:
Method of Reorganization.
New Company.—A new corporation is to be organized in Virginia to be
known by the name Virginia-Carolina Chemica Corp., which will acquire the
properties heretofore owned by the present company or its receivers, other
than the shares of the capital stock of Southern Cotton Oil Co. and the
shares of Gewerkschaft Einigkeit No. 1, Gewerkschaft Einigkeit No. 2 and
Gewerkschaft Einigkeit No. 3, which have been sold by the receivers.
The receivers have sold the capital stock of Southern Cotton Oil Co. for
$8,875,000, out of which the expenses of the receivership of Southern Cotton
Oil Co. have been or are to be paid. They have also sold the shares of
Gewerkschaft Einigkeit Nos. 1, 2 and 3 for $1,250,000. The net proceeds
of such sales were deposited with the trustee of the first mortgage and
the major portion of such net proceeds, together with other cash in the
hands of the trustee, has been or is being distributed by the trustee to the
holders of the bonds secured by said first mortgage, at the rate of $400 for
each $1,000 of said bonds.

Securities to Be Presently Issued by the New Company.
(а) 7% cumul. dividend prior preference stock (par $100)_____ $14,487,060
(б) 6% cumul. dividend partic. pref. stock (par $100)_______ 21,447,994
(c) Common stock (no par value)__________________________ 486,708 shs.
(a) 7% Cumulative Dividend Prior Preference Stock.—Authorized, $14,487,100. Entitled to receive out of the net earnings or the surplus divi­
dends at the rate of, but not exceeding, 7% per annum, payable quarterly
and cumulative from June 1 1925, before any dividends shall be declared
or paid on the preferred or common stock. Entitled to receive an any
voluntary dissolution or liquidation the sum of $110 per share, and in case
of involuntary dissolution or liquidation, the sum of $100 per share plus in
each case an amount equal to all unpaid accumulated dividends thereon,
whether or not declared. Redeemable all or part upon not less than sixty
days’ notice at $110 and dividends. Entitled to benefit of a sinking fund
of 25% of the net earnings of the new company for each year remaining
after deducting prior pref. and preferred dividends, to be applied to the
purchase or redemption of prior preference stock at not to exceed $110 an
dividends.
The prior preference stock is to have full voting rights, each share thereof
being entitled to one vote, but so long as the prior preference stock out­
standing shall exceed $10,000,000 par amount, the holders thereof shall
have the right, voting as a class, to elect a majority (by one) of the directors
The prior preference stock will be placed in a voting trust to continue
for a period of five years, unless the prior preference stock outstanding
shall be reduced to $10,000,000 par amount, when the voting trust shall
terminate. Voting trustees shall be George W. Davison, Frederic W. Scott
and Harry Bronner.
(5) 6% Cumulative Dividend Participating Preferred Stock.—Authorized
issue, $21,448,000. Entitled to receive out of the net earnings or surplus,
after cumulative dividends for past periods and for the current quarterly
period on the prior preference stock shall have been fully paid or set apart
for payment, dividends at the rate of but not exceeding 6% per annum,
payable quarterly, before any dividends shall be declared or paid on the
common stock, which dividends shall be non-cumulative, whether or not
earned, until July 1 1927, but cumulative thereafter. Entitled to receive
in case of voluntary dissolution or liquidation, after payment in full to the
holders of prior preference stock of the stuns which such holders are entitled
to receive, the sum of $105 per share, and in case of involuntary dissolution
or liquidation, the s'lm of $100 per share, in each case plus an amount equal
to all accrued and unpaid cumulative dividends, whether or not declared
before anything shall be paid on the common stock.
In addition to dividends at the rate of 6% per annum, the holders of the
preferred stock shall be entitled, after the common stock shall have received
in any fiscal year dividends at the rate of $3 per share, to participate, share
for share, with the holders of the common stock in any additional dividends
paid in such year.
Preferred stock will be redeemable, all or part, upon not less than sixty
days’ previous notice, at $105 and dividends; but none of the preferred stock
shall be redeemed, while any of the prior preference stock is outstanding,
without the affirmative vote or written consent of the holders of at least
two-thirds in amount of such prior preference stock at the time outstanding.
The preferred stock is to have full voting rights, each share thereof being
entitled to one vote, but so long as the prior preference stock outstanding
shall exceed $10,000,000 par amount, shall have the right, together with the
common stock (the preferred stock and the common stock voting as one
class) to elect only the balance of the directors of the new company other
than those to be elected by the holders of the prior preference stock.
(c) Common Stock.—Authorized issue, 750,000 shares (without par value),
whereof approximately 486,708 shares are to be presently issuable for the
purposes of tbe plan. The balance may be issued by the new company at
such times and from time to time and for such consideration and for such
of its corporate purposes as the directors may fix and determine.
Common stock is to have full voting rights, each share thereof being
entitled to one vote, but so long as the prior preference stock outstanding
shall exceed $10,000,000. shall have the right, together with the preferred
stock (the common stock and the preferred stock voting as one class) to
elect only the balance of the directors of the new company other than those
to be elected by the holders of the prior preference stock.
After the cumulative dividends on the prior preference stock and on the
preferred stock have been fully paid or set apart for payment and after the
sinking fund in respect of the prior preference stock has been fully set apart,
the common stock shall be entitled to receive dividends from the remaining




Last Dividend Places Where Interest on>
Dividends are Payable
and Maturity

Par
Value

Rale

%

239

When
Payable

See text

Apr 15 19212% ^beoks mailed
June 1924 interest unpaid
lune 11947
Inly 1 1937
Apr I 1933

surplus or the remaining net earnings of the new company, subject, however,
to the right of the preferred stock, after the common stock shall have re­
ceived in any fiscal year dividends of $3 per share, to participate, share for
share, with the common stock in any additional dividends paid in such year.
Cash and New Securities Payable and Deliverable in Respect of Securities and
Obligations of Old Company.
---------------------Will Receive------Prior Pref. Partic.Pref. Common
Existing
Outstanding.
Stock.
Stock.
Stock.
Cash.
Securities—
$
$
$
Shares.
$
1st mtge. 7s______ a24,348,000 14,487,000 ________ _____ 12,417,480
Each $1,000___
510
595
714% debentures.bl2,250,000 _______ 15,006,250 245,000
Each $1,000___
1,225
20
Bank debt_______ b4,209,000
_______
4,882,440 84,180
Each $1,000___
1.160
20
c Trade debt____
b963,000 _______
1,117,080 19,260
Each $1,000___
1,160
20
Pf.stk.O.Ch.Corp. b355,200 _______
442,224
7,104
Each $1,000___
1,245
20
Preferred stock._b215,686 shs. ________
107,843
Per share______
14
Common stock. _b349,805 shs. _______
23,321
Each share____
1 1-15

Total_________

14,487,000 21,447,994 486,708 12,417,480

a Holders of each $1,000 1st mtge. 25-year 7% sinking fund gold bonds,
Series A (with their rights of participation in the proceeds of the sale of the
stock of Southern Cotton Oil Co. and of the shares of Gewerkschaft Einigkeit
No. 1, Gewerkschaft Einigkeit No. 2 and Gewerkschaft Einigkeit No. 3,
or in the proceeds of the sales of any other property subject to the mort­
gage securing said bonds), with the June 1 1924 and subsequent coupons
are entitled to receive $510 in cash and $595 of prior preference stock.
Of the $510 so payable in cash, the sum of $400 has been or will be paid out
of funds held by the trustee as to the holders of such bonds and of certifi­
cates of deposit therefor, subject, however, to deduction of the amounts
advanced (with int.) to the holders of such certificates of deposit in respect
of June 1 1924 int., and noted on such certificates of deposit (so-called
as “stamped” certificates) issued by the committee representing the bonds”
b One-half of the common stock to be received under the plan by each
of the holders of the debentures, bank debt and trade debt of the old com­
pany and of the preferred stock of Consumers’ Chemical Corp., may be
delivered in the form of trust receipts of the managers or their agent to pro­
vide for the stipulation, under which such delivery is made, that the holders
of the pref. and common stocks of the old company who participate in the
plan will be given the privilege of purchasing, within 30 days after the
managers have declared the plan operative, under terms and conditions to
be approved by the managers, the Common stock represented by such trust
receipts at $10 per share from the holders of the debentures, bank debt and
trade debt of the old company, and of the preferred stock of Consumers'
Chemical Corp., who participate in the plan, tn the ratio as between the
two classes of stock that 107.843 shares bear to 23,321 shares, and the hold­
ers of each share of the preferred and common stocks of the old company
who participate in the plan will have the right to purchase his pro rata share
of the amount of new common stock allotted under the above ratio to his
lass of stock.
c Trade debts in amounts of less than $1,000 of the old company are to
e paid in cash without interest.
Reorganization Managers.—Blair & Co., Inc., Hallgarten & Co., Chase
ecurities Corp, and Equitable Trust Co.
New Company Organized.—The Virginia-Carolina Chemical Corp, of Rich
mond was incorp, in Virginia in March 1926 to take over the Virginia
Carolina Chemical Co.

STOCK.—The stockholders on June 21 1922 voted to change the common
stock from $100 per share to 1,000,000 shares of no par value, of which
amount 905,000 shares will be no par stock with full voting power ana
95,000 shares, known as Class B, no par common stock without voting
power. Each share of the Class B stock will be upon a parity In all respects
with voting common shares, except in the matter of voting rights.
Each snare of the 279,844 shares of common stock (par $100) outstanding
was changed into one share of the no par common voting stock and onequarter of oue share of the no par Class B non-voting stock. Of the
905,000 shares of no par voting stock tnus issued, 279,844 shares were re­
quired to take the place of the old outstanding shares of common stock
and approximately 350,000 shares will be retained to meet the possible
conversions of the $12,500,000 714 % convertible bonds and approximately
275,750 shares of such stock will remain unissued. See V. 114. d. 2251,2368.
Holders of certificates of deposit for common and preferred stocks of
record Nov. 9 1925, were given the right to subscribe to common stock of
new company at $10 a share in the ratio of .6891 share for each preferred
share held, and .1053 for each common share held.
DIVIDENDS.—The directors on May 20 1926 declared a dividend of
7% on the 7% cum. prior preference stock (representing accumulations from
June 1 1925 to June 1 1926), payable July 1 to holders of record June 15 1926.

BONDS.—The 1st M. Ser. A 7% bonds are red. at 10714 and int. on o"
before June 1 1932; thereafter at 105 and int. up to and incl. June 1 1942
thereafter at 105 and int., less 1 % for each 12 months or part thereof elapsed
from June 1 1942. Commencing Oct. 1 1923, sinking fund is to be suf­
ficient to retire annually 2% of total Series A bonds issued, from Oct. 1
1923 to Oct. 1 1932 incl., and 2)4 % annually thereafter up to Oct. 1 1946.
The June 1924 and subsequent interest on these bonds is in default: the
protective committee on June 3 1924 offered to advance the amount of such
interest. V. 118, p. 2838. Federal Judge Runyon of the U. S. District
Court at Newark in June 1924 gave leave to the Central Union Trust Co. to
foreclose the mortgage covering the $24,500,000 Series “A” 7% 1st Mtge.
bonds.
A cash distribution at the rate of $400 per $1,000 bond of the above issue
was made by the Central Union Trust Co. of New York, trustee, on July 21
1925. The distribution was made out of the proceeds of sale of the stock
of the Southern Cotton Oil Co. pledged under the mortgage securing the
bonds and out of the proceeds of the sale of other property sold and released
from the lien of the mortgage. V. 121, p. 342.
The 714% sinking fund convertible gold bonds. Series A. are redeemable
on and after July 1 1925, in whole at any time or in part on any int. date,
at 10714 and int. until July 1 1926, and thereafter at 107 and int. until
July 1 1927. the premium thereafter decreasing 14% for each 12 months or
part thereof until maturity.
These bonds bear stock purchase warrants entitling the holder to purchase
at any time up to July 1 1924, Incl., the voting no par value shares of com­
mon stock at $35 per share plus dividends (if any), at the rate of 2 6-7 shares
for each $100 bonds. The bonds are to be convertible at the option of the

340

Date
Bonds

MISCELLANEOUS COMPANIES
[For abbreviations, Ac., see notes on page 81

* Irginia Iron. Coal & Coke— Com stock $10.000,000auth...
Preferred (a & d) stock cumulative callable (text)________
Mortgage gold S10 000.001’
. . __________ -Bale'
(V) Vlvaudou—Common stock $500,000 shares auth_____
Pref stock conv (see text) $2,500,000 auth--------------------Vulcan Detlnning Co—Common stock auth. $2,000,000—
Common stock Class A authorized $1,226,000---------------Pref stock (a & d) 7% cum Class A auth $920,000----------Preferred stock (a & d) 7% cumulative auth $1,500,000.
Waldorf System, Inc—Common stock 500.000 shares auth
1st pref stock 8% cum $883,500 auth red $11___________
Preferred stock 8% cum $1,000,000 auth______________

1899

Par
Value

Amount
Outstanding

$100
100
1 IMM
None
100
100
100
10(
’00
None
10
10

$10,060,000
2,500.000
2 047 000
357,000 shs
$1,700,000
2.000,000
1,225.800
919 400
1,500,000
441,610 sh.
195.130
866,100

holder at any time after July 1 1924 (but only if accompnaied by the above
mentioned stock purchase warrants) into voting common shares of no par
value at $35 per share. At the time of conversion a cash adjustment
Is to be made of dividends declared and accrued interest. If these bonds
are called for redemption prior to maturity, the right to convert is to extend
up to 15 days prior to the date fixed for redemption.
Company will covenant to pay the trustee on April 1 and Oct. 1 of each
year, commencing April 1 1923, sums sufficient to purchase or retire the
following percentages of the maximum amount of Series ‘’A” bonds at any
time theretofore issued: 2% per annum payable semi-annually from April 1
1923 to Oct. 1 1927 incl.: 3% per annum payable semi-annually from
April 1 1928 to April 1 1937 incl. V. 115. P. 555.
REPORT for year ended May 31 1925. in V. 121, p. 2999, showed:
1921-22.
1923-24.
1922-23.
Years Ended May 31— 1924-25.
Total net profits______ a$4,533,052 $1,667,445 $3,698,594 $4,909,790
1,237,598
1,673,062
1,439,560
Repairs and maintenance
474,891
478,931
Res’ve for doubtful debts
282,242
411,307
Cash discounts on unset­
1,987,411
1,244,252
198,146
1,337,743
tled accounts, &c___
200,000
200,000
Reserve for depreciation

Balance, net profit__ $3,577,7731oss$1822290
Bond interest accrued.. $2,617,790 $2,634,531
Int. on borrowed money
(subsidiary companies)
48,360
_____
Res’ve for depreciation.
300,000
_____
Receiver’s expenses____
50,269
_____
Int. accrued on notes &
accounts payable____
312,487
_____
General interest & disc’t
_____
843,789
Consumers’ Chem.Corp.
pref. dividend (7%).......................
13,125
Comm, on revolving cred
_____
_____

$403,474
$2,499,565

$1,484,781
$1,602,565

771,110

1,501,661

27,125
_____

28,000
333,122

Total deductions____ $3,328,906 $3,491,445 $3,297,800 $3,465,348
Balance, deficit_______ sur$248,866 $5,313,736 $2,894,327 $1,980,567
a After reducing inventories to market value where market was lower than
cost.
OFFICERS {of New Company) .—Pres., C. G. Wilson: V.-P., S. L. Car­
ter: V.-P. & Treas., George A. Holderness; V.-P., H. W. Wallace: Sec.,
P. C. Smith. Office, 11-13 South 12th St., Richmond, Va.—(V.122,p.l780)

VIRGINIA-CAROLINA CHEMICAL CORP. OF RICHMOND—See
Virginia-Carolina Chemical Co. above.
VIRGINIA IRON. COAL AND COKE CO.—ORGANIZATION.—
Owns furnaces at Roanoke, Pulaski, Radford, Max Meadows and Foster
Falls, Va.: Middlesborough, Ky.; certain foundry and machine works. Also
owns about 120,000 acres of coal lands, and owns and controls aoout
209,000 acres iron ore and timber lands. V. 68, p. 675; V. 69. p. 388: V
76. p. 272: V. 79, p. 1703: V. 81. p. 1615. The Colony Coal & Coke Corp
was organized in 1920 with capital stock of 100,000 shares of no par value
(all In parent company’s treasury) for the purpose of developing the com­
pany's coal lands in Kentucky. V. 112, p. 1168.
Common stock authorized and outstanding, $10,000,000; par $100. The
stockholders on Nov. 1 1921 authorized an issue of $5,000,000 5% cumul
pref. stock with a provision that no further mortgage or Hen can be placed
on the real estate of the company without the approval of 76% of the holders
of the preferred stock. The preferred stock is subject to call at any time
after three years from date of Issue upon 60 days’ notice at 105 and Is pre­
ferred as to assets as well as to dividends and is to have voting power. Of
the $5,000,000 pref. stock issued, $2,500,000 is held in the company’s
treasury. Dividends on common stock: On Oct. 1 1907 paid a 5% stock
dividend. An initial cash dividend of 6% was paid Dec. 6 1918; July 1919
and Jan. and July 1920 paid 3%. On Nov. 1 1920 paid 10% in stock.
Jan. 24 and July 27 1921 and Jan. 25 1922 paid 3% each. On Feb. 15 1922
paid 50% in pref. stock. V. 114, p. 314. July 1922 and Jan. 1923 divi­
dends omitted; July 1923 paid 2%; Jan. 1924 paid IX %; none since. On
preferred stock paid 2X % each Jan. and July since date of issue.
REPORT.—For 1925, in V. 122, p. 1304, showed:
1922.
Calendar Years—
1925.
1924.
1923
Gross earnings................. $3,380,576 $3,602,442 $7,918,766
$4,354,846
350,103
878,694
Total receipts_________
555,450
1,088,809
109,065
121,937
Bond interest_________
103,972
137,638
61,589
Federal taxes_________
1,550
72,369
294,542
238,503
Rentals, expenses, &c__
256,630
303,409
249,875
599,810
249.810
Dividends.........................
124,897

$68,400 def$303,379 def$143,146
Balance, surplus__ __
Quarter Ended March 31—
1926.
1925.
$839,252
Gross operating revenue___ _______
$920,607
Operating expenses_______ _______
868,677
759,007

$325,584
1924.
$1,420,745
1,355,736

Net operating revenue __ ...............
Revenue from other source. _______

$51,930
22,558

$80,245
229,826

$65,009
33,991

Total net revenue______ _______
Bond interest, &c________ ...............

$74,489
84,506

$310,071
92,765

$98,999
93,207

$217,306
Net earnings_______ __ _______ loss$10,017
$5,792
OFFICERS.—Pres., John B. Newton; V.-P., D. D. Hull, Jr.; Sec. &
Treas., J. W. Cure; Asst. Sec., James McNeil. Office, Roanoke, Va.;
New York office, 40 Wall St.—(V. 122, p. 2344.)
(V.) VIVAUDOU, INC.—ORGANIZATION.—Incorp, in Delaware
about Sept. 1 1919 and acquired the assets, trade-marks, &c., of V. Vivaudou of N. Y. and Paris. Manufactures and distributes perfumes, talcum
powder, tooth paste and other toilet articles. Plants located in New York
City and Montreal. Contract with Mineralava Co., V. 116, p. 189. In
Feb. 1926 acquired the Alfred H. Smith Co., the business of which has
been consolidated with this company.
STOCK.—The stockholders on Jan. 5 1926 approved a change in the
auth. com. stock from shares of $10 par value each to shares without par
value, and increased the auth. capital stock from 340,000 shares of com.
stock to 525.000 shares, of which 25,000 shares (par $100 each) shall be pref.
stock and 500,000 shares without par value shall be com. stock.
The holders of com. stock of record Jan. 7 1926 were given the right to
subscribe at $105 per block (consisting of 1 share of pref. stock and 1 share
of com. stock) to 17,000 shares of pref. stock and 17,000 shares of com.
stock in the ratio of 1 share of pref. stock and 1 share of com. stock for
each 20 shares held.
The pref. stock may be converted into com. shares at any time prior to
Jan. 1 1929 on the basis of 3 shares of com. stock for each share of pref. stock.




[Vol. 122.

INDUSTRIAL STOCKS AND BONDS
When
Payable

Last Dividend Places Where Interest ana
and Maturity
Dividends are Payable

See teal
J & J
5
r>
M flf
•
See text
Q—F
7

Jan 2 1924 IX Checks mailed
do
July 1 1926 2X
Meh 1 1949
Bk of Manhattan Co. N Y
See text
Nov 1 1926 1 %

Rate
%

Checks mailed
See text "0—J20 Apr 20 ’26 1
See text (^—Jj20 Apr 20 ’26 3X Checks resiled
See text
July 1 ’26 31 Me
8
Q—J July 1 1926 2%
Q—J July 1 1926 2%
8

REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
Gross sales_____________$3,381,086 $3,725,954
Returns, allowances, dis­
counts, &c_________
246,301
776,466
Cost of sales__________
1,628,244
1,806,871
Selling & admin, expense
998,176
1,483,403
Other charges (net)___
61,398
101,476

1923.
$6,741,182

1922.
$5,414,968

837,337
2,989,847
1,997,784
258,685

812,665
2,489,468
1,407,050
112,839

Net profit---------------$446,966 loss$442,262
$657,529
$592,947
Previous surplus_____ def1,564,060
273,262
224,864 def288,083
Red. of common stock-xCr6,000,000
Prem. on sale of stock . 0120,000
Profit on sale of real est.
_____
045,000
Prem. on pref. stk. ret’d
17.505
Reorganization expense.
56,918
Reduction of good-will. _ 1,027,027
Com. divs. paid (cash)..
($2)600,000
Pref. divs. paid (cash)..
2,625
Div. on com. paid in pref
150,000
Inventory adjusts., &c..
617,223
Inv. in & adv. to affil.cos
313,598
Charges not applicable to
year’s operations____
54,489
311,614
Provisions for taxes___
54,131
80,000
Profit & loss surplus.. $3,846,966df$l,564,060
$273,262
$224,864
x Reduction of common stock from 300,000 shares of no par value to
300,000 shares, par $10.
Results for Quarters Ended March 31.
1926.
1925.
Net profit after deprec. but before Federal taxes.. $469,876
$201,049
DIVIDENDS.—Initial div. of 50 cents a share was paid Jan. 2 1920
same amount paid April 1 and Oct. 1 1920; Jan. 1 1921 paid 25 cents a share
then none until March 2 1923. when 50c. was paid; June 15 to Dec. 15 1923
paid 50c. quar.; March 15 1924 paid 50c. in pref. stock; none since.
On new pref. stock paid (or declared payable) in full to Nov. 1 1926.
OFFICERS.—Jules 8. Bache, Chairman; Thomas J. McHugh, Pres.;
R. H. Aronson, V.-P. & Treas.; J. W. Kerbin, V.-P.: Alexander Levene,
Sec. Office, 418 W. 25th St., N. Y.—(V. 122, p. 2669.)
VULCAN DETINNING CO. (THE)—ORGANIZATION.—Incorpor­
ated in New Jersey on April 25 1902 as a consolidation. V. 74. p. 942. Has
plants at Sewaren, N. J., Neville Island, Pa., and Streator, Ill.; manufac­
tures "merchantable pig tin,” tin compounds (consisting of tetrachloride of
tin, bichloride of tin, tin crystals), caustic soda and steel scrap (used by steel
mills) from tin plate waste. V. 83. p. 42. 1234.
PLAN OF SETTLEMENT.—The stockholders In Feb. 1920 voted (1)
to Increase the capital stock as outlined below; (2) to acquire the assets,
property and business of the Republic Chemical Co , Inc. (for terms of
acquisition, &c., see V. 110, p. 270); and (3) to pay a dividena of 4X % on
account of arrearages upon the pref. stock of the company, which dividend
was paid April 20 1920. V. 110. p. 270.
CAPITAL STOCK.—The stockholders on Feb. 18 1920, In accordance
with a plan of settlement (V. 110, p. 270), voted to increase the capital
stock from $3,500,000 to $5,646,000, by creating (a) a new class of 7%
cumulative pref. stock "A” $920,000, and (ft) a new class of common stock
"A” $1,226,000. The rights of pref. A stock are subject to the rights of
the holders of the pref. stock to receive unpaid dividends accrued thereon
prior to June 15 1920; otherwise there Is no difference between the rights of
the holders of the old and new preferred stock or between the rights of the
holders of the old and new common stocks, except that for ten years from
the date of such increase the holders of the old stock will be entitled to
vote for and elect six and no more members of the board of directors, and
the holders of the new stock will have the right to vote for and elect three
and no more members of such board. By vote of two-thirds In interest of
each class of stock all of the classes may, however, be given full and equal
voting rights before the expiration of such ten-year period.
DIVS.—1 02. 03. 04. 06. 06. 07 08 09 10. 11 T2 1913-26
Pref.... % )3X 6X0
5 7H 5 1M 5
5X '
Below
Oom
%J2 3
000
00
00
0
In 1913, Jan. and April, 1%%; July and Oct., none. Accumulated pref.
live. Oct. 1913, 24X%. on account of which 21% was paid Nov. 20 1913
from proceeds of suit against American Can Oo. V. 95. p. 1478; V 96, p.
1302; V. 97, p. 181, 1220. None thereafter to Jan. 1919 In April, July
and Oct. 1919 and Jan. 1920 paid 1 M % and 1% on accumulations V. 108.
p 886 In April 1920 paid 1 X % and 4X % on account of accumulations
V. 110, p. 1438. In July 1920 paid 1X% and 1% on account of accumula­
tions. Paid 154 % in Oct. 1920. An initial div. of 39 cents per share on the
Pref. “A" stock, covering a 20-day period, was paid on July 20 1920. V.
111. p. 209. Paid IX % on Oct. 20 1920. On Feb. 21 1921 paid 1X%
each on pref. and pref. "A", payment being made In 1-year 6% scrip, due
Jan. 20 1922 (paid off): then none until Jan. 20 1923, when 1 ’4 % was paid
on pref. and pref. A stock; same amount quar. to Apr. 20 1926. Also paid
on pref. stock on account of accumulations 1 % each quar. from July 20 1924
to April 20 1925, 5% on July 20 1925, 1% on Oct. 20 1925, 2% on Jan. 29
1926 and 2% on Apr. 20 1926. Accumul. divs. on pref., 30X%: on pref. A,
REPORT.—For 1925, in V. 122, p. 2226, showed:
Calendar Years—
1925.
1924.
1923.
Sales_________________ $2,946,081 $2,023,970 $2,056,289
Expenses, deprec., &c__ 2,551,241
1,761,192
1,853.304

Other income-

..

Total income.

Divs. on pref. stock___

1922.
$1,474,653
1,301,130

$394,839
38,149

$262,778
27,415

$202,985
30,901

$173,523
32,372

$432,988
80,979
$304,358

$290,193
77.776
214.358

$233,886
35,503
169,358

$205,896
50,964
42,340
$112,592

Surplus------------------$47,652
def$1.941
$29,025
Report for 1st quar. of 1926 in V. 122, p. 2963.
OFFICERS.—Pres., W. J. Buttfield; V.-P., R. D. O’Neil; Sec., O. E.
Outram; Treas., Gilbert N. Knight. Office, Sewaren, N. J.—(V. 122.
p. 2963.)
WALDORF SYSTEM, INC.—Incorp. April 18 1919 in Mass. Operator
restaurants and lunch rooms and acts as commissary for a number 01
industrial plants. On Dec. 31 1925 had 118 stores in operation located in
37 cities.
STOCK.—The stockholders on May 2 1923 voted to change the common
stock from shares of $10 par to shares of no par value; also to increase the
auth. common stock from 250,000 shares to 500,000 shares and the amount
issued from 220,805 shares to 441,610 shares. Each stockholder of record
May 20 1923 received two shares of new stock of no par value for each
old share, par $10.
Pres. Percy E. Woodward in Nov. 1924 announced that Merrill, Lynch
& Oo. had become interested in the affairs of the company, having purchased
the stock of the Clark interests, as well as a considerable block from
other sources. V. 119. p. 2190.

May, 1926.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
(For abbreviations. Ac., see notes on page 8]

Date
Bonds

Ward Baking Corp—Common Cl B 500,000 shares auth._
Common Class A 500,000 shares authorized-----------------Pref (a & d) stock 7% cum red 110 $50,000,000 auth-------First mtge s f g red 105____________________ Em.xxxc* 1912
Washington O|| Co—Stock $500,000 auth—
Weber & Heilbroner—Common stock 100,000 shares auth
Preferred fa A: dl stock 7% cum red 115 $2,000,000 auth..
Wells. Fargo & Co—Stock-----------------------------------------Western Elec Co Inc—Com stock 1,000,000 shs auth----Gold debenture bonds red (text)----- --------------------- c*&r* 1924

Par
Value

None 500,000 shs

None
$100
100 &c
25
None
100
1
Nom
100 &c

DIVIDENDS.—On pref. stock in full to date. On new common stock
of no par value initial div. of 31 Xc. a share was paid July 2 1923; samr
amount paid quarterly to July 1 1926.
REPORT.—For 1925. in V. 122, p. 1326, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Total sales___________ $12,832,053 $13,552,401 $13,910,056 $12,118,597
Costofsales.................... 11,205.878 11,695,652 12,201,510 10,423,287
Income from oper___ $1,627,075
Income credits
143,435

$1,856,748
83,200

$1,708,546
127.404

$1,695,310
122,053

$1,770,510
Gross income__
Deprec., amort, of leaseholds, Fed. and State
taxes, &c__________
734,657

$1,939,948

$1,835,950

$1,817,363

836,939

685,407

650,255

Net income . . . $1,035,853 $1,103,009 $1,150,543
43.080
First preferred dividends
35,631
50.536
68,882
Preferred dividends.
69,246
69,246
545,762
514,411
Common dividends
548,160

$1,167,108
62,540
66,710
401,610

$636,248
$444,920
$516,713
Balance, surplus____
$382,815
980,149
Profit A loss, surplus
1,498,296
2,415,013
1,911,087
1923.
1925.
1924.
3 Mos. End. Mar. 31—
1926.
Sales. _ ___ ...
$3,320,634 $3,173,153 $3,426,948 $3,334,600
332,697
Net profits
250,579
314,735
282,661
32,592
28,670
Preferred dividends
24,959
26,827
100,402
Common dividends. _
138,003
138,003
138,003
$199,703
Surplus for period___
$148,062
$119,699
$85,749
OFFICERS.—Pres., Percy E. Woodward; V.-P., Thos. F. Ahern,
Harry S. Baldwin and Oscar F. Kinney; Treas., Harry S. Baldwin; Compt.
& Asst. Treas., Austin O. Uhl: Sec., Arthur F. Ray. Office, 169 High St.,
Boston, Mass.—(V. 122, p. 2344.)
WARD BAKING CORP.—lncorp. in Maryland Feb. 18 1924 to acquire
the entire canital stock of the Ward Baking Co. of New York. Ward Baking
Co. of New York, predecessor company was incorporated in New York on
June 21 1912, as a consolidation of Ward, Corby Co. of New Jersey, Ward
Baking Co. of Pittsburgh, Ohio Baking Co., Cleveland and Ward Bread
Co. of New York. Business began in 1849. Business consists of baking
and distributing bread, cakes, etc. As of Dec.31 1925, Corp, had 17 bakeries
in operation in 13 cities.
STOCK.—Preferred has voting power. Class “A” is entitled to noncumulative dividends at the rate of $8 per share per annum, and shares
with class “B” as one class in any dividends declared out of remaining
surplus or net profits. In event of liquidation or dissolution, after preferred
has received $100 and accrued dividends, remaining assets shall be paid to
holders of class “A” to extent of $100 per share before anything shall be
paid to class **B” holders, and any assets remaining shall be divided among
holders of class “A” and class “B” as one class. Class “A” has voting
power. Class “B” has no voting power until earnings for 8 consecutive
quarterly dividend periods show earnings available for dividends on class
"B” stock; thereafter class”B” holders are entitled to vote in same manner
as holders of pfd. and class“A” stocks,
DIVIDENDS.—Preferred stock; initial dividend 1X % paid April 1
1924; regular quarterly since including July 1 1926.
On class “A stock paid initial div. of $2 a share on July 1 1926.
BONDS.—Sinking fund of 2% ofoutstanding bonds annually commenced
June 15 1915.
REPORT.—For 1925 showed:
Calendar Years—
1925.
1924.
Net earnings_________________________
. . $6,225,582 $6,417,740
Other income________________________
613,730
331,255
Total income_______________________________
...$6,839,312
$6,839,312 $6,748,995
Interest______________________________
329,926
327,395
Depreciation_________________________________
... 1,700,152
1,546,658
Federal taxes________________________
606,090
505,203
Ward Baking Co. dividends____________
31,069
Ward Baking Corp, preferred dividends_________
... 2,201,488
2.203,694

Surplus____________________________
... $1,970,587
12 Weeks Ended March 20—
1926.
Total income_________________________________
_ _ $1,436,097
Depreciation and bond interest_________
485,863
Federal taxes------------------------------------113,381

$2,166,045
1925.
$1,418,055
474,193
111,560

Net profit........... ........................ ............................
... $836,853
$832,302
. & Treas., J. M. Barber.
2669.)
WARNER BROS. PICTURES, INC.122, p. 764.)
WASHINQTON OIL CO.—ORGANIZATION, Sec.—lncorp. In 1887 Id
Penna. Produces crude oil. Owns 140 of 200 shares of Taylorstown Nat­
ural Gas Co. Formerly controlled by Standard Oil Co. of N. J., but segre­
gated in 1911. See Standard OilOo. of N. J.. V. 85, p. 216: V. 93, p. 1390
Stock. $500,000; par. $25. Dividends In 1906, about 35%; 1911, 29%
1913. Feb. and Dec., 40%; 1914. Dec., 30%: 1915 .nil: 1916, Oct., 40%
1917 and 1918. Dec.. 40% each; 1920. Jan., 20%; 1921, Jan., 20%: then
none until Dec. 31 1925, when $2 per share as paid; same amount paid
April 20 1926.
Stockholders of record Mar. 1 1926 received a stock div. of 300%.
REPORT.—For 1925, in V. 122, p. 1626, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Gross income for year
$195,573
$128,630
$112,830
$118,234
Oper. exp., taxes, depr.
anddepletion..............
105,135
112,867
118,413
150,496
Dividends paid_______ ($2)20,000
_______
_______
_______

Net earnings for year.
$70,438
$15,762
def$5,583 def$32,262
Office, 323 Fourth Ave., Pittsburgh. Pa.—(V. 122, p. 2070.)
WEBER AND HEILBRONER.—Organized in N. Y. March 19 1913.
Sells men's furnishings, clothing and hats at retail, operating a chain of
13 stores. In Jan. 1924 acquired the business of Brokaw Brothers.
CAPITAL STOOK.—A cumulative "Preferred Stock Sinking Funa
provides that the corp, shall create and maintain a fund for the purchase or
redemption of pref. stock of a sum equal to 3% of the largest amount
issued and outstanding, said fund to be continued so long as the amount
contained therein is less than 115% of the aggregate par value of pref.
stock plus accrued divs. Pref. stock has no voting power unless three
successive quarterly divs. remain unpaid, in which case It has the right
to elect two-thirds of the directors.!




Amount
Outstanding

Rate
%

When
Payable

86,093 shs See text See text
$31,841,500
7
Q—J
5,511,000
6g J & D
400. (JIM See
text see eet >
88,168 shs See text See text
879,800
Q—M
7
J & D 20
239,674
5
750,OO()Hhr>
$10
Q—M31
$35,000,000
5g A & O

241

Last Dividend Places Where Interest ano
and Maturity
Dividends are Payable

July 1 1926 $2
July 1 '26, 1%
June 15 1937
Apr 20 '26 20%
June 30 ’26 $1
June 1 '26 154
See text
Mar 31 26 $2-50
Apr 1944

Empire Tr Co, NY
Pittsburgh, Pa
Checks mailed
do
Offloe 51 Broadway tv V
Mew Vork
New York

The stockholders on Dec. 30 1924 approved: (1) The reduction of the
authorized Common stock from 250,000 to 100,000 shares, no par value,
and (2) the plan to exchange the issued and outstanding Common stock
amounting to 225,520 shares for new stock on the basis of one share of
new stock for each three shares of old stock owned.
DIVIDENDS.—On common stock as follows: Nov. 1 1919, 50c.; Apr. 1
1920, 50c.; Nov. 1 1920. 50c.; June 27 1921,50c.; Dec. 30 1921.50c.: July 6.
1922, 50c.; Dec. 30 1922, 50c.; June 29 1923. 50c.; Dec. 31 1923, 50c.;
June 27 1924, 50c.; Dec. 30, 50c.; Mar. 30 1925 to June 30 1926. $1 quar.
Also paid 2% in common stock on April 30 1925 and 15% in common stock
on Jan. 26 1926.
REPORT.—For year ended Feb. 28 1926, showed:
Feb. 28 Years—
1925-261924-25.
1923-24.
1922-23.
Gross operating profit. . $3,315,852 $3,345,015 $2,567,88$ $2,226,782
Gross oper. profit, oper.
exp., deprec. & amortization charges_____ 2,601,880
2,720,496
2.013,458
1,742,718
Net earnings..
$713,972
$633,519
$554,427
$484,064
Federal taxes, &c ..
94,000
84,300
70,000
61,500
Dividends- _
__ __
381,239
364,697
222,082
219,959

Balance, surplus__ $238,733
$184,522 ' $262,346
$202,605
OFFICERS.—Pres., Louis M. Weiller; V.-P., John O. Mayer, Geo. G.
Goldberg and Irwin Heilbroner; Treas., Sydney H. Rhoades; Sec., Herbert
H. Maas; Asst. Sec. & Asst. Treas., John O. Mayer. Office, 215 Fourth
Ave., N. Y.—(V. 122, p. 1780.)
WELLS FARGO & CO. (EXPRESS).—lncorp. In Colorado Feb. 5
1866. On June 30 1917 operated on 84,751 miles of railroad in the U. 8.
and Mexico, 33,466 miles of stage, inland and ocean steamer routes; total.
118,218 miles. Also. Jointly with National Rys. of Mexico, controls Wells.
Fargo & Co. 8. A. (Sociedad Mexicana). V. 91, p. 1451.
The loss of their contracts with the railroads because of Government
control and operation, and inability to effect an arrangement with the Rail
road Administration for continuing their individual operations culminated
in an enforced retirement from domestic express operations and the transfer
of the property of this company and the other leading express companies
used in the express business to the American Railway Express Co. on June
30 1918 at least for the duration of the war. In consideration for the prop
erties the several companies received stock in the Am Ry Exp. Co. (the
Wells Fargo, $10,500,000 thereof) but no guaranty of net return. In Dec.
1920 the I.-S. C. Commission approved the permanent consolidation of the
several companies into the American Railway Express Co. V. 111, p. 2532;
V. 108, p. 2020. 2124. See American Railway Express Co. above for divi­
dends paid by that company.
American Express Co. acquires control—see that company above.
CAPITAL STOCK.—The stockholders on Feb. 6 1923 voted to reduce
the capital stock from $24,000,000 to $12,000,000 by reducing the par
value from $100 to $50, the reduction to be effected by payment in cash
of $50 a share, payable as soon as possible after March 5. Payment, It
was stated, would be made by disposing of Govt, bonds. This return of
capital was the first step toward the ultimate liquidation of the comDanv
See also V. 116, p. 526.
The directors on Aug. 7 1924 authorized the reduction of capital stock
from $12,000,000 (par $50) to $240,000 (par $1). The directors also
declared a cash dividend of $8 per share in liquidation out of capital assets
and a dividend of 1-30 of a share of American Ry. Express Co. stock of
$100 par, for each share of Wells, Fargo stock, both payable June 10 1925
On June 1 1926 paid a cash dividend or $2 a share in liquidation.

Statement of Condition as of May 14 1926, After Distribution Referred to Above.
[Security values shown are in most cases based on market quotations of
May 14 1926, many of which are nominal. In other cases estimated values
have been employed. In neither case would the values shown be realized
if complete liquidation were attempted at this time.]
Assets.
Liabilities.
Real property & equipment, $30,635 Capital stock (239,674 shs.) $239,674
Stocks___________________ 118,653 Accounts payable_________ 17,811
Bonds___________________ 272,450 Reserve for suits_________ 155,000
Notes___________________ 190,053 Profit and loss balance____ 207,888
Cash____________________
6,625
Accounts receivable_______
1,957
Total__________________$620,373
Total------------------- ------- $620,373
The remaining assets and liabilities of the company are not quick and the
process of liquidation will accordingly be slowed up.
—V. 122, p. 2964.)

WESTERN ELECTRIC CO., INC.—lncorp. in New York Nov. 17
1915 as successor of an Illinois corporation (organized in 1881). American
Tel. & Tel. Co. owns over 98% of the outstanding common capital stock
(voting stock). V. 104, p. 78, 1053. For description of plants. &c.,
compare annual report published in full in V. 122, p. 1798 The company
in Sept. 30 1925 sold the International Western Electric Co., Inc. to the
International Telephone & Telegraph Corp. V. 121, p. 993.
It was announced in Dec. 1925 that the electrical supply business carried
on by the Western Electric Co. had been set apart from the telephone manu­
facturing business and incorporated under the name Graybar Electric Co
Inc., capitalized at $15,000,000, all of which is owned by the Western
Electric Co. Apparatus, such as motors, generators, electric lamps,
industrial and other lighting equipment, household appliances, &c., formerly
sold under the Western Electric name, will now be sold under the trade name
“Graybar.” The new company will be concerned with radio through its
sale of broadcasting apparatus and other radio telephone equipment which
the Western Electric Co. may manufacture. Other supplies entering Into
the Graybar business are poles, pole line equipment, wire, cable and ac­
cessories for electrical contractors and dealers.—V. 121, p. 3145.
CAPITAL STOCK.—The stockholders on Sept. 28 1925 increased the
authorized common stock from 500,000 shares to 1,000,000 shares. Of
this new common stock, 250,000 shares were issued as a stock dividend
leaving 250,000 shares unissued.
All of the outstanding $24,679,600 7% preferred stock was redeemed on
Sept. 15 1925 at 110 and dividends.
Dividend No. 1 on new common was $4 per share, paid Dec. 31 1915Mar. 1916 to Dec. 1917. $2 quar.; Mar. 1918 to Mar. 1926 paid $2 60 quar:
On Sept. 30 1925 paid a stock dividend of 50%.
DEBENTURES.—The $35,000,000 20-year 5% gold debenture bonds
are redeemable in whole but not in part upon 60 days notice on April 1
1934. or on any int. date thereafter, at the following prices with accrued int.:
if on or prior to Oct. 1 1940 at 105, and if on or subsequent to April 1 1941,
at par. V. 118, p. 1533.

342

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 8]

Westinghouse Air Brake Co(The)—Stock $50,000,000 auth
Westinghouse El & Mfg—Oom stock auth $196,000,000.
Pref stock $4,000,000 7% cum and participating_________
Gold bonds red text______________________ Ce.xxx.c*&r»
Westinghouse Machine Oo—1st & Ref Mtge void.
x
Weston Elec Instrument Corp—Com stk 250,000 shs auth
Class “A” stk $2 cum & partic red (text) 100.000 shs auth.
White Eagle Oil & Refining Co—Stock 640,000 shares auth
Sinking fund gold notes red (text)_________________ xxxc*
White Motor Co (The)—Auth capital stock $50,000,000. .
White Motor Secur Corp pref stock 7% cum (guar) red
105 $5,000,000 authorized___________________________
White Motor Realty Co—Secured goldSdebentures due
$200,000 annually redeemable at 102__________ kxxxc*

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Pagable

[Vol. 122.

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

$50 $39,642,084 See text Q—J 31 Apr 30 ’26, 3H Pittsburgh, Pa

1920
1910

1924

}l925

50
50
600 &c
1 nn<
None
None
None
1,000
50

114.504.450
3,998.700
30,000,000
6,102.000
150,000 shs
100.000 shs
190,000 shs.
2,400,000
30.000,000

100

2,500,000

1,000

3,000,000

REPORT.—For 1925, in V. 122, p. 1798, showed:
[Including the Owned Subsidiaries, Western Electric Co., Inc., of Delaware,
and Western Electric Co., Inc., of California.}
1925.
1924.
1923.
1922.
$
$
$
$
Sales------------------------- 297,729,420 298,281,138 255,177,122 210,941,004
Other income-------------- 2,174,554
1,212,004
1,302,874
2,690,836

Gross income_______ 299, 903,974 299,493,142 256,479,996 213,631,840
Cost of merchandise___ 251, 915,705 258,147,923 225,751,351 189,418,973
Expenses______________ 20, 217,638 19,331,724 18,239,356 12,716,973
Taxes________________ 4, 628,891
3,945,099
2,409,818
* -------1,860,004
Employees' benefit fund 3,,500,000
400,000
2,000,000
Pension fund_________
1,,400,000
Interest paid_________
1, 790,679
4,378,927
1,159,958
3,904,097
Approp. for additional
depreciation on plant- 2. 167,759
1,562,539
_____
Preferred dividends (7 %) 1, 233,980
686,857
1,727,572
1,727,572
3,500,000
Common dividends ($10) 5, 625,000
5,000,000
5,000,000
Balance, surplus____ 7,424,322
3,399,358
2,191,941
1,144,936
OFFICERS.—Pres., Charles G. DuBois; Treas., F. L. Gilman; Sec.,
Harry B. Gilmore; Compt., R. H. Gregory. N. Y. office, 195 Broadway.
—(V. 122, p. 2344.)
WESTINGHOUSE AIR BRAKE CO. (THE).—ORGANIZATION, &O.
—Incorp, in Pennsylvania Sept. 28 1869. V. 67, p. 843, 1065: V. 77, p.
1307; V. 94, p. 141. In 1912 granted the New York Air Brake Co. a general
license under its U. S. patents. V. 95, p. 748; V. 105, p. 1517. In 1917
acquired control of the Union Switch & Signal Co. V. 103, p. 2245, 2349;
V. 104, p. 263, 1065.
STOCK.—The stockholders on March 2 1923 increased the authorized
capital stock from $30,000,000 to $50,000,000. A 35% stock dividend was
paid April 30 1923.
LATE DIVS.— f ’ll. '12. ’13. ’14-15 16.’ ’17 T8-’21. ’22. ’23. ’24. ’25.
Per cent.............. { 20 19 16
16 26 14H 14 yrly 9X 12.6 12 12
jn stock.............. 1 .. 331-3 5
20
___
35 -Paid in 1926: Jan. 30, 3% quar. and 2% extra; April 30, 3% quar. and
J4% extra.
REPORT.—For 1925, in V. 122, p. 2070, showed:
1922.
Calendar Years—
1925.
1924.
1923.
Net earns., all sources.. $8,039,652 $7,072,952 $11,742,844 $8,051,800
3,789,882
Cash dividends paid.__ 5,532,328
4,729,068 4,403,587
Federal taxes (est.)___ ... 1,074,114
960,000
995,024
1,468,715

Q—J
Q—J
M & N
O-F

Apr 30 ’26, 2% Checks mailed from Pitta
do
do
Apr 15 ’26, 2%
Cent Union Tr Co, N Y
Vlay 1 1931
Coionlal Trust Oo. Pitt
Nov 1 1940

Apr 1 1926 50c
Apr 20 ’26 50c.
Dillon, Read & Co, N Y
July 1 1929
June 30 '26 2% Checks mailed

7

Q—J
Q—J
&
Q—J
Q—M 31

6g.

J &

8
8
7g
6g

J

Mar 31'26 1% Checks mailed
Irv. Bank.-Col. Tr. Co.,
N.Y.;Un.Tr.Co.,Clev.

D To Dec 1 19401

Bennett. Offices, 150 Broadway, New York, and East Pittsburgh, Pa.
—(V. 122, p. 496.)
WESTON ELECTRICAL INSTRUMENT CORP.—Incorp, under laws
of New Jersey on Dec. 11 1924 and acquired the business and assets of the
Weston Electrical Instrument Co., incorp, in 1898. Manufactures over
400 different varieties of electrical measuring instruments, such as volt­
meters, ammeters, wattmeters, power factor meters, &c., and also radio
apparatus. Plant is located in Newark, N. J.
STOCK.—Class A stock is entitled to receive cumulative dividends at
the rate of $2 per annum, then common stock is entitled to dividends at the
rate of $1 per annum, after which both classes share ratably in any further
distribution. In event of any liquidation or dissolution, Class A shares are
entitled to $31 per share and accrued dividends. Class A is red on 30 days'
notice at any time after 3 years from issuance at $37 50 per share.
The stockholders on Oct. 31 1925 voted to increase the authorized common
stock from 100,000 shares to 250,000 shares. Of this additional common
stock authorized, 50,000 shares were offered for subscription at $15 per
share to holders of Class A and common shares, the right of subscription
being given to such holders of record at the close of business Oct. 15 1925.
DIVIDENDS.—On Class A stock initial dividend of 50c. was paid
April 1 1925; same amount paid quar. to Apr. 1 1926; an extra div. of lc. was
paid July 1 1925, covering period from Dec. 29 1924, date of issue, to
Dec. 31 1924.
REPORT.—For 1925, showed:
Results For Year Ended December 31 1925.
Earnings after deducting cost to manufacture, repairs, deprecciation, selling and administrative expenses----------------------- $791,037
Other deductions, less other income------------------------------------56,242
Federal income tax------------- ----------------------------------------------87,864
Net profit for year_____________________________________
$646,931
Capital and surplus Jan. 1 1925___________________________ $2,044,391
Additionai 50,000 shares common stock issue-----------------------750,000
Total- —____ ______________ ________ ___________ ---.......... $3,441,322
Dividends paid on Class “A” stock-------------------------------------201,000
Extraordinary charges.net (not applicable to current operations)
98,290
Balance, represented by 100,000 shares of Class “A” and
150,000 shares of common---------------------------------------------- $3,142,031
Income Account for Quarter Ended March 31 1926.
Net after depreciation and expenses------------------------------------- $245,561
Other income_____________________________________________
2,055

Total income___________________________________________ $247,616
taxes---------------------------32,257
Balance, surplus......... $1,433,210
$1,348,860$5,870,542
$3,301,918 Federal
Class A dividends-------------------------------------------------------------50,000
OFFICERS.—Chairman, Henry H.Westinghouse:Vice-Chairman,
Surplus________________________________________________
$165,359
John F. Miller; Pres., A. L. Humphrey; V.-P., W. S. Bartholomew, S. G.
Down and Chas. A. Rowan; Treas. & Act. V.-Pres., S. C. McConahey; Capital and surplus March 31 1926-------------------------------------- 3,307,390
Sec., Hubert C. Tener. General office, Wilmerding, Pa. N. Y. office.
OFFICERS.—Chairman, Dr. Edward Weston; Pres., E. F. Weston;
150 Broadway.—(V. 122, p. 2070.)
V.-P. & Treas., W. H. Yawger; V.-P. & Sec., Caxton Brown; Asst. Sec.,
T. L. Evans: Asst. Treas., E. R. Mellen. Office, 4 Weston Ave., Newark,
WESTINGHOUSE ELECTRIC & MANUFACTURING CO.— N. J.—(V. 122, p. 2816.)
ORGANIZATION.—A Pennsylvania corporation manufacturing appli­
WHEELING STEEL CORPORATION.—(V. 122, p. 2669.)
ances used for electric-lighting and power purposes. V. 54, p. 763; V. 85.
p. 156, 1458. Owns exclusive rights to Tesla patents on alternating
WHITE EAGLE OIL AND REFINING CO.—ORGANIZATION.—
currents. V. 61, p. 25, 153. Operates plants at East Pittsburgh, Pa.; Incorp, in Delaware May 22 1919. and is engaged in the business of pro­
South Philadelphia, Pa.; Attica, N. Y.; Newark, N. J.; Cleveland,!).; ducing, refining, distributing and marketing petroleum and its products.
Sharon, Pa., and East Springfield, Mass. Proprietary (wholly owned) Owns and operates 3 oil refineries located at Augusta, Kan.. Fort Worth,
companies are: (1) Westinghouse Lamp Co., operating plants at Bloom­ Tex., and Casper, Wyo. Properties are chiefly situated in 7 principal regions
field, N. J.; Belleville, N. J.; Milwaukee, Wis.; Trenton, N. J.; Brooklyn, in Kansas and Oklahoma. Pipe line system, about 253 miles; tank car
N. Y.; Indianapolis, Ind.; (2) The Bryant Electric Co., Bridgeport, Conn.; equipment, 619 cars. Also owns and operates service and bulk stations
(3) R. D. Nuttall Co., Pittsburgh, Pa.; (4) Pittsburgh Meter Co., Pitts­ located in Kansas, Colorado, Missouri, Nebraska, Iowa, Minnesota,
burgh, Pa.; (5) Westinghouse Electric Products Co., Mansfield, O.; (6) Wisconsin, North Dakota and South Dakota. Govt, suit, V. 118, p. 3161.
George Cutter Co., South Bend, Ind., and St. Louis, Mo.; (7) Westinghouse
DIVIDENDS.—Quarterly dividends of 50 cents a share have been paid
High Voltage Insulator Co., Derry, Pa., and Emeryville, Calif.; (8) Westing­ from
organization to Apr. 20 1926. Also paid 25 cents extra on Oct. 10
house Electric International Co., New York.
1922
and 25% in stock on Dec. 26 1922.
During 1921 the company acquired a substantial Interest In the Radio
NOTES.—The 53^% sinking fund gold notes of 1924 are redeemable,
Corp of America.
In Dec. 1924 purchased the entire $3,000,000 stock of Wetmore-Savage all or part, on any interest date after 30 days’ notice: at 102 and interest to
and including July 1 1927; thereafter at 101 and interest to and including
Electric Supply Co. V. 120, p. 97.
During 1925 formed the Westinghouse Acceptance Corp, and the West­ July 1 1928; thereafter at 100^ and interest. A sinking fund to purchase
inghouse Commercial Investment Co. V. 120, p. 1894. In July 1925 or­ In the market or call by lot $200,000 of notes semi-annually, beginning
Jan. 1 1925, will be provided, sufficient to retire 60% of the entire issue
ganized the Westinghouse Electric Co. of Japan. V. 121, p. 472.
STOCK.—The prer. stock carries cum. divs. of 7% per annum, with the prior to maturity. V. 119, p. 85.
REPORT.—For 1925, in V. 122, p. 1491, showed:
right to participate equally with other stock after the same shall have re­
Calendar Years—
1925.
1924.
1923.
1922.
ceived 7% and pref. as to principal. The holders of preferred and common
stock of record April 16 1923 were given the right to subscribe at $53 per Sales_________________ $16,483,518 $14,335,001 $14,693,387 $13,834,81
9,554,572
9,036,343
9,239,910
share for an amount of common stock [$14,962,530, par $50], equal to 20% Cost of sales___
1,467,809
2,317,033
2,488,592
Gen. admin. & sell. exp. |13,343,372
(one share for each five shares held) of their holdings. V. 116, p. 1544.
268,628
230.134
344,030
388,531
Preferred and common stockholders of record Mar. 17 1924 were given the Other deductions—net-589,253
793.589
845,786
right to subscribe at $52 50 per share for an amount of common stock equal Depreciation__________J
377,849
410.144
273,298
Depletion_____________ I 1,120,754
to 20% of their holdings. V. 118, p. 1163.
192,000
40,000
114,000
164,000
The stockholders voted June 11 1924 to increase the authorized common Federal taxes__________
894,042
920,000
920,000
Dividends paid_______
965,000
stock from $121,000,000 to $196,000,000, par $50.
DIVIDENDS.—
’ll. ’12. ’13-T4. ’15. ’16. ’17-T8. ’19. ’20-’25.
$998,896
$427,916
$109,386
Balance, surplus____
$501,860
Preferred, %____________ 12J£ 7 7 yrly. 7 7 7 yrly. 7)^ 8 yrly.
1924.
1923.
1925.
Quar. End. Mar. 31— 1926.
Common, %_____________ 0
2 4 yrly. 5 47 yrly. 7J4 8yrly.
Also on common and pref. July 31 1917 a special V4 of 1% to aid Red Sales (net)_____________ $3,220,628 $2,912,726 $2,588,989 $3,536,273
831,302
1,063,723
834,369
Profit from operations-.
437,523
Cross contributions. July 1919 to Apr. 1926 paid 2% quar. on both com
884,020
1,120.724
914,859
Total income__________
503,360
and pref. stocks. V 104, p. 2562: V. 108. p 2029: V 109. p 1280
93,950
102,006
113.135
86,445
Preferred and common stockholders of record May 2 1924 received a Misc. income charges__
790,070
1,007,589
812,853
Net income_________
416,915
stock dividend of 10%, payable in common stock.
The
above
represents
net
income
before
deducting
reserve
for
deprecia
­
BONDS.—The 7% bonds are redeemable as a whole only on and after
May 1 1926 at par and int. together with a premium equal toyi% of their tion, depletion and Federal income tax.
OFFICERS.—Pres., L. L. Marcell; Treas., A. N. Allen; Sec., Milo T.
Drlncipal amount for every 6 mos. intervening between the date so fixed,
Jones. Office, Kansas City, Mo.—(V. 122, p. 2964.)
for redemption and the date of maturity. V. Ill, p. 1759.
REPORT.—For year ended Mar. 31 1926, in V. 122, p. 2976, showed:
WHITE MOTOR CO. (THE)—ORGANIZATION.—Incorporated In
Years Ended
1925-26.
1924-25.
1923-24.
1922-23.
Ohio and took over all the capital stock, excepting qualifying shares, of the
March 31—
$
$
$
$
White Co. of Cleveland, makers of White Motor trucks. V 103. p. 1979.
Sales billed____________ 166,006,800 157,880,292 154,412,918 125,166,115
The directors in Oct. 1924 decided to organize the White Motor Securities
Total net income______ 16,590,225 17,841,406 18,743,076 14,767,884 Corp, for the purpose of affording additional facilities for the financing of
2,617,773
2,504,399 time.sales of White trucks and buses to its customers.
2,517,042
Interest on bonds_____
2,468,224
319,896
319,896
319,896
Div. on pref. stock____
319,896
The new company will have an authorized capital of $5,000,000 (50,000
5,665,003 shares) of preferred stock and 25,000 shares of no par common. The
9,148,325
6,833,759
Div. on common stock-- 9,154,615
pref. stock will be 7% cumul., non voting, callable at 105 and guaranteed
Balance, surplus____ 4,647,490
5,856,143
8,971,648
6,230,058 as to principal and dividends by White Motor Co. $2,500,000 of this
DIRECTORS.—James D. Callery, Paul D. Cravath, H. P. Davis, stock was offered at par to the stockholders of White Motor Co. of record
Harrison Nesbit, F. A. Merrick, George M. Verity, Richard B. Mellon, Nov. 12 1924. The remaining $2,500,000 of the pref. stock will remain
J. J. Hanauer, Samuel M. Vauclain, Loyall A. Osborne, Edwin F. Atkins, unissued pending the future requirements of the corporation. All the
E. M. Herr, Joseph W. Marsh, Guy E. Tripp, H. H. Westinghouse and common shares were purchased by White Motor Co.
The White Motor Realty Co. was organized in Dec. 1925. V. 121, p.
Albert H. Wiggin.
OFFICERS.—Chairman of Board, Guy E. Tripp; Pres., E. M. Herr; 2651.
STOCK.—The stockholders on March 19 1926 Increased the authorized
V.-P. & Gen. Mgr., F. A. Merrick; V.-Ps., H. P. Davis, L. A. Osborne,
Charles A. Terry, H. D. Shute, H. T. Herr, Walter Cary, Edward D. capital stock to $50,000,000. Stockholders of record March 25 1926 were
Kilburn and Walter S. Rugg; Treas., H. F. Baetz; Compt. & Sec., J. C. offered $10,000,000 of the additional stock at par.




May, 1926.]

INDUSTRIAL STOCKS AND BONDS
Date
Bonds

MISCELLANEOUS COMPANIES
[For abbreviations, Ac., see notes on page 8]

Amount
Outstanding

Par
Value

White Rock Mineral Springs Co—Common stock 200,000
None
shares authorized
$100
1st pref (a & d) stock 7% cum $2,000,000 auth. ..
100
2d pref (a & d) stk 5% and partic (see text) $1,000,000 auth
Wickwire Spencer Steel Co—See text
5
Wlllys-Overiand Co—Common stock $15,000.000_______
100
Preferred (a & d) 7% cum red at 110-----------------------First (closed) mtge sink fund gold bonds red (text)-kxxxc* 1923 500-1000

DIVIDENDS—No. 1. April 8 1916. 1 % %\No. 2. July 15, IX %; Sept.,
IX %; Dec. 31 1916 to June 30 1926, 2% quar. Also paid 20% in stock on
April 10 1926.
REPORT.—For 1925, in V. 122, p. 1792, showed:
1924.
1923.
1925.
Oper. profit (after deducting mfg.,
$
$
$
selling, service & admin, expenses) 4,692,104
7,022,209
3,866,110
Discount on purch., int. earned and
876,073
miscell. other income—net________ 1,129,772
948,180

Total income___________________ 5,821,876
Less—Int. & exp. on borrowed money
_____
Estimated Federal taxes__________
765,000

4,814,290
105,042
625,000

7,898,282
83,615
850,000

Net profit for year_______________ 5,056,876
Previous surplus__________________ 11,534,157

4,084,248
9,425,739

6,964,667
4,461,073

Total surplus---------------- ------- 16,591,033 13,509,987
Dividends paid (8%)______________ 2,000,000 2,000,000
Adjustments applicable to prior years Cr.219,369
_____
Provision for prior year’s Federal taxes
in excess of payment_____________
_____
Cr.24,170

11,425,740
2,000,000

Surplus Dec. 31.................................. 14,810,403 11,534,157
9,425,739
OFFICERS.—Chairman W. T. White; Pres., W. C. White; V.-P. &
Gen. Mgr., Thos. H. White; Treas., Geo. H. Kelly; Sec., T. R. Dahl;
Compt., S. G. Crilly. Office. 842 East 79th St., Cleveland, O.—(V. 122,
p. 2226.)
WHITE ROCK MINERAL SPRINGS CO.—lncorp. under laws of
Wisconsin on May 4 1906 as the National Water Co.; name changed to
present title on July 2 1914. The company is engaged in the business of
putting up and marketing White Rock Water and other carbonated bever­
ages in the United States and foreign countries. Properties consist of about
36 acres of land at Waukesha, Wis., owned in fee, on which are located the
White Rock Mineral Springs, the Still Rock Spring, and the Clysmic
Spring, together with a bottling plant and other factory buildings; also about
40 acres of land at Ellenville, N. Y., owned in fee, on which are located the
Sun Ray Spring, together with a bottling plant and various other factory
buildings.
STOCK.—A majority of the common stock is held in a voting trust
expiring Nov. 1 1928, the voting trustees being R. A. C. Smith, Wm. A
Marburg. Thomas Williams, Delos W. Cooke and Richard C. Harrison.
After dividends of $1 per share per annum have been paid on the common
stock, the holders of the 2d pref. stock share with the holders of the common
stock in any further dividends, the 2d pref. stock being entitled to five
times the amount of such payments received by the common stock..
First pref. and 2d pref. stockholders are entitled to one vote for each
share held; common stockholders are entitled to one vote for each five
shares held.
DIVIDENDS.—
1924 1925 Apr26
First preferred stock_______________________________ 7%
7%
IX
Second preferred stock______________•_______________ 5% 12%
2X
Common stock____________________________________ $1
$2.40 50c.
REPORT.—For 1925 showed:
Calendar Years—
Income from sales______________
Other income__________________

1925.
$3,293,323
64,915

1924.
$2,860,584
46,882

1923.
$2,549,321
39,321

. Total income__________________.. $3,358,238
Cost of goods sold_________
-- 1,459,690
Taxes_____________________
222,000
Administration and selling expenses...
570,778
Profit and loss charges_____
14,285

$2,907,466
1,321,510
200,376
483,835
12,345

$2,588,643
1,215,778
145,000
440,883
10,802

First preferred dividends__
Second preferred dividends.
Common dividends_____ ...

$1,091,486
140,000
108,333
400,000

$889,400
140,0001
50,000)
200,000J

$776,179
408,750

-- $443,153
$499,400
$367,429
OFFICERS.—Chairman, R. A. C. Smith; Pres., Richard C. Harrison;
V.-P., T. O. McGill; Sec. & Treas., T. F. Wood. Office, 100 Broadway,
New York.—(F. 122, p. 2964.)

WICKWIRE SPENCER STEEL CO.—lncorp. under laws of Delaware
on Jan. 3 1925 as successor to the Wickwire Spencer Steel Corp, (see re­
organization plan below). The latter company was a merger, as of Jan
1920, of the Clinton-Wright Wire Co., one of the largest manufacturers of
wire, wire rope, wire screening, wire netting, wire fences, wire hardware and
wire specialties, and the Wickwire Steel Co., an extensive manufacturer of
pig iron, steel ingots, wire rods and other high-grade steel wire products.
The stockholders in Sept. 1922 authorized the acquisition of the capital
st >ck of the American Wire Fabrics Co. V. 115, p. 1109.
Reorganization Plan, Dated Aug. 4 1924.

The reorganization committee in Aug. 1924 announced a plan of reorgani­
zation (approved by the stockholders on Sept. 25 1924), which provided
as follows:
New Company.—A new company was organized in Delaware, known as
Wickwire Spencer Steel Co., which acquired all or substantially all the assets
and business of the old company.
Capitalization of New Company.—To accomplish the purposes provided
in the plan the new company will have outstanding the following capitali­
zation:
Prior lien coU. & ref. mtge. 7% conv. s.f. gold bonds, Series A,
due 1935-------------------------------------------------------------_x$12 679 000
10-year 7)4% secured notes (assumed), due 1932.................. .. 1,520,’000
5-year 7% class “A” notes------------------------------------------------- 2,515 000
5-year 6% class “B" notes____________________________
3 639 340
Common stock (no par value), auth. 1,815,000 shares; issued..958,750 shs.
Amer. Wire Fabrics Corp. 1st Mtge. 7% bonds, due Sept. 1 1942 1,350,000
x This amount includes $1,834,500 bonds of old company remaining
unexchanged in Dec. 1925.
The authorized but unissued stock amounting to 856,250 shares will, so
far as necessary, be held for the following purposes: 67,440 shares for con­
version rights of the 10-year 7)4% secured notes, 507,160 shares for con­
version rights of the proposed new bonds, 145,576 shares for conversion
rights of the 5-year class “B” notes and the remaining 136,074 shares for
other corporate purposes.
Distribution of Stock to Stockholders of Old Company.—(a) Preferred stock­
holders in the old company who assented to the plan received 5 shares of




Rate
%

200,000 shs. See text
$2,000,000
7
1,000,000 See text

When
Payable

Q—J
Q—J
Q—J

243

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Apr 1 1926 50c
Apr 1 1926 154
Apr 1 1926 2)4

Nov 1 1920 1% Bankers Trust Co, N Y
12.636.125 See text
18,125,700 See texi Q—J Aprl 1926 IX
do
do
National City Bank, N Y
7,475,000
6)4 g M & S Septi 1933

common stock of the new company (represented by v. t. c.) for each one
share of pref. stock of the old company held by them.
(b) Common stockholders of the old company who assented to the plan
received one-tenth of a share of common stock of the new co. (represented
by v.t.c.) for each one share of common stock of the old co. held by them.
Voting trustees are: F. W. Allen, Samuel F. Pryor, Theodore H. Wickwire and Richard B. Young.
New Money—Subscription by Stockholders of Old Company—Subscrip­
tion Rights.—In order to provide $2,515,000 additional cash capital, $2,515,000 5-year 7% class “A” notes and 440,125 shares of common stock (repre­
sented by v.t.c.) of the new company were offered to stockholders of the
old company on the following terms:
Each pref. stockholder of the old company who assented to the plan had
the right to subscribe $20 on account of each share of pref. stock of the old
company which he held, for which he received $20 principal amount of
5-year 7% class “A” notes and 3X shares of common stock (represented
by v.t.c.) of the new company.
Each common stockholder of the old company who assented to the plan
had the right to subscribe $2 25 on account of each share of common stock
of the old company, which he held, for which he received $2 25 principal
amount of 5-year 7% class “A” notes and 63-160 of a share of common stoek
(represented by v.t.c.) of the new co. (i. e., on the basis of $20 principal
amount of 5-year 7% class “A” notes and 3X shares of common stock,
represented by v.t.c., for each $20 so paid).
Adjustment with Creditor Banks.—Creditor banks which held $3,639,400
of overdue notes of the old company accepted in exchange therefor an equal
face amount of 5-year 6% class “B” notes of the new company.
Description of 5-Year Class "A" and Class “B” Notes.—The 5-year 7%
class “A notes and 5-year 6% class “B” notes shall be issued under a trust
indenture or trust indentures, and the notes of both or either classes may
be issued in registered or coupon form or both, and in such denominations as
may be hereafter determined. Class “A” notes shall be callable on any int.
date, all or part, on 30 days' notice at 102 and int.; at or before 2 years from
their date at 101 and int. for the next year, and at par and int. thereaftr.
Class “B" notes shall be callable on any int. date, all or part, on 30 days’
notice at the same prices as the class “A” notes; but class “B” notes shall not
be so called while any of the class “A” notes are outstanding unless such
class “A” notes shall previously have been called for redemption or unles
such class “A” notes are called for redemption at the same time. Class "B”
notes shall be convertible into common stock of the new co. (or v.t.c. there­
for) on the basis of 40 shares of com. stock of new co. for each $1,000 of notes.
Mortgage Bonds and Adjustment with 1st Mtge. Bondholders.—First mtge.
bondholders were requested to exchange their bonds (through the medium
of a bondholders’ committee) for an equal principal amount of bonds of a
new issue bearing the same int rate (viz., 7%) and the same maturity date
(viz., Jan. 1 1935). The new bonds shall be given an additional right not
contained in the old 1st mtge. bonds, viz., the right to convert the same
into common stock of the new co. (or v.t.c. therefor) on the basis of 40 shares
of stock for each $1,000 of bonds. New bonds shall be red. in any year at the
same premiums at which the present 1st mtge. bonds are red. for such year.
The 1st mtge. 7% sinking fund gold bonds ($30,000,600 auth.) are
callable as a whole or in part as follows: 104 to Dec. 31 1926; 103 to Dec. 31
1928:102 to Dec. 31 1930; 101 to Dec. 31 1932; 100 thereafter. Sinking fund,
commencing in 1923, will retire over 50% of the present issue before maturity
(compared reorganization plan above).
The 10-year 7X% secured gold notes are convertible at any time
Into common stock, in case of conversion on or before Sept. 1 1927 on
■» basis of #20 per share, plus a premium of #1 per share (payable by the
noteholder to avoid t he issuance of fractional shares) in case of conversion
>n or before Sept 1 1924; thereafter plus a premium of $1 per share for each
12 months or portion thereof elapsed after Sept. 1 1923. After Sept. 1
1927 convertible on basis of $25 per share, plus a premium of $1 per share
for each 12 months or portion thereof elapsed after Sept. 1 1928 to and incl.
Sept. 1 1931, and thereafter plus a premium of $5 per share. Red., all or
part by iot on or before Sept. 1 1925 at 107)4, thereafter and on or before
Sept. 1 1928 at 105. and thereafter at 102)4 (plus int.). V. 115, p. 1219.
REPORT.—For 1925, in V. 122, p. 2816, showed:
Results for Year Ended Dec. 31 1925.
Profit from oper. after deduction for selling, adm. & gen. exps_.$l,873,118
Other income_____________________________________________
92,171
Total income_______
Other deductions_____
Interest on funded debt.
Depreciation_________

$1,965,290
408.877
. 1,474,523
430,079

Loss for year.
$348,189
Three Months Ended March 31— 1926.
1925.
1924.
1923.
Net earnings__________________$532,888 $581,525 $541,415 $805,868
Net income after bond int. & depr 53,706
174,881
155,189 417,207
OFFICERS.—Chairman, T. H. Wickwire; Pres., D. F. Edwards; Sec. &
Treas., G. V. Pach. Office, 41 East42d St., New York.—(V. 122, p. 2816.)

WILLYS-OVERLAND CO. (THE).—ORGANIZATION.—lncorp. in
Ohio Nov. 1912 and acquired the properties and business of the WillysOverland Co. of Toledo, O. Company s production embraces a line of low
and medium priced motor cars under the trade names “Overland” and “Willys-Knight.” Main plant is located at Toledo, Ohio.
in conjunction with the British firm of Crossley Motors, Ltd., formed the
Wlllys-Overland-Crossleys, Ltd , in Dec. 1919, which is producing the
Willy8-0verland cars at Manchester, England. V. 110. p. 475.
STOCK.—On May 25 1916 each share of com., par $100, was divided
into four shares, par $25. In Dec. 1923 the stockholders assented to a re­
duction of the par value of the common stock from $75,000,000 to $15,000,000, making the par value of each share $5 instead of $25. V. 118. p. 321.
The company will set aside annually for the purchase or redemption
of the pref. stock a fund equal to 3% of the aggregate amount of same
issued, whether or not then outstanding. Without the consent of 75% of
the pref. outstanding: No mortgage shall be placed upon the assets; said
pref. stock shall not be increased above said $25,000,000, nor shall any
priority pref. stock be issued, nor any evidences of debt running more than
one year. No voting power unless four quarterly dividends are in default.
V. 102. p. 159
On Feb. 3 1926 directors authorized the extinguishment of all sinking fund
accumulations on the pref. stock, and this resulted in the retirement of
39,238 shares of pref. stock, leaving the total of 181,257 shares of pref. stock
outstanding as of that date.
BONDS.—The first (closed) mortgage 6)4 % sinking fund gold bonds, due
Sej>t. 1 1933, are redeemable, all or part, on any interest date prior to ma­
turity, upon 30 days’ notice; at 103 if redeemed on or before Sept. 1 1926; at
102 thereafter if on or before Sept. 1 1929; at 101 thereafter if on or before
Sept. 1 1932, and thereafter but prior to maturity at 100)4. Mortgage
provides for an annual sinking fund sufficient to retire $1,000,000, prin­
cipal amount, of these bonds in each year beginning with the year 1924.
For security, &c.. compare V. 117, p. 1249.

1

344

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS SECURITIES
[For abbreviations, &c., see notes on page 8]

Wilson & Co, Inc—Common stock 1,500,000 shs auth----Class A stock $5 (cum after Nov 1 1930)red $75 conv (text)
Preferred stock 7% (cum after Nov 1 1927) redeem 110----1st M s fd $25,000,000 gold call 107 >4.................... Qc*&r*

Par
Value

Amount
Outstanding

Rate
%

159,700 shs
208,091 shs
$100 $16,643,100
1,000 *<■ 22,188.000
1,000 2,500,000
1926

6g
6g

Date
Bonds

DIVIDENDS— 1913. 1914. 1915. 1916. 1917. 1918-20. 1921-25.
6
6
9
12
4 yearly
None
Common stock____
6
. . 5 stock 5 stock 5 stock
___
do
extra
5
Divs. on the pref. stock were resumed on May 10 1925 with a payment
of 1
, this being the first payment since Nov. 1 1920. same amount paid
quar. to April 1 1926. On Jan. 2 1926 also paid $29 75 in full payment
of accumulated dividends, payable in common stock at $25 per share.
REPORT.—For 1925, in V. 122, p. 2184, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Gross profits_________ x$26,573,649]
Not
($23,361,8511
Not
Sell.,gen.& adm.exp.,Ac. y9,052,8201 available { 9,547,4321 available.
Interest______________
584.642J
L
780,387j
Net profit---------------- $16,936,186 $2,086,646 $13,034,032 $2,779,831
Common stock adjusted
_____
-043,199,685
Adjustments__________ Dr .32,519 Cr.883,726
. Dr38087,116
Engineer’g & devel. exp_ 3,773,409
Estimated Federal taxes 1,740,000
_____
_____
_____
Pref. divs. paid (7%)-.- 1,543,465
_____
_____
_____
Previous surplus______ 15,972,789 13,002,418df43,231,300def7,924,015

Profit & loss surplus._$25,819,582 $15,972,789 $13,002,418df$43231,300
x Gross profit from operation and other earnings, after providing for
depreciation and other operating expenses and net profits from branches and
subsidiary companies, y Selling, advertising, administrative and general
expense, $6,678,606: bond discount, $102,424: adjustments and other items,
$1,104,069: equipment expenses and miscellaneous provisions, $1,167,721.
Results for First Quarter—
1926.
1925.
Net profits after all charges, but before Fed’l taxes. $1,233,826 $3,171,466
OFFICERS.—Pres., John N. Willys: 1st V.-P., L. A. Miller; V.-P. &
Treas., J. H. Gerkens; V.-P., H. J. Leonard: Sec., Alfred B. Qualy; Comp.,
W. E. Miner. Office, Toledo, Ohio.—(V. 122, p. 2816.)
WILSON & CO., INC.—ORGANIZATION.—Incorp. under laws of
Delaware on Nov. 30 1925 and acquired the properties (as per reorganization
plan below) of Wilson & Co., Inc., incorp. in New York in 1910.
Has large and modern plants in New York and Chicago, and through
subsidiary companies owns and operates plants at Oklahoma City, Kan­
sas City, Los Angeles, Calif., Albert Lea, Minn., Nebraska City, Neb.;
Wheeling, W. Va.; Philadelphia, Pa.; Baltimore, Md.; Cedar Rapids,
Iowa: Sao Paulo, Brazil, and Buenos Aires, Argentine. Combined capacity
of present plants about 187,000 cattle, sheep and hogs per week. Com­
pany has, either directly or through subsidiary companies, all of whose
stock it holds, 120 distributing branches by means of which and of it*
refrigerator car service it distributes its products to practically every cltj
and town of importance in the United States. Also does a large export
trade. V. 91, p. 981, 1714; V. 90, p. 1048; V. 94, p. 491; V. 105, p. 723.
Acquired the business of D. B. Martin & Co. in July ’ "26 and organized the
Wilson-Martin Co. V. Ill, p. 400. 506, 996; V. 112. p. -56. In Dec. 1920
formed the Phoenix Leather Co. V. Ill, p. 2532.
Wilson & Co. of
Kansas was incorp. May 7 1924 and took over all of the company's Kansas
City properties. V. 118, p. 3090.
In Aug. 1919 sold its grocery, packing, vegetable and fishing business to
the new Austin, Nichols & Co., Inc. (V. 109, p. 379, 586, 895), each share
holder of 5 shares of Wilson common being permitted to subscribe at $2.'
a share for 2 shares of new Austin, &c., stock. V. 109, p. 379. 586, 896
Packers’ consent decree suspended. See Armour & Co. aboveReceivers Appointed.—Federal Judge William J. Bondy on Aug. 26 1924
appointed Julius M. Mayer, former Judge of the U. S. Circuit Court,
Robert L. Morrell and Thomas E. Wilson (President of company) receivers.
V. 119, p. 1077, 1293.
Reorganization Plan Dated April 2 1925 (V. 120, p- 2025.)
It was announced April 2 1925 that the four committees representing,
respectively, the bank debt, convertible bonds and preferred and common
stocks, had agreed upon a plan of reorganization.
The plan contemplates that the properties of the company will be ac­
quired by a new company through a sale under decrees of the Federal
courts, and that 7% pref. stock, no par value convertible Class A stock and
no par value common stock of the new company will be delivered in exchange
for the debt to be adjusted.
The new 7% pref. stock (auth., $50,000,000, if of par value, consisting of
500,000 shares (par $100 each), or of 500,000 shares, if without par value)
will be preferred as to both assets and earnings, will be cumulative after
two years, will be redeemable at $110 per share and accrued dividends and
entitled to receive the same amount per share on liquidation.
The new convertible Class A stock will be preferred as to dividends over
the new common stock in the amount of $5 per share per annum, which will
be cumulative after five years, and preferred over the common stock as to
assets in the amount of $75 per share and accrued dividends in the case of
liquidation. It will be redeemable at $75 per share and accrued dividends
and convertible into new common stock share for share.
Class A stock shall be an authorized issue of shares without par value in
an amount to be determined by the reorganization committee, not exceeding
500,000 shares. Common stock of the new company shall be an authorized
issue of shares without par value in an amount to be determined by the
reorganization committee, not exceeding 1,500,000 shares.
All of the three classes of stocks of the new company will have equal voting
rights.
New Notes.—The only financing provided for in the plan is the sale of
$2,500,000 of 5-year 6% gold notes of the new company. These notes shall
be redeemable in whole at any time or in part from time to time upon at
least 30 days' notice at par and interest plus a premium of
% for each
year or fraction thereof from the redemption date to their maturity date.
Obligations of Company and Its Subsidiary and Affiliated Cos. Aug. 30 1924.
•
ToBeAdi’d. Undisturbed.
Total.
Bank debt—Company..___________ $25,772,500
$25,772,500
Subsidiary and affiliated companies
391,171 $7,179,753
7,570,924
Accounts payable_________________ _______
4,354,869
4,354,869
Interest accrued on bonds__________ _______
828,529
828,529
Mortgages & car equip., &c., notes.. _______
443,625
443,625
Purchase money contracts for stock.. 3,312,498
______
2,003,159
5,315,657
First mortgage 6s, 1941____________ _______
22,896,000 22,896,000
Convertible 6% bonds, 1928_______ xl3,273,O0O
13,273,000
Convertible 7 >4 % bonds, 1931_____ x9,036,000
9,036,000
Bonds of subsidiary & affiliated cos. . _______
3,265,900
3,265,000
Total................................ .................... $51,785,169 $40,971,833 $92,757,003
Preferred stock (par value $100)________________________ yl00,790 shs.
Common stock (no par value)___________________________ y202,219 shs.
x Amounts do not include $100,000 of the 6% and $100,000 of the 7 >4 %
convertible bonds owned by the company, y Amounts include 300 shares
of preferred stock and 4,061 shares of common stock in treasury of company.
Bank Loans to Be Reduced by Payment of 20% in Cash.—Loans held by
banks which had deposits of the company or its subsidiary or affiliated
companies are to be reduced by the payment of 20% in cash, which is the
approximate amounts of the deposits with such banks subject to claim of




When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Q—M 15
Q—F
A O Apr 11941
1931

A

[Vol. 122.

New York & Chicago

offset. On the payment of the 20% to any bank having such a deposit the
amount of such deposit will be restored. For each $1,000 of the balance of
such bank debt and of the other obligations which shall be adjusted (plus
3% thereof as six months’ interest thereon to April 15 1925) shares of stock
of the new company are to be delivered under the plan as follows: (a) Pref.
stock, 6 shares; (6) convertible Class A stock, 7.5 shares; (c) common stock,
4.3 shares.
Convertible Bonds (6s and 7 Ms).—The holders of $22,309,000 10-year
convertible sinking fund 6s, due 1928, and 10-year convertible sinking fund!
7J4s, due 1931, plus $669,270 as interest thereon from Oct. 15 1924 to
April 15 1925, at the rate of 6% per annum, or a total of $22,978,270, shall
be entitled to receive under the plan, for each $1,000 thereof, the following
Pref. stock, 6-0 shares; Class A stock, 7.5 shares; com. stock, 4.3 shares.
Obligations to Purchase Stocks of Affiliated Companies.—The holders of
$3,312,498 of obligations to purchase stock of Phoenix Leather Co., of
Paul O. Reymann Co., of Wilson-Martin Co., and of United Chemical &
Organic Products Co., plus $99,375 as interest thereon from Oct. 15 1924 to
April 15 1925, at the rate of 6% per annum, or a total of $3,411,873, shall be
entitled to receive under the plan, for each $1,000 thereof, the following:
Pref. stock, 6.0 shares; Class A stock, 7.5 shares; com. stock, 4.3 shares.
No Assessment for Stockholders.—The plan provides for the delivery to the
stockholders of the present company, without any assessment, of common
stock of the new company as follows: (a) 1J4 shares of new common for 1
share of old pref.; (6) 4-10 shares of new common for 1 share of old common.
Amount of Stock of New Company to Be Issued.—The aggregate amounts
of the various classes of stock of the new company deliverable to the holders
of the indebtedness and obligations subject to adjustment and to the stock­
holders of the present company, are as follows:
Aggregate Amounts of Stocks of the New Company to Be Delivered under Plan.
—Number of Shares of New Co.—
Obligations or Stocks of Old Co.—
Pref. Stock. Class A Stk.
Com. Stk.
Bank debt________________________
96,339
134,426
168,033
6% and 7 >4% convertible bonds___
98,807
137,870
172,337
Stock purchase obligations________
20,471
25,589
14,671
Preferred stock (100,490 shares)____
150,735
Common stock (198,158 shares)____
79,263

Totals.................................. ................
292,767
365,959
439,815
Sale of 5-Year 6% Gold Notes—Underwritings.—The reorganization com
mittee has arranged with Guaranty Co. of New York, Hallgarten & Co.,
Blair & Co., Inc., and Chase Securities Corp, to underwrite tbe sale of the
$2,500,000 5-year 6% gold notes of the new company at a price to be ap­
proved by the reorganization committee at the time of the offering thereof
which it is expected will be ahout 9514.
Capitalization After Giving Effect to Plan.—Giving effect to the plan, the
balance sheet of the new company as of Dec. 26 1925 would show a capital­
ization as follows:
Existing first mortgage 6% bonds, due 1941________________ $22,188,000
Other existing funded debt and bonds of subsidiary and affiliated
companies and the new 5-year notes______________________ 6,209,525
Capital stock—7% pref. stock (286,412 shs.) basis $100per sh„ 28,641,200
Convertible Class A (358,016 shs.), no par________________ 17,900,800
Common stock (without par value)________________________ 535.261 shs.
Reorganization Committee.—The reorganization committee, on which each
of the 4 committees is represented, formed to consummate the plan, follows;
Frank O. Wetmore, Chairman (Chairman First National Bank), Chicago:
Harold Stanley, Vice-Chairman (Pres. Guaranty Co.); Lewis L. Clarke
(Pres. American Exchange National Bank), Arthur W. Loasby (Pres.
Equitable Trust Co.), James H. Perkins (Pres. Farmers’ Loan & Trust Co.),
New York; John Sherwin (Chairman Union Trust Co.), Cleveland; Eugene
M. Stevens (V.-Pres. Illinois-Merchants Trust Co.), Chicago; Edward R.
Tinker (Pres. Chase Securities Corp.), Elisha Walker (Pres. Blair & Co.,
Inc.), Maurice Wertheim (of Hallgarten & Co.), New York.
Plan Operative.—The plan was declared operative in June 1925. V. 120,
p. 3202.
Preferred Stockholders' Committee.—Lewis L. Clarke, Pres, of the American
Exchange National Bank, New York, is Chairman of a committee organized
Sept. 2 1924 to protect the interests of holders of the 7% cumul. pref. stock.
The other members of the committee are: M. C. Brush, Pres. American
International Corp.; E. P. Maynard, Pres. Brooklyn Trust Co.; Henry
Veeder, A. H. & H. Veeder, Chicago; L. E. Zacher, V.-Pres. & Treas.,
Traverlers Insurance Co., with Herbert N. Armstrong of 128 Broadway,
Sec., and White & Case, 14 Wall St., counsel. V. 119, p. 1182.
Common Stockholders’ Committee.—James H. Perkins, Chairman: C. W.
Patterson, F. R. Hart, F. H. Deacon, with F. A. Dewey, Sec., 22 William
St., New York. Depositary, Farmers’ Loan & Trust Co., New York.
V. 119, p. 1967.
BONDS.—In 1916 an issue of $25,000,000 1st M. 6% bonds was author­
ized, all of which have been issued except $211,000, which are reserved fur
future additions aDd improvements. Annual sinking fund beginning 1917.
I % of bonds outstanding, to retire bonds which are to be kept alive in sinking
fund. These bonds were left undisturbed in the reorganization. V. 108,
p. 1299, 180; V. 107, p. 910; V. 112, p. 2421.
The 6% convertible bonds of 1918 (V. 107, p. 2195) are subject to call
June 1 1919 at 105% and Interest, thereafter at 105% and interest less
)4 of 1 % for each year, or part thereof, elapsed after June 1 1919. Sinking
fund, $1,500,000 annually on each March 1, 1921 to 1925, both incl., and
$2,000,000 annually 1926 to 1928, both incl. (less credits for bonds con­
verted) , to be applied to the retirement and cancellation of bonds. These
bonds will be exchangeable from and after Dec. 1 1920 at option of holder
at any time prior to maturity (or up to 30 days of redemption date) into
common stock at rate of 10 shares for each $1,000 bonds, with cash ad­
justment of interest and dividends. The basis of exchange will be adjusted
in certain cases if additional common stock is issued (other than in exchange
for these bonds); but in no event will the exchange be made on a basis of
less than ten shares for each $1,000 bond. While any of these bonds are
outstanding no new blanket mortgage can be made, the quick assets must
aot fall below 1H times the current liabilities or the amount of these bonds
outstanding. V. 108, p 2248. The Interest due Dec. 1 1924 on these
bonds remains unpaid. V. 119, p. 2659.
Tbe convertible 7 J4 % bonds of 1921 are exchangeable prior to Sept. 1 1931
Tor the no par value common stock at rate of 20 shares for each $1.000 bond.
Redeemable, all or part, at 10714 on or before Aug. 1 1922, and J4 of 1%
less than that premium for each 12 months, or part thereof, which shall have
elapsed between that date and any subsequent date fixed for redemption
not later than Aug. 1 1926, and 14 of 1 % less than said premium for eacb
12 months, or part thereof, which shall have elapsed between that date and
any subsequent date fixed for redemption. Subject to like redemption
for sinking fund.
The- indenture provides that company will pay Into a sinking fund on or
before Dec. 1 in each of the years 1922 to 1926, both Inclusive, 6% of the
principal amount of the bonds heretofore Issued; in each of the years 1927
and 1928 an amount equal to 10% thereof; and in each of the years 1929 and
1930 an amount equal to 15% thereof; the moneys paid into the sinking
fund to be appliea to the purchase or to the redemption of bonds. V.
113. p. 2088.

May, 1926.]

MISCELLANEOUS COMPANIES

(For abbreviations, Ac., see notes on page 8]

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

(F W) Woolworth Co—Common stock $100,000,000 auth—
$25 $65,000,000 See text Q-M
100 al2.992.149 See text
Worthington Pump & Mach. Corp.—Com stk $15,000,000
7
100 5,592.833
Q—J
Pref A stk 7% cum $10,000,000 call 115 & div text_______
100 10,321,671
Q—J
Pref B stk 6% (cum 1919) $11,000,000 call 105 * divs___
6
None 249.390 sh.
Wright Aeronautical Corr>—Stock 250,000 shares auth__ —
Q-F 28
$1
l,800,000sh
(Wm) Wriglev Jr Co—Stock 1.800.000 shares auth______
Monthly
25 10,000,000 See text Q—J
Yale & Towne Mfg Co—Stock $25,000,000 authorized___ ....
10 8,000,000
Yellow Truck & Coach Mfg Co—Common (see text)_____
Class B stock (see text! $6,000,000 authorized
10 6,000,000
Q—J
100 15,000,000
Preferred stock 7% cumulative $20,000,000 authorized.. —
7
Q—J
a Includes $300,000 held in treasury Dec 31 1924, issuable issuab le to enli st aid of ne w interes ts, &c.

The interest due Feb. 1 1925 on these bonds remains unpaid. V. 120,
p. 716.
Bondholders' Committee.—Harold Stanley, Chairman (Pres., Guaranty
•Co. of N. Y.); John E. Blunt (V.-Pres., Illinois-Merchants Trust Co.).
■Chicago; Casimir I. Stralem (Hallgarten & Co.), E. R. Tinker (Pres.
Chase Securities Corp.); Melvin A. Traylor (Pres., First Trust & Savings
Bank, Chicago); Elisha Walker (Pres., Blair & Co., Inc.), with B. Atter­
bury, 140 Broadway, New York, Secretary. Compare V. 118, p. 2079;
V. 119, p. 953, 1182.
REPORT.—For 1925, in V. 122, p. 2076, showed:
Income Account for Year Ended Dec. 26 1925 (.After Giving Effect to
Reorganization Plan).

Total sales______________________________________________ $271,000,000
Gross earnings__________________________________________
$4,874,411
Depreciation____________________________________________
1,500,000
Interest___________________________
2,120,279
Net income__ _________________ _______________________ $1,254,131
OFFICERS.—Pre6., Thomas E. Wilson; V.-Ps., George H. Cowan,
A. E. Petersen, J. Moog, A. Lowenstein and V. D. Skipworth; Treas.,
Wm. C. Buethe; Sec., George D. Hopkins. Offices, 816 First Ave., N. Y.,
and Cnicaao. Ill.—(V. 122. D. 2514.1
(F. W.) WOOLWORTH CO.—ORGANIZATION.—Incorporated in
New York Dec. 15 1911. Acquired the business of F. W. Woolworth & Co.,
S. H. Knox & Co., F. M. Kirby & Co., E. P. Charlton & Co., the 5 and 10
cent store business of C. S. Woolworth, W. H. Moore and W. H. Moore &
Son and the controlling interest in F. W. Woolworth & Co., Ltd., of Great
Britain. On Dec. 8l 1925 was operating 1,423 5-and-10-cent stores in the
United States, Canada and Cuba. The F. W. Woolworth & Co., Ltd.
(controlled) operates 203 stores in England.
STOCK,—The stockholders voted May 21 1924 to change the authorized
capital stock from 1,000,000 shares (650,000 shares outstanding), par
$100, to 4,000,00® shares, par $25. The stockholders received 4 shares
of stock, par $25, for each share, par $100, held.
In accordance with the action of the directors on Oct. 11 1922, approved
by the stockholders on May 16 1923, all of the $9,135,700 outstanding
preferred stock was retired on and as of Feb. 1 1923 at $125 and dividend.
DIVIDEND!. 1914 1916. 1916 1917-1921. 1922. 1923. 1924 1925
On common____
6
6W
7H
8 yrly
10
8
10
12
Also paid a st >ck dividend of 30% on .Tune > 1920

Paid in 1926: Mar. 1, 4% quar. and 4% extra; June 1, 4% quar.
SALES—
1926.
1925.
1924.
Month of April____________________$18,967,377 $18,895,346 $17,258,497
Four months ended April 30_______ 67,912,553 64,866,285 58,729,761
REPORT.—For 1925, in V. 122, p. 604, showed;
1925.
1924.
1923.
1922.
No. of stores Dec. 31.1,423
1,356
1,260
1,176
Net sales............. ........$239,032,946$215,501,187$193,447,010$167,319,265
Net income__________ 24,601,765 20,669,397 20,698,180 18,324,399
700,000
Preferred dividends___
_____
Common dividends____ 7,800,000
6,500,000
6,500,000
5,200,000
Res. for protested taxes.
_____
500,000
3,000,000
Surplus........................ .$16,801,765 $13,669,397 $12,498,180 $11,124,399
Previous surplus_____ 16,830,927 13,161,529 10,663,349 22,038,950
Total_____ ________ $33,632,692 $26,830,926 $23,161,529 $33,163,349
Reduction of good-will.. 9,999,999 10,000,000 10,000,000 20,000,000
Prem. on pref. stk., &c.
_____
_____
_____
2,500,000

Total surplus............... $23,632,692 $16,830,926 $13,161,529 $10,663,349
Note.—Good will was reduced to $1 by action of directors on Oct. 14 1925
OFFICERS.—Chairman, C. S. Woolworth; H. T. Parson, Pres.; F. M.
Kirby, E. P. Charlton, J. F. Nutting. B. D. Miller, V.-Pres.; B. D. Miller
Treas.; H. W. Deyo, Sec. and Asst. Treas.; Paul Hofer Jr., Asst. Sec. &
Asst. Treas.—(V. 122, p. 2670.)
WORTHINGTON PUMP AND MACHINERY CORPORATION
ORGANIZATION.—Incorporated In Virginia on April 21 1916 as a r«
organization of the International Steam Pump Co., foreclosed per plan 1.
V. 101. p. 531, 620, 926; V. 102. p. 1890; V. 104, p. 1384.
STOCK.—Class A pref. Is entitled to cumulative annual divs. at 7% and
to a preference in assets and dividends over common stock; it is redeemam
at option of co npany at 115 and accrued dividends. The Class B pre)
stock Is entitled to annual dividends at 6%, cumulative after April 1919
and to a preference in assets and divs. over the common stock, and is
callable at 105 and divs. With the Apr. 1 1920 payment, the Class B prei
stock came to a parity with the Class A pref. stock as to assets and divs
except that the rate of dividend remains at 6%.
DIVIDENDS.—On Class A, July 1 1916 to April 1 1926. Incl.. 1«%
quar. (7% p. a.) On Class B, July 1 1917 to April 1 1926. incl., 1H%
quar. See V 104, p. 2562. Initial div. on common stock of 114% ou»<
was paid April 15 1920: same amount paid quar. to July 15 1921; Oct. 15
1921 to July 15 1922 paid 1% quar.; none since.
REPORT.—For 1925, in V. 122, p. 2645, showed:
Calendar Years—
1925.
1924.
1923.
Billings to customers_______________ $15,222,560 $16,572,066 $21,142,264
Gross income________
620,124
1,365,249 1,903,851
Int., adjust, of for. invest., &c_____
11,000
17,469
33,000
Federal taxes_____________________
80,000
170,000
200,000
Divs. on Class “A” pref. stock_____
391,498
391,498
391,498
Divs. on Class “B” pref. stock_____
619,300
619,300
619,300
Balance, sur. or deficit__________ def$481,675 sur$166,981 sur$660,052
Total profit and loss surplus Dec. 31. . $4,331,100 $4,662,774 $4,295,793
OFFICERS.—Pres., C. Philip Coleman; V.-P., Leon P. Feustman,
William Goodman and Edward T. Fishwick; Sec., C. Neal Barnet; Treas.,
William H. Baumes. Office, 115 Broadway, N. Y.—(V. 122, p. 2645.)
WRIGHT AERONAUTICAL CORP.—lncorp. Oct. 9 1919 under laws
of New York, and took over the aeronautical motor business of WrightMartin Aircraft Corp., together with all the assets of that corporation in
excess of $8,000,000. In May 1923 acquired the assets of the Lawrance
Aero Engine Corp. Plant is located at Paterson, N. J.
DIVS.—Initial div. of 25 cents a share was paid on Aug. 31 1921; same
amount paid quar. to May 29 1926.
REPORT.—For 1925, showed:
1922.
1923.
Calendar Years—
1924.
1925.
Net sales _
________ $3,307,710 $2,166,864 $2,226,892 $2,384,204
370,784
254,837
Net income. _
—
584,233
271,277
186,288
Other income.
206,321
185,159
203,508
Liquida’n Lawrance div
97,414
Federal taxes reserve.
79,721
31,912
17,169
50,861
243,140
224,390
Dividends paid
249,390
249,390
83,402
299,040
Balance, surplus _
174,135
461,443
1924.
1923.
Quar. End. Mar. 31—
1926.
1925.
$65,179
$41,578
$157,638
Net earns, after taxes__
$200,081




245

INDUSTRIAL STOCKS AND BONDS

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Junel 1926 4%
See text
Apr 1 1926 1 ’4
Apr 1 1926 1^
May 29 26 25c
July 1 1926,25c
Apr 1 1926 4%

Farmers’ L’& Tr Co. N Y
New York
New York
New York

Julyl 1926 18c
luly 1 1926 1J4

OFFICERS.—Chairman, Richard F. Hoyt: Pres., Charles L. Lawrance;
V.-P. & Gen. Mgr., G. W. Vaughan; Sec. & Treas., J. F. Prince. Office,
Paterson, N. J.—(V. 122, p. 2816.)
(WM.) WRIGLEY JR. CO.—lncorp. Nov. 11 1910 in West Virginia
The company manufactures several brands of chewing gum, principal ad­
vertised brands being “Spearmint.” “Doublemint,” "Juicy Fruit” and
“P. K. Chewing Sweet,” which are sold to various jobbers and distributed
by them and the company's selling agencies to approximately 900,000 re­
tailers throughout the United States and foreign countries. Its Chicago
plant, held in fee simple, has a capacity of 280,000 boxes of chewing gum,
each containing 20 5-cent packages, per day. Its Brooklyn plant, also
held in fee simple, has a capacity of approximately 70,000 boxes chewing
gum. each containing 20 5-cent packages, per day.
The directors in June 1925 approved tne acquisition by the.company of
properties in Germany, and the formation of a German subsidiary, to be
known as Wrigley Aktiengesellschaft at Frankfort-on-the-Main. In Feb.
1926 the company purchased a tract of land in London, England, for the
construction of a plant.
In Aug. 1925 the company purchased the physical assets of the Listerated
Gum Corp., which owned a modern factory at Newport, R. I.
Judge Wilkerson in the U. 8. District Court at Chicago in April 1E25
handed down a decision awarding the L. P. Larson Jr. Co. damages from
Wm. Wrigley, Jr., Co., amounting to $1,384,600, with interest at6%from
Nov. 1923, for infringement on a color scheme used on “Doublemmt.
Notice of appeal was filed by both sides, the Wm. Wrigley Jr. Co. arguing
that the award was too much and the Larson Co. declaring it was too little.
STOCK.—The stockholders on Dec. 4 1923 changed the authorized
capital stock from 600,000 shares, par $25, to 1,800,090 shares of no par
value. Three shares of the new stock were issued in exchange for each
$25 share held.
DIVIDENDS.—Divs. at rate of 16% per annum were paid on the old
stock of $100 par value from 1914 to Sept. 1 1919; the par valu< was then
changed to $25 and the dividend rate increased to 24% per annum (2%
monthly), which rate was maintained to Dec. 1 1923. In addition, two
stock dividends of 10% each were paid in 1922. On new stock of no par
value, paid (or declared payable) 25 cents monthly from Jan. 2 1924 to
July 1 1926. Also paid 50c. extra on April 1 1925 and Jan. 2 1926.
REPORT—For 1925, in V. 122, p. 765, showed:
1922.
1925.
1924.
1923.
Operating profit______ $18,246,397 $17,133,960 $16,572,227 $11,628,710
4,167,940
Expenses____________ 7,297,514
6,972,472
8,147,413

Netprofit....... -$10,948,883
$10,161,488 $8,424,814 $7,460,770
464,134
Depreciation...................
565,593
407,197
387,321
x849,999
Reserve for Federal tax- 1,236,522 1,214,977
999,000
Preferred dividends___
_____
_____
---— (1J4%)26250
3.120,992
Common dividends____ 6,274,202
5,380,414 4,012,422
$2,999,393
Balance, surplus____ $2,872,566 $3,158,899 $2,035,069
x Includes $29,803, which amount was placed to "reserve for 1922 Federal
taxes,” in excess of amount actually to be paid.
1924.
Quarter Ended March 31—
1926.
1925.
$3,915,989
Net profits_________ _____________ $4,530,888 $4,442,489
1,507,565
Expenses_________________________ 1,608,370 1,571,230
382,861
Depreciation_____________________
140,9111
471,126
Federal taxes (estimated)_________
375,517/
Net profit______________________ $2,406,091 $2,400,133 $2,025,563
OFFICERS.—Chairman, William Wrigley, Jr.; Pres., Philip K. Wrigley.
Sec., W. H. Stanley: Treas., J. C. Cox. Office, 400 North Michigan Ave..
Chicago.—(V. 122, p. 2344.)
YALE & TOWNE MANUFACTURING CO. (THE).—ORGANIZA­
TION.—lncorp. under laws of Connecticut on Feb. 22 1882 as the Yale
Lock Manufacturing Co.; name chanted to present title on March 14 1838.
Manufactures the following products: Builders’ locks and hardware, bank
locks, door closers, chain blocks and electric hoists, post office equipment,
cabinet and trunk locks, rim night latches and cylinder rim locks, padlocks,
specialty cylinders for automobile locking devices, Ac., electric industrial
trucks. Plants are located at Stamford. Conn., Philadelphia, Pa., North
Chicago, Ill., Lockport, 111., St. Catharines, Ont., Can., and Altona, near
Hamburg, Germany.
The company on Oct. 6 1925 announced the purchase of all the physical
assets, good will, trade names and book accounts of the Sager Lock Co. of
North Chicago, Ill., and the Barrows Lock Co. of Lockport, Ill.
In Nov. 1925 acquired the Miller Lock Co. of Philadelphia.
STOCK.—See table at head of page.
DIVS. (Since 1911) 1911. 1912. 1913. 1914. 1915. 1916. 1917. 1918-25.
Cash (%)___ _____ 10
10
10 754
12
32 19X 20 yrly.
Paid in 1926: Jan., 4%; April, 4%.
.
Also paid the following stock dividends: 1914, 50%; 1922, 100%.
REPORT.—For 1925, in V. 122, p. 1649, showed:
1922.
1924.
1923.
Calendar Years—
1925.
$2,054,342 $3,052,240 $2,504,283
Net earnings_________ $2,652,024
289,276
271,141
289,063
Interest received______
268,725
$2,325,483 $3,341,303 $2,793,559
Total net earnings----- $2,920,749
450,680
386,895
306,891
Reserve for taxes______
350,000
1,150,000
2,000,000
2,000,000
Dividends (cash)______
2,000,000
Balance, surplus____
Previous surplus______
Adjustments__________
Stock dividend (100%).

$570,749
8,944,363
_______
------------

$18,592
8,925,771
_______
------------

$890,623 $1,256,664
8,085.148 11,970,956
_______ Dr.192,472
_______
5,000,000

Profit and loss, surplus $9,515,112 $8,944,363 $8,925,771 $8,035,148
1926.
1925.
Quarters Ended March 31—
$579,534
$789,660
Net earnings_________________________________
72,368
91,954
Depreciation_________________________________
74,378
106,374
Federal taxes________________________________
$591,332
$432,788
Net income.
400,000
400,000
Dividends___

Surplus____________________________________
$191,332
$32,788
OFFICERS.—Chairman, Schuyler Merritt; Pres., Walter C. Allen:
V.-P., Joseph A. Horne and Edward C. Waldvogel, Treas., Addison Boren.
Sec., John H. Towne. Office, Stamford, Conn.; N. Y. office, 9 East 40th
St—(V. 122, p. 2670.)
YELLOW TRUCK & COACH MANUFACTURING CO—The stock­
holders of the Yellow Cab Manufacturing Co. on Aug. 17 1925 approved a
plan to merge that company and the truck division of the General Motors
Corp. (General Motors Truck Corp., organized on Aug. 17 1925), .into a
new corporation to be known as the Yellow Truck & Coach Manufacturing Co.
The Yellow Cab Manufacturing Co. was originally incorporated as the

34:6

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 8]

Date
Bonds

Youngstown Sheet & Tube Co—Common stock 1,000,000
shares authorized____________
Preferred (a & d) stock 7% cum red 105 $15,000,000 auth..
Debenture gold bonds red (text) $50,000,000 au.Ba.xxxc* 1923
Underlying bonds—See text.

Par
Value

Amount
Outstanding

Rate
%

None 987,606 shs
$100 $14,241,100
1,000 38,500,000

$4
7
6g

Walden W. Shaw Livery Co., Aug. 25 1910, under the laws of Maine, the
name being changed to Yellow Cab Manufacturing Co. on June 29 1920.
The company is engaged in manufacturing, selling and leasing taxicabs,
motor cars, automobiles and vehicles for the transportation of passengers or
goods.
The company owns the entire capital stock of the following subsidiaries:
Yellow Coach Mfg. Co., Yellow Sleeve-Valve Engine Works, Inc., Canadian
Yellow Cab Mfg. Co., Ltd., Yellow Cab Mfg. Co., Ltd. (England), Yellow
Mfg. Acceptance Corp., New York Yellow Cab Co. Sales Agency, Inc.,
Yellow Mfg. Sales Corp., General Motors Truck Corp., General Motors
Truck Co., General Motors Truck Co. of Canada, Ltd., Hertz Drivurself
System, Inc., Sociedad Sud-Americanade Descuentos de la CompaniaManufacturera de Taximetros Amarillos, and Sociedad Sud-Americana de Ventas
de Taximetros Amarillos.
STOCK.—The stockholders on Aug. 17 1925 changed the authorized
capital stock from $675,000 Class'* A” stock and $2,000,000 Class “B” stock
to 200,000 shares of 7% cum. pref. stock, par $100, 600,000 shares of Class
“B” stock, par $10, and 1,000,000 shares of common stock, par $10.
The 800,000 shares of common stock outstanding were issued toGeneral
Motors Corp, in payment for stock of the General Motors Truck Corp., and
the 150,000 shares of 7% cumul. non-voting pref. stock were distributed as a
dividend, pro rata, to the holders of 600,000 shares of Class “ B” stock out­
standing. The Class “B” stock and the common stock have the same
voting power per share. The common stock and the Class “B” stock will
participate, share and share alike, in the net earnings and dividends after
cumulative dividends have been paid on the pref. stock, except that for a
period of three years, in the event that dividends declared and paid are less
than 75 cents a share on the aggregate total of 1,400,000 shares of the out­
standing common stock and Class “B” stock combined, then the Class “B”
stock shall have cumulative preferential rights as to dividends up to 75 cents
a share. Following the said 3-year period, if by reason of tbe 3-year pro­
vision the common stock has not enjoyed cumulative dividends per share
equal to dividends declared and paid on the Class “B” stock, then the
common stock for a succeeding period of three years will have similar
preferential rights as to dividends up to the point where the cumulative
dividends received per share on each class of stock has been equal from the
date of issuance of the common stock.
DIVIDENDS.—An initial quarterly dividend of 18J< cents per share
on the class B stock was paid on. Jan. 2 1926: paid 18c. per share quar. on
April 1 and July 1 1926.
REPORT.—For 1925 showed: Net sales, $27,139,742; net profit, $3,'
081,875; provision for depreciation, $471,967; provision for Federal taxes,
$279,165; net income, $2,330,743; dividends, $1,533,660; bal., sur., $797,083. V. 122, p. 2964.
OFFICERS.—Chairman, John D. Hertz, Pres., John A. Ritchie, V.-P.,
Charles A. McCulloch, V.-P .-Production, Paul H. Geyser, V.-P.-Engineer­
ing, George A. Green, V.-P. Finance & Accounting, Irving B. Babcock,
V.-P .-Sales, P. L. Emerson, V.-P. & Gen. Mgr.-Truck Division, Otto E.
Stoll; Sec., Edward N. d’Ancona; Treas., Irving B. Babcock; Compt.,
Ernest R. Breech. Office, Chicago, Ill.—(V. 122, p. 2964.)
YOUNGSTOWN SHEET AND TUBE CO. (THE).—Incorporated Nov.
23 1900 under laws of Ohio and is engaged in the manufacture of sheet iron
and other iron and steel products. Plants are located in Ohio, Indiana.
Illinois, Wisconsin and Michigan.
The plants and properties formerly owned by Brier Hill Steel Co. were
purchased early in 1923 and taken over on Mar. 1 1923. These prop­
erties were paid for in stock and by the assumption of first mortgage bonds
to the amount of $10,000,000, and all other obligations of Brier Hill Steel
Co. and its subsidiaries.
On July 1 1923 possession of the plants and properties formerly owned
by Steel & Tube Co. of America was secured. Part of the purchase price,
viz., approximately $33,000,000, was paid in cash. The balance was




TFhen
Payable

[Vol. 122.

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

Q-M 31 June 30 ’26 $1
Q-M 31 June 30’26 1J4
Bankers Trust Co, N Y
J&J July 1 1943

paid by assuming approximately $22,500,000 in bonds of Steel & Tube
Co. of America, and all other obligations of that company and its sub­
sidiaries. To provide cash necessary for this purpose, and also for additional
working capital, $40,000,000 in debenture bonds were issued by the Youngs­
town Sheet & Tube Co.
•
DIVIDENDS.—On common stock of no par value, paid $3 per share in
1920; $2 50 in 1921; $2 75 in 1922; Jan. 1 and Mar. 31 1923, $1 quar.;
June 30 1923 to July I 1924 paid $1 25 quar.; Sept. 30 1924 to June 30 1926
paid $1 quar.
BONDS.—The 6% debenture gold bonds (V. 117, p. 99) are redeemable
on any interest date upon 30 days’ notice at 105 and interest, as a whole
only (except for sinking fund) up to and incl. July 1 1933, and thereafter
also by lot at tnat figure in amounts of $1,000,000 and multiples thereof.
A sinking fund provides for the retirement of $750,000 bonds annually
through purchase at not exceeding 105 and int., or redemption by lot at that
figure.
Underlying Bonds.—The underlying bonds include: (1) $9,564,000 Brier
Hill Steel Co. 1st 5Xs; (2) $5,294,500 series B 6s and $8,656,000 series C
7s gen. mtge. sinking fund bonds of Steel & Tube Co. of America, and
(3) underlying bonds of the latter company as follows: $508,000 Iroquois
Iron Co. 1st 5s, $389,000 Iroquois Iron Co. ref. 6s, $3,150,000 Mark Mfg.
Co. 1st serial 6s, $785,000 Northwestern Iron Co. 1st serial 6s, and $700,000
gen. mtge. serial 7s of Northwestern Iron Co.
REPORT.—For 1925, in V. 122, p. 1304, showed:
Consolidated Income Account Year Ended Dec. 31 (Including Sub. Cos.).
1925.
1924.
1923.
1922.
Net profits............. ........ $27,173,129 $21,717,803 $27,597,194 $7,606,915
Other income_________
2,796,720
1,746,404
1,884,508 1,546,314
Gross income________ $29,969,849 $23,464,207 $29,481,702
Depreciation & depletion 9,023,877 8,715,638
7,555,260
Other miscell. charges.. 1,665,117 2,038,277
908,838

$9,153,229
3,369,418
1,666,841

Net earnings.......... ..$19,280,855 $12,710,292 $21,017,603
Int. and discount on bds 4,302,369
4,387,997
3,796,527
Prof. accr. to minor, subs
30,472
47,325
50,764
1,500,000
Federal taxes__________ 1,700,000
693,748
922,209
Preferred divs. (7%)...
996,877
996,877
Common dividends____
3,950,424
4,444,227
4,691,198

$4,116,969

. $8,280,420 $2,156,971 $10,060,343
1924.
Quar. End. Mar. 31—
1926.
1925.
xNet earnings________ $7,448,416 $7,423,540 $7,322,138
519,429
Other income_________
729,112
452,350

$813,247
1923.
$4,383,418
330,841

410,000
695,401
2,198,320

Total income_______ $8,177,528 $7,875,890 $7,841,567 $4,714,259
422,482
Miscellaneous charges..
409,250
340,060
995,352
Depreciation__________ 2,050,424
2,008,666
2,006,5251
259,446
19,038)
Depletion_____________
258,842
54,183
Interest and discount__
1,077.093
1,102,888
1,064,175
495,000
530,000
454,000
Federal taxes, estimated
590,000
174,552
249,219
249,219
Preferred dividends____
249,219
987,606
Common dividends____
987,606
1,234,508
987.606
Surplus_____________ $2,568,012 $2,458,801 $2,276,907 $2,048,566
x From operations after deducting all expenses, including charges for
repairs and maintenance.
OFFICERS.—Pres., James A. Campbell; Asst. Pres., Frank Purnell; 1st
V.-P., H. G. Dalton; V.-P., C. S. Robinson, W.C. Reilly, W. J. Morris and
W. E. Watson; Sec. & Treas., Walter E. Meub; Asst. Sec. & Asst. Treas.,
R. M. Welsh: Compt., W. N. McDonald. Office, Youngstown, Ohio.—
(V. 122, p. 2344.)

Mat, 1926.]

247

BANKS—TRUST COS.-INSURANCE COS

Banks, Trust Companies and Insurance Companies in Greater New York
BANKS IN GREATER NEW YORK.
Capital.

Companies.

Par Amount.

Surplus and
Undivided
Profits.b
Period. 1925.1924

Manhattan &
Bronx Boroughs

Amalgamated, a__
America .a_______
(30) Amer Exch-Pac
AmerUnion_a
<2 Bowery & East Riv
sBowery.a_______
Broadway Cent.a..
Bronx Borough .a..
Bronx__ ________
Bryant Park.a___
Butchers & Drovers
Capitol_____
Central Merc.a___
Central_____
Century .a__
sChase_____
Chatham & Phenix.
Chelsea Exch.®___
Chemical Nat
/City-----------City Co Nat.
(36) Coal & Iron___
Colonial.a__
Columbus.a..
Commerce__
Commonwealth.a. .
Continental _a____
Corn Exchange.a.
Cosmopolitan.a__
Eastern Exch.a___
8 East River_____
Europe, a_______
Federation.a_____

Fifth Avenue.a__
First____________
First Security___
Fordham_________
Franklin.___
Garfield__________
Gimbel Bros .a____
Grace National___
Greenwich.a.
Hamilton.__
Hanover.___
Harlem Bk of Com c
Harriman________
Hias Immigrant a
Intemat Union.®..
Lebanon.___
Liberty_____
Long Acre.a_____
Madison State.®..
Manhattan.®____
M. Bernardini.a.
sMech & Metals.
Mutual, a______
National Amer..
New Netherland.a.
sOld Colony.®
(30) Pacific.®.,
Park............
Pennsylvania Exch a
People's Comm'l.o.
Port Morris.®.__
Prisco State.®.__
Public__________
Sakser (Frank) .a. .
Seaboard..______
Seventh_________
Standard.a______
State.a_________
Trade, a_________
United____________

United states.a..
Washington H’ts.a.
World Exchange, a.

e300,000
6,500,000
7,500,000
(20)1500000
83,000,000
250,000
300,000
150,000
300,000
200,000
2,000,000
2,000,000
1,500,000
2,000,000
100,000
40,000.000
13,500,000
ml, 500,000
4,500.000
50,000,000
12,500,000
r2,000,000
(9)1200 000
200.000
25,000,000
*800,000
1.000.000
10,000,000
A!00,000
100,000
82,100,000
450,000
(27)750,000
500,000
10,000,000
10,000,000
250,000
800,000
1,000,000
100,000
1,000,000
1,000,000
(6)1 500 000
5,000,000
100,000
1,000,000
100,000
250,000
(7)500,000
1,500,000
(9) 500.000
200,000
10,000.000
150.000
10,000,000
500.000
1,000,000
600,000
100.000
1.000,000
10,000.000
200,000
100.000
100.000
150,000
15,000.000
100,000
(1)6 000 000
(39)1000000
200,000
115,000.000
500,000
1,000.000
®4,000 0001
100 (34)200,000
100 (40)200,000

B’klyn & Queens
Borougns—

Atlantic State.a__
Bushwick_______
Canarsie.a_______
Coney Island.a...
Erasmus.®....___
Far Rockaway____
. First........................
i First Nat Jamaica
iFlatbush.®..___
Globe Exchange.a
Greenpoint______
Jamaica.__ _____
Kensington.a ___
Lafayette_______
Long Isld (Astoria)
Mechanics.®_____
Montauk.®______
Municipal.®_____
Nassau__________
Ozone Park______

100
100,000
100
200,001!
100
100,000
100
200.000
100
200,000
100
200,000
100 (41)500,000
100
200.000
100
100.000
100
400,000
10C
200 000
100
200,000
100
100,000
100
200,00(1
100
221,100
50 72.050,000
100 (19)1000000
100 (21)2000000
100 1,000,000
100
200.000
People’s__________ 100
200,000
Queens-Bellaire.a-. 100
150,000
Queensboro. _ ..
100
200,000
Richmond Hill
100
200.000
Ridgewood (N B of) 100
200.00C
Rockaway Beach.. 100
200 000
Rockaways (Bk of)® 100
100.000
Security®________ 100
100,000
Sheepshead Bay.®. ...
100,000

Q—J
Q—J
Q—J

6(32) ____ Apr. 1926, 2
12
12 Apr. 1926, 3
16
16|Apr. 1926, 4
None None, June 7 '23, 12
Q—M
(8) (8) lM’r.31’26.3128
Q—F 30(6) (17)50 Aug’25.10(16)
8
Ap’26,2 }^(33)
211,
Q—J 4(33)
762,
None None July 1915, 5
&
None None Jan. 1923, 3
&
336,
9s nlO Jan. 1926, 6s
&
208.
4 Jan. 1924, 2
None
&
952,
5w Apr. ’26, IX
Q—J
w
931,
J & D 31 None None Dec. 1923, 6/
1.148
552, 500 Began bu s.Jan .28 ’2 6.
31 500 Beg .bus Jan. 28’22L......................
Q—J
16
16,Apr. 1926, 4
39,152
16
Q—J
16: Apr. 1926, 4
12,834
Q—J 3(35) None,Apr. 1926,IX
730
24 24May 1926 , 4
Bi-mo
18,310
65,624
Q—J 16(11
16| Apr. 1926, 4
Q—J 16(12 16(23Apr. 1926, 4
12
Q—J
(36)
12iJan. 1926, 3
18® 15s,Apr. 1926, 3
Q—J
2,967
Began b usine 3S Ju ne 2 1924.
31,
16z 19«|Apr. 1926, 4
41,528
Q—J
10
J & J 15
10 Jan 15’26, 5
1,320,
SFeb. 1926, 4
1,198.,200 F & A
20 20 May 1926, 5
14.799,,700| Q—F
273 ,700
29,,000 Q—M (4) 2 (22).Mar. 1926, 1
Q—M 13X12 UGO) Dec. 1925,3X
(8)
16k 16nJan. 1926, 7n
Q—J
451,
Q—J 8(27) (27) I Apr. 1926 , 2
924.
50? 44P,Apr. 1926, 6
Q—J
3,031
44 55«,Apr’26 .20(2)
Q—J
72,737,
34 24)15Apr. 1926. 5
___ Q—J
75 ,000Beg. bus Jan .2 26. V.122.p.439.
(3) (3) Apr. 1926,1(3)
484 ,4001 Q—J
15s 15s Mar. 31 ’26, 3
1,788 ,100| Q—M
115 ,100 Began bu sines Oct .19 1923.
8 9(26) Mar. 1926, 4
1,867 ,600 M &
14/ .J4! Apr.’26, 3(18)
2,600,800 Q—J
542,500 Beg .bus Jan 15 23 V. 116, p. 262
24
___ Q—J
24Apr. ’26, 6(5)
24,114,200
75 ,000 Began bu sines 3
1925.
1,468 700 J & J 20(?) 201 Jan. 1926, 10
58 ,000
1924
Jan
.5
207 900 Beg .bus
J & J 6(29) (29) Jan. 1926, 3
181
Beg .bus Oct,. i0’23 V.117, p.1630
715
Beg .bus Aug . 4’24. V. 119, p. 164
310
Beg .bus Dec. 1 191 9
54
16 Apr. 1926, 4
16
Q—J
14,965
743
20 22/Apr. 1926, 5
Q—J
(g)
17ts
Apr. 1926, 3t
-.
818,600 Q—J
617,000 Beg .bus. April 21 208 ,V .110.,p.1717
Q
—
J
Apr. 1926, 2
434,600
18
’
24
Beg .bus.Dec
(«)
Q—F 12(8) 16(8) July ’25, 4(8)
(30)
24 Apr. 1926, 6
24
24,114 ,200 Q—J
None None
,,z Jan. 1922, 5
51 .800
Apr. 1926, IX
61 ,300 Q—J 4^<
111 .000 Beg.bus. Dec.
103 ,800 Beg. bus. Sept 3 192 4.(43)
167 Mar. 31 ’26,47
7,474 ,600 Q—M 31
68 .200
17/ Apr. 1926, 4
10,104 ,700 Q—J
311 300 Beg .bus. Sept 8’19.
239 700 Q—M 309X(4 6(4) Apr.’26,2X(4)
16 16ft Apr. 1926 , 4ft
5,324.900 Q—J
259,000 Beg .bus Dec. 18’22 V. 116, p. 690
579,200 (Beg .bus Julyf 5 ’23 4. 117, p. 293
10 Apr. 1926,2 X
10
2,771,400) Q—J
6 Apr.Il 926,IX
e
616^560) Q—J
100,300Beg .bus. Oct. 10’24
202,
5,258,
12,963,
727,
3,115,

NEW

ORK AND BROOKLYN TRUST COMPANIES'
Capital.

Companies.

Par

Amount.

$
American________ 100 tn4,000,000
Anglo-South Amer. 100 1,000,000
Banca Commerciale
Italian Trust Co. 100 1,000,000
Banco di Sicilia Tr. 100
600,000
zBank of Europe Tr 100 *1,000,000
Bank of N Y & Tr. 100 4,000,000
Bankers__________ 100 20,000,000
Bronx County......... 100
e825,000
Brotherhood Loco­
(7700,000
motive Eng Co-0 100
Central Union____ 100 12,500,000
500.000
Corporation______ 100
County__________ 100 1,000,000
Empire. .________ 100 4,000.000
Equitable..... .......... 100 /23,000.000
Farmers’ Loan & Tr 10C 2(10,000,000
(7) Fidelity............... 100 2,000,000
Fulton___________ 100 21,000,000
Guaranty..______ 10C 25,000,000
Internat Acceptance
500,000
Secur & Trust Co. 100
Irving Bk-Col Trust 100 17,500,000
Italian Disc & Trust 100 1,000,000
ZLawyers Trust- — 100 3.000.000
Manufacturers------ 100 10.000,000
New York_______ 100 10,000.000
500,000
No Amer, Tr Co of. 100
Title Guar & Trust. 100 10,000,000
U S Mtge & Trust.. 100 3,000,000
United States_____ 100 2,000,000
New York.

30,700; Beg .bus. Oct. 1 ’24
127,700!Beg .bus. 8ept. 4’23 V. 117, p. 177
53,000[Beg. bus. Jan. 12 19 26.
9 . 9 Jan. 1926, 5
199,500jj & J
58,80O:Beg. bus. Mar. 8’26 V. 122. p.1565
10 Dec. 1925, 5
10
102,2001.1 & D
14/ 14/ Apr.’26, 3(28)
1,221,900 Q—J
14 Mar.'26. 4/
16
480,400: Q—M
(i)
j Q—M 5(15) (15) aept.’25,2(15)
242,500 F & A 6(38) (38) Feb. 1926, 3
472,300 J & J 12(14 12(14 Jan. ’26, 6(14)
131,400|Beg .bus. July 23 19 24.
42,100jBeg .bus. Oct. 20 19 24.
73,100!Beg.bus. Apr. 29’2( V. 122, p.1411
60,000,Beg. bus. Apr. 3’26 V. 122, p. 179.
12 Apr. ’26. 3(13)
3,416,4001 Q—J 15(13
6 June 1926 , 3
7X
1,493,200; Q—M
8 Apr. 1926, 2
8
878,200) Q—J
15s 15s Apr. 1926, 3
1,680,2001 Q—J
128.200;Beg .bus. Dec. 11’22 V .115 ,p .2870
488,300) Q—J 12X* 10/ Apr.’26,2 X (25
89,800 Beg. bus. Dec. 5 192 1.
120,500 Beg .bus June 16’23
4 Dec .31 ’25, 2
4
133,300 J & D 30
50,000 Beg. bus. Apr. 19’26 V. 122, p.2147
72,600 Beg .bus. Dec. 9’22. V. 116, p. 263
39,800 Beg. bus. lune 24’25 V. 121, p. 28.
45,800 Beg. bus. Dec. 5'25. V. 121, p.2837
64,700lBeg .bus Nov. 20’22 V .115 ,p .2347

Richmond (S. I.)

(42)Port Richmond 100
165.400M & N
8 May’26.
8
500,000
2
Richmond Borough
100.000
89,900|Absorbed May 17 by Bow. & E. R.
South Shore .a____ 166
100,000
52,200 Beg.bus. luly 17’23 Dec.’25. 2(44)
Stapleton________ 100
200,000
184,600) J&J
10 7X Jan. ’26.
5
4
State.a._________ 100
4 Jan. ’26. 2X
160.000
132,9OO|J & J
West New Brigh’n.a 100
5
100.000
Jan. '26.
3
92,4001J & J
a State banks. 6 April 12 1926 for national banks and March 25 1926 for State
banks, c Decrease due to change in dividend period, d Increase due to change in
dividend period, e Capital of Amalgamated Bank increased from $200,000 to
$300,000, effective Nov. 21 1925. / Includes extra div. of 2%. g Chase National
and Mechanics & Metals National banks consolidated under date of April 12 1926.
V. 122, p. 2145, 1947, 1563 , 966 , 968, 845 , 51. ft Paid on Jan. 4 1924 a stock
dividend of 20%, increasing stock from $2,500,000 to $3,500,000 and on Jan. 2 1926
a 25% stock dividend, In connection with the increase of the stock from $3,500,000
to $5,000,000. V. 122, p. 52. i Flatbush Bank merged with Mechanics Bank as of
Jan. 22 1926, the capital of the latter being increased from $2,000,000 to $2,050,000
in connection therewith. A further increase of $100,000 will be made in June in
connection with the proposed absorption of the First National Bank of Jamaica.
V. 122, p. 2906. /Peoples Trust Co. of Brooklyn to be converted to a national
bank and consolidated with National City Bank .V. 122, p. 2292, 1998, 1410, 1264.
ft Includes extra div. of 1%. 7 Paid on Feb. 28 1924 a stock dividend of 14 2-7%
($500,000), increasing capital from $3,500,000 to $4,000,000, V. 118, p. 969, 168.
Also on March 31 1926 a stock dividend of 12 X% in connection with a further




increase of the capital to $5,000,000, V. 122, p. 1564, 568. m;Capital of Chelsea
Exchange Bank increased from $1,000,000 to $1,500,000, effective May 23 1925.
V. 120, p. 2228, 2646. n Includes extra divs. of 4%. o Includes extra dividends of
3% each paid in Jan. and Dec. 1925; also paid a stock dividend in Jan. 1925 increas­
ing stock from $1,000,000 to $1,200,000. p Paid special divs. as follows; July 1924,
20%; July 1925, 26%. s Capital of East River National Bank increased from $2,100,000 to $2,500,000, effective May 7 1925 (V. 120, p. 542), and further increased to
$3,000,000 as of Dec. 31 1925. Bowery Bank converted to national institution and
consol, with East River Nat. Bank as of Dec. 31 1925, V. 121, p. 3090, 2485, 2117,
945. Old Colony Bank absorbed as of Sept. 30 1925. First div. by new Institution
paid March 31 1926, 3X%- r Capital increased from $1,500,000 to $2,000,000 as
of Feb. 1 1926. s Includes extra diVs. of 3%. 7 First dividend, 1X%, paid Dec. 31
1924, IX% April 1925 and quarterly since. wPaid in Jan. 1924 5% regular and
20% extra. » Capital increased from $2,000,000 to $3,000,000, effective Jan. 30
1925, V. 120, p. 52, further increase to $4,000,000 asof Oct: 25 1925, V. 121, p. 421.
w First dividend paid Jan. 2 1925, 1X%. quarterly since, x Capital of Common­
wealth bank increased from $600,000 to $800,000, effective March 221926. y Capital
of Cosmopolitan Bank increased from $400,000 to $600,000, effective Feb. 25 1926.
V. 122, p. 1410. z Extra divs. of 2% each paid in Jan. and July. * Paid in 1925 in
Jan. semi-annual dividend of 4% and 1% extra, April, July and Oct. quarterly div.
of 2X % each, t Paid in Jan. 1925 and Jan. 1926 3% regular and 5% extra. V. 120,
p. 542. (1) Capital of Seaboard National Bank increased from $5,000,000 to
$6,000,000, effective Dec. 22 1925, V. 121, p. 2836, 2234. (2) Jan. and April 1926
divs. each 20 %. (3) First div. 1 % paid Jan. 2 1926, same in April. (4) Paid extral
dividend in Jan. 1925, 1X%, Jan. 1926, 2%. (5) Paid in Jan. 1926, 6% regular
and 3% extra. (6) Capital increased from $1,000,000 to $1,500,000, effective
March 1 1926. (7) Capital increased from $250,000 to $500,000, effective April 10
1926, (8) Paid extra div. of 2% each quar. in 1923, 1924 and 1925 to date. (9)
Capital of Long Acre Bank increased from $300,000 to $500,000, effective Dec. 22
1925. (10) Div. period changed to quarterly. First quarterly payment, 3%,
Sept. 30 1924,Dec. 1924, March and June 1925, each 3X%, Sept. 30 increased to
3X%. (11) Paid in 1925 to date regular quarterly dividend of 4% in Jan., and
interim dividend of 2% on Feb. 16, both on old capital; April 1925, 2% on increased
capital, July and Oct. 1925, each 4%. (12) Paid in 1925 to date regular quar. div.
of 2% and 2% extra in Jan. 1925, an interim div. of 1% and 1% extra in Feb., both
on old capital; April 1925, 2% on increased capital; July and Oct. 1925, each 4%. (13)
Incl. extra divs. of 4%; also paid extra div. of 2% in Jan. 1926. (14) Divs. are 3%
regular and 3% extra each Jan. and July. (15) First div., 2%, paid Mar. 31 1925
same in June and Sept. (16) Paid in 1925 in addition to regular quar. divs. of 3%,
extra divs. as follows: Feb., May and Aug., each 7%. (17) Includes extra div. of
38% in 1924. (18) Paid in Jan. 1925 and Jan. 1926 3% regular and 2% extra.
(19) Capital of Montauk Bank increased from $200,000 to $1.000,000. effective Dec. 1.
(20) Capital of American Union Bank increased from $800,000 to $1,200,000,effective
Nov. 23 1 925, V. 121, p. 1423. (21) Capital of Municipal Bank increased from
$1,000,000 to $2,000,000, effective Oct. 17 1925. (22) Paid first dividend of 1%
Sept. 30 1924 and 1% quarterly since. (23) Paid 4% (2% regular and 2% extra)
in each quarter of 1924. (24) Paid in 1924 three divs. of 5% each in Jan., April and
Oct. In 1925, 5% each Jan. and April and 12X % each in July and Oct. (25) Paid
in Jan. 1926 2X% regular and 5% extra. (26) Paid in 1924, in March, 5% on old
capital and 4% in Sept, on increased capital. (27) Paid first div. of 2% Dec. 31
1924, 2% in April 1925 and quarterly since. Also paid in 1925 extra div. of 12% as
interest on subscriptions to the capital stock of the bank from the date of its organiza­
tion to the time the first div. was paid. Capital increased from $250,000 to $750.000.
effective Oct. 1 1925. (28) Paid in Jan. 1925 and 1926 3% regular and 2% extra.
(29; First div., 3%, paid Jan. 2 1925. (30) Pacific and Amer. Exchange national
banks consolidated under name of Amer. Exchange-Pacific National Bank as of
Aug. 1 1925, and capital of latter increased from $5,000,000 to $7,500,000 in connec­
tion therewith, V. 120, p. 2646, 3035; V. 121, p. 38, 550.
(31) A special div. of
50% was paid May 21 1925 in connection with the organization of Harriman Securi­
ties Co.; Jan. and July 1925 divs., 5% regular and 5% extra, V. 120, p. 2646: Jan.
1926, 5% and 5% extra. (32) First div. paid June 5 1925, 2%; Aug. and Nov 1925.
each 2%. (33) First div. paid July 1 1925. 2%; Jan. 1926, 2%; Oct. 1925, 2%
(34) Capital increased from $200,000 to $300,000, effective April 10 1926. V 122,
p. 1565, 1266. (35) First div. since April 1917 paid July 1 1925, 1X%, and quar
since. (36) Coal & Iron Nat. Bank merged with Fidelity Trust Co. asof Mar. 1 1926.
V. 122, p. 706, 2966; V. 121, p. 1642. (37) July div. increased to 12 X % • (38) First
div. paid Feb. 1 1925, 3%. (39) Name of Seventh Avenue Bank changed to Seventh
National Bank as of Oct. 1925 and capital increased from $400,000 to $600,000 as
of June 19 1925. Further increased to $1,000,000 as of Nov. 21 1925, V. 121. p.
1872, 1188; V. 120, p. 3273. (40) Capital increased from $100,000 to $200,000.
effective Dec. 30 1925. (41) Capital increased from $500,000 to $1,000,000 as of
May 5 1926, V. 122, p. 1716. (42) Port Richmond National Bank changed to
Staten Island National Bank & Trust Co., V. 122, p. 2906. (43) First div . 8%.
paid Jan. 2 1926. Name changed as of Mav 1 1926 to Staten Island National Bank
& Trust Co., V. 122, p. 2906. (44) First div.

Brooklyn.

Brooklyn.__ ____
Kings County..—
Midwood....-----(10) Peoples

100 (8)1500,000
500,000
100
100 (9)700.000
100 (10)2000000

Surplus and
Undivided Dividends Paid in 1924 and 92
and Also Las Dividend
Profits on
Market Val.
Mar. 25 '26 Period. 1925. 1924. Last Paid. %

6
6 Mar.31’26 1
3,201,200 Q—M 31
594,400 Beg. bus. Dee. 3 ’23
571,900 Beg. bus. June 16’24 Jan. '26
65,000; Beg. bus. Apr. 29’25
612,500 Q—J 16(5) 16(5) Apr.’26.2X(5)
5n
12,905,100 Q—J
21k 21k Apr.’26.
5
20
20 Apr.’26.
31.707.200 Q—J
444,000 Formerly 23d Ward Bank
263,600 Beg. bus.
28.180.900 Q—J
230,800 Q—M 31
508,200 Beg.bus
3,993,400 Q—M 31
14,439,ICO Q—M 31
18.963.400 Q—F
3.174.500 Q—M 31
1,366,100 Q—J
22.588.200 Q—M 31

in 19 23; se e Not (d).
24 Apr.'26. 7tv
28®
18 I7Xo Mar31’26. 4
Feb. 23’26 V.122,p.1266.
16(4) /17 Mar.30’263(4)
12
12 Mar.31’26. 3
24 May’26.
4
00
10
10 Mar.31’262X7
(2)
612 Apr.’26. 2X
12
12 Mar.31’26. 3

500,000 Beg. bus. Mar. 9’26.
14,017.700 Q—J
13
12 Apr. ’26. 3X
4
6 None Jan. ’26.
595,000 J & D 30
3,231,300 Q—J
67 ff) Mar.31’26.IX
13.405.400 Q—J
17k
16 Apr.’26.
5
20
20 Mar.31’26. 5
20,312,300 Q—M 31
223.000 Beg. bus. Mar. 11 19 24. p
18.105.400 Q—M 31 r29 c28 Mar.31’26. 8e
16
16 Apr. ’26.
4
4,915,700 Q—J
s60 s60 Apr.’26. 12X
19.140.900 Q—J

ft30 ft27 Apr.’26. 6ft
4,516,000 Q—J
s60 45 May’26. 12X
4.823.500 Q—F
6
379,000 J—D
3(? Dec. 31’25. 3
5,397,900 Q—M 31 22i2(3 20 Mar.31’26. 5

a Decrease due to change in dividend period, b Includes extra dividends of 2%.
c Increase due to change in dividend period, d Stock all owned by Brotherhood of
Locomotive Engineers, e Capital increased from $750,000 to $825,000 as of Oct. 22
1925. /Including extra dividends of 5%. g Including extra dividend of 4%.

ft Paid extra dividend of 3% each in July 1924 and Jan. and July 1925 and Jan. 1926.
i Paid a special dividend of 40% in Feb. 1926. j Capital to be increased to $30,000.000 (V 122. p 51; V. 121, p. 1286). ft First dividend. m Capital increased from
$3,000,000 to $4,000,000, effective Nov. 16 1925. n Paid in Jan. 1925 extra divi­
dend of 1%, and in Jan. 1926 extra of 2%. o Includes special dividend of 7X% in
1924. p See V. 118, p. 1230, 1203. s First dividend, 3%, paid Dec. 31 1924.
r Includes extra dividend of 8%. s Includes extra dividend of 10%. ZPaid divi­
dend on old company’s stock in 1924, 10% (2% quarterly and 2% extra), and In
Jan. 1925. 2% and 1% extra; on Lawyers Trust Co. stock, 6% in 1925 (1X% each
quarter). u Paid extra dividend 1 % in Oct. 1925 and Jan. 1926. v Paid extra divi­
dends of 4% each quarter in 1924, 1925 and 1926, to date, the Dec. 1925 regular
dividend being Increased to 4%. w Paid in Jan. 1925 extra dividend of 4%, and in
Jan. 1926, extra of 5%. x Formerly Bank of Europe: changed to a trust company
as of Feb. 24 1926; (V. 122, p. 1127); capital of Bank of Europe increased from
$450,000 to $1,000,000 as of Nov. 19 1925. y Paid on old capital in 1925, 8%;

[Vol. 122.

RAILWAY AND INDUSTRIAL COMPENDIUM

248

capital increased from $5,000,000 to $10,000,000 as of March 4 1925 and a dividend
ci$2 66 for two months period to April 30 1924 paid May 1 on new capital; 4% each
paid In Aus. and Nov. 1925 (V. 120, p. 663, 417, 291). z Capital increased from
$500,000 to $1,900,600, effective March 9 1925; paid in 1925 on old capital in January
f semi-annual dividend of 5% and 2% extra; dividend period changed to quarterly,
t first quarterly dividend of $1 89 paid on old capital April 1, and 61 cents a share on
new capital same time; 2)4% each paid in July and Oct. 1925 (V. 120, p. 292).
(2) Includes extra dividend of 1 %. (3) Includes extra dividend of 2 )4 % paid Dec .31(4)Paid extra dividends of 1% in June 1925 and 3% in Dec. 1925. (5) Extra divl.
Cere of 4% each paid in Jan. 1924, 1925 and 1926. (7) Coal & Iron Nat. Bank
merged into the Fidelity-International Trust Co. as of Feb. 27 1926; name of latter
jeingchanged to Fidelity Trust Co. (V. 122, p. 1716, 706; V. 121, p. 2966). (8) Cap­
ital of Brooklyn Trust Co. increased from $1,500,000 to $2,000,000, effective May 1
1926 (V. 122, p. 1998, 1411). (9) Capital of Midwood Trust Co. to be increased to
$1,000,000 on July 1 1926 (V. 122, p. 1998). (10) Capital of Peoples Trust Co. in­
creased from $1,600,000 to $2,000,000 as of Jan. 15 1926 (V. 121, p. 2600). Na­
tional City Bank of New York has purchased most of the stock of the Peoples Trust
Co. and will merge with tjiat institution when details are completed (V. 122, p. 2292,
1998,1410,1264.

APPENDIX 2.
Carload Rates on Commodities Indicated.
[Rates in cents per 100 pounds, except as n»ted.l
Commodity.
Lumber_________

Capital.
Companies.

Par

Amount

Net Surplus
Dec. 31

1925.

Dividends.

1925. 1924. 1923. Bast Paid , %

$
5
$
American Alliance. . 100 2,000,000 3,278,236 160
20
4
20 Apr. 26,
American Equitable 5
500,000 1,250,000 75c. None None Apr. 26, 75c.
Assurance Co of An 100
500,000
605,624
8
8
(c) May '26. 2
Bankers & Shippers 100 1,000,000 1,020,162 10
t7X
May ’26. 2)4
City of New York.. 100 1,000,000 1,145,587 12
12
12 Jan. 26. 9
Commonwealth___ 100
500.000 2,279,067 10
10
10 Jan. 26. 22
Continental___
25 10.000,000 23,260,755 24
24
24 Jan. 26. 12
Fidelity-Phenix___ 25 5,000 000 19,001,462 24
24
24 Jan. ’26. 10
Globe & Rutgers__ 10C 3,500,000 24,161,944 28
24
20 Apr. '26. 9?
Great American__ too 12,500,000 16,541,281 16
16
16 Apr. ’26. 4
Hamilton Fire____ 15
200,004 2,268,912 20
16
16 May ’26. 7r
Hanover_________ 50 1,500,000 3,085,210 10
10
(ilO Apr. ’26. 2)4
Home.__
.
10C 18.000.00C 20.520,654 18
18
18 Jan. '26. 9
Mercantile of Amer. 100 1,000,000 1.437,880 10
10
10 Jan. ’26.12)4
Merch Fire Assur—
Common.___... 25
750.000 1 3,032,939 f Z28
V22M (z) May '26. 8i
Preferred_____ 100
250,000
7
7 May ’26. 1M
I 7
National Liberty__ 50 1,500,000 5,552,501 40ft s20
20 Jan. ’26. 10
Niagara Fire_____ 50 3,000,000 5,099,969
16
(/) Apr. ’26.
5
Northern_____
IOC 1,000.000 1,212,785 10
10
10 Jan. ’26. 5
North River__
25 2,000.000 103,801,653
rall)4 J’nel5’26 56
12
Pacific Fire_______ 25 rl .000.000 1,025,886 r24
r24
020 Apr. ’26. 3c
Queen of America.. 100 3,000,000 6,137,165 (o)
(o)
(0) Jan. '26 (o)
Rossia of America.. 25 ftl.600.000 1.206,793 24
24
30 Apr. ’26. 6
Stuyvesant_______ 100 il ,000 000
446,133
6
6
6 Apr. ’26. 1)4
United States_____ 20 2.000.000 7,045,267 24
20
15 May ’26. 7}
Westchester__ ___ 10*1 2 31,500.000
45
3,101,758 m2 5 m2 5 m2 5 Mav’26. 6m
b March 1926 dividend increased to 5%. c Capital increased in 1923 from
$200,000 to $500,000 and dividends of 7)4% paid on old capital and 4% on new
capital, d Capital increased from $1,000,000 to 81,500.000. effective April 9 1923,
a stock dividend of 52% being paid April 9. e Increase due to change in dividend
period. /Niagara Fire Insurance Co. paid a stock dividend of 50% on Dec. 29
1922, increasing stock from $2,000,000 to $3,000,000; in 1923 paid in Jan. 10% on
old capital and 8% on new capital; dividends semi-annual, changed to quarterly in
July 1925, 5% being paid; same amount in Oct. 1925. pOn increased capital of
$2,000,000. ft Includes extra dividend of 20% paid Dec. 30 1925. i Capital in­
creased from $700,000 to $1 000.000, effective Jan. 29 1926. j Feb. 1926 dividend
increased to 7%. ft Capital increased from $1,200,000 to $1,600,000 as of July 2
1925. I Feb. 1926 dividend increased to $2 (8%). m Dividends have been paid as
follows: 5% each quarter and 1)4% extra in Feb. and Aug. and 1% extra May and
Nov. n March 15 1923 dividend. 2)4%; June, Sept, and Dec., each 3%. o Capital
increased from $2,000 000 to $3,000 000 in Dec. 1922, a 50% stock dividend being
paid; a cash dividend of 35% was paid on new capital of $3,000,000 in March 1923; in
July 1923 and Jan. and July 1924 and 1925 paid semi-annual dividends at the rate
of 23.33% per annum, q Jan. 1926 dividend increased to 9% . r Feb. 1926 dividend
increased to 7%. sIncludes extra dividends of 2% each in Jan. and July 1924.
f Paid first dividend, 214%, in April 1924, and same amount quarterly to date,
r Paid in 1923 5% regular each Jan. and July and 5% ex ra each April and Oct..; in
1924 paid 6% regular each Jan. and July and 6% extra each April and Oct,.; in 1925
paid 6 % regular each Jan. and July and 6 % extra each April and Oct, and in addition
a stock dividend of 150% was paid Dec. 15 1925, increasing stock from $400,000 to
^LOOO.OOO; paid in 1926 to date on new capital regular dividend, 4% in Jan. and
3% extra in April. w Includes special reserve and guaranty surplus funds x Com­
mon stock increased in 1923 from $600,000 (par $100) to $750,000 (par $25) and
preferred from $100,000 (par $100) to $250,000 (par $100), paid in 1923 on old
common, Feb. and May, 6% each, and on new common (par $25), $1.3714 (5)4%)
each, Aug. and N«v.: preferred received 7% per annum (1)4% Q.-F.). y Paid in
1924 on common, $1.37)4 (5)4%) each Feb., Mav and Aug.; Nov. dividend increased
to $1.50 (6%). zln 1925 paid $1.75 (7%) each quarter.

Increases and Decreases in Railroad Rates.J
S (Concluded, from Pane 8.)
charges for transportation of property than would have accrued if no reduc­
tions had been made below the basis established on Aug. 26 1920. Of this
it has been roughly estimated that more than $175,000,000, or about 22%
of the total , represents decrease in freight charges on livestock and the prod­
ucts of agriculture. The latter constitute approximately 15% of the ton­
nage.
In the attached statement, marked “Appendix I” [given below] will be
found a list of important general rate reductions between Oct. 26 1921 and
July 1 1922.
The attached statement marked "Appendix 2” [given below], shows repre­
sentative rates now in effect on lumber, base bullion, packing-house products
sugar and iron ore as compared with the rates in effect on Aug. 26 1920
The percentage relationship of the present rates to the Aug. 26 1920 rates
is also shown.
APPENDIX 1.
Important General Rate Reductions Between Oct. 26 1921 and July ] 1922,
Inclusive.
1. A 10% reduction in rates on a products of farm, garden, orchard
and ranch—other than grain, hay and their products, and livestock—which
became effective about Jan. 1 1922.
2. A reduction of 10% in rates on livestock between any two points
both of which are located west of the Indiana-Illinois State line or the
Mississippi River, where such rates wer 50 cents per 100 rounds or less.
This reduction became effective about Jan. 1 1922.
3. Reductions in rateson grain, hay and their products made by the order
of the Commission effective about Jan. 21, between any two points located
west of Lake Michigan or the Indiana-Illinois State line and east oi wir
Rocky Mountains; on wheat, hay, and their products, such as flour, corn­
meal, bran, alfalfa meal, &c., 13%; on corn. oats, barley, and otherso-called
coarse grains, and their products, 21%
4. Reductions ranging from 1 to 15% on forest products from Southern
Southeastern and Southwestern producing territory to points in Eastei n
Trunk Line and Central territories, including points in Illinois and Wiscon­
sin. These reductions became effective about May 10 1922 and were the
result of the Commission’s opinion in the Southern Hardwood Traffic As­
sociation case, Docket No. 12995.
5. Material reductions in rates on coal, both bituminous and anthracite,
from Lake Superior docks to points in Minnesota, and also in South Dakota
on and east of the Missouri River. These reductions were made effective
about April 1 1921, and were the result of the Commission’s decision in
the Holmes & Hallowell case. Docket No. 6194.
6- General reductions in rates under the Commission's opinion in Re­
duced Rates, 1922, Docket No. 13293. These reductions became effective
July 1 1922 and applied^ to all classes and commodities. The general
effect was to make a reduction of 10% in the rates of June 30 1922. except
in cases where prior thereto and subsequent to the general increase of Aug.
26 1920 reductions had been made by that per cent or more. Generally
speaking no rates were to be higher than 90%. of the Aug. 26 1920 rates
and where reductions had been made but not to that basis, such further
reductions were required to be made to bring the rates to that level.




Wausau, Wis_____
do
_______
do
_______
Beaumont, Tex___

North Pacific Coast
(Portland, Ore.)

Base bullion__
NEW YORK AND BROOKLYN FIRE INSURANCE COMPANIES.

Prom—

Copper and lead (except
a3 noted)__

Alexandria, La____
do
____ _
do
_______
Anaconda, Mont__

do
do

----------_______

International, Utah
do
_______
net ton___________
Packing house products Kansas City__
do
_______
Fort Worth, Tex__
do
_______
New Orleans______
Sugar_________
New York________
San Francisco_____

To—

Rate

Rale

% of

Aug. 26 May 1 De­
1920. 1924. crease

15.5
Chicago____
17
29.5
Indianapolis . 32.5
Pittsburgh . 39.5
35.5
35
Okla’ma City 39
72
Chicago____
SO
88.5
Buffalo____ 101
New York__ 106.5
90
29.5
32.5
St. Louis___
44
39.5
Chicago____
54.5
49
New York__
Chicago____ $15.30 a$9.50
6512.00
Seattle_____ ' 6$7.96 657.09
New York__ $22.00 a$l?.5O
616.50
Chicago____ 6S16.30 689.50
New York__ 6S19.40 $12.50
40
36
Chicago.__
92.5
New York. . 103
55
St. Louis__
61
93
Buffalo......... 94.5
54
60
Chicago____
56.5
63
do
C93.5 c84
do
di09.5 d91
65
Kansas City. 72
Duluth ____ e95
«86

9
9
10
10
10
12
15
9
10
10
38
22
10
43
25
42
36
10
10
10
2
10
10
10
17
10
10

New Orleans__ ___
Iron ore_____________ Mesabi Range (Virginla, Minn.)
a Copper. 6 Lead, c Minimum weight, 80,000 lbs. d Minimum weight, 60,000
bs. « Per 2,240 lbs.—proportional rate applying on traffic destined outside State.

The Inter-State Commerce Commission on July 17 1924
definitely refused further rate reductions on grain, grain
products and hay, sought by 10 States of the Mississippi
and Missouri Valley cereal growing region under the leader­
ship of the State of Kansas. The Commission held that the
financial status of the carriers did not justify the step,
while, in general, it held that the financial situation of the
Western grain farmers was showing a slow improvement,
relieving them of the necessity for the reduction. (V. 119,
p. 288.)
Under the Hoch-Smith resolution passed by Congress on
•Jan. 30 1925, the Inter-State Commerce Commission was
directed to make a thorough investigation of the rate struc­
ture of common carriers. A petition was filed late in April
1925 by the Western railroads for an increase in revenues in
their territory. The petition was not in the usual form of a
proposal for an increase in rates, and made no suggestion
as to how the increased revenues shou:d be porvided, but
asked that the Commission, “in pursuance of the powers in­
vested in it and the duties imposed upon it by the Inter-State
Commerce Act, after due investigation, issue the necessary
order or orders which will result in yielding to the carriers
operating in the Western district a net rate of return of not
less than 5%%.” Based on the results for 1924, when the
Western roads had a net railway operating income of $378,080,991, or 3.87%, on their property investment, it would
require an increase in revenues of approximately $182,000,000
to bring the return up to the $560,000,000 that would mean
a 5/4% return. As the freight revenues of the Western lines
in 1924 were $1,655,000,000,000, this would be equivalent
to a general advance in freight rates of about 11%. The
petition shows that not only was the general advance in rates
allowed by the Commission in .1920 insufficient to produce the
fair return contemplated by the Act, but that reductions in
freight rates made since have prevented them from realizing
it as the result of increased traffic. T his petition followed the
statement which had been filed by the Western carriers of
their views in relation to the Commission’s general rate struc­
ture investigation under the Hoch-Smith resolution, in which
statistics were presented to show that the present situation of
the Western lines calls for advances in their rates, rather than
reductions. It was signed by 66 roads, of which six—the
Chicago Milwaukee & St. Paul, Chicago & Alton, Denver &
Salt Lake, Minneapolis & St. Louis, San Antonio Uvalde &
Gulf, and Trinity & Brazos Valley, are in the hands of re­
ceivers. (V. 120, p. 2500, 656; V. 119, p. 2969.)
On May 24 1925 the Western railroads, including the
Northwest group, applied to the Inter-State Commerce Com­
mission for permission to increase rates on a straight per­
centage basis. This increase would have the effect of a 10%
or 11% advance in freight rates from the existing levels (see
above). Subsequently, the receivers of the Chicago Mil­
waukee & St. Paul Ry. presented a plan devised by Mark W.
Potter, former Inter-State Commerce Commissioner, and
now a receiver for that property, calling for a 5% freight rate
increase to all Western carriers, but providing for pooling of
the additional revenues derived from the increase, and redis­
tribution thereof in such a way as to provide, in effect, more
than 5% for the so-called weaker roads, and less than 5% for
the stronger systems. (See also table showing the applica­
tion of the Potter plan to railroads operating in Western ter­
ritory in V. 121, p. 36.) In August 1925 some of the Western
carriers announced their willingness to accept an increase in
rates of 5%, instead of the 11 % previously sought (see V. 121,
p. 802, 1310). Hearings were opened in Chicago on Sept. 8
1925. Briefs in support of the urgency for a 5% increase in
freight rates were filed by the Western carriers with the Com­
mission in March 1926 (V. 122, p. 1715). A supplemental
brief in answer to arguments opposing the increase sought was
filed on April 24 1926 (V. 122, p. 2449). Oral arguments
are now being held before the Commission and an early de­
cision is expected.

May, 1926.]

RAILWAY AND INDUSTRIAL COMPENDIUM

New England Roads Allowed a Higher Pro Rata.

Because of the relatively disadvantageous position of the
New England group of roads, a readjustment of the basis for
division of through rates was authorized by the Inter-State
Commerce Commission on Feb. 14 1922, effective March 1
1922, by which the New England roads other than the Bangor
& Aroostook were to receive an increase of about 15% in the
amount coming to them from the division of revenue derived
from most classes of traffic interchanged with the lines west
of the Hudson River. (V. 114, p. 702, and V. Ill, p. 1942;
V. 112, p. 744, 987.) Compare remarks in Oldham merger
plan, V. 113, p. 1950, 1951. In the suit brought in April
1922 against the Commission to prevent the carrying out of
this increase as discriminatory, the United States Supreme
Court on Feb. 19 1923 handed down a decision upholding the
order of the Commission. (V. 114, p. 917, 1253.)
Cost to Government of Federal Control of Railroads
$1,696,000,000.

According to the report of James C. Davis, Director-Gen­
eral of railroads, submitted to President Coolidge on Dec. 14
1925, the total cost to the Government of Federal control of
the railroads (during 32 months), including operating losses
during the period of Federal operation and the six months’
guarantee period, after relinquishment of control and the
payment of the deficit of the short lines, amounted to SI ,696,000,000. In his report the Director-General, after detail­
ing the takipg over of the railroads on Dec. 31 1917, said in
part:
When the property was returned to its owners, claims were presented by
the carriers, represented largely by the items of unpaid compensation, un­
dermaintenance of way and equipment, material and supplies and deprecia­
tion, in the sum of $1,014,402,446 72. The Railroad Administration set
up claims against the railroads, largely for excess expenditures for main­
tenance, in the sum of $440,353,715 08.
Congress directed the President, through his agent, as soon as practicable
to settle and adjust these and all other claims incident to Federal control.
Every one of the claims of the carriers whose property was taken over has
been adjusted. The creditor roads were paid $243,652,196 91. There
was collected from the debtor roads $195,272,295 17. The balance paid
by the Government was $48,379,901 74, or less than 5% of the claims as
originally presented.
There are perhaps two outstanding features in the adjustment: It was
made without litigation, and well within the appropriation originally made
by Congress for this purpose.
The liquidation has involved the handling of large sums. As an out­
growth of Federal control the Government took definitive obligations of the
railroads for advances, funding of additions and betterments, balance due
on settlement, and the like, aggregating $629,241,250. Of this amount
there has been collected, or disposed of at par, $495,705,450. This amount
has been returned to the United States Treasury.
The Railroad Administration for a number of years has been returning
large sums to the treasury. For the eleven months ended Nov. 30 1925
the receipts in excess of expenditures were $50,690,499. (V. 121, p. 3082.)

Changes in Railroad Wages.

On July 20 1920 the U. S. RR. Labor Board, acting under
Transportation Act of 1920, granted wage increases to the
2,000,000 railway employees of the United States, retroactive
to May 1 1920, which the Board estimated would add approx­
imately $600,000,000 to the pay-roll, but which the Associa­
tion of Railway Executives estimated at $625,921,085, or
21%, and which appears to have aggregated possibly
$720,000,000. Increases aggregating about a billion had
been demanded. See V. Ill, p. 347 to 350, 459, 460; V.
110, p. 2252, 2254, 2624.
On July 11921, after careful investigation, the U. S. Labor
Board permitted the railroads, aside from the so-called short
lines (which are in a class by themselves), to make a wage
decrease of about 12%, as against the aforesaid wage advance
of May 1 1920. It was estimated that this would effect a
saving in the yearly pay-rolls of the roads of $375,000,000.
(Compare V. 112, p. 2143 to 2150, 2377; V. 113, p. 33.)
While the decrease was duly put in effect, the question
whether it should be accepted or should be opposed by a
strike was referred by the leaders of the 16 railroad unions
to their local organizations (V. 113, p. 149), which, it
appears, were quite generally in favor of a strike, both to
recover the lost wages and prevent further unfavorable
changes in wage or labor conditions.
When, however, it came to the actual declaring of a strike
only the four trainmen’s brotherhoods and the switchmen’s
union were prepared to take this step in the face, of a
strongly adverse sentiment on the part of the public and the
Federal Government, and even in the case of these unions,
on a number of roads, notably the Pennsylvania Eastern
Lines, the necessary 66 2-3% vote was lacking (V. 113, p.
1326, 1706, 1718, 1730 to 1738).
The strike was scheduled to begin in the various sections
of the country Oct. 30 to Nov. 5 1921 (V. 113, p. 1735), but it
was called off on Oct. 27 1921 after a hearing before the La­
bor Board, in view of the vote by the latter that it would not
take up the matter of wage decreases until all the questions
relating to national rules and regulations had been disposed
of by it. (V. 113, p. 1849 to 1852, 1943.)
In 1921-22 the national rules were rewritten by the Labor
Board on a somewhat more satisfactory basis for the shop
crafts and maintenance of way men, clerks and station
employees, signal men, supervisors, firemen and oilers, train
dispatchers, railway express employees, &c., but not for the
Brotherhood of Locomotive Engineers, Brotherhood of Loco­
motive Firemen and Enginemen, Order of Railroad Conduc­
tors, Brotherhood of Railroad Trainmen and Switchmen’s
Union of North America. The efforts of the railroads to
get these latter bodies to agree to a further wage reduction




249

of about 10% and to submit to various changes in the rules
failed in April 1922.
The rules as revised for the other unions in general add
from one to two hours to the eight hours that must be worked
at the regular pro rata rate before the punitive extra pay
becomes operative.
IBS
Following a test suit brought by the Atchison Topeka &
Santa Fe Ry., the Federal District Court at Chicago in
April 1924 handed down a decision upholding the nine-hour
day ruling of the I.-S. C. Commission for yardmasters.
This order affected between 8,000 and 9,000 yardmasters on
roads in all parts of the United States, who formerly worked
12 hours per day (V. 118, p. 2040).
Reductions in wages of shopmen, maintenance of way
men, freight car men, signal men, clerks, &c., aggregating
approximately 8135,000,000 per annum, were announced by
the United States Railroad Labor Board in May and June
1922, effective July 1 1922. V. 114, p. 2432, 2541, 2784.
Following the wage reduction, the shop craft organizations
went on strike July 1 1922, and for three months thereafter
the railroads of the country were seriously handicapped in
their operations. V. 115, p. 139. On July 17 1922 about
8,000 stationary firemen, engineers and oilers also were
called out. President Harding made strenuous efforts to
get the strikers to return to work and held numerous confer­
ences with representatives of the unions and with railway
executives. But his proposals for the settlement of the
strike of railway shopmen, though accepted Aug. 2 1922 by
the employees, fell through, because the carriers rejected the
recommendation that the men return to work with their
former seniority and other rights unimpaired (V. 115, p.
611, 612). Later in the month, however, many of the roads
made individual agreements with their men on the basis of
the so-called Baltimore plan or other separate arrangements,
and where this was not done the strikers in large numbers
gradually drifted back, so that by the end of September 1922
the strike ceased to be much of a disturbing influence. V.
115, p. 2123, 1596, 1282, 1283. In February 1925, long after
the strike had ceased of all influence, the shopmen’s union
declared the strike ended on all roads except the Pennsyl­
vania and Long Island railroads.
A temporary injunction restraining the officials of the
Federated Railway Shop Crafts from interfering in any way
with the operation of the railroads was granted at Chicago
Oct. 5 1922 by Federal District Judge James H. Wilkerson,
and later was continued in force. This was an additional
aid in breaking up the strike. (V. 115, p. 1495, 2123.)
On May 1 1923 leaders of the strike of railroad shopmen
abandoned their case in defense against this injunction and
announced that their principal contentions in the case had
been upheld. (V. 116, p. 2086.) A final decree making
permanent the temporary injunction was entered July 12
1923 by Judge Wilkerson. The decree affected about
400,000 railroad employees and officers of the shop crafts
concerned in the strike. (V. 117, p. 169.)
The threatened strike of 400,000 maintenance of way men
had meanwhile been stayed, E. F. Grable, President of the
United Brotherhood of Maintenance of Way Employees and
Railway Shop Laborers, having reached an agreement with
the Railroad Labor Board to withhold any strike order until
the Board could arrange for a rehearing (V. 115, p. 139,
395). After the rehearing the Labor Board (Oct. 14 1922)
ranted the employees, represented by the United Brotherood of Maintenance of Way Employees and Railway Shop
Laborers, an increase, effective Oct. 16 1922, of 2 cents an
hour over the reduced schedule put in force on July 1 1922
(V. 115, p. 1790).
An increase totaling over $3,000,000, together with the
eight hour day and time and-one-half for overtime, was
granted to approximately 65,048 members (freight employees
and common laborers) of the Brotherhood of Railway and
Steamship Clerks, Freight Handlers, Express and Station
Employees, effective March 1 1923. V. 116, p. 898; V. 115,
p. 2446, 2343.
The United States Railroad Labor Board on March 10
1923 refused to reopen the case under which 11,000 tele­
graphers on eleven Western roads suffered wage reductions
(said to total $1,500,000 annually) in a decision handed down
by the Board in December 1922 (V. 115, p. 2755), and which
became effective Jan. 1 1923. (V. 116, p. 1138.) Increases
in wages affecting about 5,500 telegraphers and station
agents and aggregating approximately $364,432, were, how­
ever, granted by the Board in Nov. 1923 on a number of
roads. (V. 117, p. 2400.)
On April 24 1923 the Brotherhood of Maintenance of Way
employees, &e., filed a request with the Labor Board for a
return to wages in effect prior to July 1 1921 (V. 116, p.
1856). The petition affected 28 railroads and 175,000 em­
ployees. On June 30 1923 the Board remanded the case
back to the roads for individual settlements. Failing this,
the Board on Dec. 3 1923 awarded a wage increase of 1 to
2 cents an hour, retroactive to June 1 1923; to approximately
22,612 maintenance of way men of the Boston & Maine RR.,
the Fort Smith & Western Ry., the Louisville & Nashville
RR., the Louisville Henderson & St. Louis Ry., the Nash­
ville Chattanooga & St. Louis Ry., the San Antonio Uvalde
& Gulf RR., and the Trinity & Brazos Valley Ry. These
roads had failed to reach individual settlements with their
men. A number of other carriers involved in the original
controversy had settled. (V. 117, p. 2508; V. 116, p. 1969.)

250

RAILWAY AND INDUSTRIAL COMPENDIUM

In Oct. 1923 the firemen, trainmen, conductors and en­
gineers, represented by the Big Four Brotherhoods, asked for
wage increases averaging approximately 12^%. This in­
crease, it was computed, would cost the railroads about
$100,000,000 additional a year and bring wages up to the
schedules in effect as of May 1 1920. (V. 117, p. 2848,
1740, 1524, 750, 636.)
The first settlement growing out of negotiations with the
railroad brotherhoods over wage increases asked in Oct.
1923 was announced by the New York Central RR. on
Jan. 22 1924, when the road made known that it had reached
an agreement, with engineers and firemen on practically all
divisions ard subsidiary lines providing for an increase in
wages of ajp oximately 5% and changes in certain working
conditions. The agreement, which was to run for one year,
affected, it w is estimated, about 15,000 men, including
engineers, firemen, hostlers and hostler’s helpers. This
settlement was then used by the labor organizations as a
basis for attempted agreements on all American roads.
The increase, when applied to the 160,000 engineers and
firemen employed by all Class I. railroads, would cost, it
was figured, about $25,000,000. (V. 118, p. 394, 627.)
An increase of approximately 5%, affecting 44 Western
railroads and about 50 subsidiaries, was granted on April 8
1924 to approximately 80,000 conductors and trainmen.
(V. 118, p. 2003.)
The U. S. Railroad Labor Board handed down a decision
on Oct. 21 1923 awarding increases of 1 to 2 cents an hour to
clerks, station forces, dock, warehouse and platform freight
handlers and similar employees of 65 carriers. The opinion
found that 29 carriers and employees of the class involved
had negotiated agreements increasing pay for some of the
groups, but that there was no uniformity in the agreements.
The employees affected by the decision were represented by
the Brotherhood of Railway and Steamship Clerks, freight
handlers, express and station employees, by the Brotherhood
of Railway Station Employees, and by the Internationa]
Longshoremen’s Association. (V. 117, p. 1849.; This de­
cision followed close upon another denying an increase to
signalmen. The wage increases asked by signalman m 45
carriers ranged from 13 to 23 cents an hour. This (fttss of
employee had been granted an increase of 13 cents an hour
by decision No. 2 in July 1920. On July 1 1921 their wages
were cut from 6 to 8 cents an hour and a further decrease in
July 1922 of from 5 to 6 cents an hour brought the rates of
pay to approximately what they were under the Federal
Administration prior to decision No. 2. The Board decided
in denying the request that the cost of living and other
elements entering into consideration of the case bad not
changed sufficiently since the last decision of 1922 tc justify
an increase (V. 117, p. 1741).
Since March 1 1923 wage increases of one kind or another
have been made by many individual roads to tbeir em­
ployees. The Pennsylvania RR. on March 12 1924 increased
wages of about 22,000 engineers, firemen, hostlers and
hostler helpers by 5%, retroactive to Jan. 16 1924* the
Pennsylvania RR. also granted a wage increase of about
6% to 32,000 conductors, baggagemen, brakemen and
switch tenders. Early in 1924 an increase of about 5%
was granted to engineers and firemen of the following roads:
The Pittsburgh & West Virginia Ry., the New York Chicago
& St. Louis Ry., the Erie RR., the Chesapeake & Ohio Ry.
and the New York New Haven & Hartford RR.; this increase
followed close upon the announcement of the New York
Central RR. of similar wage adjustments, referred to further
above. Increases of 5% were also granted during 1924 to
conductors and motormen of a number of roads, including
the New York New Haven & Hartford RR., the Louisville
& Nashville RR., the Lehigh Valley RR. and the Southern
Ry. A wage increase, ranging from 30 to 36 cents a day to
conductors, switchmen and brakemen, was granted on
June 2 1924 by the Chesapeake & Ohio Ry. Co., retroactive
to May 1. This action was in line with an increase given to
engineers and firemen. Wage increases amounting to 6|^%
for all yardmen and trainmen, retroactive to May 1 1924,
were granted by the Texas & Pacific Ry. These illustrations
might be multiplied almost indefinitely.
The United States Railroad Labor Board, in a decision on
Jan. 19 1925, granted wage increases of from 1 to 2 cents an
hour, involving an annual expenditure of approximately
$3,700,000, to some 87,000 employees of forty-three rail­
roads. The classes affected were clerks, freight handlers,
express and station employees, janitors, elevator operators,
truckers, stevedores and storers (V. 120, p. 414). This wage
increase followed an advance of 5% granted by the Railroad
Labor Board at the beginning of December 1924, to more
than 75,000 members of the Brotherhood of Locomotive
Engineers and the Brotherhood of Locomotive Firemen and
Enginemen. Under a decision of the United States Railroad
Labor Board, 2,528 conductors and trainmen were awarded
wage increases totaling $283,183 a year, effective from
Feb. 1 1925. This latter increase, it was stated, affected
17 railroads, which were not included under the agreement
reached through the efforts of the train service brotherhoods
in 1923-24. The award was understood to be on the basis
of the New York Central’s 5% increase. The railroads
affected included the Denver & Rio Grande Western System
and its subsidiary, the Rio Grande Southern, the Ann Arbor
Railroad Co. and the Bangor & Aroostook Railroad Co.
(V. 120, p. 661.)




[Vol. 122.

General managers of all the principal railroads of the coun­
try were served on Feb. 1 1926 with wage demands by repre­
sentatives of the Brotherhood of Railway Trainmen and the
Order of Railway Conductors (V. 122, p. 705) early in March
1926. Eastern, Western and Southern roads declined to
accede to the demand for increased wages. Committees
were appointed by the Eastern and Western railroad execu­
tives to represent them in the wage conferences. The total
increases demanded by the trainmen and conductors amount
to between $1 and $1 64 per day, depending on the class of
service and the class of employee. This represents an in­
crease of about 20% over the existing wages received by the
trainmen and conductors. V. 122, p. lc06, 1559. It was
reported on Feb. 20 1926 that the Norfolk & Western RR.
granted its shopmen a wage increase of 2 cents per hour.
This company was said to be the only road which granted the
increase demanded.
The Pennsylvania Railroad and the U. S. Railroad Labor Board.

The United States Railroad Labor Board asserted in an
opinion on June 27 1923 that the Pennsylvania RR. system
(which had ignored the decision of the Board in refusing to
acknowledge the elected representatives of the clerks’ organi­
zation) “has persisted in such violation in contempt of the
unanimous decision of the U. S. Supreme Court,” which sus­
tained the Board’s jurisdiction. The excoriation of the Penn­
sylvania sustem resulted when the railroad refused to deal
with the elected representatives of the clerks’ organization as
officials representing employees’ organization, although the
railroad was ready to consider them as individuals. (V. 116,
p. 2693, 2953; V. 117, p. 1849). Judge Dickinson in the Fed­
eral District Court, at Philadelphia, Pa., on Dec. 21 1923 dis­
missed the suit of the Brotherhood of Railway Clerks, Freight
Handlers and Station Employees of the Pennsylvania RR.
to compel the company to recognize their delegates in
conferences on wages and conditions, on the ground that
the Federal Court had no power to enforce the decisions of
the U. S. RR. Labor Board and that the only way the Board’s
mandates could be carried out was in the “court of public
opinion.” The Board itself, Judge Dickinson declared,
had no power to execute its own orders, “and no power has
been delegated to the courts to have the decrees carried out.”
In conclusion the opinion said:
The judgment it [the Labor Board] may render may be acceptable to
□either party, but each has the legal right to accept it or refuse to follow it.
If the parties refuse acquiescence all that the Board can then do is to give
publicity to its ruling, leaving the parties to their willingness to adjust
the dispute under the guidance and perhaps the stress of public opinion,
influenced, or it may be aroused, by the opinion of the Board.

On the same grounds, Judge Dickinson in the Federal
District Court at Philadelphia on Feb. 5 1924 dismissed the
$15,000,000 suit brought by the shopmen’s organization
against the Penn. RR. system. (V. 117, p. 2849; V. 11S, p
.627.) Five months later (in July 1924) the United States Cir­
cuit Court of Appeals at Philadelphia dismissed equity suits
brought by System Federation 90 of the Federated Shopcrafts and the Brotherhood of Railway Clerks against the
Pennsylvania RR. for enforcement of wage increase and
working condition decisions of the United States Railroad
Labor Board. The suits were dismissed on the ground that
the Federal Courts have no jurisdiction in such matters.
The United States Supreme Court in March 1925 decided
that roads are not required to submit to the United States
Railroad Labor Board for arbitration disputes with
employees and that the roads could determine who shall be
recognized as representing their employees in labor disputes.
Settlements with Individual Carriers.

The United States Railroad Administration on May 14
1926 announced that all carriers formerly under Federal
Control have now been settled with. The payment of the
claims on final settlement was largely made up of balance of
compensation due, but included all other disputed items as
between the railroad companies and the Administration dur­
ing the 26 months of Federal control. The list of railroads
with which settlements had been concluded up to Nov. 14
1923 was given in the “Chronicle” of Dec. 1 1923. Later
settlements will be found in our “General Investment News”
Department, under the heading “United States Railroad
Administration,” in V. 122, p. 2945; V. 119, p. 695; V. 118,
p. 1270 and 204, and V. 117, p. 2772, 1993.
Association of Railway Executives.

For list of the 107 member roads and systems and names of
Executive Committee and Law Committee, see pages 20
and 21 of “Official Railway Guide” for May 1926.
Personnel of Inter-State Commerce Commission.

This Commission, which, under the Transportation Apt
of 1920, is vested with new powers respecting rates, consolida­
tions, securities, issues, &c., is constituted as follows:
Joseph B. Eastman of Massachusetts, Chairman; Richard V. Taylor of
Alabama; Balthasar H. Meyer of Wisconsin; Prank McManamy of the
District of Columbia; Henry C. Hal) of Colorado; Clyde B. Aitcnisonof
Oregon; Thomas P. Woodlock of New York; .John J. Esch of Wisconsin,
E. 1. Lewis of Indiana; J. B. Campbell of Washington; Frederick I. Cox of
New Jersey; with George B. McGinty of Georgia, Secretary; Alfred Holmead of the District of Columbia, Assistant Secretary; Thomas A. Gillis of
i Pennsylvania, Assistant to Secretary; James L. Murphy, Assistant to Sec­
retary; T. Leo Haden of the District of Columbia, Chief Clerk and Pur­
chasing Agent.

May, 1926.]

RAILWAY AND INDUSTRIAL COMPENDIUM

351

Loans, &c., Made by Federal Authorities Under Control

United States Railroad Labor Board Abolished.

Act, Act of 1920, &c.
President Coolidge on May 20 1926 signed the WatsonParker bill, which abolishes the Railroad Labor Board. See
During the Federal control period from Jan. 1 1918 to
text of bill in the “Commercial & Financial Chronicle” of Feb. 29 1920, and the guaranty period of 6 months from
even date (May 29.)
March 1 to Aug. 31 1920, and as a result of the financial
operations called for by the Control Act of 1918, the Trans­
portation Act of 1920 and the Act incorporating the War
Equipment Trust Agreements of Jan. 15 1920.
Equipment trust agreements were executed early in 1920 Finance Corporal ion, advances to a large amount were made
by some 80 leading railroad companies with the Director-' to the railroads by the U. S. Treasury, the Director-General
General of Railroads and the Guaranty Trust Co. of New and the War Finance Corporation on account of additions
improvements, the funding and refunding of loans and
York as trustee, covering approximately $323,000,000 worth and
in the case of the Boston & Maine for reorganization purposes.
of new rolling stock, built and building. This rolling stock
The securities acquired on account of such advances by
was ordered by the United States Railroad Administration the U. S. Treasury and still held by it on recent dates were:
during the period of Federal control of railroads and has (1) Obligations of $25,950,000 Held by United States Feb. 28 1926, under
Sec. 7 of Federal Control Act of 1918.
been allocated to the railroad companies named below and Boston & Maine RR
......................................................................... x$25,950,000
accepted by them. (Compare V. 109, p. 1668, 1955, 2406.)
x This amount does not include securities purchased by the Directorof Railroads under the provisions of Section 12 of the Federal
The notes, while issuable from time to time as equipment General
Control Act, approved March 21 1918.
is delivered to the roads, are all dated Jan. 15 1920, payable,
Note.—The above are securities issued during period of Federal contro
the purpose of providing funds requisite for maturing obligations or for
both principal and interest, in gold of present standard. for
other legal and proper expenditures, or for reorganizing railroads in receiv­
Each issue will mature in 15 equal installments on Jan. 15 erships.
Indebtedness of Carriers ($102,119,800) to the United States Incurred for
in each year, 1921 to 1935, both inclusive, and will bear (2)Additions
and Betterments, &c., Made During Federal Control, Pursuant
to Sec. 207 of Transportation Act of 1920 and Held Feb. 28 1926.
interest at 6% per annum, payable semi-annually, July 15
Ann
Arbor
RR
____________
$312,000 N Y N H & Hartford RR___ $60,000,000
and Jan. 15 at the office of the trustee in New York City. Boston & Maine
100,000
RR______ 1,030,000 N Y Susq & West RR..........
200,000
& Eastern Ill Ry
3,425,000 Norfolk Southern RR______
They will be subject to redemption at the option of the Chicago
Chicago Milw & St Paul Ry. 20,000,000 Seaboard Air Line Ry_____ 2,000,000
maker prior to maturity at 103 and interest on any interest Erie RR................................ 8,725,000 Wash. Brandy. & P. L. RR.. 50,000
500,000
Kansas Oklahoma & Gulf Ry. 1,627,800 Waterloo C. F. & Nor. Ry..
date after 60 days’ notice, but only as entire issues.
Western Maryland Ry____ 2,000,000
The War Finance Corporation, in a statement issued by Minneapolis & St Louis RR. 1,250,000 Wheeling
& Lake Erie Ry. . .
900,000
Managing Director Eugene Meyer Jr., on Jan. 22 1922 (3) Obligations of $350,600,667 Acquired by United States Government to
announced that the Director-General had addressed a letter
Dec. 31 1925 Pursuant to Section 210 of Transportation Act of
1920 for Loans from $300,000,600 Revolving Fund.
to all railroads of which the U. S. Treasury still held issues of Alabama Tennessee
International & Great West­
& Nor­
equipment trust obligations no part of which had yet been
ern Ry, Receiver of____ x$194,300 00
thern RR_____________ x$489 ,000 00
sold by it, asking [in order to increase the salability of its Alabama & Vicksburg Ry..xl,394 ,000 00 Des Moines & Central Iowa
Canton & Youngs­
Ry, formerly the Interholdings] that he 4be permitted to subordinate to the re­ Akron
Urban Ry......................
633,500 00
town Ry_____________ x212 ,000 00
mainder of the issue [which remainder he might then sell] Ann Arbor RR__________ x650 ,000 00 Kansas City Mexico & Ori­
Harbor Term Ry..
50 000 00
ent RR, Receiver of the.x5,000,000 00
not alone the last five maturities, 1931 to 1935, or any one Aransas
Birmingham & At­
Kansas City Terminal Ry_ x 580,000 00
or more of them, but such portion of the maturities of any Atlanta
lantic Ry_____________ x200 ,000 00 Lake Erie Franklin & Clar­
ion RR.............................. x25,000 00
Baltimore & Ohio RR____ x3,000 ,000 00
year as he might determine. The official statement said:
Bangor & Aroostook RR__ x200 ,000 00 Long Island RR, The____ x719,000 00

The amended clause will read as follows:
■*' ‘Eleventh: Upon request of the holder, or holders, of all the notes
which by their terms shall be due and payable in any year, and upon pre­
sentation of such notes for that purpose, the trustee shall stamp thereon,
or upon such part thereof as said holder, or holders, may designate and
request, the following words:
“ ‘For value received and as an inducement to purchases of unstamped
notes, the holder of this note has caused the same to be stamped pursuant
to Article Eleventh of the Equipment Trust Agreement mentioned in the
note, and, as provided in said Article Eleventh, the unstamped notes shall
be payable in preference and priority to the stamped notes out of any
moneys received or collected by the Trustee under said Equipment Trust
Agreement, upon enforcement of its rights or remedies in case of a default
ot the carrier.’
“Eor the present, it is the purpose of the Director-General, upon the
execution of the supplemental agreements, making the amended clause
operative, to make sales of railroad equipment trust obligations under an
arrangement, to subordinate, on the part of the Government, approximately
33 1-3% of the principal amount of each maturity; and the Director-Genera)
will be prepared to sell 66 2-3% of issues of equipment trust obligations,
unsubordinated, at par and accrued interest to date of delivery. The
Railroad Administration will thus retain the one-third subordinated part
of all serial maturities.”
Statement of Equipment Trust Notes Originally Issued to the U. S. Government
and Amounts on Hand as of May 1 1926.
Road—

^Original
Issue.
$

Ala Great South.. 165,000
Ann Arbor______
790,500
Atch Top * S Fe_. 7,356,000
Atl Birm & Atl... 982,500
Atl Coast L (Tr 4) 5,929,500
(Trust 4A)......... 450,000
Atl Coast Line &(
Louisv & Nash( 1,183,500
Joint Lessees of |
Georgia RR__ i
Balt & Ohio........... 17,800,500
Boston & Maine.. 6,813,000
Buff Roch & Pitts. 2,004,000
Caro Clinch & Ohio 6,210,000
Central RR of N J 5.932,500
Charles* W Caro.. 817,500
Ch & Ohio (Tr 13) 9,697,500
(Trust 13A)___ 1,669,500
Chicago & Alton.. 1,816,500
Chic & East Illinois 741,000
Chic & Northwest 9,973,500
Chic & West Ind.. 279,000
Chic Burl & Quincy 6,060,000
Chic Great West.. 651,000
Ch Ind & Louisville 1,039,500
Chicago Junction. 478,500
Ch Milw & St Paul. 16,444,500
Ch R I & Pacific.. 8,117,250
Chic St P M & Om 2,352,000
C N O & Texas Pac 957,000
C C C & St Louis. 5,200,500
Colo & Southern . . 1,050,000
Del & Hudson___ 3,981,000
Det & Tol Sh Line 501,000
Det Tol & Ironton 844,500
Erie......................... 4,501,500
Ft W & Denver C. 508,500
Gr Trunk of Can. 898,500
Gr Trunk Western 3,097,500
Great Northern.. 4,294,500
Hock Val (Tr 32). 1,345,500
Trust 32A)___ 1,489,500
Illinois Central... 9,706,500
Ind Harbor Belt.. 589,500
Kanawha & Mich. 1,035,000
Kan City Southern 954,000
Kan City Terminal 187,500
Lake Erie & West. 648.000

bStillfor
Sale.

9

Road—

aOriginal
Issue.
$

L & N (Trust 37). 7,689,000
(Trust 37A)____ 2,869,500
Maine Central___ 1,203,000
Michigan Central- 5,196,000
Minn & St Louis.. 1,512,000
Mo Kan & Texas. 1,261,500
Mo Pacific (Tr 41) 2,601,000
(Trust41A)___ 2,592,000
(Trust 41B)___ 2,563,500
(Trust 41C)___ 2,656,500
Mobile & Ohio... 607,500
Monongahela Ry. 493,500
Morgan & King’d- 2,601,000
Nash Chatt & St L 1,297,500
N Y Central____ 13,840,500
N Y N H & H... 4,433,500
Norfolk & Western 6,885,000
Norfolk Southern. 132,000
Northwest Pacific. 271,500
Penn (Notes 1-14).54,516,000
(Note 15)........... 3,896,000
Pere Marquette..10,099,500
Pitts & Lake Erie. 582,000
Pitts McK & Youg 2,824,500
Rich Fred & Pot’c. 984,000
Rutland................. 370,500
St L-San Francisco
(Trust 71 A)___ 2,844,000
(Trust 7IB).... 2,860,500
(Trust 71C).... 2,989,500
(Trust71D).... 2,910,000
(Trust 71E)___ 2,779,500
Seaboard Air Line. 1,650,000
Southern Pacific.. 2,814,000
Southern Railway.10,293,000
SpokPortl&Seattle 879,000
Term Assn ofStL. 342,000
Texas* Pacific__ 2,392,500
Tol & Ohio Central 2,172,000
Tol St L & Western 1,182,000
Virginian Railway 1,630,500
Wabash Railway. 11,331,000
Wash Southern__
421,500
Wash Terminal__
94,500
West Maryland.. 856,500
Wheel & Lake Erie 4,587.000

Total............... 346,556,750

bSMZl for
Sale.
$

*302,400

Louisville & Jeffersonville
Bridge & RR................... xl62,000 00
Maine Central RR............ 2,373,000 00
Minneap * St Louis RR__ 1,382,000 00
Missouri Kansas & Texas
Ry of Texas, Receiver of. x450,000 00
Missouri & North Ark Ry. 3,500,000 00
Missouri Pacific RR____ xlO,071,760 00
National Railway Service
Corporation_________ xll,437,830 00
New Orleans Texas & Mex­
ico Ry______ _________ x234,000 00
New York Central RR...x26,775,000 00
New York New Haven &
Hartford RR................. x27,530,000 00
Norfolk Southern RR____ xl,666,00000
Northern Pacific Ry_____ x6,000,000 00
Pennsylvania RR_________ xl2,480,00000
Peoria * Pekin Union Ry..xl ,799,000 00
Rutland RR........................ x61,000 00
Salt Lake & Utah RR____ xl,000,000 00
Seaboard Air Line Ry.__ xl5,457,400 00
The Seaboard-Bay Line Co.x4,400,000 00
Shearwood Ry_____________
29,00000
Tampa Northern RR____ xlOO.OOO 00
Tennessee Central Ry____ 1,500,000 00
Terminal RR Association of
St Louts_________________ x896,92500
Toledo St Louis & Western
RR, Receiver of__________ x692,00000
Tfans-Mississippl Terminal
RRCo__________ _____xl ,000,000 00
Virginia Blue Ridge Ry__
106,000 00
Virginia Southern RR.__
38,000 00
Virginian Ry, The_______ x2,000,000 00
Waterloo C F & Nor Ry. .xl,320,000 00
Western Maryland Ry___ x3,422,800 00
Wheeling & Lake Erie Ry.x3,460,000 00
Wilmington Bruns & So RR
90,000 00
Wichita Northwestern Ry. 381,750 00
Total .............................. $350,600,66700

x Repayments of the foregoing loans under Section 210 have been made
to the extent shown below:

302,400

* One-third of maturities from 1927 to 1935 incl., stamped as to subordi­
nation
a “Original Issue,” represents the total authorized amount of Equipment
Trust notes issued to the U. S. Government by the companies against the
rolling stock allocated to them by the U. S. RR. Administration, b “Still
for Sale,” represents the present amount of Equipment Trust notes held
by the U. S. Government, the remainder having been either sold or retired




Birmingham & Northwest­
ern Ry.....................
x75 000 00
Boston & Moline RR____ x26,705 ,479 00
Buffalo Rochester & Pitts­
burgh Ry______
xl.OOO ,000 00
Cambria* Indiana RR.__ x250 ,000 00
Carolina Clinch & O Ry._xlQ.000 ,000 00
Central of Georgia Ry___ x237 ,900 00
Central New England Ry.. 300 ,000 00
Central Vermont Ry.......... xl93 ,000 00
Charles City Western Ry.. 140 ,000 00
Chesapeake & Ohio Ry___ x9,097 ,000 00
Chicago & Eastern Illinois
RR. Receiver_________
785 ,000 00
Chicago Gt Western RR..x2,685 ,373 00
Chicago Ind & Louisv Ry.. x200 ,000 00
Chicago Milw & St P Ry ..x70,340 ,000 00
Chicago R I & Pac Ry___ x9,862 ,000 00
Chicago & West Ind RR..x8,000 000 00
Cisco & Northeastern Ry.. 236 ,450 00
Cowlitz Chehalis & Cascade
Ry__________________
x45 ,000 00
Cumberland & Manchester
RR..................................... 375 ,000 00
Erie RR________________ 11,574 ,450 00
Evansville Indianapolis &
Terre Haute Ry_______ x400
Fernwood Columbia & Gulf
RR....................
x33 000 00
Flemingsburg & Nor RR..
x7 250 00
Fort Dodge Des Moines &
Southern RR_________
200
Fort Smith * Western RR,
Receiver of the________ xl56, 000 00
Gainesville & N W RR___
75, 000 00
Georgia & Florida Ry, Re­
ceivers of_____________
792. 000 00
Gleat Northern Ry_____ x33,496, 000 00
Greene County RR______
x60, 000 00
Gulf Mobile & Nor RR___ xl,433, 500 00
Hocking Valley RR______ 1,665, 000 00
Illinois Central RR______ x4,440, ,000 00
Indiana Harbor Belt RR.. x579. 000 00

Ala Tenn* Nor RR Corp.. $110.000 00 Kansas City Mex & Orient
RR, Receiver_________ $2,500,000 00
Alabama & Vicksburg Ry.. 1,394,000 00
Akron Canton & Y’g’t’n Ry 212,000 00 Kansas City Terminal Ry._ 580,000 00
10,000 00
Ann Arbor RR__________
380,000 00 Lakte Erie Fr & Clarion RR
Atlanta Birm & Atl Ry....
20,000 00 Long Island RR................
719,000 00
Baltimore & Ohio RR____
100,000 00 Louisville & Jeffersonville
Bangor & Aroostook RR.. 116,000 00
Bridge & RR Co.............
15,000 00
Birm. & Northwestern Ry.
75.000 00 Mo Kan- & Texas Ry of
Texas, Receiver_______
450,000 00
Boston * Maine RR........... 5,000.000 00
Buffalo Roch & Pitts Ry._ 1,000,000 00 Missouri Pacific RR_____ 4,682,000 00
Cambria & Indiana RR... 250,000 00 National Ry Service Corp. 8,031,873 11
234,000 00
Carolina Clinchf * Ohio Ry. 10.000,000 00 N O Texas & Mexico Ry__
Central of Georgia Ry____
237,900 00 New York Central RR___ 26,875,000 00
Central Vermont Ry_____
52,000 00 N Y N H * Hartford RR.. 300,000 00
156,400 00
Chesapeake & Ohio Ry___ 1,023,976 03 Norfolk Southern RR___
Chicago Great Western RR 480,000 00 Northern Pacific Ry_____ 6,000,000 00
Chicago Ind * Louisv Ry..
45,000 00 Pennsylvania RR_______ 12,480,000 00
Chictgol Milw * St Paul Ry.35,340,000 00 Peoria & Pekin Union Ry.. 1,799,000 00
61,000 00
Chicago * Western Ind RR 384,000 00 Rutland RR____________
127.400 00
Chicago Rock Isl & Pac Ry. 2,000,000 00 Salt Lake & Utah RR.........
Seaboard Air Line Ry____ 1,003,500 00
Cowlitz Chehalis & Cascade
789.000 00
Ry__________________
45,000 00 Seaboard Bay Line Co.__
100,000 00
Evansv Ind. & T H Ry .. 400,000 00 Tampa Northern RR.........
Fernwood Col & Gulf RR.
13,000 00 Terminal RR Assoc of St L. 896,925 00
Flemingsburg & Nor RR..
7,250 00 Toledo St Louis & Western
RR, Receiver_________
184,000 00
Ft. Smith & Western RR. . 156,000 00
Great Northern Ry______ 33,496,000 00 Trans-Miss Term RR.__ 1,000,000 00
Greene County RR______
24,000 00 Virginian Ry____________ 2,000,000 00
60,000 00
Gulf Mobile & Nor. RR... 1,433,500 00 Waterloo C F & Nor Ry...
700,000 00
Indiana Harbor Belt RR.. 579,000 00 Western Maryland Ry.__
Illinois Central RR_____ _ 4,440,000 00 Wheeling & Lake Erie Ry.. 1,400,000 00
Int & Gr Nor Ry, Receiver 194,300 00
Total...............................$172,162,024 14

The carriers which have paid into the Treasury excess earnings during
the guaranty period, pursuant to the provisions of Section 209 (d) of the
Transportation Act, 1920, as amended, and the amounts severally paid by
them to the United States are as follows (to Dec. 31 1925):

252

RAILWAY AND INDUSTRIAL COMPENDIUM
$2,940 39
25,391 33
3,560 52
910 78
10,473 42
1,932 77
260 50
2,707 79
5,004 23
168,397 58
7,399 44
20,395 56
5.677 03
189,944 79
1,079 16

Ahnapee & Western Railway Co__________________________
Barre & Chelsea Railroad Co_____________________________
Campbell's Creek Railroad Co____________________________
Carolina Railroad Co_____________________________________
East Tennessee & Western North Carolina Railroad Co_____
Ironton Railroad Co_____________________________________
Kewaunee Green Bay & Western Railroad Co______________
Kishacoquillas Valley RR________________________________
Lake Tahoe Railway & Transportation Co__________________
Louisian Western Railroad Co______________________________

Massena Terminal Railroad Co___________________________
Missouri & Illinois Bridge & Belt RR______________________
Rosslyn Connecting RR_________________________________

Sandy Valley & Elkhorn Ry_________________________________

South Manchester Railroad Co____________________________

Total.

$446,075 29

The aforesaid securities are in addition to securities re­
ceived by the Director-General of Railroads as follows:
Definitive Securities of Carriers Held by Director-General May 1 1926 {Total,
»
$128,372,200).
(а) Bonds—$28,607,800—
Mortgage bonds of Boston & Maine (Series “C,” “D” and “L”). $26,980,000
Kansas Oklahoma & Gulf Ry. (Series “A” and Government lien) 1,627,800
(б) Collateral Notes—$99,462,000 {Amount of Collateral Deposited,
$132,730,300)—
Ann Arbor RR.......................
Chicago & Eastern Illinois Ry
Chicago Milw & St Paul Ry..
Erie RR.................................
Minneapolis & St Louis RR..
N Y N H & Hartford RR___

$312,000
3,425,000
20,000,000
8,725,000
1,250,000
60,000,000

N Y Susq & Western RR.
Norfolk & Southern RR.
Seaboard Air Line Ry_____
Wash Brandyw & Pt L RR..
Waterloo CP- Nor Ry.__
Western Maryland Ry_____
Wheeling & Lake Erie Ry..

(c) Equipment Trust Obligations—(of which $346,254,350 have
been sold or paid at maturity)______________________

$100,000
200,000
2,000,000
50,000
500,000
2,000,000
900,000

$302,400

The War Finance Corporation also aided in the financing
during Federal control. All the loans made by the Corpora­
tion to railroads, originally in the total amount of $206,794,520, have now been repaid in full.
Railroad Loans Paid in Full Since Aug. 1 1921.—New York Central RR.,
$20,500,000; Chic. Ind. & Louisville RR., $1,400,000; Southern Ry.,
$7,355,270; Ann Arbor RR., $50,000; Chicago Rock Island & Pacific Ry.,
$10,430,000; Erie RR., $12,768,420; total, $52,503,690.

Settlement of Accounts with Director-General of
Railroads.

The following shows the account of the DirectorGeneral of Railroads with the carriers as of May 1 1926.
It will be observed that out of a total of $629,241,250

[Vol. 122.

securities acquired by the United States Government for
additions and improvements made during the period of
Federal control of the railroads and for loans made to them,
$500,869,050 have been sold or redeemed, leaving $128,372,200 on hand May 1 1926. Details of this latter amount
appear in the article immediately preceding, entitled “Loans,
&c., Made by Federal Authorities Under Control Act,
Act of 1920, &c.”
Definitive Railroad Securities Held by United States Railroad Administration—
Director-General of Railroads—May 1 1926.
Definitive securities taken up to May 1 1925--------------------- $629,241,250
Additional securities taken up to and including May 1 1926—
Funding notes......... ......................................................... -............
None.
$629,241,250
Less—Equipment trust certifs. sold (incl. payment of notes at
maturity), $346,254,350; bonds redeemed, $1,930,200; pay­
ments on, and sales of, funding notes, $152,684,500--------- 500,869,050

Definitive securities on hand May 1 1926 ............................ $128,372,200
Claims of Carriers Settled to May 1 1926.
Total claims of carriers settled [out of an estimated $800,000,000]____ ________________ -________________________ ...$768,981,299
Net amount paid [by United States] in settlements [being
6.32% of aforesaid amount originally claimed]---------------$48,379,902
Mileage of roads settled [out of a total of 241,194]--------------241,194

The U. S. Treasury as of Jan. 1 1926 reported:
Total Payments by U. S. Under Sections 204, 209, 210 and 212 of Transporta­
tion Act of 1920, Aggregating $720,469,666 {After Repayments on
Loans from Revolving Fund) to Dec. 31 1925.
(а) (Sec. 204, as amended by Sec. 212) For reimbursement of deficits
during Federal control;
(1) Final payments, Incl. partial payments previously made.. $9,774,296
(2) Partial payments to carriers as to which a certificate for
final payment has not been received by the Treasury from the
I.-S. G. Commission____________________________________
33J,047
(3) Payments due from carriers account of overcertification in
I.-S. C. Commission certificates_________________________
52,396
(б) (Sec. 209, as amended by Sec. 212) For guaranty in respect to railway
operating income for first six months after Federal control:
(1) Final payments, including advances and partial payments
previously made______________________________________ 493,038,182
(2) Advances to carriers as to which a certificate for final pay­
ment has not been received by the Treasury from the I.-S. C.
Commission______ _ ____________________________________ 25,455,411
(3) Partial payments to carriers as to which a certificate for final
payment has not been received, as stated above.__ _______ 10,163,638
(4) Payments due from carriers account of overcertification
in I.-S. C. Commission certificates--------------------------------- 3,213,052
(c) (Sec. 210) For loans from the revolving fund of $300,000,000 therein provided (after repayment of $172,162,024 on
Ano ...
loans from Revolving Fund)------------------------------------------- 178,438,643

Nine-Year Statement of United States Railroads—Property Investment, Revenues, Expenses,
Fixed Charges, Dividends, Traffic, Train and Wage Statistics.
The Bureau of Railway Economics, Washington, D. C., in a bulletin designed as a convenient reference for statistics
of railway operation in the United States, gave the following tabulations, which are based upon official summaries of the
Inter-State Commerce Commission for the calendar years ended Dec. 31 1916 to 1924. The tabulations cover the opera­
tions of railways of Class I only, namely, carriers with annual operating revenues above $1,000,000 (switching and terminal
company statistics are not included). Class I railways operate approximately 90% of the total railway mileage of the United
States and earn about 96% of the total revenues.
PROPERTY INVESTMENT AND OPERATING INCOME ACCOUNT OF CLASS I RAILWAYS IN THE UNITED STATES.
Calendar Years—

Property Inwstm'l

1916.

1917.

1918.

1919.

1920.

1921

1922

1923.

1924

as at End of Y ear.

Inv. In rd. & equip.
(Accts 701 & 702)
(see note)______ $16,884,440,038 $17,762,152,127 $18,213,629,613 $18,529,749,653 $19,061,239,186 $19,578,545,638 $19,871,241,404 $20,657,166,329 $21,473,257,747
Material & supplies
(Account 716J__
323,556.387
560,048,899
502,986,042
682,725,812
546,284,853
a629,274,660
665,147,099
a629,274,660
755,563,278

Total__________ $17,207,996,425 $18,265,138,169 $18,842,904,273 $19,159,024,313 $19,816,802,464 $20,243,692,737 $20,417,526,257 $21,339,892,141 822,033,306,646
Cash (Account 708)
428,725.805
341,696,264
407,339,592
516,386.738
483,717,274
a355,559,015
418,265.549
369,421,765
a355.559,015
Grand total____ $17,636 722,230 $18,606,834,433 $19,198,463,288 $19,514,583,328 $20,186,224,229 $20,661,958,286 $20,901,243,531 $21,747,231,733 $22,549,693,384
Operating Income
Account— ’

Av. miles represent,
by Income acc’t..
230,991.10
235,496.78
232,198.99
235,185.43
234,419.24
233,203.72
234,825.47
234,668.34
233,808.87
Freight (Acc’ts 101
and 121)___
$2,575,210,622 $2,832,923,825 $3,453,935,308 $3,556,451,084 $4,328,297,621 $3,924,119,819 $4,005,558,722 $4,622,364,989 $4,345,971,078
Passenger (Acc’ts
102 and 122)-...
708,044,033
826,666,315 1,032,869,815 1,180,276,923 1,288,503,573 1,153,791,925 1,075,936,844 1,147,588,884 1,076,024,307
Mail (Acc’ts 106 &
97,961,371
125).......................
61,223.671
90,991,024
92,920,296
58,805,723
53,537,403
95,609,962
57,510,421
bl51,565,942
Express (Acc’ts 107
90,176,198
143,388,606
152,910,540
and 126)_______
106,952,283
126,331,714
143,291,195
104,577,059
127,630,576
143,737,933
162,211,242
258,144,738
All other revenue..
188,794,601
243,314,923
273,795,318
214,279,240
238,499,477
222,926,150
266,333,390
Total oper rev

Calendar Years—

Malnt. way & struc.
Maint. of equipm't.
Traffic . ________
Transportation (rail
and water)_____
General___ __ __
AU other expenses..

$3,596,865,766

$4,014,142,747

$4,880,053,480

1916.

1917.

1918.

$5,144,795,154 b$6,178,438,459

1919

1920.

$5,516,598,242

1921.

$5,559,092,708

1922

$6,289,580,027

1923

$5,921.490,100

1924.

$421,775,812
595,566,336
62,839,996

$442,109,862
685,428,913
64,985,070

$649,794,953
1,103,031,350
48,713,289

$772,186,045 $1,032,540,381
1,226,532,195 1,590,364,640
47,673,883
74,530,997

$756,413,690
1,251,479,443
84,183,424

$728,663,534
1,252,517,250
86,506,907

$813,688,760
1,465,156,595
93,976,686

$792,678,023
1,260,019,916
98,873,241

1,173,987,775
84,418,107
18,810,386

1,515,988,879
95,933,290
24,879,110

2,029,459,671
118,432,684
32,636,250

2,168,646,844
141,853,744
42,822,804

2,262,471,843
166,515,125
41,604,772

2,149,763,823
156,705,481
40,365,339

2,321,283,138
162,057.024
39,004,616

2,151,979,169
167,779,208
36,515,480

2,904,086,435
173,088,251
52,980,442

Total oper. exps. $2,357,398,412 $2,829,325,124 $3,982,068,197 $4,399,715,515 $5,827,591,146 $4,562,668,302 $4,414,522,334 $4,895,166,819 $4,507,845,037
Oper. ratio, per cent
65.54
76.13
70.48
79.41
77.83
81.58
85.52
94.32
82.71
Net oper. revenue.. $1,239,467,354 $1,184,817,623
$898,885,283
$953,929,940 $1,144,570,374 $1,394,413,208 $1,413,645,063
$745,079,639
$350,847,313
Ry. tax accruals__
157,113,372
331.915,459
340,336,686
301,034,923
213,920,095
223,175,379
275,875,990
232,601,396
272,061,453
UncoUectible ry .rev.
797.486
2,306,113
1,941,658
700,090
613,821
1,462,523
916,889
1,840,863
1,311,617

Ry. oper. income $1,081,556,496
Hire of equip., net
balance (Dr.) ..
23,767,262
Joint facility rents,
net balance (Dr.)
17,704,717

$970,197,438

$675,096,083

$511,561,354

17,999,098

15,676,577

33,488,823

18,129,570

20,850,903

23,087,578

Net ry. oper. inc. $1,040,084,517
Rate of return on:
Inv. in rd.& eq._
6.16%
do incl. mat’i
& supplies
6.04%
do incl. mat’i
& supplies
&ca,sh
5.90%

$934,068,770

$638,568,603

5.26%

5.11%

$77,474,243

$676,213,087

$842,072,928 $1,060,556,091 $1,071,002,264
72,907,855

52,564,547

59,543,325

73,884,508

60,347,341

22,711,184

22,342,284

24,716,126

24,223,431

$454,984,953

$17,226,902

$600,937,356

$760,187,319

$961,955,457

$973,870,978

3.51%

2.46%

0.09%

3.07%

3.83%

4.66%

4.54%

3.39%

2.37%

0.09%

2.97%

3.72%

4.51%

4.42%

4.32%
4.42%
5.02%
3.33%
3.64%
2.91%
2.33%
0.09%
a “Material and supplies” and “Cash” as shown lor years 1918 and 1919 represent the average on hand as of Dee. 31 1917 and Dec 31 1920.
b Total operating revenues and mall revenue for the year 1920 Includes $64,508,260 of mail pay applicable to the years 1917, 1918 and 1919, of which $7,584,084 was
earned in 1917, approximately $30,000,000 In 1918, and $26,924,176 in 1919
Note.—The figures of “Investment in road and equipment” cover Class I roads and their non-operating subsidiaries. The figures of “Investment” are those taken
from the annual reports of the carriers and do not Include investment of some proprietary companies which do not render annual reports, notably the proprietary roads in
the Baltimore & Ohio system. For the years 1916 to 1921 they also include some duplications in the Atchison Topeka & Santa Fe system. If these facts were taken Into
account, the total shown for 1919 would be increased by $265,525,964. Data for the years 1918, 1919 and 1920 represent the combined results of the Federal and Cor­
porate operations of Class I roads under Federal control, also data for Class I roads not under Federal control, but do not take into account the general administrative
expenses of the United States Railroad Administration




May, 1926.]

253

RAILWAY AND INDUSTRIAL COMPENDIUM
FIXED CHARGES AND DIVIDENDS OF CLASS I RAILWAYS IN THE UNITED STATES.

Calendar Years—

1916.

1918.

1917.

Net ry. oper. inc_- $1,040,084,517
Ot.her income (incl
misc. oper. inc.)210,066,879

1919.

1922.

1921.

1920.

$934,068,770

S638.568.603

$454,984,953

$17,226,902

233,252,283

415,564,568

622,486,235

1,053,807,031

1924.

1923.

$600,937,356

$760,187,319

$961,955,457

$973,870,978

375,000,544

265,032,855

260,655,476

272,989,155

Total income___ $1,250,151,396 $1,167,321,053 $1,054,133,171 $1,077,471,188 $1,071,033,933
Rent for leased rds.
158,377,958
132,082,177
126,977,239
123,276,608
127.209,762
Int.. on funded debt.
406,667,567
403,305,438
396,465,997
404,089,456
427,825,418
Int. on unfund, debt
14,854,425
15,704,857
29,933,496
42,722,596
48,169,931
Other deductions-23,370,773
23,197,975
114,211,187
60,553,271
37,310,866

$975,937,900 $1,025,220,174 $1,222,610,933 $1,246,860,133
146,215,665
144,640,039
151,660,285
116,770,581
471,048,541
457.893,803
504,726,016
455,522,623
42,726.754
11,103,698
24,424,277
14,932,168
28,688,623
29,974,635
47,355,180
22,512,078

Total deductionsNet inc. avail, for
add’ns to prop.,
res., divs., &c__
Divs. declared out
of income______
Divs. declared out
of surplus______

$603,270,723

$574,290,447

$667,587,919

$630,641,931

$640,515,977

$662,375,138

$655,646,742

$667,615,629

$684,557,457

$646,880,673

$593,030,606

$386,545,252

$446,829,257

$430,517,956

$313,562,762

$369,573,432

$554,995,304

$562,302,676

187,985,355

220,822,373

214,077,006

213,960,125

180,018,747

182,433,297

176,858,099

195,029,636

199.605,083

118,191,582

99,573,406

61,259,541

64,556,783

91,712,922

a218,298,581

94,715,652

bl51,514,812

120,824,684

Total divs. declared
$306,176,937
$320,429,767
$271,731,669 a$400,731,878
$320,395,779
$275,336,547
$271,573,751 b$346,544,448
$278,516,908
a includes stock dividend declared by Delaware Lackawanna <fe Western RR. of 842,220,550; also stock dividend declared by Chicago Burlington & Quincy RR.
amounting to $60,000,000 Issued primarily to enlarge the outstanding capital stock in order to provide adequate basis for Ref. Mtge. issued. These special dividends
were declared with the specific approval of the Inter-State Commerce Commission, b Includes stock dividend declared by Louisville & Nashville RR of $45,000,000
and stock dividend obligation distributed by Richmond Fredericksburg & Potomac RR. of $5,417,000, both dividends declared with specific approval of the InterState Commerce Commission.
Nole.—“Net railway operating income” for the years 1918, 1919 and 1920 represents the combined results of the Federal and corporate operations of Class I roads
under Federal control, also data for Class I roads not under Federal control, but does not take Into account the general administrative expenses of the United States
Railroad Administration. Items 2 to 11 represent the corporations' income or charges only. Rentals received by the corporations from the U S. Government in con­
sideration of their lease, in excess of their net railway operating income, is included above in other Income.
EMPLOYEES AND THEIR COMPENSATION, AND FREIGHT AND PASSENGER TRAFFIC OF CLASS I RAILWAYS fN THE UNITED STATE©.
Calendar Years—

1916.

1917.

1919.

1918.

1923.

1922.

1921.

1920.

1924.

Employees and Th eir Compensatio n—

No. of employees__
1.751.324
1.626,834
1.857.674
1,659.513
1,913,422
1,647.097
1,732,876
1.841,575
2,022,832
No. of hours worked
(hourly and daily
employees) .a.__
5,189.790,716 5,437,976,803 5,701.417,385 5.032.493,422 5.446.740.533 4,147,318,574 4.311.097.145 4.928.651.132 4.535.112.522
Avge. No. of hours
worked per empl2.499.1
2.589.5
3,150.9
2.650.0
2 653.1
3,138.1
3.095.9
2,630.1
2.692.6
Aggregate compensation of empl__ $1,468,576,394 $1,739,482,142 $2,613,813,351 $2,843,128,432 $3.681,801,193 $2,765,218,079 $2,640,817,005 $3,004,071,882 $2,826,025,230
Avge. compensation:
Per empl. per hr.
hourly and daily
$0,623
employees) _a_ _
$0 667
$0 610
$0,610
$0,283
$0,565
$0,676
$0,320
$0,458
$1,617.11
SI.613.65
Per empl. per year
$1,419.34
$1,820.12
$1,623.29
$891.61
$1,485.89
$1,666.28
$1,003.81
Pr't <fc Pass. Traffic—

Revenue tons originating on line:
Prod, of agricul-Animals & prod-.
Products of mines
Prod, of forests..
Mfrs. & mtsoell-Merchandise—All
L. C. L. freight
Tons unasslgned
astocommodlty
Total tons originating on rd.
Rev. tons transported (incl.
tons fr’m connections):
Prod, ofagric-Animals* prod
Prod, of mines.
Prod, of forests
Mfrs * misc..
Mdse.—A11 L.
C. L. freight
Tonsunassign'd
as to com-

113,635,399
30,473,161
680,122,775
93,819,387
231,038,497

104,629,258
31,858,146
732,652,519
100,838,196
240.268,981

116,050,505
35,776,736
734,796,460
97,256,399
226,076,9S9

115,033,319
35,493,662
589,950,958
94,075,639
210.256,077

110,839,554
26,594,856
712,154,458
100,765.537
251.864,290

114.068.706
24.263.008
511.270,449
76,419,241
172,169,145

111,787,032
26,230,230
532,997,597
89,059,248
220.441.687

109.317.655
28.254.446
713.734,824
115.617.993
267,766.748

116,586,794
27,747,010
637.582.265
108,094,065
256,736.587

52,910,848

53.768,625

53,386,904

51,301,616

53,202,296

41.992.011

43.229.213

44.338.556

40.549.022

338,034

1.367,123
1.203,367,190

1,264.015,725

1,26.3,343,993

1,096,449,305

1,255,420.991

940.182.560

1.023.745.007

1.279,030.222

1.187.295,743

232,826,641
52,460,868
1.153,945,274
188,173,187
456,169,588

217,284,954
55,252,681
1,215,324,890
203,366,179
486,936,993

228,322,331
61,404,525
1.263.502,734
192.616,711
463,011,395

229,039,755
62,024,319
1,041,605,697
187,446,191
430,336,689

220,049,724
44,853,503
1.209,097.673
195,579,878
494.556,078

222,678.348
41,777.754
878,224.636
148.042,825
332,991.002

220.660,207
44.838.913
912,438,354
171,239,150
421.829.412

220,4.89.536
48,873.197
1.250,245,258
222.561.537
517,845.804

230.851.877
48.521.368
1.114,637.140
209,359,687
500,275.846

93,671,523

91.869,356

98,368,439

93.939,796

89,901,495

67,048.130

69.948,534

73,585.432

68,072,787

338,034

5,944,927

2,448,962

Tot. rev. tons
transp'ted. 2,179,696,043 2,270,035,053 2,307,226,135 2,044,730,481 2,259,983,278 1,690,762,695 1,840,954,570 2,333.600,764 2.171,718,705
Non-rev. tons car248,605.118
211,331,921
217,036.646
276,455,373
248,097,379
235,028,890
238,148,987
216,565,480
ried (co. fr’t)..-.
246,861,895
Rev. ton-miles-__ 362,444,397,129 394,465,400,493 405,379,284,206 364,293,063.017 410.306,209,802 306,840,203,512 339,285,347,571 412,727,228,422 388,421,401.986
Non-rev. ton-miles. 33,921,519,953 35,853,614,142 34,622,429,459 31,385,988,712 36,972,000,067 34,021,947,258 32.660.213,120 43,510.651.101 38,414,086,825

Tot. net ton m_ 396,365,917,082 430.319,014,635 440,001,713,665 395,679,051,729 447,278,209,869 340,862,150.770 371,945,560.691 156,237,879,523 126,835,488,811
986,913,075
932,678,462
Rev. pass, carried.. 1,005,954,777 1,066,638,474 1,084,997,896 1,177,820,454 1,234,862,048 1,035,496,329
967,409,205
Rev. pass, miles__ 34,585,952,026 39,476,858,549 42,676,579,199 46,358,303,740 46,848,667,987 37,312,585,966 35.469.961,582 37.956.594.827 36.090,886,478
Rev. ton-miles per
m. ofrd. (fr’ght
1.754.901
1,444.840
1.649,369
density)_______
1,569,084
1,748.451
1,308.938
1,698,825
1,738,305
1,558,081
Rev. pass. m. per
m. of rd. (pass.
153.254
161 777
183,066
198,345
199,708
159,551
151.410
density)
170,088
149,795
a Days worked by those employees on a daily basis, converted to hours on basis of 10 hours per day for years 1916 to 1918. incl.. and » hours per day for years
subsequent to 1918.
Note.—Data as shown above for "number of employees” represent the average number at four counts in each year for calendar years 1916 to 1923, incl., and 12
counts for 1924. Data relative to employees for years 1918 and 1919 includes employees of the corporate organizations for roads under Federal control
TRAFFIC AVERAGES OF CLASS I RAILWAYS IN THE UNITED STATES.

Calendar Years.—

1916.

.

1917.

1922.

1921.

1920.

1919.

1918.

1924.

1923.

Freight revenue (Acct. 101)-- $2,560,988,111 $2,819,965,215 $3,440,741,9 0 $3,543,266,303 $4,317,440,080 $3,911,277,268 $3,992,441,331 $4,606,720,192 $4,333,585,195
Passenger rev. (Acct. 102)__
825,211,593 1,031,563,016 1,178,453,860 1,286,613,273 1,151,770,842 1,074,108,060 1,145698,579 1,075,039,219
706,608,630
Passenger service train-rev.
890,314,574 1,025,373,353 1.247.637,547 1,400,613,589 1,635,616,895 1.408,490,584 1,364.592,013 1,451,895,438 1,378.291,509
(Accts. 102 to 109)-__ __
Traffic Averages—

Avge. rev. rec. from each ton
of freight (indiv. ry.)-------Av. rec. per ton-mile (cents)-.
Avge. haul per revenue ton
(Indiv. ry.) (miles)_______
Avge. rev. rec. from each
pass, (indiv. ry.)__ -_____
Avge. rec. per pass.-m. (cts.).
Avge. journey per passenger
(indiv. ry.) (miles)_______
Per Locomotive-Mile Avges.:

Pass.-tr. car-m. per ioco.-m_.
Frt.-tr. car.-m. (incl. caboose)
per freight loco.-mile_____
Rev. ton-m. per fr. loco.-m..
Per Train-Mile Averages—

Frt. rev. per frt. train-mile.Net oper. rev. per transporta­
tion service train-mile____
Rev. pass.-m. per pass, tr.-m.
Rev. ton-m per frt. train-m,.

$1.17
0.707

$1.24
0.715

$1.49
0.849

$1.73
0.973

$1.91
1.052

$2.31
1.275

$2.17
1.177

$1.97
1.116

$2.00
1.116

166.28

173.77

175.81

178.29

181.55

181.48

184.30

176.86

178.85

$0.70
2.042

$0.77
2.090

$0.95
2.414

$1.00
2.540

$1.04
2.745

$1.11
3.086

$1.11
3.027

$1.16
3.018

$1.15
2.978

34.38

37.01

39.33

39.36

37.94

36.03

36.66

38.46

3.70

5.79

5.91

6.05

6.23

6.28

6.20

6.26

6.34

6.42

31.60
492.36

31.07
525.24

31.00
550.91

32.95
560.76

32.61
575.58

34.20
515.42

34.19
543.07

35.32
569.01

37.18
576.88

$3.99

$4.31

$5.38

$6.20

$6.86

$7.37

$7.18

$7.18

$7.21

$1.01
59.33
565.21

$0.96
67.76
602.70

$0.76
79.51
634.39

$0.66
84.89
637.14

$0.29
82.52
652.40

$0.88
66.57
578.19

$1.04
64.87
610.56

$1.16
67.04
643.37

$1.20
63.20
646.54

16.41
$0.51

15.92
$0.48

16.28
$0.49

15.31
$0.46

24.59
$0.31

24.30
$0.29

25.16
$0.28

24.45
$0.27

Per Car-Mile Averages—

Rev. pass .-miles per pass.
19.94
19.76
17.23
20.50
15.50
____ car-m ile a_
$0.54
$0.52
$0.32
$0.36
$0.48
Pass. rev. per pass, car-m a_.
Rev. ton-miles per loaded
26.71
25.45
22.82
24.76
26.98
freight car-mile__________
$0.23
$0.28
$0.1$
$0.25
$0.16
Frt rev. be*loaded frt. car-m .
a Based on passenger car-miles of passenger, sleeping, parlor, and observation cars.
Note.__ “Per train-mile” and “per locomotive-mile” averages as applied to freight and passenger service based
portion of mixed and special miles divided on basis of car-miles In mixed and special trains.




X

on train-miles and locomotive-miles, including pro­

254

INDEX

i

[Vol.122.

INDEX TO COMPANIES—CONSOLIDATED, &c.
Companies not given in the tables in their alphabetical order may be found by reference to the index below.
Name
,
Will be Found under—
berdeen & Asheboro____________ Norfolk Southern.
dirondack_____________________ Delaware & Hudson.
Aetna Explosives Co______________ Hercules Powder Co.
Alabame Central_________________ Southern Railway Co.
Alabama Midland________________ Atlantic Coast Line RR.
Alabama Steel & Shipbuilding Co__ Tennessee Coal, Iron & RR. Co.
Albany & Northern_______________ Georgia Southwestern & Gulf.
Alberta Ry. & Irrigation Co_______ Canadain Pacific Ry.
Algoma Central Terminals_________ Algoma Central & Hudson Bay Ry.
Algoma Steel Corporation_________ Lake Superior Corporation.
Allegheny Valley__________________ Pennsylvania RR.
Almagordo & Sacramento Mtn. Ry..El Paso & Northeastern RR.
American Cotton Oil Co__________ Gold Dust Corp.
American Dock & Improvement___ Central of New Jersey.
American Oilfields Co______________ California Petroleum Co.
American Pipe <& Foundry Co______ U. S. Cast Iron Pipe & Foundry Co.
American Petroleum Co____________California Petroleum Co.
American Steamship Co____________United States Steel Corporation.
Arkansas Oklahoma & Western____ Kansas City & Memphis.
Aroostook Northern RR__________ Bangor & Aroostook RR.
Aroostook Valley (Electric) RR____ Canadian Pacific.
Associated Merchants Co_________ Associated Dry Goods Corporation.
Atlanta Knoxville & Northern_____ Louisville & Nashville.
Atlanta & Northern RR___________ Atlanta Tennessee & Northern Ry.
Atlantic & Birmingham___________ Atlanta Birmingham & Atlantic.
Atlantic & Northwest______________ Canadian Pacific.
Atlantic & Yadkin RR_________ .__ Southern Ry.
Augusta Terminal Ry______________Charleston & Western Carolina Ry.
Austin & Northwestern___________ Houston & Texas Central.
Ayer Mills_______________________ American Woolen.

A

altimore & Cumberland Valley RR. Western Maryland RR.
altimore & Harrisburg RR______ Western Maryland RR.
Bangor & Portland________________ Delaware Lackawanna & Western.
Bay City & Battle Creek___________Michigan Central.
Bedford Belt_____________________ Chicago Terre Haute & Southeastern.
Bellingham & Northern Ry. Co____ Chicago Milwaukee & St. Paul.
Bennington & Rutland____________ Rutland RR.
Bergen County RR_______________ Erie RR.
Bessemer Coal & Coke Co_________ Republic Iron & Steel Co.
Big Sandy________________________ Chesapeake &Ohio.
Birmingham Belt_________________ St. Louis & San Francisco.
Bluff Point Land Impt. Co________ Delaware & Hudson Co.
Boonville Bridge__________________ Missouri Kansas & Texas.
Boston & Lowell__________________ Boston & Maine RR.
Boston & Ne«r Yorit Air Line______ New York New Haven & Hartford.
Boyer Valley_____________________ Chicago & North Western.
Brinson Railway_________________ Savannah & Atlanta Ry.
Brooklyn & Montauk_____________ Long Island.
Brunswick & Western_____________ Atlantic Coast
Line RR.
Buffalo & Southwestern___________ Erie RR.
Bullock Electric Manufacturing____ Allis-Chalmers Manufacturing Co.
Bullock Manufacturing Co________ Allis-Chalmers Manufacturing Co.
Burlington Cedar Rapids & Northern.Chicago Rock Island & Pacific.
Burlington & Missouri River______ Chicago Burlington & Quincy.

B

airo Bridge Co_________________ Illinois Central RR.
aldwell & Northern____________ Carolina & Northwestern.
C
Calgary & Edmonton Ry_________ Canadian Pacific Ry.

California Northwestern___________ Northwestern Pacific.
Cambria & Clearfield_____________ Pennsylvania RR.
Cambria Steel Co_________________ Bethlehem Steel Corp.
Canada Atlantic__________________ Canadian National Rys.
Canadian Northern Alberta Ry____ Canadian National Rys.
Canadian Northern Coal & Ore Dock.Canadian National Rys.
Canadian Northern & Western Ry__ Canadian National Rys.
Carnegie Co______________________ United States Steel Corporation.
Carolina Central__________________ Seaboard Air Line.
Carthage & Adirondack___________ New York Central RR.
Carthage Watertown & Sack. Harb..New York Central RR.
Cedar Rapids Iowa Falls & Northw.. Chicago Rock Island & Pacific.
Cedar Rapids & Missouri River.____ Chicago & North Western.
Central Arkansas & Eastern_______ St. Louis Southwestern.
Central Branch Ry------------------------ Missouri Pacific.
Central Branch Union Pacific______ Missouri Pacific.
Central Georgia RR. & Banking____ Central of GeorgiaRy.
Central New York & Western______ Pittsburgh Shawmut & Northern RR.
Central Ohio_________________________ Baltimore & Ohio.

Central Ontario Ry_______________ Canadian National Rys.
Central Petroleum________________ Texas Company.
Central Terminal RR_____________ Minneap St Paul & Sault Ste. Marie.
Central Vermont Transportation___ Central Vermont.
Charleston Northern____;__________ Seaboard Air Line.
Charleston & Savannah___________ Atlantic Coast Line RR.
Chartiers____ _______ _____________ Pittsburgh Cine. Chicago & St. Louis.
Chateaugay Ore & Iron Co________ Delaware & Hudson Co.
Chatham & Lebanon Valley________Rutland RR.
Chattanooga Rome & Southern____ Central of Georgia.
Chevrolet Motor Co_______________General Motors Corporation.
Chicago & Atlantic Terminal Co___ Erie RR.
Chicago & Grand Trunk Ry_______ Canadian National Rys.
Chicago & Great Western__________ Balt. & Ohio Chicago Terminal RR.
Chicago Hammond & Western_____ Indiana Harbor Belt.
Chicago & Indiana Coal___________ Chicago & Eastern Illinois.
Chicago Indiana & Southern_______ New York Central RR.
Chicago Ind. & St. Louis Short Line.Cleveland Cine. Chicago & St. Louis.
Chicago Kalamazoo & Saginaw_____ Michigan Central.
Chicago Milwaukee & Puget Sound..Chicago Milwaukee & St. Paul.
Chicago St. Louis & New Orleans__ Illinois Central.
Chicago St. Louis & Pittsburgh____ Pittsburgh Cine. Chicago & St. Louis.
Chicago Wisconsin & Minnesota____ Wisconsin Central.
Choctaw & Memphis______________ Chicago Rock Island & Pacific.
Choctaw Oklahoma & Gulf________ Chicago Rock Island & Pacific.
Cincinnati Hamilton & Dayton_____ Baltimore & Ohio RR.
Cincinnati Ind. St. Louis & Chicago-Cleveland Cine. Chicago & St. Louis.
Cincinnati & Muskingum Valley____Cleveland Akron & Cincinnati.
Cincinnati Sandusky & Cleveland__ Cleveland Cine. Chicago & St. Louis.
Cincinnati Southern_______________ Cincinnati New Orleans & Texas Pac.
Cincinnati Wabash & Michigan Ry..Cleveland Cine. Chic. & St. L. Ry.
Cleveland Akron & Columbus______ Cleveland Akron & Cincinnati Ry.
Clearfield & Jefferson_____________ Pennsylvania RR.
Cleveland Columbus Cin. & Ind____ Cleveland Cin. Chicago & St. Louis.
Cleveland Lorain & Wheeling______ Baltimore & Ohio.
Cleveland & Marietta______________Toledo Columbus & Ohio River.
Cleveland Short Line______________ New York Central RR.
Cleveland Terminal & Valley______ Baltimore & Ohio.
Clinton-Wright Wire Co---------------- Wickwire Spencer Steel Corporation.
Clyde Line_______________________ Atlantic Gulf & West Indies SS. Co.
Coal & Coke Ry___________________ Baltimore & Ohio RR.
Coal & Iron Ry___________________ Western Maryland.
Coal River & Western______________ Chesapeake & Ohio.
Colorado Bridge---------------------------International-Great Northern.
Colorado Industrial Co____________ Colorado Fue & Iron.
Colorado-Utah Construction Co____ Denver Northwestern & Pacific Ry.
Columbia & St. Louis-------------------- Wabash.
Columbus Connecting & Terminal__ Norfolk & Western.
Columbus & Hocking Valley_______ Hocking Valley.
Columbus & Toledo______________ Hocking Valley.
Computing-Tabulating-Record. Co.-Internat. Business Mach. Corp.
Concord & Montreal---------------------- Boston & Maine RR.
Connecticut River RR____________ Boston & Maine RR.
Connellsville & Monongahela RR__ United States Steel Corporation.
Consumers’ Chemical Corporation..Virginia-Carolina Chemical Co.
Continental Coal-------------------------- Hocking Valley.
Cornwall & Lebanon RR._________ Pennsylvania RR.
Crucible Fuel Co_________________ Crucible Steel Co.
Cuba Eastern____________________ Guantanamo & Western RR.
I




Name.
Will Be Found Under—
Cumberland Valley Ry___________ Pennsylvania RR.
Current River____________________ Kansas City Fort Scott & Memphis.
allas & Waco__________________ Missouri Kansas & Texas.
anbury & Norwalk______________New York New Haven & Hartford.
D
Danville & Grape Creek___________ Chicago & Eastern Illinois.

Dawson Ry. & Coal Co___________ El Paso & Northeastern Co.
Delano Land____________________ Lehigh Valley.
Des Moines & Fort Dodge_________ Minneapolis & St. Louis.
Des Plaines Valley________________ Chicago & North Western.
Detroit Grand Rapids & Western___ Pere Marquette.
Detroit Rock Salt------------------------- International Salt Co.
Dexter & Newport RR____________ Maine Central RR.
Dexter & Piscataquis RR_________ Maine Central RR.
Gimmick Pipe Co_________________U. S. Cast Iron Pipe & Foundry Co.
Dominion Line____________________ International Mercantile Marine Co.
Duluth Rainy Lake & Winnipeg Ry_.Duluth Winnipeg & Pacific Ry.
Durham & Northern______________ Seaboard Air Line.
Dutchess County RR______________Central New England Ry.
ast Maine RR__________________Maine Central RR.
ast Tennessee Virginia & Georgia..Southern Railway.
E
Eastern of Minnesota_____________ Great Northern.

Easton & Amboy—East. & Northern.Lehigh Valley.
Elk Horn Fuel Co_________________ Elk Horn Coal Corporation.
Ellwood Short Line_______________ Baltimore &
Ohio.
El Paso & Rock Island Ry_________ El Paso & Northeastern CoErie & Jersey_____________________Erie RR.
Essex Terminal Ry_______________ Erie RR
Euclid Equipment Trust__________ Bessemer & Lake Erie.
European & North American______ Maine Central RR.
Evansville Belt Ry________________ Chicago & Eastern Illinois RR.
Evansville Henderson & Nashville__ Louisville & Nashville.
Evansville Mt. Carmel & Nor. Ry..Clevel. Cine Chicago & St. Louis
Evansville & Terre Haute_________ Chicago & Eastern Illinois.

airmont Coal___________________Consolidation Coal Co.
argo & Southern________________ Chicago Milwaukee & St. Paul.
Farrell (Wm.) & Sons, Inc_________ Burns Brothers.
Fitchburg RR____________________ Boston & Maine RR.
Flint & Pere Marquette____________Pere Marquette.
Florida Central & Peninsula_______ Seaboard Air Line Ry.
Florida Southern__________________ Atlantic Coast Line RR.
Florida West Shore________________ Seaboard Air Line.
Fort Worth & New Orleans________ Houston & Texas Central.
Fort Worth & Rio Grande_________ St. Louis-San Francisco.
Fremont Elkhorn & Missouri Valley-Chicago & North Western.
Frick H. O. Co___________________ United States Steel OoJporation.

F

enesee River RR______________ Erie RR.
eorgia & Alabama_____________ Seaboard Air Line Ry.
Georgia & Alabama Terminal Ry__ Seaboard Air Line Ry.
Georgia Carolina & Northern______ Seaboard Air Line Ry.
Georgia Pacific___________________ Southern Railway.
Gila Valley Globe & Northern_____ Arizona Eastern.
Girard Point Storage_____________ Pennsylvania RR.
Goshen & Deckertown RR________ ErieRR.
Gouverneur & Oswegatchie________ New York Central RR.
Granby Mining & Smelting________ American Zinc, Lead & Smelting
Grand River Valley_______________ Michigan Central.
Gray's Point Terminal____________ St Louis Southwestern.
Great Western Ry. of Canada______ Canadian National Rys.
Greenbrier Ry___________________ Chesapeake & Ohio.
Guatemala Central________________ International Rys. of Cent. America

G

alcomb Steel Co________________ Crucible Steel Co.
alifax & Southwestern Ry_______ Canadian National Rys.
Hancock & Calumet_________ _____ Mineral Range.
Hannibal & St. Joseph Ry_________ Chicago Burlington & Quincy RR.
Harlem River & Portchester_______ New York New Haven & Hartford.
Harrisbrug Ports. M . J. & Lancaster.Pennsylvania RR.
Haskell & Barker Car Co., Ltd_____ Pullman Co.
Hecker-Jones-Jewell Co___________ Standard Mulling Co.
Henderson Bridge_________________ Louisville & Nashville.
Hereford_________________________ Maine Central.
Hocking Coal Co__________________ Minneapolis & St. Louis RR.
Hollidaysburgh Bedford & Cumb___ Pennsylvania.
Holly Manufacturing Co___________Worthington Pump & Machinery Co.
Holyoke & Westfield RR___________N. Y. N. H. & Hartford RR.
Housatonic_____ _________________ New York New Haven & Hartford.
Hudson Coal_____________________ Delaware & Hudson Co.

H

Huntington & Big Sandy____________ Baltimore & Onio.

Hutchison & Southern_____________Atchison Topeka & Santa Fe.

llinois Southern Ry_____________ Missouri-Illinois RR.
llinois Steel Co__________________ United States Steel Corporation.
IImperial
Rolling Stock____________ Canadian Northern.

Indiana Bloomington & Western___ Peoria & Eastern.
Indiana Illinois & Iowa___________ New York Central RR.
Indiana Steel Co__________________ United States Steel Corporation.
Indianapolis Decatur & Western----- Cincinnati Indianapolis & Western.
Indianapolis & Louisville__________ Chicago Indianapolis & Louisville.
Indianapolis & St. Louis__________ Cleveland Cin. Chic. & St. Louis.
International Motor Truck________ Mack Trucks, Inc.
International Navigation__________ International Mercantile Marine.
International Steam Pump Co_____ Worthington Pump & Machinery Co.
Iowa Central________________________ Minneapolis & St. Louis.
Iowa Minnesota & Northwestern___ Chicago & North Western.
Irondale Bancroft & Ottawa Ry____ Canadian National Rys.
Iroquois Iron Co__________________ Youngstown Sheet & Tube Co.

ackson Lansing & Saginaw______ Michigan Central.
amestown Franklin & Clearfield__ New York Central.
JJamison
Coal & Coke Co__________ Baltimore & Ohio.

Joliet & Chicago..________________ Chicago & Alton.
Junction_________________________ Pennsylvania.

alamazoo & White Pigeon______ New York Central RR.
ankakee & Southwestern_______ Illinois Central.
K
Kansas City Excelsior Spgs. & Nor..Wabash RR.

Kansas City Memphis & Birm. Ry.-Kansas City Ft. Scott & Memphis Ry.
Kansas City & Memphis Ry. Bridge..Kansas City Fort Scott & Memphis.
Kansas City & Pacific_____________ Missouri Kansas & Texas.
Kansas City Pitts. & Gulf_________ Kansas City Southern.
Kansas City Northwestern Ry_____ Missouri Pacific Ry.
Kansas City St. Louis & Chicago----- Chicago & Alton.
Kansas & Colorado Pacific________ Missouri Pacific.
Karpen Building__________________ Standard Oil Co. of Indiana.
Kennebunk & Kennebunkport_____ Boston & Maine RR.
Kentucky Central________________ Louisville & Nashville.
Knox & Lincoln__________________ Maine Central.
Knoxville & Ohio_________________ Southern Ry.
Kolb Bakery_____________________General Baking Co.
ackawanna Iron & Steel Co_____ Bethlehem Steel Corp.
ackawanna Steel Co____________ Bethlehem Steel Corp.
L
Lake Erie & Detroit River_________Pere Marquette.

Lake Erie & Pittsburgh Ry_______ New York Central RR.
Lake Erie & Western______________ New York Chicago & St. LouisJ
Lake Shore & Mich. Southern Ry__ New York Central RR.
Lamson Consol. Store Service_____ American Pnuematic Service.
Laramie Hahn’s Peak & Pacific____ Colorado Wyoming & Eastern.
Leamington & St. Clair___________ Canada Southern.
Lehigh & Lake Erie Ry___________ Lehigh Valley RR.
Lehigh Navigation Electric Co_____ Lehigh Coal & Navigation Co.
Lehigh & New York_______________ Lehigh Valley.
Lehigh & Susquehanna____________Lehigh Coal & Navigation.

t

V

Mat, 1926.]

Name.
Will Be Found Under—
Leroy & Caney Valley_____________Missouri Pacific.
Lexington & Eastern Ry__________ Louisville & Nashville RR.
Lexington & Frankfort___________ Louisville & Nashv. (L. C. & Lex.).
Leyland Line____________________ International Mercantile Marine.
Lick Creek & Lake Erie___________ Carolina Clinchfield & Ohio.
Lincoln Park & Charlotte_________ Buffalo Rochester & Pittsburgh.
Linde Air Products________________Union Carbide & Carbon Corp.
Little Falls & Dolgeville Ry_______ New York Central RR.
Little Rock Bridge Co____________ Chicago Rock Island & Pacific Co.
Little Rock & Hot Springs Western--Missouri Pacific.
Little Rock Jet.—Lit. Rk. & Ft. Sm.Missouri Pacific.
Locomo. & Mach. Co. of Montreal__ American Locomotive Co.
Long Dock Co___________________ Erie RR.
Long Island & Flushing___________ Long Island.
Louisiana & Missouri River_______ Chicago & Alton.
Louisville Cincinnati & Lexington__ Louisville & Nashville.
Louisville & Frankfort____________ Louisville & Nashville—L. C. & L.
Louisville & Nashville Terminal____ Louisville & Nashville.
Lowell & Andover_________________ Boston & Maine RR.
aconin RR____________ _________ N. Y. Susquehanna & Western RR.
agnolia Petroleum Co___________ Standard Oil Co. of New York.
M
Mallory Line __ __________________Atlantic Gulf & West Indies SS. Co.

Manchester & Lawrence___________ Boston & Maine RR.
Manitoba & Southern_____________ Canadian National Rys.
Manitoba Southwest’n Colonization-Canadian Pacific.
Manitoulin & North Shore Ry_____ Algoma Eastern Ry.
Manitowoc Green Bay & Nor. West.Chicago & North Western.
Mankato & New Ulm_____________ Chicago & North Western.
Mark Manufacturing Co__________ Youngstown Sheet & Tube Co.
Marquette Houghton & Ontonagon-.Duluth South Shore & Atlantic.
Marshfield & Southeastern RR_____ Wisconsin Central Ry.
Maryland Steel Co________________ Bethlehem Steel Co.
Massawippi______________________ Connecticut & Passumpsic.
McKeesport & Belle Vernon_______ Pittsb. McKeesport & Youghiogheny.
Merchants’ Bridge________________ St. Louis Merch. Bridge Term. RR.
Mexican Central__________________ National Railways of Mexico.
Mexican Eastern_________ ■_______ Interoceanic of Mexico.
Mexican International_____________ National Railways of Mexico.
Middlesex Valley RR---------------------Lehigh Valley RR.
Midland of New Jersey____________ N. Y. Susquehanna & Western RR.
Midland RR_____________________ N. Y. Susquehanna & Western RR.
Midland Terminal------------------------- Cripple Creak Central.
Midvale Steel & Ordinance Co_____ Bethlehem Steel Corp.
Mifflin Equipment________________United States Steel Corporation.
Millin & Southwestern____________ Georgia & Florida.
Milwaukee Lake Shore & Western__ Chicago & North Western.
Milwaukee & Northern----------------- Chicago Milwaukee & St. Paul.
Milwaukee Sparta & North Western-Chicago & North Western.
Milwaukee & State Line___________ Chicago & North Western.
Minneapolis & Pacific_____________ Minneap. St. Paul & Sault Ste. Marie.
Minneapolis Sault Ste. Marie & Atl_ -Minneap. St. Paul & Sault Ste. Marie.
Minneapolis Terminal_____________ Chicago Great Western.
Minneapolis Union________________ Great Northern.
Minnesota & Iowa________________ Chicago & North Western.
Minnesota & South Dakota________Chicago & North Western.
Missouri Kansas & Eastern________ Missouri Kansas & Texas.
Missouri Kansas & Oklahoma______ Missouri Kansas & Texas.
Missouri Oklahoma & Gulf________ Kansas Oklahoma & Gulf.
Mobile & Bay Shore_______________ Mobile & Ohio.
Mobile & Montgomery Ry_________ Louisville & Nashville RR.
Mohawk & Malone------------------------ New York Central RR.
Monon Coal ...___________________Chicago Indianapolis & Louisville.
Monongahela River Cons. Coal & C._Pittsburgh Coal Co.
Monongahela Southern RR________ United States Steel Corporation.
“Monon Route"__________________ Chicago Indianapolis & Louisville.
Montana Central RR ____________ Great Northern Ry.
Montauk Extension RR___________ Long island.
Montreal & Province Line Ry______ Central Vermont Ry.
Montreal Warehousing____________ Canadian National Rys.
Morgantown & Kingwood_________ Baltimore & Ohio.
Morris & Co______________________ Armour & Co. of Delaware.
Morris Canal Co_________________ Lehigh Valley RR.
Mount Vernon Branch____________ Chicago & Eastern Illinois.
Munising, Marquette & S. E_______ Lake Superior & Ishpeming.
Muskegon Grand Rapids & Indiana-Grand Rapids & Indiana.

ashville Florence & Sheffield____ Louisville & Nashville.
ational Aniline & Chemical Co___ Allied Chemical & Dye Corp.
National Leather Co______________ Swift & Co.
National Starch___________________ Corn Products Refining Co.
National Tube Co_________________United States Ste<d Corporation.
Naugatuck RR___________________ N. Y. N. H. & Hartford RR.
Nebraska________________________ Chicago Burlington & Quincy.
Nevada & California RR..._______ Central Pacific Ry.
New Brunswick__________________ Canadian Pacific.
New Brunswick Southern_________ Canadian Pacific.
New Castle & Shenango Valley_____ Sharon Ry.
New Cornelia Copper Co__________ Calumet & Arizona Copper Co.
New England_____________________ New York New Haven & Hartford.
New England Navigation Co______ N. Y. N. H. & Hartford RR.
Newburg & New York____________ Erie RR.
New Haven & Derby_____________ N. Y. N. H. & Hartford RR.
New Haven & Northampton RR___ N. Y. N. H. & Hartford RR.
New Mexico Ry. & Coal__________ El Paso & Northeastern Co.
New Orleans Mobile & Chicago____ Gulf Mobile & Northern.
New Orleans Mobile & Texas______ Louis. & Nash. (N. O. & Mobile Div.)
Newport & Cincinnati Bridge______ Louisville & Nashville.
Newport & Richford Ry__________ Connecticut & Passumpsic Ry.
New York Bay Extension_________ Long Island.
N. Y. Brooklyn & Manhattan Beach-Long Island RR.
N. Y. Central& Hudson River ER..New York Central RR.
New York & Cuba Mail SS. Co____ Atlantic Gulf & West Indies SS. Co.
New York & Erie________________ ErieRR.
New York Glucose_______________ Corn Products.
New York & Jersey RR___________ Hudson & Manhattan RR.
New York Lake Erie & Western___ Erie RR.
New York & New Eng. Bost. Term__New York New Haven & Hartford.
New York & Northern_____________New York Central RR.
New York & Porto Rico SS. Co____ Atlantic Gulf & West Indies SS. Co.
New York Providence & Boston___ New York New Haven & Hartford.
New York & Putnam______________New York Central RR.
New York & Rockaway____________Long Island.
New York Shipbuilding Corp______ American Brown Boveri Elec. Corp.
New York Short Line_____________ Reading Co.
New York & Wilkes-Barre Coal____ New York Susquehanna & Western.
Niles Tool Works Co______________ Niles-Bement-Pond Co.
Norfolk & Carolina____ ___________ Atlantic Coast Line RR.
Norfolk Terminal & Transportation .Chesapeake & Ohio.
Norristown & Maine Line Conn____ Reading Co.
Northeastern RR. of So. Carolina___ Atlantic Coast Line RR.
North Wisconsin__________________ Chic. St. Paul Minn. & Omaha.
Northern California______________ Southern Pacific RR.
Northern Maine Seaport__________ Bangor & Aroostook.
Northern Ry. (Canada)____________Canadian National Rys.
Northern Ry. of California_________Southern Pacific RR.
Northwestern Iron Co_____________ Youngstown Sheet & Tube Co.
Northwestern Union_______________ Chicago & North Western..
Norwalk Steel Co_________________ Crucible Steel Co. of America.
Norwood & Montreal RR_________ New York Central RR.

N

ceanic Steam Navigation Co____ International Mercantile Marine Oo.
cean Steamship_________________ Central of Georgia Ry.
O
Ogdebsburg & Lake Champlain____ Rutland RR.

Ogdensburg Terminal Ry_________ Rutland RR.
Ohio Cities Gas Co_______________ Pure Oil Co.
Ohio Indiana & Western__________ Peoria & Eastern.
Ohio & Little Kanawha___________ Baltimore & Ohio.
Ohio River_______________________Baltimore & Ohio.
Ontario & Quebec________________ Canadian Pacific.
Oregon Eastern Ry________ _______ Central Pacific RyOregon RR. & Navigation Co______ Oregon-Wash. RR. & Nay. Oo.
Ozark & Cherokee Central________ St. Louis-San Francisco.




255

INDEX
Name.

Will Be Found Under—

acific RR. of Missouri___________Missouri Pacific Ry.
& Memphis Ry_________ Louisville & Nashville RR.
Paducah
Pan-American RR________________ National Railway of Mexico.

Paragould Southeastern___________ St. Louis Southwestern.
Paramdunt-Broadway Corp________ Famous Players Lasky Corp.
Passaic & New York RR__________ N. Y. Susquehanna & Western RR
Penn-Mary Coal__________________ Bethlehem Steel.
Pennsylvania & N. Y. Canal_______ Lehigh Valley.
Pennsylvania & Northwestern_____ Pennsylvania RR.
Pennsylvania Steel Co____________ Bethlehem Steel Co.
Penobscot Shore Line_____________ Maine Central.
Pensacola & Atlantic______________ Louisville & Nashville.
Peoria & Northwestern_____________Chicago & North Western.
Petersburg______________________ Atlantic Coast Line RR.
Petroleum Refining Co____________ Galena Signal Oil.
Philadelphia & Erie______ _________ Pennsylvania.
Philadelphia & Frankford_________ Reading Co.
Philadelphia, Harrisburg & Pitts___ Reading Co.
Philadelphia & Reading___________ Reading Company.
Phila. Wilmington & Baltimore____ Phila. Baltimore & Washington RR.
Piedmont & Cumberland RR______ Western Maryland RR.
Pine Bluff & Western______________St. Louis Iron Mtn. & Southern
Pine Creek_______________________ New York Central RR.
Pittsburgh Cleveland & Toledo_____ Baltimore & Ohio.
Pittsburgh Coal, Dock & Wharf____ Pittsburgh Coal Co.
Pittsburgh Crucible Steel Co_______ Crucible Steel Co of America
Pittsburgh Junction_______________Baltimore & Ohio.
Pittsburgh Lisbon & Western______ Wheeling & Lake Erie RR.
Pittsburgh Newcastle & Lake Erie__ Baltimore & Ohio.
Pittsburgh Painesville & Fairport__ Baltimore & Ohio RR.
Pittsburgh S?enango & Lake Erie__ Pittsburgh Bessemer & Lake Erie.
Pittsburgh Virginia & Charleston.__ Pennsylvania.
Pleasant Valley Coal_______________ Denver & Rio Grande.
Port Wentworth Terminal Corp____ Savannah & Atlanta Ry.
Portland & Ogdensburg___________ Maine Central
Portland & Rochester RR_________ Maine Central RR.
Portland (Me ) Union Station Co___ Portland Terminal Co.
Portsmouth Great Falls & Conway ..Boston & Maine.
Potomac Valley___________________Western Maryland.
Potter Ore_______________________Republic Iron & Steel.
Pratt & Whitney_________________ Niles-Bement-Pond Co.
Prescott & Eastern________________ Atchison Topeka & Santa Fe.
Prest-O-Lite Co________ __________ Union Carbide & Carbon Corp.
Princeton & Nortnwestern_________ Chicago & North Western.
Prospect Park & Coney Island RR__ Long Island RR.
Providence & Springfield__________ New York New Haven & Hartford.
Providence Terminal_____________ New York NeW Haven & Hartford.

u’Appelle L’g La’e & Sask_______ Canadian National Rys.
uebec Central__________________ Canadian Pacific.
Quebec & Lake St. John Ry_______ Canadian National Rys.

Q

aleigh & Augusta-Rai. & Gaston..Seaboard Air Line.
aleigh & Cape Fear______________ Norfolk Southern.
R
Raleigh & Southport_______________Norfolk Southern.

Raleigh & Southwestern___________ Chesapeake & Onio.
Ravenswood Spencer & Glenville___ Baltimore & Ohio.
Reading Belt.. _________________ Reading Co.
Retsof Mining Co_________________International Salt Co.
Richmond & Allegheny Vailev Ry__ Chesapeake & Ohio RyRichmond & Danville_____________ Southern Railway.
Richmond & Mecklenburg RR_____ Southern Ry.
Richmond & Petersburg___________ Atlantic Coast Line RR.
Rio Grande Western_______________Denver & Rio Grande.
Risdon Iron Works________________United States Steel Corporation
Rochester & Pittsburgh_____________ Buffalo Rochester & Pittsburgh
Rock Island Ark & Louisiana.;______ Chicago Rock Island & Pacific.
Rock Island ImprovementEquipm’t.Chicago Rock Island & Pacific.
Rock Island & Peoria Ry___________ Chicago Rock Island & Pacific Ry.
Rocky Mt. Coal & Iron Co_______ Colorado Fuel & Iron Co.
Rome Watertown & Ogdensburg___ New York Central RR.
Rutland-Canadian_______________ Rutland.
Rutland Toledo & Northern Ry____ Chicago & Alton RR.

t. Charles’“Bridge_______________ Wabash.
t. Clair Madison & St. Louis Belt.Missouri & Illinois Bridge & Belt.
S
St. Clair Furnace Co_____________ United States Steel Corporation.

St. Clair Steel___________________ United States Steel Corporation.
St. Clair Terminal RR__________ , .United States Steel Corporation.
St. Lawrence & Ottawa___________ Canadian Pacific.
St. Louis Bridge_________________ Terminal Association of St. Louis.
St. Louis & Cairo Ry_______ .___ Mobile & Ohio RR.
St. Louis, Iron Mount’n & Southern-Missouri Pacific System.
St. Louis Peoria & N. W. Ry_____ Chicago & North Western Ry.
St. Louis Wichita & Western______ St. Louis & San Francisco.
St. Maurice Paper Co_____________Union Bag & Paper Co.
“St. Paul”_______ _______________ Chicago Milwaukee & St. Paul.
St. Paul & Duluth_________________ Northern Pacific.
St. Paul Eastern Grand Trunk_____ Chicago & North Western.
St. Paul & Kansas City Short Lino.-Chicago Rock Island & Pacific.
St. Paul Minneapolis & Manitoba.--Great Northern.
St. Paul & Northern Pacific_______ Northern Pacific Ry.
Sanford & St. Petersburg RR______ Atlantic Coast Line RR.
San Francisco & San Joaquin Val__ Atchison Topeka & Santa Fe.
San Pedro Los Angeles & Salt Lake. _ Los Angeles & Salt Lake RR.
Santa Ana Sugar__________________ Cuban Dominican Sugar Co.
Santa Fe Prescott & Phoenix______ Atcnison Topeka & Santa Fe.
Saranac & Lake Placid____________ Chateaugay & Lake Placid.
Sault Ste. Marie & Southwestern__ Chic. St. Paul Minneap. & Omaha.
Savannah Florida & Western______ Atlantic Coast Line RR.
Schenectady & Duanesburg_______ Delaware & Hudson.
Schoen Steel Wheel________________United States Steel Corporation.
Schuylkill & Lehigh_______________ Reading Co.
Schuylkill River East Side---------------Baltimore & Ohio.
Schwarzchild & Sulzberger________ Wilson & Co.
Scioto Valley & New England-------- Norfolk & Western.
Seaboard-All Florida______________ Seaboard Air Line.
Seaboard & Roanoke_____________ Seaboard Air Line.
Sea Coast_______________________ Atlantic City.
Semet-Solvay Co_________________ Allied Chemical & Dye Corp.
Sen Sen Chiclet Co________________ American Chicle Co.
Shade Gap_______________________ East Broad Top RR. & Coal Co.
Shamokin, Sunbury & Lewisburg__ Reading Co.
Sharon Coke Co___________________ Union Steel Co.
Sherman Shreveport & Southern___ Missouri Kansas & Texas.
Shreveport Bridge & Terminal_____ St. Louis Southwestern.
Silver Springs Ocala & Gulf_______ Atlantic Coast Line RR.
Sioux City & Pacific______________ Chicago & North Western.
Sodus Bay & Southern____________ Elmira & Lake Ontario.
Solvay Process Co_________________ Allied Chemical & Dye Corp.
Somerset Ry_____________________ Maine Central.
South Carolina & Georgia_________ Southern Ry., Carolina Division.
South & North Alabama__________ Louisville & Nashville.
Southeastern & St. Louis__________ Louisville & Nashville.
Southern Indiana_________________ Chicago Terre Haute & Southeastern.
Southern Pacific Branch__________ Southern Pacific RR.
Southwest Pennsylvania__________ Pennsylvania.
Southwestern Coal & Impt. Co_____ Missouri Kansas & Texas Ry.
Spanish-American Iron Co_________ Bethlehem Steel Corporation..
Spartanburg Union & Columbia____ Southern Iiy., Carolina Division.
Spuyten Duyvil & Port Morris_____ New York Central RR.
Standard Steel Works_____________ Baldwin Locomotive Works.
Staten Island Ry__________________Baltimore & Ohio RR.
Steel & Tube Co. of America______ Youngstown Sheet & Tube Co.
Stephenville North & South Texas__St. Louis Southwestern Ry.
Sturgis Goshen & St. Louis________ New York Central RR.
Suffolk & Carolina_______________ Norfolk Southern.
Sugar Estates of Oriente, Inc______ Cuban Dominican Sugar Co.
Sullivan Co. Coal Branch_________ Chicago & Eastern Illinois.
Sulzberger Sons & Co_____________ Wilson & Co.
Sumter & Wateree________________Southern Ry., Carolina Division.
Sunbury Hazleton & Wilkes-Barre__ Pennsylvania.
Sunbury & Lewiston______________ Pennsylvania.
w
Superior Short Line Ry___________ Chicago St. Paul Minn. & Ona. Ry.
Susquehanna Bloomsb’g & Berwick.-Pennsylvania RR.

256

[Vol. 122.

INDEX
Will Be Found Under—

Name.

erre Haute & Indianapolis_______ Pitts. Cin. Chicago & St. Louis Rv.
exarkana & Pt. Smith Ry_______ Kansas City Southern Ry.
Texas & Oklahoma________________ Missouri Kansas & Texas.
Texas & Pacific Coal Co__________ Texas Pacific Coal & Oil Co.
Toledo Canada Southern & Detroit--Michigan Central.
Toledo & Cincinnati RR__________ Baltimore & Ohio .
Toledo St. Louis & Western_______ New York Chicago & St. Louis.
Toledo Waihondling Valley & Ohio--Toledo Columbus & Ohio River.
Toronto Grey & Bruce_____________Canadian Pacific.
Traverse City RR..______________ Grand Rapids & Indiana.
Tunnell Railroad of St. Louis______ Terminal Ass’n of St. Louis.

T

nion Switch & Signal Co_________Westinghouse Air Brake Co.
pion Transportation Co_________Union Oil Co., Inc., of California.
U
United Cigar Manufacturers_______ General Cigar Co., Inc.

United Dry Goods Companies_____ Associated Dry Goods Corporation.
Union RR-------------------------------------United States Steel Corporation.
Union Stock Yard & Transit Co____ Ch. J. Rys. & U. Stk. Y.
United Motors Corporation________ General Motors Corporation.
United States Leather____________ Central Leather.
United States Sugar Refinery______ Corn Products Refining Co.
Upper Coos---------------------------------Maine Central.
Utah Central____________________ Denver & Rio Grande.
Utah Company___________________ IT. S. Smelting, Refining & Min. Co.
Utah Fuel________ :_______________Denver & Rio Grande.
Utah & Northern__________________ Oregon Short Line.
Utica & Black River_______________ New York Central RR.
Utica Clinton & Binghamton RR___ Delaware & Hudson RR.

Name.

Will Be Found Under—

an Buren Bridge________________Bangor & Aroostook RR.
era Cruz & Pacific RR__________ National Railways of Mexico.
V
Vera Cruz to Isthmus........................... National Railways of Mexico.

Verdigris Val. Independ’ce & West--Missouri Pacific.
Vicksburg & Meridian____________ Alabama & Vicksburg.
Victoria Rolling Stock____________ Canadian Pacific.
Virginia Air Line________ _________ Chesapeake & Ohio.
Virginia Midland__________________Southern Railway.

abash-Pittsburgh Terminal_____ Pittsburgh & West Virginia.
aco & Northwestern___________ Houston & Texas Central Railway.
W
Washington County______________ Maine Central.

Washington & Columbia River_____ Northern Pacific.
Washington Ohio & Western_______ Southern Ry.
West Chester RR________________ Pennsylvania RR.
West Pennsylvania RR___________ Pennsylvania RR.
West River_______________________ New London Northern.
West Side Belt____________________Pittsburgh & West Virginia Ry.
West Virginia & Pittsburgh________ Baltimore A Ohio.
Western Pennsylvania____________ Pennsylvania.
Western Pocahontas Corporation__ .Chesapeake & Ohio.
Western Steel Car & Foundry Co___ Pressed Steel Car Co.
Westinghouse Machine Co_________ Westinghouse Elec. & Mfg. Co.
Wichita & Midland Valley_________ Midland Valley.
Wickwire Steel Co_________________ Wickwire Spencer Steel Corporation
Wilkes-Barre & Eastern___________ N. Y. Susquehanna & Western.
Willmar & Sioux Falls. _________ Great Northern.
Wilm. & Weldon—Wilm. & Newbern Atlantic Coast Line RR.
Worcester Nashua & Rochester____ Boston & Maine.

A House
Founded on a Rock
articles form the best basis for a staple
STAPLE
business. For that reason, the packing indus-




try enjoys the stability that comes from handling
a most necessary food article.
For over 60 years, Armour and Company has
provided an important part of the nations meat
supply. Founded on a vital, economic necessity,
rendering an increasing national service, it is
natural that Armour and Company has attained
its present outstanding position.
It is an Armour aim that the value of the com­
pany’s service, both to consumer and to producer,
may become ever greater and more worth while.
President

ARMOUR JtND COMPANY
U.S.A.

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
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Harris, Forbes & Co
Pine Street, Corner William
NEW YORK